The business behind the dividend
| Measure | UFCS | Median | Formula |
|---|---|---|---|
| Return on equity | 12.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $122.52m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $263.30m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 10.7% | 14.3% | Operating income ÷ revenue |
| Net margin | 8.5% | 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 | -3.9% | -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 | 12.6% | 7.9% | -4.0% | 2.0% | 9.2% | -13.7% | 1.6% | 3.1% | 5.2% | 5.3% | 3.1% |
| Operating margin | 10.7% | 6.1% | -3.6% | 1.2% | 9.1% | -15.9% | 1.4% | -0.9% | 1.5% | 5.8% | 1.4% |
| Net margin | 8.5% | 4.9% | -2.7% | 1.5% | 7.6% | -10.5% | 1.2% | 2.6% | 4.8% | 5.0% | 2.6% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, United Fire Group pays out less than 326 of them. The median for that group is 30.6%, against this company’s 14.3%.
Closest on GAAP earnings
- Byline Bancorp (BY) 13.8%
- Axis Capital Holdings (AXS) 14.3%
- Farmers & Merchants Bancorp (FMCB) 14.4%
- Triumph Financial (TFIN) 14.5%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →