The business behind the dividend
| Measure | CVI | Median | Formula |
|---|---|---|---|
| Return on equity | 3.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 7.5% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $245.00m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-41.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 2.5% | 15.0% | Operating income ÷ revenue |
| Net margin | 0.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | 2.33x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.31x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.79x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.03x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 5.33x | 1.78x | Operating cash flow ÷ net income |
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 | 3.7% | 1.0% | 90.8% | 87.2% | 4.5% | -25.1% | 27.3% | 20.1% | 28.6% | 2.9% | 4.5% |
| Return on capital employed | 7.5% | 2.2% | 38.1% | 47.4% | 3.9% | -12.3% | 22.5% | 21.7% | 7.0% | 3.5% | 7.0% |
| Operating margin | 2.5% | 0.8% | 12.1% | 8.8% | 1.2% | -8.5% | 9.1% | 7.5% | 2.4% | 1.5% | 2.4% |
| Net margin | 0.4% | 0.1% | 8.3% | 4.2% | 0.3% | -6.5% | 6.0% | 3.6% | 4.4% | 0.5% | 0.5% |
| Debt to equity | 2.33x | 2.70x | 2.48x | 2.82x | 2.99x | 1.65x | 0.85x | 0.91x | 1.27x | 1.36x | 1.65x |
| Current ratio | 1.79x | 1.66x | 1.30x | 1.11x | 1.18x | 2.13x | 2.14x | 2.61x | 1.98x | 2.32x | 1.79x |
| Cash conversion | 5.33x | — | 1.23x | 2.09x | 15.84x | — | 1.97x | 2.42x | 0.94x | 10.68x | 2.42x |