The business behind the dividend
| Measure | LOB | Median | Formula |
|---|---|---|---|
| Return on equity | 8.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $121.51m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $143.49m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 15.7% | 14.3% | Operating income ÷ revenue |
| Net margin | 11.7% | 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 | -0.3% | -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 | 8.5% | 7.8% | 8.2% | 21.7% | 23.4% | 10.5% | 3.4% | 10.4% | 23.0% | 6.2% | 8.5% |
| Operating margin | 15.7% | 11.0% | 12.0% | 47.3% | 58.4% | 16.4% | 10.3% | 28.3% | 95.0% | 30.0% | 16.4% |
| Net margin | 11.7% | 9.5% | 10.7% | 39.6% | 46.2% | 20.6% | 7.9% | 31.6% | 97.1% | 24.0% | 20.6% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Live Oak Bancshares pays out less than 363 of them. The median for that group is 30.6%, against this company’s 5.4%.
Closest on GAAP earnings
- California BanCorp \ CA (BCAL) 5.1%
- James River Group Holdings (JRVR) 5.1%
- Oppenheimer Holdings (OPY) 5.5%
- Commercial Bancgroup (CBK) 5.8%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →