The business behind the dividend
| Measure | CIZN | Median | Formula |
|---|---|---|---|
| Return on equity | 4.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $2.57m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $4.80m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 3.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 3.8% | 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 | -0.3% | -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 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 4.3% | 24.7% | 7.1% | 5.8% | 5.2% | 8.0% | 4.2% | 7.9% | 8.8% | 9.1% | 7.1% |
| Operating margin | 3.6% | 29.0% | 23.2% | 21.4% | 20.5% | 23.9% | 25.5% | 27.7% | 32.5% | 29.6% | 23.9% |
| Net margin | 3.8% | 24.2% | 19.5% | 17.1% | 16.7% | 21.3% | 12.1% | 22.3% | 24.5% | 23.7% | 19.5% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Citizens Holding pays out less than 3 of them. The median for that group is 30.6%, against this company’s 218.2%.
Closest on GAAP earnings
- First Community Bankshares (FCBC) 162.6%
- Walker & Dunlop (WD) 163.4%
- Blue Ridge Bankshares (BRBS) 211.2%
- Employers Holdings (EIG) 273.9%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →