The business behind the dividend
| Measure | EG | Median | Formula |
|---|---|---|---|
| Return on equity | 10.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 10.8% | 15.0% | Operating income ÷ revenue |
| Net margin | 9.1% | 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, Free cash flow, Interest cover, Owner earnings, 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 | 10.3% | 9.9% | 19.1% | 7.1% | 13.6% | 5.3% | 11.1% | 1.1% | 5.8% | 12.3% | 9.9% |
| Operating margin | 10.8% | 8.6% | 14.8% | 4.9% | 13.0% | 6.1% | 13.4% | -3.3% | 6.3% | 19.0% | 8.6% |
| Net margin | 9.1% | 7.9% | 17.3% | 5.0% | 11.6% | 5.4% | 12.3% | 1.2% | 7.3% | 17.2% | 7.9% |
How it compares in banks & insurers
Among the 48 banks & insurers companies here measured on GAAP earnings, Everest Group pays out less than 37 of them. The median for that group is 34.0%, against this company’s 21.2%.
Closest on GAAP earnings
- Assurant (AIZ) 19.4%
- Reinsurance Group of America (RGA) 20.6%
- American Express (AXP) 21.3%
- Cincinnati Financial (CINF) 22.9%
Same sector and same denominator, so the figures are comparable. All 48 in banks & insurers →