The business behind the dividend
| Measure | COHN | Median | Formula |
|---|---|---|---|
| Return on equity | 28.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $13.90m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $26.10m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 21.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 5.2% | 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 | -1.8% | -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 | 28.3% | -0.3% | -12.3% | -28.6% | 19.1% | 32.4% | -6.2% | -6.9% | 5.2% | 5.8% | -0.3% |
| Operating margin | 21.6% | -10.1% | 8.3% | -63.0% | 27.1% | 32.5% | 8.1% | 7.4% | 15.6% | 15.5% | 8.3% |
| Net margin | 5.2% | -0.2% | -6.2% | -30.2% | 8.1% | 10.9% | -4.1% | -5.0% | 4.3% | 4.1% | -0.2% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Cohen pays out less than 30 of them. The median for that group is 30.6%, against this company’s 69.0%.
Closest on GAAP earnings
- Oceanfirst Financial (OCFC) 68.4%
- Atlantic Union Bankshares (AUB) 68.5%
- United Bancorp (UBCP) 68.7%
- Capital One Financial (COF) 69.5%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →