The business behind the dividend
| Measure | CTGG | Median | Formula |
|---|---|---|---|
| Return on equity | -7.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -1.5% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-1.07bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.33bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -3.5% | 15.0% | Operating income ÷ revenue |
| Net margin | -14.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.20x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -2.05x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.44x | 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 | -12.2% | 12.1% | -7.7% | 14.1% | 18.1% | 16.9% | 18.1% | 16.9% | 17.7% | 12.5% | 14.1% |
| Return on capital employed | -8.0% | 14.7% | -1.5% | 17.5% | 22.5% | 20.2% | 17.9% | 16.8% | 13.9% | 15.1% | 15.1% |
| Operating margin | -22.5% | 39.3% | -3.5% | 45.3% | 48.1% | 39.7% | 38.2% | 33.8% | 27.1% | 26.1% | 33.8% |
| Net margin | -29.6% | 28.5% | -14.8% | 31.6% | 32.6% | 25.0% | 24.2% | 21.2% | 19.4% | 12.2% | 21.2% |
| Debt to equity | 0.15x | 0.14x | 0.20x | 0.16x | 0.19x | 0.33x | 0.59x | 0.60x | 0.78x | 0.78x | 0.20x |
| Current ratio | 6.90x | 1.35x | 0.44x | 1.40x | 0.24x | 0.14x | 0.73x | 0.81x | 0.81x | 0.61x | 0.73x |
| Cash conversion | — | 1.48x | — | 1.37x | 1.44x | 1.80x | 1.82x | 2.28x | 1.47x | 2.44x | 1.80x |
How it compares in communications
Among the 25 communications companies here measured on free cash flow, Qwest pays out less than 0 of them. The median for that group is 28.4%, against this company’s 149.2%.
Closest on free cash flow
- Verizon Communications (VZ) 57.0%
- Sinclair (SBGI) 60.0%
- E.W. Scripps (SSP) 92.3%
- Optimum Communications (OPTU) 110.7%
Same sector and same denominator, so the figures are comparable. All 31 in communications →