The business behind the dividend
| Measure | LAKE | Median | Formula |
|---|---|---|---|
| Return on equity | -19.6% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -9.6% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-23.18m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-16.42m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -8.1% | 15.0% | Operating income ÷ revenue |
| Net margin | -13.1% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.25x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -7.22x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 3.53x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.32x | 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 | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -19.6% | -12.3% | 4.4% | 1.6% | 9.1% | 29.0% | 3.9% | 1.8% | 0.5% | 5.4% | 1.8% |
| Return on capital employed | -9.6% | -5.6% | — | — | 12.8% | 35.8% | 6.7% | 4.2% | 10.1% | 9.5% | 9.5% |
| Operating margin | -8.1% | -5.5% | 4.8% | 4.9% | 13.6% | 27.6% | 5.5% | 3.6% | 8.8% | 7.9% | 4.9% |
| Net margin | -13.1% | -10.8% | 4.4% | 1.7% | 9.6% | 22.2% | 3.0% | 1.5% | 0.5% | 4.5% | 1.7% |
| Debt to equity | 0.25x | 0.12x | — | — | 0.00x | 0.01x | 0.03x | 0.02x | 0.02x | 0.01x | 0.02x |
| Current ratio | 3.53x | 3.91x | 5.53x | 5.68x | 10.04x | 7.62x | 6.17x | 7.30x | 7.37x | 4.87x | 5.68x |
| Cash conversion | — | — | 2.01x | -2.91x | 1.12x | 1.15x | 1.09x | 1.22x | 1.47x | 2.95x | 1.22x |