The business behind the dividend
| Measure | ALRS | Median | Formula |
|---|---|---|---|
| Return on equity | 3.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $24.06m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $58.83m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 8.1% | 14.3% | Operating income ÷ revenue |
| Net margin | 6.2% | 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 | -1.0% | -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 | Median |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 3.1% | 3.6% | 3.2% | 11.2% | 14.7% | 13.5% | 10.3% | 15.9% | 10.1% | 10.3% |
| Operating margin | 8.1% | 10.5% | 9.6% | 45.1% | 74.6% | 60.9% | 41.7% | 37.7% | 43.0% | 41.7% |
| Net margin | 6.2% | 8.0% | 7.1% | 34.6% | 56.9% | 46.5% | 31.7% | 29.5% | 19.8% | 29.5% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Alerus Financial pays out less than 7 of them. The median for that group is 30.6%, against this company’s 122.1%.
Closest on GAAP earnings
- Nomura Holdings (NMR) 111.1%
- First Keystone (FKYS) 113.1%
- HOPE Bancorp (HOPE) 114.3%
- Eastern Bankshares (EBC) 118.6%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →