The business behind the dividend
| Measure | BTU | Median | Formula |
|---|---|---|---|
| Return on equity | -1.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -2.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-69.40m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-77.70m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -2.1% | 15.0% | Operating income ÷ revenue |
| Net margin | -1.1% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.09x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -1.82x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.85x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.45x | 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 | 2016 | 2015 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -1.2% | 11.1% | 23.0% | 40.8% | 21.1% | -201.6% | -8.1% | 16.0% | -419.4% | -262.0% | -1.2% |
| Return on capital employed | -2.1% | 11.2% | 27.8% | 38.9% | 15.2% | -71.1% | 1.6% | 14.0% | -159.2% | -131.2% | 1.6% |
| Operating margin | -2.1% | 10.5% | 21.7% | 27.7% | 13.0% | -60.0% | 1.3% | 11.9% | -5.9% | -26.1% | 1.3% |
| Net margin | -1.1% | 9.5% | 16.5% | 26.5% | 11.2% | -65.0% | -4.6% | 9.8% | -15.5% | -35.0% | -1.1% |
| Debt to equity | 0.09x | 0.09x | 0.09x | 0.10x | 0.61x | 1.62x | 0.49x | 0.39x | 0.00x | 0.49x | 0.10x |
| Current ratio | 1.85x | 2.15x | 2.06x | 2.58x | 1.93x | 1.80x | 1.65x | 1.85x | 2.07x | 0.18x | 1.85x |
| Cash conversion | — | 1.50x | 1.27x | 0.89x | 1.13x | — | — | 2.74x | — | — | 1.27x |