The business behind the dividend
| Measure | MOS | Median | Formula |
|---|---|---|---|
| Return on equity | 4.5% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.0% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $231.20m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-534.60m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 6.8% | 15.0% | Operating income ÷ revenue |
| Net margin | 4.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.35x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.40x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.32x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.39x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.53x | 1.78x | Operating cash flow ÷ net income |
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 | 4.5% | 1.5% | 9.5% | 29.7% | 15.4% | 7.0% | -11.6% | 4.5% | -1.1% | 3.1% | 4.5% |
| Return on capital employed | 5.0% | 4.2% | 8.6% | 33.1% | 17.6% | 3.0% | -8.0% | 6.2% | 3.2% | 2.4% | 4.2% |
| Operating margin | 6.8% | 5.6% | 9.8% | 25.0% | 20.0% | 4.8% | -12.3% | 9.7% | 6.3% | 4.5% | 6.3% |
| Net margin | 4.5% | 1.6% | 8.5% | 18.7% | 13.2% | 7.7% | -12.0% | 4.9% | -1.4% | 4.2% | 4.5% |
| Debt to equity | 0.35x | 0.29x | 0.26x | 0.20x | 0.32x | 0.43x | 0.49x | 0.43x | 0.51x | 0.39x | 0.35x |
| Current ratio | 1.32x | 1.08x | 1.22x | 1.18x | 1.11x | 1.12x | 1.43x | 1.71x | 2.27x | 2.07x | 1.22x |
| Cash conversion | 1.53x | 7.43x | 2.07x | 1.10x | 1.34x | 2.38x | — | 3.00x | — | 4.23x | 2.38x |