The business behind the dividend
| Measure | MDU | Median | Formula |
|---|---|---|---|
| Return on equity | 6.9% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.3% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-373.29m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-297.03m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 15.6% | 15.0% | Operating income ÷ revenue |
| Net margin | 10.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.97x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.69x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.84x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.49x | 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 | 6.9% | 10.4% | 14.3% | 10.2% | 11.2% | 12.7% | 11.8% | 10.6% | 11.6% | -2.9% | 10.6% |
| Return on capital employed | 5.3% | 5.3% | 4.4% | 3.4% | 5.4% | 10.3% | 9.5% | 8.6% | 10.2% | 10.0% | 5.4% |
| Operating margin | 15.6% | 15.2% | 12.5% | 11.5% | 9.7% | 9.8% | 9.0% | 8.9% | 9.5% | 9.9% | 9.8% |
| Net margin | 10.2% | 16.0% | 23.0% | 20.9% | 11.1% | 7.1% | 6.3% | 6.0% | 6.3% | -1.6% | 7.1% |
| Debt to equity | 0.97x | 0.85x | 0.75x | 0.66x | 0.81x | 0.72x | 0.79x | 0.82x | 0.71x | 0.77x | 0.77x |
| Current ratio | 0.84x | 0.98x | 1.27x | 1.36x | 1.42x | 1.39x | 1.50x | 1.20x | 1.32x | 1.46x | 1.32x |
| Cash conversion | 2.49x | 1.79x | 0.80x | 1.39x | 1.31x | 1.97x | 1.62x | 1.84x | 1.59x | — | 1.62x |