The business behind the dividend
| Measure | EQPT | Median | Formula |
|---|---|---|---|
| Return on equity | 7.6% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 7.8% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-1.38bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-1.52bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 14.6% | 15.0% | Operating income ÷ revenue |
| Net margin | 2.0% | 10.2% | Net income ÷ revenue |
| Debt to equity | 6.20x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.04x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.97x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.84x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 6.60x | 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 | Median |
|---|---|---|---|---|
| Return on equity | 7.6% | 0.5% | 2.9% | 2.9% |
| Return on capital employed | 7.8% | 7.0% | — | 7.0% |
| Operating margin | 14.6% | 11.0% | 22.5% | 14.6% |
| Net margin | 2.0% | 0.2% | 1.5% | 1.5% |
| Debt to equity | 6.20x | 4.64x | — | 4.64x |
| Current ratio | 1.97x | 2.14x | — | 1.97x |
| Cash conversion | 6.60x | — | 16.41x | 6.60x |