The business behind the dividend
| Measure | EBC | Median | Formula |
|---|---|---|---|
| Return on equity | 2.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $115.73m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $412.99m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 74.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 65.8% | 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 | -1.1% | -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 | Median |
|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 2.0% | 3.3% | 7.8% | 8.1% | 4.5% | 0.7% | 8.4% | 8.6% | 7.8% |
| Operating margin | 74.2% | — | -163.9% | — | — | 23.2% | — | 96.1% | 74.2% |
| Net margin | 65.8% | — | — | — | — | 14.7% | 86.5% | 74.8% | 74.8% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Eastern Bankshares pays out less than 8 of them. The median for that group is 30.6%, against this company’s 118.6%.
Closest on GAAP earnings
- Nomura Holdings (NMR) 111.1%
- First Keystone (FKYS) 113.1%
- HOPE Bancorp (HOPE) 114.3%
- Alerus Financial (ALRS) 122.1%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →