The business behind the dividend
| Measure | XYF | Median | Formula |
|---|---|---|---|
| Return on equity | 18.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $207.90m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $206.73m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 21.3% | 14.3% | Operating income ÷ revenue |
| Net margin | 19.2% | 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 | -0.0% | -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 | 18.7% | 22.1% | 20.3% | 17.1% | 20.8% | -42.6% | 17.7% | 25.1% | 20.3% |
| Operating margin | 21.3% | 31.9% | 29.9% | 30.4% | 36.2% | -65.2% | 26.3% | 36.0% | 30.4% |
| Net margin | 19.2% | 26.2% | 24.6% | 22.8% | 22.8% | -59.7% | 25.1% | 24.9% | 24.6% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, X Financial pays out less than 346 of them. The median for that group is 30.6%, against this company’s 10.6%.
Closest on GAAP earnings
- Unity Bancorp (UNTY) 10.2%
- Allstate (ALL) 10.5%
- Merchants Bancorp (MBIN) 10.6%
- Smartfinancial (SMBK) 10.7%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →