The business behind the dividend
| Measure | CMTL | Median | Formula |
|---|---|---|---|
| Return on equity | -148.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -128.2% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-152.07m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-16.86m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -27.8% | 15.0% | Operating income ÷ revenue |
| Net margin | -31.1% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.04x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -3.05x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.71x | 1.25x | 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, Long-term debt to working capital — 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 | -148.7% | -32.6% | -6.1% | -7.1% | -14.7% | 1.3% | 4.7% | 5.9% | 3.3% | -1.6% | -6.1% |
| Return on capital employed | -128.2% | -16.6% | -2.4% | -5.7% | -9.7% | 2.2% | 5.9% | 5.2% | 5.5% | -0.1% | -2.4% |
| Operating margin | -27.8% | -14.8% | -2.7% | -6.9% | -11.7% | 2.5% | 6.2% | 6.1% | 6.7% | -0.1% | -2.7% |
| Net margin | -31.1% | -18.5% | -4.9% | -6.8% | -12.6% | 1.1% | 3.7% | 5.2% | 2.9% | -1.9% | -4.9% |
| Debt to equity | 0.04x | 0.57x | 0.38x | 0.28x | 0.40x | 0.27x | 0.31x | 0.33x | 0.40x | 0.53x | 0.33x |
| Current ratio | 1.71x | 1.83x | 1.44x | 1.36x | 1.41x | 1.73x | 1.93x | 1.69x | 1.67x | 1.65x | 1.67x |
| Cash conversion | — | — | — | — | — | 7.52x | 2.72x | 1.69x | 4.23x | — | 4.23x |