The business behind the dividend
| Measure | HBT | Median | Formula |
|---|---|---|---|
| Return on equity | 12.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 40.9% | 14.3% | Operating income ÷ revenue |
| Net margin | 30.1% | 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 | -0.2% | -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, Free cash flow, Interest cover, Owner earnings, 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 | Median |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 12.5% | 13.2% | 13.5% | 15.1% | 13.7% | 10.1% | 20.1% | 18.7% | 17.3% | 13.7% |
| Operating margin | 40.9% | 38.7% | 38.7% | 49.8% | 59.7% | 40.0% | 50.2% | — | — | 40.9% |
| Net margin | 30.1% | 28.5% | 28.8% | 36.9% | 43.9% | 29.7% | 46.5% | 46.4% | 44.0% | 36.9% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, HBT Financial pays out less than 153 of them. The median for that group is 30.6%, against this company’s 34.4%.
Closest on GAAP earnings
- Aflac (AFL) 34.2%
- Financial Institutions (FISI) 34.3%
- Banner (BANR) 34.4%
- Bank of N.T. Butterfield & Son (NTB) 34.4%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →