The business behind the dividend
| Measure | MPT | Median | Formula |
|---|---|---|---|
| Return on equity | -6.0% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -1.7% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-146.32m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $88.68m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -24.4% | 15.0% | Operating income ÷ revenue |
| Net margin | -28.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 2.11x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -0.47x | 4.43x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio — 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 | -6.0% | -49.9% | -7.3% | 10.5% | 7.8% | 5.9% | 5.3% | 22.4% | 7.6% | 6.9% | 5.9% |
| Return on capital employed | -1.7% | -17.3% | -3.9% | 5.1% | 3.7% | 2.9% | 2.7% | 11.9% | 5.6% | 5.5% | 2.9% |
| Operating margin | -24.4% | -237.5% | -78.8% | 62.2% | 47.3% | 37.1% | 43.8% | — | 68.9% | 63.1% | 43.8% |
| Net margin | -28.5% | -242.1% | -63.8% | 58.5% | 42.5% | 34.5% | 43.9% | — | 41.1% | 41.6% | 41.1% |
| Debt to equity | 2.11x | 1.83x | 1.32x | 1.19x | 1.34x | 1.21x | 1.00x | 0.89x | 1.28x | 0.90x | 1.21x |
| Cash conversion | — | — | — | 0.82x | 1.24x | 1.43x | 1.32x | 0.44x | 1.25x | 1.17x | 1.24x |