The business behind the dividend
| Measure | OSBC | Median | Formula |
|---|---|---|---|
| Return on equity | 9.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $81.95m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $117.76m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 30.3% | 14.3% | Operating income ÷ revenue |
| Net margin | 22.6% | 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 | -0.6% | -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 | 9.0% | 12.7% | 15.9% | 14.6% | 4.0% | 9.1% | 14.2% | 14.8% | 7.6% | 9.0% | 9.1% |
| Operating margin | 30.3% | 37.9% | 42.6% | 42.3% | 26.5% | 35.9% | 44.9% | 40.8% | 39.2% | 33.4% | 37.9% |
| Net margin | 22.6% | 28.6% | 31.4% | 31.1% | 19.1% | 26.7% | 34.1% | 31.6% | 17.3% | 21.4% | 26.7% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Old Second Bancorp pays out less than 321 of them. The median for that group is 30.6%, against this company’s 15.4%.
Closest on GAAP earnings
- Chubb (CB) 14.9%
- SLM (SLM) 15.0%
- Travelers Companies (TRV) 15.7%
- WisdomTree (WT) 16.0%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →