The business behind the dividend
| Measure | CBU | Median | Formula |
|---|---|---|---|
| Return on equity | 10.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $157.50m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $233.33m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 33.7% | 14.3% | Operating income ÷ revenue |
| Net margin | 25.7% | 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 | -0.5% | -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 | 10.5% | 10.4% | 7.8% | 12.1% | 9.0% | 7.8% | 9.1% | 9.8% | 9.2% | 8.7% | 9.1% |
| Operating margin | 33.7% | 31.7% | 25.8% | 35.4% | 62.3% | 52.9% | 54.3% | — | — | — | 35.4% |
| Net margin | 25.7% | 24.5% | 20.2% | 27.7% | 49.0% | 42.3% | 43.8% | 46.5% | 45.7% | 36.4% | 36.4% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Community Financial System pays out less than 82 of them. The median for that group is 30.6%, against this company’s 46.9%.
Closest on GAAP earnings
- Princeton Bancorp (BPRN) 46.1%
- Seacoast Banking Corp of Florida (SBCF) 46.5%
- Farmers National Banc (FMNB) 46.9%
- First Hawaiian (FHB) 47.3%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →