The business behind the dividend
| Measure | CG | Median | Formula |
|---|---|---|---|
| Return on equity | 11.5% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $901.40m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-3.37bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 24.3% | 15.0% | Operating income ÷ revenue |
| Net margin | 16.9% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Debt to equity, Interest cover, Return on capital employed — 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 | 11.5% | 16.1% | -10.5% | 18.0% | 52.1% | 11.9% | 12.8% | 4.1% | 8.3% | 0.4% | 11.5% |
| Return on capital employed | — | — | — | — | — | — | — | — | — | 2.8% | 2.8% |
| Operating margin | 24.3% | 25.7% | -20.3% | 35.4% | 45.9% | 19.8% | 36.5% | 14.8% | 30.8% | 2.0% | 24.3% |
| Net margin | 16.9% | 18.8% | -20.5% | 27.6% | 33.9% | 11.9% | 11.3% | 4.8% | 6.6% | 0.3% | 11.3% |
| Debt to equity | — | — | — | — | — | — | — | — | — | 0.10x | 0.10x |