← Bank of N.T. Butterfield & Son
The business behind the dividend
| Measure | NTB | Median | Formula |
|---|---|---|---|
| Return on equity | 20.3% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 39.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 38.2% | 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, Free cash flow, Interest cover, Owner earnings, 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 | 20.3% | 21.2% | 22.5% | 24.7% | 16.6% | 15.0% | 18.4% | 22.1% | 18.6% | 16.3% | 18.6% |
| Operating margin | 39.2% | 38.1% | 39.1% | 39.6% | 33.2% | 30.3% | 33.0% | — | — | — | 38.1% |
| Net margin | 38.2% | 37.3% | 39.0% | 39.0% | 32.6% | 29.8% | 33.2% | 37.7% | 33.7% | 28.8% | 33.7% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Bank of N.T. Butterfield & Son pays out less than 152 of them. The median for that group is 30.6%, against this company’s 34.4%.
Closest on GAAP earnings
- Aflac (AFL) 34.2%
- Financial Institutions (FISI) 34.3%
- Banner (BANR) 34.4%
- HBT Financial (HBT) 34.4%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →