The business behind the dividend
| Measure | IP | Median | Formula |
|---|---|---|---|
| Return on equity | -23.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-2.63bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-159.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | -14.9% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.66x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 1.28x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 4.00x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Interest cover, Operating margin, Return on capital employed — 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 | -23.7% | 6.8% | 3.4% | 17.7% | 19.3% | 6.1% | 15.9% | 27.3% | 32.9% | 20.8% | 15.9% |
| Net margin | -14.9% | 3.5% | 1.8% | 7.1% | 9.0% | 2.7% | 6.7% | 8.6% | 9.9% | 4.6% | 4.6% |
| Debt to equity | 0.66x | 0.68x | 0.67x | 0.66x | 0.61x | 1.03x | 1.27x | 1.45x | 1.71x | 2.61x | 0.68x |
| Current ratio | 1.28x | 1.51x | 1.67x | 1.35x | 1.71x | 1.36x | 0.77x | 1.49x | 1.62x | 1.64x | 1.49x |
| Cash conversion | — | 3.01x | 6.36x | 1.45x | 1.16x | 6.35x | 2.95x | 1.60x | 0.82x | 2.74x | 2.74x |