The business behind the dividend
| Measure | CODQL | Median | Formula |
|---|---|---|---|
| Return on equity | -66.5% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -33.3% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-491.49m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-324.78m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -22.8% | 15.0% | Operating income ÷ revenue |
| Net margin | -22.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.06x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -7.56x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.55x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.74x | 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 | Median |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -66.5% | -10.1% | 12.5% | 70.0% | 17.6% | -28.1% | 35.2% | 9.1% | 22.5% | 12.5% |
| Return on capital employed | -33.3% | -10.0% | 8.4% | 89.9% | 22.1% | -13.5% | 52.2% | 26.3% | — | 22.1% |
| Operating margin | -22.8% | -5.9% | 4.3% | 28.1% | 11.3% | -10.1% | 20.6% | 16.8% | 19.8% | 11.3% |
| Net margin | -22.2% | -4.3% | 5.4% | 21.6% | 8.8% | -15.5% | 13.8% | 5.8% | 18.5% | 5.8% |
| Debt to equity | 1.06x | 0.38x | 0.19x | 0.01x | 0.02x | 0.36x | 0.01x | 0.01x | — | 0.19x |
| Current ratio | 1.55x | 2.01x | 1.86x | 1.65x | 1.91x | 1.37x | 1.09x | 1.36x | — | 1.65x |
| Cash conversion | — | — | 1.72x | 1.20x | 2.33x | — | 1.56x | 3.18x | 1.80x | 1.72x |