The business behind the dividend
| Measure | LMNR | Median | Formula |
|---|---|---|---|
| Return on equity | -8.9% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -8.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-20.31m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-19.55m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -13.3% | 15.0% | Operating income ÷ revenue |
| Net margin | -10.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.40x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -17.13x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.35x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 6.97x | 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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -8.9% | 4.0% | 5.0% | -0.1% | -1.8% | -8.4% | -2.7% | 9.2% | 4.8% | 6.4% | -0.1% |
| Return on capital employed | -8.1% | -2.7% | 4.7% | 0.8% | -2.0% | -5.9% | -1.7% | 3.2% | 4.9% | 4.2% | -1.7% |
| Operating margin | -13.3% | -3.3% | 6.2% | 1.2% | -3.9% | -11.9% | -3.3% | 7.6% | 9.8% | 8.2% | -3.3% |
| Net margin | -10.4% | 4.2% | 5.4% | -0.1% | -2.1% | -10.3% | -3.6% | 16.2% | 5.4% | 7.2% | -0.1% |
| Debt to equity | 0.40x | 0.21x | 0.22x | 0.58x | 0.70x | 0.64x | 0.49x | 0.37x | 0.77x | 0.72x | 0.49x |
| Current ratio | 1.35x | 0.74x | 0.91x | 0.96x | 1.19x | 1.35x | 1.11x | 1.15x | 0.98x | 0.78x | 0.98x |
| Cash conversion | — | 2.31x | -1.69x | — | — | — | — | 0.91x | 2.80x | 1.78x | 1.78x |