The business behind the dividend
| Measure | WTBA | Median | Formula |
|---|---|---|---|
| Return on equity | 12.2% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $33.75m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $43.15m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 21.5% | 14.3% | Operating income ÷ revenue |
| Net margin | 16.9% | 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 | -0.3% | -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 | 12.2% | 10.6% | 10.7% | 22.0% | 19.1% | 14.6% | 13.5% | 14.9% | 13.0% | 13.9% | 13.5% |
| Operating margin | 21.5% | 14.4% | 18.6% | 48.2% | 58.6% | 41.3% | 36.2% | 41.4% | 49.9% | 50.7% | 41.3% |
| Net margin | 16.9% | 12.7% | 15.1% | 37.6% | 46.2% | 32.6% | 29.1% | 33.6% | 31.6% | 35.4% | 31.6% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, West Bancorporation pays out less than 65 of them. The median for that group is 30.6%, against this company’s 52.1%.
Closest on GAAP earnings
- Richmond Mutual Bancorporation (RMBI) 51.3%
- Auburn National Bancorporation (AUBN) 51.9%
- CVB Financial (CVBF) 52.6%
- Independent Bank (INDB) 53.2%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →