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Industrials dividend payout ratios

81 companies, computed from their own SEC filings. 22 of them answer differently by 20 points or more depending on which basis you divide by.

What ordinary looks like here

On the basis each company’s own filings make applicable, the median industrial company pays out 28.2%. Half sit between 13.7% and 44.7%. Across all 532 companies here the median is 41.9% — 13.7 points less than the site as a whole.

Which basis applies, and to how many

Not a choice — it is what each company’s filings support.

Where the bases disagree most

The same dividend, a different answer. These are the widest gaps in industrials.

Lowest payout

  1. Textron 1.9%
  2. Ingersoll Rand 2.6%
  3. General Motors 3.7%
  4. Quanta Services 3.7%
  5. EMCOR Group 3.8%

Highest payout

  1. Lennar 240.3%
  2. Genuine Parts 134.0%
  3. United Parcel Service 113.3%
  4. Watsco 88.5%
  5. Stanley Black & Decker 72.8%

Common questions

What is a good dividend payout ratio for a industrial company?

Measured on the basis its own filings support, the median here is 28.2%, with half between 13.7% and 44.7%. That is the empirical answer for this sector rather than a rule of thumb, and it is the only comparison that means anything — a figure that is ordinary in one sector is stretched in another.

Which measure should a industrial company be judged on?

74 of the 77 measured here are read on free cash flow, because that is what their filings support. Each company’s page shows every basis it can be measured on and marks the one that applies.

Where do these numbers come from?

Each company’s own annual filing, read out of SEC XBRL. Every page names the accession number its figures came from and links it to EDGAR, so any figure here can be checked against the source.

All 81 companies

What a dividend payout ratio measures, and why one threshold does not fit every sector.

TickerCompanyBasisYieldSpreadRating
LENLennarOCF215.00
KNXKnight-Swift Transportation HoldingsFCF166.334
NOVNOVFCF115.643
GOLDGold.comFCF96.068
SWKStanley Black & DeckerFCF73.06
GPCGenuine PartsFCF70.70
RCLRoyal Caribbean CruisesFCF53.93
UPSUnited Parcel ServiceFCF49.47
CNHCNH Industrial N.V.OCF47.960
RBARB GlobalFCF41.337
BWABorgwarnerFCF36.577
DINOHF SinclairFCF36.324
CSXCSXFCF35.713
ROKRockwell AutomationFCF30.047
NSCNorfolk SouthernFCF28.516
LHXL3HARRIS TechnologiesFCF27.260
WMWaste ManagementFCF27.250
RRyder SystemFCF26.047
LMTLockheed MartinFCF25.553
UNPUnion PacificFCF24.032
LKQLKQFCF22.032
RTXRTXFCF20.051
CAHCardinal HealthFCF18.780
RSGRepublic ServicesFCF18.067
HIIHuntington Ingalls IndustriesFCF17.571
WCNWaste ConnectionsFCF17.256
CORCencoraFCF16.479
JCIJohnson Controls InternationalFCF16.041
FDXFedexFCF15.965
HONHoneywell InternationalFCF15.845
CMICumminsFCF15.138
GMGeneral MotorsFCF15.082
CARAvis Budget GroupFCF14.568
EMREmerson ElectricFCF13.830
TNETTrinet GroupFCF13.652
ANDEAndersons13.055
BABAAlibaba Group HoldingOCF12.50
WSOWatscoFCF12.315
BKRBaker HughesFCF12.044
GWWW.W. GraingerFCF11.950
NOCNorthrop GrummanFCF11.953
DEDeereFCF11.642
XYLXylemFCF11.552
EXPEExpedia GroupFCF11.285
EBAYEBAYFCF10.936
DHRDanaherFCF10.661
BALLBALLFCF10.536
PCARPaccarFCF10.444
FFord MotorFCF9.948
FERGFerguson EnterprisesFCF9.662
ETNEatonFCF9.447
GDGeneral DynamicsFCF9.153
GRMNGarminFCF8.828
ITWIllinois Tool WorksFCF8.830
CARRCarrier GlobalFCF8.528
CATCaterpillarFCF8.261
BKNGBooking HoldingsFCF7.965
LRCXLam ResearchFCF7.954
ESLTElbit SystemsFCF6.663
OTISOtis WorldwideFCF6.627
KLACKLAFCF6.254
DOVDOVERFCF4.966
WABWestinghouse Air Brake TechnologiesFCF4.873
PHParker-HannifinFCF4.568
WKCWorld KinectFCF4.152
FTITechnipFMCFCF4.071
AMEAmetek Inc/FCF3.471
PWRQuanta ServicesFCF3.365
IRIngersoll RandFCF3.175
GEGeneral ElectricFCF3.068
MCKMckessonFCF2.180
TMOThermo Fisher ScientificFCF2.063
PHMPultegroupFCF1.858
DHIHorton D RFCF1.262
FIXComfort Systems UsaFCF1.073
TDGTransDigm GroupFCF1.073
TXTTextronFCF0.572
EMEEMCOR GroupFCF0.365
ICTSFICTS International N V
TDTHTrident Digital Tech Holdings
UHALU-Haul Holding17