The business behind the dividend
| Measure | LOAN | Median | Formula |
|---|---|---|---|
| Return on equity | 11.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $5.12m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $4.93m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 58.8% | 14.3% | Operating income ÷ revenue |
| Net margin | 59.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | 3.10x | 4.22x | 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 | 0.96x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 0.3% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio, Debt to equity, 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 | 11.9% | 12.9% | 12.8% | 12.2% | 10.2% | 13.2% | 14.1% | 13.1% | 15.5% | 12.7% | 12.8% |
| Return on capital employed | — | 11.3% | 11.2% | 10.7% | 9.0% | 11.2% | 12.0% | 11.2% | 12.5% | 10.3% | 11.2% |
| Operating margin | 58.8% | 57.5% | 55.6% | 60.6% | 64.7% | 60.1% | 61.3% | 58.2% | 58.5% | 61.4% | 58.8% |
| Net margin | 59.0% | 57.7% | 55.9% | 60.8% | 65.0% | 60.4% | 61.2% | 58.2% | 58.1% | 61.0% | 59.0% |
| Debt to equity | — | 0.14x | 0.14x | 0.13x | 0.13x | 0.18x | 0.17x | 0.17x | 0.24x | 0.24x | 0.17x |
| Current ratio | — | — | — | — | — | — | — | — | — | 3.62x | 3.62x |
| Cash conversion | 0.96x | 0.88x | 0.99x | 0.99x | 1.04x | 1.00x | 0.99x | 1.04x | 1.01x | 1.08x | 0.99x |
How it compares in real estate
Among the 11 real estate companies here measured on free cash flow, Manhattan Bridge Capital pays out less than 7 of them. The median for that group is 112.8%, against this company’s 106.8%.
Closest on free cash flow
- Terreno Realty (TRNO) 97.8%
- Global Net Lease (GNL) 101.4%
- Blackstone Real Estate Income Trust (BSTT) 107.1%
- Procaccianti Hotel Reit (PRXA) 112.8%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →