The business behind the dividend
| Measure | CFNB | Median | Formula |
|---|---|---|---|
| Return on equity | 5.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 38.0% | 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 | -4.6% | -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, Free cash flow, Interest cover, Operating margin, Owner earnings, 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 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | Median |
|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 5.7% | 4.5% | 4.8% | 3.8% | 4.1% | 4.5% | 5.5% | 5.6% | 4.8% |
| Net margin | 38.0% | 31.2% | 39.4% | 35.7% | 34.4% | 37.7% | 42.3% | 41.5% | 38.0% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, California First Leasing pays out less than 103 of them. The median for that group is 30.6%, against this company’s 42.6%.
Closest on GAAP earnings
- Dime Commercial Bancshares (DCOM) 42.3%
- First Financial Bankshares (FFIN) 42.4%
- Peoples Financial (PFBX) 42.4%
- NBT Bancorp (NBTB) 42.6%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →