The business behind the dividend
| Measure | NNI | Median | Formula |
|---|---|---|---|
| Return on equity | 11.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $492.86m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $396.75m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 50.3% | 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 | 0.0% | -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, Operating margin, 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 | 11.6% | 5.5% | 2.8% | 12.7% | 13.3% | 13.4% | 5.9% | 9.9% | 8.1% | 12.5% | 9.9% |
| Operating margin | — | 23.5% | 6.2% | 67.6% | 95.9% | 72.7% | 18.6% | 31.0% | 29.4% | 52.4% | 31.0% |
| Net margin | 50.3% | 18.9% | 8.1% | 54.8% | 75.1% | 56.9% | 14.9% | 24.7% | 22.5% | 33.7% | 24.7% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Nelnet pays out less than 351 of them. The median for that group is 30.6%, against this company’s 10.0%.
Closest on GAAP earnings
- FVCBankcorp (FVCB) 9.8%
- Hanover Bancorp (HNVR) 10.0%
- River Financial (RVRF) 10.0%
- Unity Bancorp (UNTY) 10.2%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →