The business behind the dividend
| Measure | CSTE | Median | Formula |
|---|---|---|---|
| Return on equity | -13.6% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -10.3% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-38.51m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-41.11m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -8.5% | 15.0% | Operating income ÷ revenue |
| Net margin | -8.3% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.36x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 2.47x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.51x | 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 | -98.7% | -15.8% | -34.2% | -13.6% | 3.8% | 1.5% | 2.7% | 5.2% | 5.6% | 17.0% | 1.5% |
| Return on capital employed | — | -11.1% | -20.5% | -10.3% | 4.2% | 4.5% | 5.1% | 6.9% | 8.5% | 20.8% | 4.5% |
| Operating margin | -31.6% | -9.5% | -15.6% | -8.5% | 4.3% | 4.6% | 4.5% | 5.7% | 6.9% | 17.2% | 4.3% |
| Net margin | -34.6% | -9.7% | -19.0% | -8.3% | 2.9% | 1.5% | 2.4% | 4.2% | 4.5% | 13.9% | 1.5% |
| Debt to equity | — | 0.40x | 0.36x | 0.36x | 0.32x | 0.03x | 0.02x | 0.02x | 0.02x | 0.02x | 0.03x |
| Current ratio | 1.83x | 2.30x | 2.64x | 2.47x | 2.23x | 2.46x | 2.96x | 3.15x | 2.97x | 3.32x | 2.47x |
| Cash conversion | — | — | — | — | 1.09x | 6.60x | 6.46x | 0.60x | 2.33x | 1.36x | 1.36x |