The business behind the dividend
| Measure | FNLC | Median | Formula |
|---|---|---|---|
| Return on equity | 12.1% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $33.38m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $34.59m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 26.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 21.5% | 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 | -0.1% | -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 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 12.1% | 10.7% | 12.1% | 17.0% | 14.8% | 12.1% | 12.0% | 12.3% | 10.8% | 10.4% | 12.1% |
| Operating margin | 26.2% | 21.9% | 27.9% | 50.9% | 57.0% | 41.8% | 38.5% | — | — | — | 38.5% |
| Net margin | 21.5% | 18.2% | 23.0% | 41.9% | 47.1% | 35.2% | 32.5% | 33.4% | 32.2% | 33.5% | 32.5% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, First Bancorp pays out less than 77 of them. The median for that group is 30.6%, against this company’s 47.9%.
Closest on GAAP earnings
- Metlife (MET) 47.7%
- CASS Information Systems (CASS) 47.9%
- Perella Weinberg Partners (PWP) 48.3%
- F&G Annuities & Life (FG) 48.4%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →