The business behind the dividend
| Measure | ASPI | Median | Formula |
|---|---|---|---|
| Return on equity | -67.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -52.4% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-41.63m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-26.37m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -636.0% | 15.0% | Operating income ÷ revenue |
| Net margin | -782.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.05x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 9.31x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.02x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | Median |
|---|---|---|---|---|---|
| Return on equity | -78.3% | -67.7% | -100.0% | -50.4% | -67.7% |
| Return on capital employed | -27.4% | -52.4% | -95.7% | -51.9% | -51.9% |
| Operating margin | -251.2% | -636.0% | — | — | -636.0% |
| Net margin | -670.2% | -782.4% | — | — | -782.4% |
| Debt to equity | 0.07x | 0.05x | 0.03x | 0.00x | 0.05x |
| Current ratio | 12.23x | 9.31x | 1.85x | 1.71x | 9.31x |