The business behind the dividend
| Measure | CFFI | Median | Formula |
|---|---|---|---|
| Return on equity | 10.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $28.43m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $22.16m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 23.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 19.1% | 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 | 0.1% | -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 | 10.3% | 8.8% | 10.9% | 14.9% | 13.6% | 11.4% | 11.4% | 11.9% | 4.6% | 9.7% | 10.9% |
| Operating margin | 23.5% | 19.0% | 22.9% | 30.1% | 28.2% | 21.2% | 21.4% | 19.0% | 15.4% | 15.5% | 21.2% |
| Net margin | 19.1% | 15.6% | 18.5% | 23.8% | 21.2% | 16.0% | 16.9% | 15.2% | 5.6% | 11.7% | 16.0% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, C & F Financial pays out less than 270 of them. The median for that group is 30.6%, against this company’s 22.2%.
Closest on GAAP earnings
- InterDigital (IDCC) 22.0%
- Gouverneur Bancorp (GOVB) 22.2%
- Northrim Bancorp (NRIM) 22.3%
- First Ottawa Bancshares (FOTB) 22.4%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →