The business behind the dividend
| Measure | EGY | Median | Formula |
|---|---|---|---|
| Return on equity | -9.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -4.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-167.83m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-23.75m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -5.7% | 15.0% | Operating income ÷ revenue |
| Net margin | -11.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.14x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -3.10x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.69x | 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 | -9.3% | 11.7% | 12.6% | 11.1% | 56.7% | -78.4% | 2.3% | 89.4% | 93.8% | — | 11.7% |
| Return on capital employed | -4.1% | 27.2% | 33.1% | 36.7% | — | — | — | — | 103.6% | -31.2% | 27.2% |
| Operating margin | -5.7% | 28.5% | 34.9% | 48.3% | 39.7% | -40.6% | 25.1% | 48.9% | 25.9% | -7.3% | 25.9% |
| Net margin | -11.5% | 12.2% | 13.3% | 14.6% | 41.1% | -71.7% | 3.0% | 93.6% | 12.5% | -44.4% | 12.2% |
| Debt to equity | 0.14x | 0.00x | 0.00x | 0.00x | — | — | — | — | 0.87x | — | 0.00x |
| Current ratio | 0.69x | 1.31x | 1.79x | 1.23x | 1.05x | 1.22x | 1.09x | 1.43x | 0.78x | 0.69x | 1.09x |
| Cash conversion | — | 1.94x | 3.70x | 2.48x | 0.61x | — | 10.33x | 0.38x | 0.93x | — | 1.94x |