The business behind the dividend
| Measure | AMAL | Median | Formula |
|---|---|---|---|
| Return on equity | 13.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $109.29m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $134.40m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 24.7% | 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 | -0.4% | -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, Operating margin, 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 | Median |
|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 13.1% | 15.0% | 15.0% | 16.0% | 9.4% | 8.6% | 9.6% | 10.2% | 13.1% |
| Operating margin | — | — | — | 41.8% | 39.2% | 32.5% | — | — | 39.2% |
| Net margin | 24.7% | 26.5% | 24.6% | 31.5% | 29.3% | 24.2% | 25.4% | 27.2% | 26.5% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Amalgamated Financial pays out less than 313 of them. The median for that group is 30.6%, against this company’s 16.5%.
Closest on GAAP earnings
- Primis Financial (FRST) 16.1%
- Hartford Insurance Group (HIG) 16.2%
- Steele Bancorp (STLE) 16.3%
- SR Bancorp (SRBK) 16.4%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →