# Bank of N.T. Butterfield & Son (NTB.US)

Canonical: https://gigainvestors.com/s/NTB

Analysis as of: 2026-10-16T07:30:42.068Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $58.28 per share; close as of 2026-10-15.

Estimated value: low $79.65 per share, central $99.56 per share, high $132.75 per share. Buy at or below the central value $99.56 per share. Valuation as of 2026-10-16T07:30:42.068Z; scenarios are not confidence intervals.

Expected annual return: 12.8% at the stated quote. About 12.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.24×

Chart: Net income; fiscal year observations.

- FY2016: $58M

- FY2017: $153M

- FY2018: $195M

- FY2019: $177M

- FY2020: $147M

- FY2021: $163M

- FY2022: $214M

- FY2023: $225M

- FY2024: $216M

- FY2025: $232M

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 21.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 16.6%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.0%

- FY2017: 20.1%

- FY2018: 24.2%

- FY2019: 20.4%

- FY2020: 16.6%

- FY2021: 18.2%

- FY2022: 27.1%

- FY2023: 24.9%

- FY2024: 23.2%

- FY2025: 22.0%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 14.8%

- Book return interval: 10 years

- Starting book value per share: $14.76

- Ending book value per share: $24.87

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: -17.2%

- FY2017: 26.1%

- FY2018: 17.3%

- FY2019: 23.7%

- FY2020: 20.6%

- FY2021: 10.1%

- FY2022: -1.6%

- FY2023: 26.8%

- FY2024: 20.0%

- FY2025: 31.6%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -3.2%

- Share growth excluding flagged crisis recapitalisations: -1.1%

- Five-year share growth excluding flagged crisis recapitalisations: -3.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 3.07×

- Book value created per share: $10.11

- Earnings retained per share after dividends and buybacks: $3.29

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 115

- FY2017: 117

- FY2018: 117

- FY2019: 112

- FY2020: 105

- FY2021: 105

- FY2022: 105

- FY2023: 104

- FY2024: 97

- FY2025: 90

### accounting: pass

- Financial accounting warning count: 0

- Deposits, annualized growth: 3.3%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 2

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 3.2% a year forever · net income +7.2%

Story as of 2026-10-16T09:59:16.853Z; price observation 2026-10-15.

The price assumes profits grow 3.2% a year forever

### Net income · FY2025

net income +7.2%; source https://www.sec.gov/Archives/edgar/data/1653242/000165324226000006/ntb-20251231.htm; observed 2026-02-18.

- FY2016: $58M 

- FY2017: $153M 

- FY2018: $195M 

- FY2019: $177M 

- FY2020: $147M 

- FY2021: $163M 

- FY2022: $214M 

- FY2023: $225M 

- FY2024: $216M 

- FY2025: $232M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diversified banking; annual sales are USD 606.8 million.

- Source: https://www.sec.gov/Archives/edgar/data/1653242/000165324226000006/ntb-20251231.htm#000165324226000006 (filed 2026-02-18); FY2025: revenue 606792000.

### Why customers stay

It earns 21.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on tangible equity observations [[2016,0.08996795775787532],[2017,0.20104265328236384],[2018,0.24168370271953601],[2019,0.20418223329182233],[2020,0.16557439921541195],[2021,0.18248863849259636],[2022,0.27075887632915635],[2023,0.24924780864163415],[2024,0.23229736158496053],[2025,0.2198389845448669]]; median 0.2120106089183446. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 146.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,33975000],[2017,69731000],[2018,83704000],[2019,93636000],[2020,88932000],[2021,87285000],[2022,87343000],[2023,86186000],[2024,79581000],[2025,77723000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1653242/000165324226000006/ntb-20251231.htm (filed 2026-02-18); FY2025: cash repurchases 146686000 USD.

### Are managers owners

Insiders own 1.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NTB.US SharesStats.PercentInsiders = 1.383 percentage points; cache date 2026-10-15.

### What the price says

The price assumes profits grow 3.2% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Price 58.28; FX 1; original perpetual distributable cash 3.9824842031183763; discount 0.1; growth 0.03166636576667166. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $25.30 per share

- 2016-11: $28.80 per share

- 2016-12: $31.44 per share

- 2017-01: $32.89 per share

- 2017-02: $32.60 per share

- 2017-03: $31.91 per share

- 2017-04: $33.25 per share

- 2017-05: $32.98 per share

- 2017-06: $34.10 per share

- 2017-07: $34.09 per share

- 2017-08: $32.88 per share

- 2017-09: $36.64 per share

- 2017-10: $37.35 per share

- 2017-11: $39.78 per share

- 2017-12: $36.29 per share

- 2018-01: $40.19 per share

- 2018-02: $45.61 per share

- 2018-03: $44.88 per share

- 2018-04: $47.45 per share

- 2018-05: $47.75 per share

- 2018-06: $45.72 per share

- 2018-07: $49.46 per share

- 2018-08: $52.84 per share

- 2018-09: $51.86 per share

- 2018-10: $40.29 per share

- 2018-11: $39.68 per share

- 2018-12: $31.35 per share

- 2019-01: $35.05 per share

- 2019-02: $40.74 per share

- 2019-03: $35.88 per share

- 2019-04: $40.02 per share

- 2019-05: $33.02 per share

- 2019-06: $33.96 per share

- 2019-07: $31.43 per share

- 2019-08: $27.56 per share

- 2019-09: $29.64 per share

- 2019-10: $32.95 per share

- 2019-11: $34.55 per share

- 2019-12: $37.02 per share

- 2020-01: $33.22 per share

- 2020-02: $27.68 per share

- 2020-03: $17.03 per share

- 2020-04: $22.01 per share

- 2020-05: $24.43 per share

- 2020-06: $24.39 per share

- 2020-07: $26.03 per share

- 2020-08: $25.20 per share

- 2020-09: $22.28 per share

- 2020-10: $26.46 per share

- 2020-11: $31.66 per share

- 2020-12: $31.16 per share

- 2021-01: $30.41 per share

- 2021-02: $36.49 per share

- 2021-03: $38.22 per share

- 2021-04: $39.22 per share

- 2021-05: $38.14 per share

- 2021-06: $35.45 per share

- 2021-07: $33.14 per share

- 2021-08: $33.31 per share

- 2021-09: $35.51 per share

- 2021-10: $35.90 per share

- 2021-11: $36.83 per share

- 2021-12: $38.11 per share

- 2022-01: $36.65 per share

- 2022-02: $38.40 per share

- 2022-03: $35.88 per share

- 2022-04: $32.03 per share

- 2022-05: $31.58 per share

- 2022-06: $31.19 per share

- 2022-07: $33.89 per share

- 2022-08: $32.62 per share

- 2022-09: $32.46 per share

- 2022-10: $34.54 per share

- 2022-11: $34.80 per share

- 2022-12: $29.81 per share

- 2023-01: $31.96 per share

- 2023-02: $36.15 per share

- 2023-03: $27.00 per share

- 2023-04: $25.73 per share

- 2023-05: $25.07 per share

- 2023-06: $27.36 per share

- 2023-07: $32.13 per share

- 2023-08: $29.12 per share

- 2023-09: $27.08 per share

- 2023-10: $25.26 per share

- 2023-11: $27.73 per share

- 2023-12: $32.01 per share

- 2024-01: $30.33 per share

- 2024-02: $29.89 per share

- 2024-03: $31.99 per share

- 2024-04: $34.00 per share

- 2024-05: $34.07 per share

- 2024-06: $35.12 per share

- 2024-07: $38.34 per share

- 2024-08: $38.25 per share

- 2024-09: $36.88 per share

- 2024-10: $36.57 per share

- 2024-11: $37.93 per share

- 2024-12: $36.55 per share

- 2025-01: $36.69 per share

- 2025-02: $38.80 per share

- 2025-03: $38.92 per share

- 2025-04: $40.18 per share

- 2025-05: $42.16 per share

- 2025-06: $44.28 per share

- 2025-07: $45.51 per share

- 2025-08: $45.12 per share

- 2025-09: $42.92 per share

- 2025-10: $46.26 per share

- 2025-11: $46.44 per share

- 2025-12: $49.82 per share

- 2026-01: $51.80 per share

- 2026-02: $50.75 per share

- 2026-03: $52.48 per share

- 2026-04: $55.45 per share

- 2026-05: $56.46 per share

- 2026-06: $59.50 per share

- 2026-07: $61.29 per share

- 2026-08: $58.88 per share

- 2026-09: $57.86 per share

- 2026-10: $58.28 per share

## Annual estimated value (USD per share)

- FY2016: low $1.33 per share, central $1.50 per share, high $1.71 per share

- FY2017: low $3.58 per share, central $4.11 per share, high $4.82 per share

- FY2018: low $10.25 per share, central $12.43 per share, high $15.81 per share

- FY2019: low $20.81 per share, central $26.01 per share, high $34.68 per share

- FY2020: low $32.53 per share, central $40.66 per share, high $54.21 per share

- FY2021: low $28.00 per share, central $30.81 per share, high $34.23 per share

- FY2022: low $38.23 per share, central $47.78 per share, high $63.71 per share

- FY2023: low $48.39 per share, central $60.49 per share, high $80.66 per share

- FY2024: low $57.88 per share, central $72.35 per share, high $96.47 per share

- FY2025: low $75.61 per share, central $94.52 per share, high $126.02 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1653242/000165324226000006/ntb-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Bank of N.T. Butterfield & Son

NTB · US

A wonderful business at a fair price

Passes the quality tests.

Share price: $58.28
Buy up to: $99.56
Expected / yr: 12.8% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: $186M
Worst year: $58M
Latest · 2025: $232M

Earned a median 21.2% on tangible equity (minimum 12%), and the second-worst year 16.6% (minimum 5%).

Return on tangible common equity

10y median: 21.2%
Worst year: 9.0%
Latest · 2025: 22.0%

Book value plus dividends grew 14.8% a year (minimum 7%).

Annual book + dividend return

10y median: 20.3%
Worst year: -17.2%
Latest · 2025: 31.6%

Ordinary share growth was -1.1% over the full period and -3.2% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 105
Worst year: 117
Latest · 2025: 90

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 4.92 USD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price USD 25.30 · Value 1.50 · Buy at or below 1.50; 2016-11 · Price USD 28.80 · Value 1.50 · Buy at or below 1.50; 2016-12 · Price USD 31.44 · Value 1.50 · Buy at or below 1.50; 2017-01 · Price USD 32.89 · Value 1.50 · Buy at or below 1.50; 2017-02 · Price USD 32.60 · Value 4.11 · Buy at or below 4.11; 2017-03 · Price USD 31.91 · Value 4.11 · Buy at or below 4.11; 2017-04 · Price USD 33.25 · Value 4.11 · Buy at or below 4.11; 2017-05 · Price USD 32.98 · Value 4.11 · Buy at or below 4.11; 2017-06 · Price USD 34.10 · Value 4.11 · Buy at or below 4.11; 2017-07 · Price USD 34.09 · Value 4.11 · Buy at or below 4.11; 2017-08 · Price USD 32.88 · Value 4.11 · Buy at or below 4.11; 2017-09 · Price USD 36.64 · Value 4.11 · Buy at or below 4.11; 2017-10 · Price USD 37.35 · Value 4.11 · Buy at or below 4.11; 2017-11 · Price USD 39.78 · Value 4.11 · Buy at or below 4.11; 2017-12 · Price USD 36.29 · Value 4.11 · Buy at or below 4.11; 2018-01 · Price USD 40.19 · Value 4.11 · Buy at or below 4.11; 2018-02 · Price USD 45.61 · Value 12.43 · Buy at or below 12.43; 2018-03 · Price USD 44.88 · Value 12.43 · Buy at or below 12.43; 2018-04 · Price USD 47.45 · Value 12.43 · Buy at or below 12.43; 2018-05 · Price USD 47.75 · Value 12.43 · Buy at or below 12.43; 2018-06 · Price USD 45.72 · Value 12.43 · Buy at or below 12.43; 2018-07 · Price USD 49.46 · Value 12.43 · Buy at or below 12.43; 2018-08 · Price USD 52.84 · Value 12.43 · Buy at or below 12.43; 2018-09 · Price USD 51.86 · Value 12.43 · Buy at or below 12.43; 2018-10 · Price USD 40.29 · Value 12.43 · Buy at or below 12.43; 2018-11 · Price USD 39.68 · Value 12.43 · Buy at or below 12.43; 2018-12 · Price USD 31.35 · Value 12.43 · Buy at or below 12.43; 2019-01 · Price USD 35.05 · Value 12.43 · Buy at or below 12.43; 2019-02 · Price USD 40.74 · Value 26.01 · Buy at or below 26.01; 2019-03 · Price USD 35.88 · Value 26.01 · Buy at or below 26.01; 2019-04 · Price USD 40.02 · Value 26.01 · Buy at or below 26.01; 2019-05 · Price USD 33.02 · Value 26.01 · Buy at or below 26.01; 2019-06 · Price USD 33.96 · Value 26.01 · Buy at or below 26.01; 2019-07 · Price USD 31.43 · Value 26.01 · Buy at or below 26.01; 2019-08 · Price USD 27.56 · Value 26.01 · Buy at or below 26.01; 2019-09 · Price USD 29.64 · Value 26.01 · Buy at or below 26.01; 2019-10 · Price USD 32.95 · Value 26.01 · Buy at or below 26.01; 2019-11 · Price USD 34.55 · Value 26.01 · Buy at or below 26.01; 2019-12 · Price USD 37.02 · Value 26.01 · Buy at or below 26.01; 2020-01 · Price USD 33.22 · Value 26.01 · Buy at or below 26.01; 2020-02 · Price USD 27.68 · Value 40.66 · Buy at or below 40.66; 2020-03 · Price USD 17.03 · Value 40.66 · Buy at or below 40.66; 2020-04 · Price USD 22.01 · Value 40.66 · Buy at or below 40.66; 2020-05 · Price USD 24.43 · Value 40.66 · Buy at or below 40.66; 2020-06 · Price USD 24.39 · Value 40.66 · Buy at or below 40.66; 2020-07 · Price USD 26.03 · Value 40.66 · Buy at or below 40.66; 2020-08 · Price USD 25.20 · Value 40.66 · Buy at or below 40.66; 2020-09 · Price USD 22.28 · Value 40.66 · Buy at or below 40.66; 2020-10 · Price USD 26.46 · Value 40.66 · Buy at or below 40.66; 2020-11 · Price USD 31.66 · Value 40.66 · Buy at or below 40.66; 2020-12 · Price USD 31.16 · Value 40.66 · Buy at or below 40.66; 2021-01 · Price USD 30.41 · Value 40.66 · Buy at or below 40.66; 2021-02 · Price USD 36.49 · Value 30.81 · Buy at or below 30.81; 2021-03 · Price USD 38.22 · Value 30.81 · Buy at or below 30.81; 2021-04 · Price USD 39.22 · Value 30.81 · Buy at or below 30.81; 2021-05 · Price USD 38.14 · Value 30.81 · Buy at or below 30.81; 2021-06 · Price USD 35.45 · Value 30.81 · Buy at or below 30.81; 2021-07 · Price USD 33.14 · Value 30.81 · Buy at or below 30.81; 2021-08 · Price USD 33.31 · Value 30.81 · Buy at or below 30.81; 2021-09 · Price USD 35.51 · Value 30.81 · Buy at or below 30.81; 2021-10 · Price USD 35.90 · Value 30.81 · Buy at or below 30.81; 2021-11 · Price USD 36.83 · Value 30.81 · Buy at or below 30.81; 2021-12 · Price USD 38.11 · Value 30.81 · Buy at or below 30.81; 2022-01 · Price USD 36.65 · Value 30.81 · Buy at or below 30.81; 2022-02 · Price USD 38.40 · Value 47.78 · Buy at or below 47.78; 2022-03 · Price USD 35.88 · Value 47.78 · Buy at or below 47.78; 2022-04 · Price USD 32.03 · Value 47.78 · Buy at or below 47.78; 2022-05 · Price USD 31.58 · Value 47.78 · Buy at or below 47.78; 2022-06 · Price USD 31.19 · Value 47.78 · Buy at or below 47.78; 2022-07 · Price USD 33.89 · Value 47.78 · Buy at or below 47.78; 2022-08 · Price USD 32.62 · Value 47.78 · Buy at or below 47.78; 2022-09 · Price USD 32.46 · Value 47.78 · Buy at or below 47.78; 2022-10 · Price USD 34.54 · Value 47.78 · Buy at or below 47.78; 2022-11 · Price USD 34.80 · Value 47.78 · Buy at or below 47.78; 2022-12 · Price USD 29.81 · Value 47.78 · Buy at or below 47.78; 2023-01 · Price USD 31.96 · Value 47.78 · Buy at or below 47.78; 2023-02 · Price USD 36.15 · Value 60.49 · Buy at or below 60.49; 2023-03 · Price USD 27.00 · Value 60.49 · Buy at or below 60.49; 2023-04 · Price USD 25.73 · Value 60.49 · Buy at or below 60.49; 2023-05 · Price USD 25.07 · Value 60.49 · Buy at or below 60.49; 2023-06 · Price USD 27.36 · Value 60.49 · Buy at or below 60.49; 2023-07 · Price USD 32.13 · Value 60.49 · Buy at or below 60.49; 2023-08 · Price USD 29.12 · Value 60.49 · Buy at or below 60.49; 2023-09 · Price USD 27.08 · Value 60.49 · Buy at or below 60.49; 2023-10 · Price USD 25.26 · Value 60.49 · Buy at or below 60.49; 2023-11 · Price USD 27.73 · Value 60.49 · Buy at or below 60.49; 2023-12 · Price USD 32.01 · Value 60.49 · Buy at or below 