The business behind the dividend
| Measure | PLGO | Median | Formula |
|---|---|---|---|
| Return on equity | 9.4% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $205.10m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-409.50m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 11.0% | 14.3% | Operating income ÷ revenue |
| Net margin | 9.0% | 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 | 5.1% | -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 | Median |
|---|---|---|---|---|---|---|
| Return on equity | 9.4% | 4.6% | 87.0% | 2.7% | 3.4% | 4.6% |
| Operating margin | 11.0% | 5.6% | 56.9% | 5.3% | 6.6% | 6.6% |
| Net margin | 9.0% | 4.7% | 59.3% | 3.5% | 5.7% | 5.7% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Pelagos Insurance Capital pays out less than 254 of them. The median for that group is 30.6%, against this company’s 23.7%.
Closest on GAAP earnings
- Schwab Charles (SCHW) 23.2%
- Popular (BPOP) 23.6%
- 1ST Source (SRCE) 23.7%
- Community West Bancshares (CWBC) 24.0%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →