The business behind the dividend
| Measure | OCG | Median | Formula |
|---|---|---|---|
| Return on equity | -7.9% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -9.5% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-3.18m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $3.43m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -274.4% | 15.0% | Operating income ÷ revenue |
| Net margin | -227.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.00x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 12.30x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.00x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Interest cover — 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 | Median |
|---|---|---|---|---|---|---|---|---|
| Return on equity | -6.0% | -4.9% | -7.9% | 6.5% | 24.3% | 6.1% | 69.4% | 6.1% |
| Return on capital employed | — | — | -9.5% | 5.2% | — | — | — | -9.5% |
| Operating margin | -203.5% | -513.4% | -274.4% | 14.5% | 29.0% | 9.4% | 66.8% | 9.4% |
| Net margin | -204.2% | -390.8% | -227.7% | 18.2% | 30.4% | 11.7% | 67.6% | 11.7% |
| Debt to equity | — | — | 0.00x | 0.00x | — | — | — | 0.00x |
| Current ratio | 30.14x | 13.41x | 12.30x | 11.21x | 9.90x | 5.18x | 7.58x | 11.21x |
| Cash conversion | — | — | — | -0.37x | 0.79x | 3.23x | 1.05x | 1.05x |