The business behind the dividend
| Measure | HTH | Median | Formula |
|---|---|---|---|
| Return on equity | 7.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $166.86m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-55.53m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 28.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 21.1% | 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 | 1.3% | -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 | 7.6% | 5.2% | 5.2% | 5.6% | 14.8% | 19.3% | 10.7% | 6.2% | 6.9% | 7.8% | 6.9% |
| Operating margin | 28.2% | 18.4% | 17.8% | 26.4% | 95.1% | — | 46.3% | 27.0% | 48.0% | 50.8% | 28.2% |
| Net margin | 21.1% | 13.5% | 13.1% | 19.1% | 70.7% | 81.9% | 36.9% | 21.1% | 26.1% | 32.0% | 21.1% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Hilltop Holdings pays out less than 217 of them. The median for that group is 30.6%, against this company’s 27.3%.
Closest on GAAP earnings
- Goldman Sachs Group (GS) 27.3%
- Royal Gold (RGLD) 27.3%
- Consumers Bancorp (CBKM) 27.4%
- Mercantile Bank (MBWM) 27.4%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →