The business behind the dividend
| Measure | EVC | Median | Formula |
|---|---|---|---|
| Return on equity | -142.8% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -37.5% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-73.96m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $3.51m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -18.6% | 15.0% | Operating income ÷ revenue |
| Net margin | -17.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | 3.01x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -5.51x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.51x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.37x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion — 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 | -142.8% | -102.0% | -6.9% | 6.7% | 13.7% | -0.5% | -6.8% | 3.7% | 50.4% | 11.1% | -0.5% |
| Return on capital employed | -37.5% | -15.6% | -6.2% | 6.3% | 12.9% | 1.4% | -0.3% | 5.8% | 43.2% | 10.3% | 1.4% |
| Operating margin | -18.6% | -14.2% | -8.9% | 9.4% | 8.0% | 1.9% | -0.6% | 11.3% | 51.8% | 18.9% | 1.9% |
| Net margin | -17.7% | -40.8% | -5.2% | 5.6% | 4.6% | -0.4% | -7.2% | 4.1% | 32.8% | 7.9% | -0.4% |
| Debt to equity | 3.01x | 1.28x | 0.93x | 0.79x | 0.83x | 0.77x | 0.75x | 0.73x | 0.85x | 1.58x | 0.83x |
| Current ratio | 1.51x | 3.02x | 1.42x | 1.64x | 1.82x | 2.26x | 3.17x | 5.02x | 5.44x | 3.80x | 2.26x |
| Cash conversion | — | — | — | 4.36x | 1.85x | — | — | 2.78x | 1.72x | 2.81x | 2.78x |