60.49; 2024-01 · Price USD 30.33 · Value 60.49 · Buy at or below 60.49; 2024-02 · Price USD 29.89 · Value 72.35 · Buy at or below 72.35; 2024-03 · Price USD 31.99 · Value 72.35 · Buy at or below 72.35; 2024-04 · Price USD 34.00 · Value 72.35 · Buy at or below 72.35; 2024-05 · Price USD 34.07 · Value 72.35 · Buy at or below 72.35; 2024-06 · Price USD 35.12 · Value 72.35 · Buy at or below 72.35; 2024-07 · Price USD 38.34 · Value 72.35 · Buy at or below 72.35; 2024-08 · Price USD 38.25 · Value 72.35 · Buy at or below 72.35; 2024-09 · Price USD 36.88 · Value 72.35 · Buy at or below 72.35; 2024-10 · Price USD 36.57 · Value 72.35 · Buy at or below 72.35; 2024-11 · Price USD 37.93 · Value 72.35 · Buy at or below 72.35; 2024-12 · Price USD 36.55 · Value 72.35 · Buy at or below 72.35; 2025-01 · Price USD 36.69 · Value 72.35 · Buy at or below 72.35; 2025-02 · Price USD 38.80 · Value 94.52 · Buy at or below 94.52; 2025-03 · Price USD 38.92 · Value 94.52 · Buy at or below 94.52; 2025-04 · Price USD 40.18 · Value 94.52 · Buy at or below 94.52; 2025-05 · Price USD 42.16 · Value 94.52 · Buy at or below 94.52; 2025-06 · Price USD 44.28 · Value 94.52 · Buy at or below 94.52; 2025-07 · Price USD 45.51 · Value 94.52 · Buy at or below 94.52; 2025-08 · Price USD 45.12 · Value 94.52 · Buy at or below 94.52; 2025-09 · Price USD 42.92 · Value 94.52 · Buy at or below 94.52; 2025-10 · Price USD 46.26 · Value 94.52 · Buy at or below 94.52; 2025-11 · Price USD 46.44 · Value 94.52 · Buy at or below 94.52; 2025-12 · Price USD 49.82 · Value 94.52 · Buy at or below 94.52; 2026-01 · Price USD 51.80 · Value 94.52 · Buy at or below 94.52; 2026-02 · Price USD 50.75 · Value 99.56 · Buy at or below 99.56; 2026-03 · Price USD 52.48 · Value 99.56 · Buy at or below 99.56; 2026-04 · Price USD 55.45 · Value 99.56 · Buy at or below 99.56; 2026-05 · Price USD 56.46 · Value 99.56 · Buy at or below 99.56; 2026-06 · Price USD 59.50 · Value 99.56 · Buy at or below 99.56; 2026-07 · Price USD 61.29 · Value 99.56 · Buy at or below 99.56; 2026-08 · Price USD 58.88 · Value 99.56 · Buy at or below 99.56; 2026-09 · Price USD 57.86 · Value 99.56 · Buy at or below 99.56; 2026-10 · Price USD 58.28 · Value 99.56 · Buy at or below 99.56; 2026-10 · Price USD 58.28 · Value 99.56 · Buy at or below 99.56

USD per share · annual estimates

Price & return math
Value range	$79.65 – $132.75
Buy at or below	Central value $99.56
Discount to value	1 − 58.28 / 99.56 = 41.5%
Return / year	About 12.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Book USD 26.20/share; ROE 21.2%; first payout USD 3.98/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net income$232M

Net income

Book / share$24.87

Book / share

Dividend / share$1.83

Dividend / share

Return on tangible equity22.0%

Return on tangible equity

Diluted shares42M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·