187:
101:
182:{\displaystyle {\begin{array}{lcl}{\mbox{Current Dividend Yield}}&=&{\frac {\mbox{Most Recent Full-Year Dividend}}{\mbox{Current Share Price}}}\\&=&{\frac {{\mbox{Dividend payout ratio}}\times {\mbox{Most Recent Full-Year earnings per share}}}{\mbox{Current Share Price}}}\\\end{array}}}
67:
The part of earnings not paid to investors is left for investment to provide for future earnings growth. Investors seeking high current income and limited capital growth prefer companies with a high dividend payout ratio. However, investors seeking capital growth may prefer a lower payout ratio
62:
68:
because capital gains are taxed at a lower rate. High growth firms in early life generally have low or zero payout ratios. As they mature, they tend to return more of the earnings back to investors. The dividend payout ratio is calculated as
26:
69:
224:
595:
570:
517:
208:
as an alternative to dividends; in such cases this ratio becomes less meaningful. One way to adapt it using an augmented payout ratio:
675:
536:
746:
563:
79:
According to
Financial Accounting by Walter T. Harrison, the calculation for the payout ratio is as follows:
57:{\textstyle {\mbox{Dividend payout ratio}}={\frac {\mbox{Dividends}}{\mbox{Net Income for the same period}}}}
728:
806:
740:
556:
687:
774:
482:
699:
681:
513:
763:
716:
613:
467:
223:
is taken from a 2006 Eaton Vance post. The payout rate has gradually declined from 90% of
8:
653:
601:
801:
73:
752:
722:
590:
106:
734:
710:
664:
477:
205:
532:
579:
540:
521:
472:
211:
Augmented Payout Ratio = (Dividends + Buybacks)/ Net Income for the same period
629:
619:
462:
92:
88:
448:
For smaller, growth companies, the average payout ratio can be as low as 10%.
795:
780:
769:
705:
20:
is the fraction of net income a firm pays to its stockholders in dividends:
758:
659:
501:
693:
669:
635:
193:
647:
548:
457:
83:
Payout Ratio = (Dividends - Preferred Stock
Dividends)/Net Income
641:
607:
514:
http://www.eatonvance.com/mutual_funds/dividend_story.php
168:
161:
151:
130:
125:
110:
47:
42:
31:
29:
104:
181:
56:
793:
533:http://www.barra.com/Research/Fundamentals.aspx
564:
196:is the Price/Dividend ratio times the DPR.
571:
557:
163:Most Recent Full-Year earnings per share
535:S&P/Barra Indexes -- Fundamentals
227:in 1940s to about 30% in recent years.
794:
676:Present value of growth opportunities
596:Cyclically adjusted price-to-earnings
552:
502:http://pages.stern.nyu.edu/~adamodar/
199:
642:Enterprise value/gross cash invested
578:
13:
14:
818:
95:times the dividend payout ratio:
214:
747:Risk-adjusted return on capital
526:
507:
495:
127:Most Recent Full-Year Dividend
49:Net Income for the same period
1:
504:Financial Ratios and Measures
488:
608:Cash return on cash invested
7:
451:
10:
823:
729:Return on capital employed
539:December 13, 2007, at the
741:Return on tangible equity
586:
520:January 27, 2007, at the
422:
694:Price-earnings to growth
636:Enterprise value/EBITDA
483:Sustainable growth rate
648:Enterprise value/sales
204:Some companies choose
183:
112:Current Dividend Yield
58:
184:
153:Dividend payout ratio
59:
33:Dividend payout ratio
18:dividend payout ratio
717:Return on net assets
516:The Dividend Story
468:Liquidating dividend
102:
27:
602:Capitalization rate
251:Dividends as %
170:Current Share Price
132:Current Share Price
775:Sustainable growth
225:operating earnings
200:Impact of buybacks
179:
177:
172:
165:
155:
134:
129:
114:
54:
51:
46:
35:
789:
788:
723:Return on capital
591:Buffett indicator
446:
445:
173:
171:
164:
154:
135:
133:
128:
113:
52:
50:
45:
34:
814:
807:Financial ratios
735:Return on equity
711:Return on assets
665:Operating margin
580:Financial ratios
573:
566:
559:
550:
549:
543:
530:
524:
511:
505:
499:
478:Special dividend
230:
229:
192:Conversely, the
188:
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178:
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169:
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156:
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140:
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115:
111:
63:
61:
60:
55:
53:
48:
43:
41:
36:
32:
822:
821:
817:
816:
815:
813:
812:
811:
792:
791:
790:
785:
682:Price/cash flow
625:Dividend payout
582:
577:
547:
546:
541:Wayback Machine
531:
527:
522:Wayback Machine
512:
508:
500:
496:
491:
473:Retention ratio
454:
257:
253:of Total Return
252:
247:
242:
237:
217:
202:
176:
175:
160:
150:
149:
147:
145:
138:
137:
123:
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109:
105:
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100:
99:
40:
30:
28:
25:
24:
12:
11:
5:
820:
810:
809:
804:
787:
786:
784:
783:
778:
772:
767:
764:Short interest
761:
756:
750:
744:
738:
732:
726:
720:
714:
708:
703:
697:
691:
688:Price-earnings
685:
679:
673:
667:
662:
657:
651:
645:
639:
633:
630:Earnings yield
627:
622:
620:Dividend cover
617:
614:Debt-to-equity
611:
605:
599:
593:
587:
584:
583:
576:
575:
568:
561:
553:
545:
544:
525:
506:
493:
492:
490:
487:
486:
485:
480:
475:
470:
465:
463:Dividend yield
460:
453:
450:
444:
443:
440:
437:
434:
431:
428:
424:
423:
420:
419:
416:
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353:
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340:
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320:
319:
316:
313:
310:
307:
304:
300:
299:
296:
293:
290:
287:
284:
280:
279:
276:
273:
270:
267:
264:
260:
259:
254:
249:
244:
239:
234:
216:
213:
206:stock buybacks
201:
198:
190:
189:
159:
146:
144:
141:
139:
122:
120:
117:
108:
107:
93:earnings yield
89:dividend yield
85:
84:
65:
64:
39:
9:
6:
4:
3:
2:
819:
808:
805:
803:
800:
799:
797:
782:
779:
776:
773:
771:
768:
765:
762:
760:
757:
754:
751:
748:
745:
742:
739:
736:
733:
730:
727:
724:
721:
718:
715:
712:
709:
707:
706:Profit margin
704:
701:
698:
695:
692:
689:
686:
683:
680:
677:
674:
671:
670:Price-to-book
668:
666:
663:
661:
658:
655:
654:Loan-to-value
652:
649:
646:
643:
640:
637:
634:
631:
628:
626:
623:
621:
618:
615:
612:
609:
606:
603:
600:
597:
594:
592:
589:
588:
585:
581:
574:
569:
567:
562:
560:
555:
554:
551:
542:
538:
534:
529:
523:
519:
515:
510:
503:
498:
494:
484:
481:
479:
476:
474:
471:
469:
466:
464:
461:
459:
456:
455:
449:
441:
438:
435:
432:
429:
426:
425:
421:
417:
414:
411:
408:
405:
402:
401:
397:
394:
391:
388:
385:
382:
381:
377:
374:
371:
368:
365:
362:
361:
357:
354:
351:
348:
345:
342:
341:
337:
334:
331:
328:
325:
322:
321:
317:
314:
311:
308:
305:
302:
301:
297:
294:
291:
288:
285:
282:
281:
277:
274:
271:
268:
265:
262:
261:
255:
250:
245:
240:
235:
232:
231:
228:
226:
222:
219:The data for
215:Historic data
212:
209:
207:
197:
195:
157:
142:
118:
98:
97:
96:
94:
90:
82:
81:
80:
77:
75:
71:
37:
23:
22:
21:
19:
624:
528:
509:
497:
447:
243:Contribution
236:Price %
220:
218:
210:
203:
191:
91:is given by
86:
78:
66:
17:
15:
753:Risk return
700:Price-sales
638:(EV/EBITDA)
221:S&P 500
796:Categories
650:(EV/Sales)
604:(Cap Rate)
489:References
802:Dividends
194:P/E ratio
158:×
44:Dividends
644:(EV/GCI)
537:Archived
518:Archived
458:Dividend
452:See also
241:Dividend
781:Treynor
770:Sortino
749:(RAROC)
610:(CROCI)
442:54.30%
436:193.20%
430:106.10%
427:Average
278:90.10%
266:-41.90%
258:Payout
256:Average
759:Sharpe
743:(ROTE)
731:(ROCE)
719:(RONA)
684:(P/CF)
678:(PVGO)
598:(CAPE)
439:50.80%
433:87.10%
295:74.20%
272:14.10%
269:56.00%
248:Return
238:Change
233:Decade
777:(SGR)
766:(SIR)
755:(RRR)
737:(ROE)
725:(ROC)
713:(ROA)
702:(P/S)
696:(PEG)
690:(P/E)
672:(P/B)
660:Omega
656:(LTV)
632:(E/P)
616:(D/E)
418:32.3
403:2000s
398:47.6
392:411.2
386:315.7
383:1990s
378:48.6
372:370.5
369:143.1
366:227.4
363:1980s
358:45.5
343:1970s
332:107.9
323:1960s
318:54.6
312:436.7
306:256.7
303:1950s
298:59.4
292:135.1
289:100.3
283:1940s
263:1930s
246:Total
412:-6.4
395:23.2
389:95.5
375:38.6
355:77.5
352:76.3
349:59.1
346:17.2
335:50.2
329:54.2
326:53.7
315:41.2
286:34.8
87:The
16:The
415:N/A
409:8.6
406:-15
338:56
309:180
275:N/A
74:EPS
70:DPS
798::
76:.
572:e
565:t
558:v
143:=
119:=
72:/
38:=
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