Citizens Financial Services (CZFS) — return on equity, margins and leverage

The business behind the dividend

Measure	CZFS	Median	Formula
Return on equity	10.8%	10.6%	Net income ÷ shareholders’ equity
Return on capital employed	—	—	Operating income ÷ (equity + total debt)
Owner earnings	$37.38m	$120.90m	Net income + depreciation & amortisation − capital expenditure
Free cash flow	$35.24m	$155.08m	Operating cash flow − capital expenditure
Operating margin	—	—	Operating income ÷ revenue
Net margin	—	—	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	0.0%	-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	10.8%	9.3%	6.4%	14.5%	13.7%	12.9%	12.6%	13.0%	10.1%	10.3%	10.8%
Net margin	—	—	—	—	—	—	—	—	27.1%	29.4%	27.1%

How it compares in banks & insurers

Among the 377 banks & insurers companies here measured on GAAP earnings, Citizens Financial Services pays out less than 234 of them. The median for that group is 30.6%, against this company’s 26.0%.

Closest on GAAP earnings

Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →