The business behind the dividend
| Measure | JRVR | Median | Formula |
|---|---|---|---|
| Return on equity | 8.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $41.91m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-23.59m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 7.4% | 14.3% | Operating income ÷ revenue |
| Net margin | 6.9% | 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 | 1.4% | -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 | 8.8% | -17.6% | -20.1% | 5.6% | -23.8% | 0.6% | 4.9% | 9.0% | 6.3% | 10.7% | 4.9% |
| Operating margin | 7.4% | -10.1% | 10.7% | 8.1% | -17.8% | 1.8% | 5.7% | 8.0% | 6.7% | 13.5% | 6.7% |
| Net margin | 6.9% | -11.5% | -13.3% | 4.7% | -28.4% | 0.7% | 4.2% | 7.2% | 5.3% | 12.7% | 4.2% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, James River Group Holdings pays out less than 364 of them. The median for that group is 30.6%, against this company’s 5.1%.
Closest on GAAP earnings
- Northpointe Bancshares (NPB) 4.7%
- First Citizens Bancshares (FCNCA) 4.8%
- California BanCorp \ CA (BCAL) 5.1%
- Live Oak Bancshares (LOB) 5.4%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →