The business behind the dividend
| Measure | NUVR | Median | Formula |
|---|---|---|---|
| Return on equity | -3.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 4.2% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-43.11m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-36.56m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 17.6% | 15.0% | Operating income ÷ revenue |
| Net margin | -6.1% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.25x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.35x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 2.23x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 5.39x | 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 | 0.3% | -4.7% | -3.3% | 7.0% | 12.4% | 11.2% | 10.3% | 10.4% | 14.5% | 4.7% | 7.0% |
| Return on capital employed | 4.1% | 4.2% | 4.2% | 6.4% | 9.5% | 10.6% | 10.3% | 9.1% | 9.9% | 5.9% | 6.4% |
| Operating margin | 18.5% | 18.8% | 17.6% | 21.7% | 26.1% | 28.9% | 27.1% | 28.2% | 24.9% | 12.8% | 21.7% |
| Net margin | 0.6% | -8.4% | -6.1% | 13.6% | 23.0% | 18.9% | 16.0% | 17.7% | 26.2% | 6.7% | 13.6% |
| Debt to equity | 1.52x | 1.50x | 1.25x | 0.77x | 0.48x | 0.62x | 0.69x | 0.83x | 0.40x | 0.52x | 0.69x |
| Current ratio | 1.47x | 2.11x | 2.23x | 2.56x | 1.23x | 1.25x | 0.81x | 0.84x | 0.79x | 0.66x | 1.23x |
| Cash conversion | — | — | — | 3.69x | 1.70x | 2.16x | 2.76x | 2.23x | 1.40x | 4.27x | 2.23x |