The business behind the dividend
| Measure | ACGP | Median | Formula |
|---|---|---|---|
| Return on equity | 5.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | -142.3% | 14.3% | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | 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 |
| Accruals | 1.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Free cash flow, Interest cover, Owner earnings, Return on capital employed — 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 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 5.0% | 4.1% | -5.5% | 6.3% | 2.1% | 4.4% | -6.7% | 1.0% | 1.2% | -0.0% | 1.2% |
| Operating margin | -142.3% | -133.6% | -74.0% | -91.2% | -65.7% | -59.7% | -59.2% | -75.7% | -39.2% | -62.7% | -74.0% |
| Net margin | — | — | -321.2% | — | 99.1% | — | -255.1% | 32.8% | 32.7% | -0.5% | -0.5% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Associated Capital Group pays out less than 14 of them. The median for that group is 30.6%, against this company’s 105.8%.
Closest on GAAP earnings
- HA Sustainable Infrastructure Capital (HASI) 107.7%
- CB Financial Services (CBFV) 110.9%
- Nomura Holdings (NMR) 111.1%
- First Keystone (FKYS) 113.1%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →