The business behind the dividend
| Measure | LITS | Median | Formula |
|---|---|---|---|
| Return on equity | 53.8% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $18.15m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-50.48m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 22.3% | 15.0% | Operating income ÷ revenue |
| Net margin | 27.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 4.88x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -2.84x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Debt to equity, Long-term debt to working capital, Interest cover, 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 | -94.2% | 53.8% | -130.0% | -103.0% | -82.9% | -61.2% | -35.1% | -79.4% | 5.3% | -50.1% | -79.4% |
| Operating margin | — | 22.3% | -75.3% | -185.5% | -173.7% | -92.6% | -940.9% | — | 10.3% | — | -92.6% |
| Net margin | — | 27.2% | -65.6% | -132.7% | -117.8% | -170.0% | -342.2% | — | 11.5% | — | -117.8% |
| Current ratio | 13.50x | 4.88x | 5.29x | 6.84x | 8.15x | 15.17x | 5.75x | 13.23x | 11.37x | 8.48x | 8.15x |
| Cash conversion | — | -2.84x | — | — | — | — | — | — | 1.31x | — | -2.84x |