The business behind the dividend
| Measure | SEED | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $-8.63m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-4.79m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -63.8% | 15.0% | Operating income ÷ revenue |
| Net margin | -58.4% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | -22.40x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.44x | 1.25x | 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, Debt to equity, Long-term debt to working capital, Return on capital employed, Return on equity — 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 | — | — | — | — | — | — | — | — | -67.4% | -36.4% | -67.4% |
| Return on capital employed | — | — | — | 12.8% | — | -169.4% | -119.7% | -285.5% | -37.2% | -27.0% | -119.7% |
| Operating margin | -63.8% | 16.5% | 67.3% | 4.4% | -273.4% | -195.0% | -70.5% | — | — | -18.3% | -18.3% |
| Net margin | -58.4% | 18.3% | 59.3% | -11.9% | -197.2% | -162.4% | -67.2% | — | — | -19.6% | -19.6% |
| Debt to equity | — | — | — | — | — | — | — | — | 0.82x | 0.26x | 0.26x |
| Current ratio | 0.44x | 0.54x | 0.45x | 0.28x | 0.20x | 0.36x | 0.28x | 0.50x | 0.66x | 0.78x | 0.44x |
| Cash conversion | — | -0.73x | -0.10x | — | — | — | — | — | — | — | -0.73x |