Dillard'S
Through the investors’ lenses
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 2/2
| Measure | DDS | Checked against | |
|---|---|---|---|
| Owner earnings | $656.15m | positive | ✓ |
| Return on equity | 32.1% | median 11.7% | ✓ |
| Debt to equity | — | median 0.79x | — |
| Operating margin | — | median 15.0% | — |
Passes 2 of 2. To be clear: Warren Buffett has never said anything about Dillard'S. These are the company’s own figures put through the tests he described. What he looks at, and why →
Terry Smith 0/1
| Measure | DDS | Checked against | |
|---|---|---|---|
| Return on capital employed | — | median 10.1% | — |
| Cash conversion | 1.26x | median 1.78x | ✗ |
| Operating margin | — | median 15.0% | — |
| Debt to equity | — | median 0.79x | — |
Passes 0 of 1. To be clear: Terry Smith has never said anything about Dillard'S. These are the company’s own figures put through the tests he described. What he looks at, and why →
Charlie Munger 1/1
| Measure | DDS | Checked against | |
|---|---|---|---|
| Return on capital employed | — | median 10.1% | — |
| Return on equity | 32.1% | median 11.7% | ✓ |
| Operating margin | — | median 15.0% | — |
Passes 1 of 1. To be clear: Charlie Munger has never said anything about Dillard'S. These are the company’s own figures put through the tests he described. What he looks at, and why →
Chuck Akre 1/3
| Measure | DDS | Checked against | |
|---|---|---|---|
| Return on equity | 32.1% | median 11.7% | ✓ |
| Debt to equity | — | median 0.79x | — |
| Cash conversion | 1.26x | median 1.78x | ✗ |
| Return on equity, sustained | 6 of 10 | 8 of 10 above median | ✗ |
Passes 1 of 3. To be clear: Chuck Akre has never said anything about Dillard'S. These are the company’s own figures put through the tests he described. What he looks at, and why →
Philip Fisher 1/2
| Measure | DDS | Checked against | |
|---|---|---|---|
| Operating margin | — | median 15.0% | — |
| Net margin | 8.8% | median 10.2% | ✗ |
| Return on capital employed | — | median 10.1% | — |
| Operating margin, held or improving | 11.3% | 10-yr median 11.3% | ✓ |
Passes 1 of 2. To be clear: Philip Fisher has never said anything about Dillard'S. These are the company’s own figures put through the tests he described. What he looks at, and why →
Walter Schloss 1/1
| Measure | DDS | Checked against | |
|---|---|---|---|
| Current ratio | 2.65x | median 1.25x | ✓ |
| Debt to equity | — | median 0.79x | — |
Passes 1 of 1. To be clear: Walter Schloss has never said anything about Dillard'S. These are the company’s own figures put through the tests he described. What he looks at, and why →
Benjamin Graham 1/2
| Measure | DDS | Checked against | |
|---|---|---|---|
| Current ratio | 2.65x | 2.00x published | ✓ |
| Long-term debt to working capital | — | 1.00x published | — |
| Positive earnings, ten years running | 5 yrs | 10 published | ✗ |
Passes 1 of 2. To be clear: Benjamin Graham has never said anything about Dillard'S. These are the company’s own figures put through the tests he described. What he looks at, and why →
Peter Lynch 0/1
| Measure | DDS | Checked against | |
|---|---|---|---|
| Debt to equity | — | median 0.79x | — |
| Net margin | 8.8% | median 10.2% | ✗ |
Passes 0 of 1. To be clear: Peter Lynch has never said anything about Dillard'S. These are the company’s own figures put through the tests he described. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 85.4% | whyThe figure most screeners publish. |
| Operating cash flow | 67.6% | whyBefore capital spending. |
| Free cash flow | 77.8% | whyAfter maintaining the business. |
Spread between highest and lowest: 17.8 percentage points. Same filings, different denominators.
Coverage rating 6 / 100 — Not covered. ? Peer standing 6/50Direction 0/30Stability 0/20
Against its own history: 77.8% this year vs 32.8% median over the prior 5. A gap this size is usually a one-off — acquisition, settlement, cyclical trough — not a dividend that stopped being funded. The rating reads the latest year; the table shows the trend.
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2026-01-31 | 77.8% |
| 2025-02-01 | 67.9% |
| 2024-02-03 | 45.1% |
| 2023-01-28 | 32.8% |
| 2022-01-29 | 26.0% |
| 2021-01-30 | 7.3% |
Coverage has deteriorated three years running, 32.8% to 77.8%. Still covered, but moving the wrong way.
11% of the 44 consumer discretionary here pay out more — at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $31.10 ÷ diluted EPS $36.42
- Operating cash flow — dividends paid $485m ÷ operating cash flow $717m
- Free cash flow — dividends paid $485m ÷ (operating cash flow $717m − capex $93.4m)
Where the figures came from
- 10-K filed 2026-03-27 · accession 0000028917-26-000006
All public at sec.gov — you should not have to take our word for it.
Caveats on this company
- ebitda built from net income (no operating income reported)
- DPS $31.10 filed as declared, but dividends paid imply $30972.60 — one of the two underlying facts is wrong. The filed per-share figure is used.
Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.
What the free cash flow payout ratio measures, and where every company here sits on it.
Also on: rated not covered · when it files.
When this changes
Every figure above is recomputed whenever Dillard'S files. The monthly letter carries what filed, what moved, and one finding computed across every company here.