The business behind the dividend
| Measure | MCS | Median | Formula |
|---|---|---|---|
| Return on equity | 2.8% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 2.8% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-329.00k | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $989.00k | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 2.2% | 15.0% | Operating income ÷ revenue |
| Net margin | 1.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.35x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.49x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.40x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 6.63x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital — 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 | 2.8% | -1.7% | 3.1% | -2.6% | -9.5% | -25.0% | 6.8% | 10.9% | 14.6% | 9.7% | 2.8% |
| Return on capital employed | 2.8% | 2.6% | 5.3% | 1.3% | -6.2% | -25.4% | 8.1% | 11.4% | 10.4% | 10.6% | 2.8% |
| Operating margin | 2.2% | 2.2% | 4.7% | 1.2% | -9.0% | -75.1% | 8.3% | 11.8% | 11.8% | 12.4% | 2.2% |
| Net margin | 1.7% | -1.1% | 2.0% | -1.8% | -9.4% | -52.5% | 5.1% | 7.6% | 9.9% | 6.6% | 1.7% |
| Debt to equity | 0.35x | 0.34x | 0.36x | 0.40x | 0.47x | 0.41x | 0.35x | 0.49x | 0.68x | 0.73x | 0.40x |
| Current ratio | 0.40x | 0.52x | 0.62x | 0.41x | 0.47x | 0.31x | 0.45x | 0.46x | 0.48x | 0.28x | 0.45x |
| Cash conversion | 6.63x | — | 6.94x | — | — | — | 3.37x | 2.57x | 1.68x | 2.18x | 2.57x |