The business behind the dividend
| Measure | SFBS | Median | Formula |
|---|---|---|---|
| Return on equity | 15.0% | 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 | 34.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 27.9% | 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 | -0.4% | -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 | 15.0% | 14.1% | 14.4% | 19.4% | 18.0% | 17.1% | 17.7% | 19.2% | 15.3% | 15.6% | 15.6% |
| Operating margin | 34.5% | 29.5% | 30.1% | 55.2% | 60.9% | 55.1% | 47.8% | — | — | — | 47.8% |
| Net margin | 27.9% | 24.0% | 25.4% | 45.0% | 49.9% | 43.6% | 38.2% | 41.9% | 35.4% | 38.3% | 38.2% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, ServisFirst Bancshares pays out less than 284 of them. The median for that group is 30.6%, against this company’s 19.8%.
Closest on GAAP earnings
- Greene County Bancorp (GCBC) 19.7%
- Hanover Insurance Group (THG) 19.7%
- Texas Community Bancshares (TCBS) 20.0%
- Bank of the James Financial Group (BOTJ) 20.1%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →