The business behind the dividend
| Measure | C | Median | Formula |
|---|---|---|---|
| Return on equity | 6.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $12.16bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-74.15bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 23.3% | 15.0% | Operating income ÷ revenue |
| Net margin | 16.8% | 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 | 6.7% | 6.1% | 4.5% | 7.4% | 10.9% | 5.5% | 10.0% | 9.2% | -3.4% | 6.6% | 6.6% |
| Operating margin | 23.3% | 21.1% | 16.5% | 25.0% | 38.2% | 18.1% | 31.8% | 32.2% | 31.4% | 30.3% | 25.0% |
| Net margin | 16.8% | 15.7% | 11.8% | 19.7% | 30.5% | 14.6% | 25.8% | 24.8% | -9.4% | 21.1% | 16.8% |
How it compares in banks & insurers
Among the 48 banks & insurers companies here measured on GAAP earnings, Citigroup pays out less than 18 of them. The median for that group is 34.0%, against this company’s 41.0%.
Closest on GAAP earnings
- PNC Financial Services Group (PNC) 39.8%
- Unum Group (UNM) 41.2%
- Berkley W R (WRB) 41.6%
- Arch Capital Group (ACGL) 43.1%
Same sector and same denominator, so the figures are comparable. All 48 in banks & insurers →