The business behind the dividend
| Measure | SPFI | Median | Formula |
|---|---|---|---|
| Return on equity | 11.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $58.62m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $71.83m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 29.4% | 14.3% | Operating income ÷ revenue |
| Net margin | 23.2% | 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 | -0.4% | -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, 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 | Median |
|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 11.8% | 11.3% | 15.4% | 16.3% | 14.4% | 12.3% | 9.5% | 18.9% | 14.4% |
| Operating margin | 29.4% | 26.3% | 37.5% | 45.4% | 54.1% | 40.9% | 27.6% | — | 37.5% |
| Net margin | 23.2% | 20.6% | 29.6% | 36.1% | 43.4% | 32.8% | 22.0% | 24.8% | 29.6% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, South Plains Financial pays out less than 300 of them. The median for that group is 30.6%, against this company’s 18.0%.
Closest on GAAP earnings
- Mgic Investment (MTG) 17.9%
- SEI Investments (SEIC) 17.9%
- Bankwell Financial Group (BWFG) 18.0%
- Essent Group (ESNT) 18.0%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →