The business behind the dividend
| Measure | ESGH | Median | Formula |
|---|---|---|---|
| Return on equity | -22.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -22.3% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-288.36k | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-76.98k | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -36.7% | 15.0% | Operating income ÷ revenue |
| Net margin | -31.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.15x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 0.52x | 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, Interest cover — 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 | 2023 | 2022 | 2021 | Median |
|---|---|---|---|---|---|---|---|
| Return on equity | -22.3% | 9.2% | -3.4% | -81.3% | -65.5% | -1.0% | -22.3% |
| Return on capital employed | -22.3% | 14.6% | -1.9% | — | — | — | -1.9% |
| Operating margin | -36.7% | 13.3% | -2.8% | — | — | — | -2.8% |
| Net margin | -31.8% | 7.4% | -4.4% | — | — | — | -4.4% |
| Debt to equity | 0.15x | 0.12x | 0.15x | — | — | — | 0.15x |
| Current ratio | 0.52x | 0.50x | 0.21x | 46.45x | 25.59x | — | 0.52x |
| Cash conversion | — | 1.64x | — | — | — | — | 1.64x |