The business behind the dividend
| Measure | BRN | Median | Formula |
|---|---|---|---|
| Return on equity | -5.1% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 27.6% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-9.04m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-10.60m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 20.5% | 15.0% | Operating income ÷ revenue |
| Net margin | -3.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.00x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.38x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.00x | 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 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -101.4% | -42.7% | -5.1% | 28.8% | 65.8% | — | — | -11.0% | 6.8% | -27.4% | -5.1% |
| Return on capital employed | — | — | 27.6% | 60.6% | 66.5% | — | -561.8% | — | — | 4.1% | 27.6% |
| Operating margin | 0.2% | 1.7% | 20.5% | 40.8% | 35.0% | 4.3% | -57.5% | 42.0% | 44.9% | 4.0% | 4.3% |
| Net margin | -52.1% | -30.9% | -3.8% | 19.3% | 34.5% | -25.9% | -103.3% | -19.2% | 9.0% | -26.5% | -25.9% |
| Debt to equity | — | — | 0.00x | 0.00x | 0.00x | — | 0.00x | — | — | 0.00x | 0.00x |
| Current ratio | 1.11x | 1.14x | 1.38x | 2.25x | 3.06x | 1.49x | 1.83x | 3.33x | 5.24x | 4.46x | 1.83x |
| Cash conversion | — | — | — | 1.32x | 0.13x | — | — | — | -1.81x | — | 0.13x |