The business behind the dividend
| Measure | ICTSF | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-3.81m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-11.42m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -1.2% | 15.0% | Operating income ÷ revenue |
| Net margin | -0.9% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -5.31x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 2.04x | 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, Debt to equity, Long-term debt to working capital, Return on capital employed, Return on equity — 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 capital employed | — | — | — | — | — | — | — | — | 129.7% | 758.9% | 129.7% |
| Operating margin | -3.3% | -1.2% | 2.5% | -1.1% | 16.0% | 3.2% | 1.4% | -2.0% | 4.7% | 3.1% | 1.4% |
| Net margin | -2.7% | -0.9% | 1.6% | -1.5% | 10.7% | 1.8% | -2.4% | -3.3% | 2.0% | 0.9% | -0.9% |
| Current ratio | 1.79x | 2.04x | 2.19x | 2.28x | 2.87x | 1.96x | 1.37x | 0.90x | 1.05x | 0.97x | 1.79x |
| Cash conversion | — | — | 0.62x | — | 1.53x | 5.50x | — | — | 1.56x | 1.50x | 1.53x |