The business behind the dividend
| Measure | FMC | Median | Formula |
|---|---|---|---|
| Return on equity | -108.1% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -30.0% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-2.16bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-102.50m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -47.0% | 15.0% | Operating income ÷ revenue |
| Net margin | -64.6% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.62x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -6.80x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.32x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.30x | 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 | -108.1% | 7.6% | 30.0% | 21.8% | 23.7% | 18.7% | 18.9% | 16.1% | 20.0% | 10.7% | 18.7% |
| Return on capital employed | -30.0% | 6.7% | 7.4% | 18.5% | 17.4% | 15.0% | 14.6% | 13.1% | 2.7% | 7.1% | 7.4% |
| Operating margin | -47.0% | 11.9% | 12.4% | 19.7% | 20.5% | 19.3% | 17.8% | 17.3% | 6.3% | 10.5% | 12.4% |
| Net margin | -64.6% | 8.0% | 29.5% | 12.7% | 14.7% | 11.9% | 10.4% | 11.7% | 21.2% | 8.2% | 11.7% |
| Debt to equity | 1.62x | 0.69x | 0.71x | 0.84x | 0.90x | 1.02x | 1.23x | 0.81x | 1.15x | 0.92x | 0.90x |
| Current ratio | 1.32x | 1.64x | 1.52x | 1.43x | 1.44x | 1.55x | 1.50x | 1.35x | 1.65x | 1.98x | 1.50x |
| Cash conversion | — | 2.16x | -0.23x | 0.90x | 1.21x | 1.33x | 1.16x | 0.72x | 0.43x | 1.76x | 1.16x |