The business behind the dividend
| Measure | PWP | Median | Formula |
|---|---|---|---|
| Return on equity | — | — | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $52.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $30.48m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 6.4% | 14.3% | Operating income ÷ revenue |
| Net margin | 4.7% | 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 | 0.1% | -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, Return on equity — 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 | Median |
|---|---|---|---|---|---|---|---|---|
| Return on equity | — | — | -11.3% | 13.0% | -7.5% | -6.9% | -5.8% | -6.9% |
| Operating margin | 6.4% | -8.9% | -17.7% | -7.6% | 8.3% | -2.8% | -29.1% | -7.6% |
| Net margin | 4.7% | -7.4% | -2.7% | 2.8% | -1.2% | -1.0% | -0.0% | -1.0% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Perella Weinberg Partners pays out less than 76 of them. The median for that group is 30.6%, against this company’s 48.3%.
Closest on GAAP earnings
- Metlife (MET) 47.7%
- CASS Information Systems (CASS) 47.9%
- First Bancorp (FNLC) 47.9%
- F&G Annuities & Life (FG) 48.4%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →