The business behind the dividend
| Measure | ACNB | Median | Formula |
|---|---|---|---|
| Return on equity | 8.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $42.71m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $52.57m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 24.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 19.3% | 10.1% | 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 | -0.5% | -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, Interest cover, 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 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 8.8% | 10.5% | 11.4% | 14.6% | 10.2% | 7.1% | 12.5% | 12.9% | 6.4% | 9.1% | 10.2% |
| Operating margin | 24.2% | 30.6% | 34.6% | 41.3% | 44.8% | 26.6% | — | — | — | — | 30.6% |
| Net margin | 19.3% | 24.1% | 27.5% | 32.8% | 35.6% | 21.6% | 34.1% | 33.7% | 18.9% | 26.8% | 26.8% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, ACNB pays out less than 126 of them. The median for that group is 30.6%, against this company’s 38.3%.
Closest on GAAP earnings
- United Community Banks (UCB) 37.4%
- Morgan Stanley (MS) 37.7%
- German American Bancorp (GABC) 37.9%
- Central Pacific Financial (CPF) 38.1%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →