The business behind the dividend
| Measure | UNIT | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | 17.6% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $53.50m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $11.80m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 50.3% | 15.0% | Operating income ÷ revenue |
| Net margin | 8.0% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 1.15x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.71x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 3.93x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Debt to equity, Long-term debt to working capital, 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 | Median |
|---|---|---|---|---|
| Return on equity | 343.1% | — | — | 343.1% |
| Return on capital employed | 2.6% | 17.6% | — | 2.6% |
| Operating margin | 11.7% | 50.3% | 32.9% | 32.9% |
| Net margin | 58.4% | 8.0% | -7.1% | 8.0% |
| Debt to equity | 25.08x | — | — | 25.08x |
| Current ratio | 0.74x | 0.71x | — | 0.71x |
| Cash conversion | 0.27x | 3.93x | — | 0.27x |