The business behind the dividend
| Measure | ISPR | Median | Formula |
|---|---|---|---|
| Return on equity | -19.1% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-6.98m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-9.48m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -3.9% | 15.0% | Operating income ÷ revenue |
| Net margin | -5.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -1.34x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.52x | 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, Debt to equity, Long-term debt to working capital, 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 | Median |
|---|---|---|---|---|---|
| Return on equity | — | -42.9% | -19.1% | -15.9% | -19.1% |
| Operating margin | -29.7% | -9.1% | -3.9% | -1.1% | -3.9% |
| Net margin | -30.8% | -9.7% | -5.2% | -2.1% | -5.2% |
| Current ratio | 1.01x | 1.19x | 1.52x | 1.12x | 1.19x |