The business behind the dividend
| Measure | ALL | Median | Formula |
|---|---|---|---|
| Return on equity | 33.6% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $10.54bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $9.88bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 19.4% | 15.0% | Operating income ÷ revenue |
| Net margin | 15.2% | 10.2% | 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 |
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 | 33.6% | 21.8% | -1.1% | -7.4% | 6.5% | 18.5% | 18.6% | 10.1% | 15.8% | 9.1% | 10.1% |
| Operating margin | 19.4% | 9.0% | -0.6% | — | — | — | — | — | — | — | 9.0% |
| Net margin | 15.2% | 7.3% | -0.3% | -2.5% | 3.2% | 13.3% | 11.7% | 5.4% | 9.0% | 5.0% | 5.4% |
How it compares in banks & insurers
Among the 48 banks & insurers companies here measured on GAAP earnings, Allstate pays out less than 44 of them. The median for that group is 34.0%, against this company’s 10.5%.
Closest on GAAP earnings
- First Citizens Bancshares (FCNCA) 4.8%
- Chubb (CB) 14.9%
- Travelers Companies (TRV) 15.7%
- Hartford Insurance Group (HIG) 16.2%
Same sector and same denominator, so the figures are comparable. All 48 in banks & insurers →