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.
- Lennar (LEN) 215.0 pts
- Knight-Swift Transportation Holdings (KNX) 166.3 pts
- NOV (NOV) 115.6 pts
- Gold.com (GOLD) 96.0 pts
- Stanley Black & Decker (SWK) 73.0 pts
Lowest payout
- Textron 1.9%
- Ingersoll Rand 2.6%
- General Motors 3.7%
- Quanta Services 3.7%
- EMCOR Group 3.8%
Highest payout
- Lennar 240.3%
- Genuine Parts 134.0%
- United Parcel Service 113.3%
- Watsco 88.5%
- 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.
| Ticker | Company | Basis | Yield | Spread | Rating |
|---|---|---|---|---|---|
| LEN | Lennar | OCF | — | 215.0 | 0 |
| KNX | Knight-Swift Transportation Holdings | FCF | — | 166.3 | 34 |
| NOV | NOV | FCF | — | 115.6 | 43 |
| GOLD | Gold.com | FCF | — | 96.0 | 68 |
| SWK | Stanley Black & Decker | FCF | — | 73.0 | 6 |
| GPC | Genuine Parts | FCF | — | 70.7 | 0 |
| RCL | Royal Caribbean Cruises | FCF | — | 53.9 | 3 |
| UPS | United Parcel Service | FCF | — | 49.4 | 7 |
| CNH | CNH Industrial N.V. | OCF | — | 47.9 | 60 |
| RBA | RB Global | FCF | — | 41.3 | 37 |
| BWA | Borgwarner | FCF | — | 36.5 | 77 |
| DINO | HF Sinclair | FCF | — | 36.3 | 24 |
| CSX | CSX | FCF | — | 35.7 | 13 |
| ROK | Rockwell Automation | FCF | — | 30.0 | 47 |
| NSC | Norfolk Southern | FCF | — | 28.5 | 16 |
| LHX | L3HARRIS Technologies | FCF | — | 27.2 | 60 |
| WM | Waste Management | FCF | — | 27.2 | 50 |
| R | Ryder System | FCF | — | 26.0 | 47 |
| LMT | Lockheed Martin | FCF | — | 25.5 | 53 |
| UNP | Union Pacific | FCF | — | 24.0 | 32 |
| LKQ | LKQ | FCF | — | 22.0 | 32 |
| RTX | RTX | FCF | — | 20.0 | 51 |
| CAH | Cardinal Health | FCF | — | 18.7 | 80 |
| RSG | Republic Services | FCF | — | 18.0 | 67 |
| HII | Huntington Ingalls Industries | FCF | — | 17.5 | 71 |
| WCN | Waste Connections | FCF | — | 17.2 | 56 |
| COR | Cencora | FCF | — | 16.4 | 79 |
| JCI | Johnson Controls International | FCF | — | 16.0 | 41 |
| FDX | Fedex | FCF | — | 15.9 | 65 |
| HON | Honeywell International | FCF | — | 15.8 | 45 |
| CMI | Cummins | FCF | — | 15.1 | 38 |
| GM | General Motors | FCF | — | 15.0 | 82 |
| CAR | Avis Budget Group | FCF | — | 14.5 | 68 |
| EMR | Emerson Electric | FCF | — | 13.8 | 30 |
| TNET | Trinet Group | FCF | — | 13.6 | 52 |
| ANDE | Andersons | — | — | 13.0 | 55 |
| BABA | Alibaba Group Holding | OCF | — | 12.5 | 0 |
| WSO | Watsco | FCF | — | 12.3 | 15 |
| BKR | Baker Hughes | FCF | — | 12.0 | 44 |
| GWW | W.W. Grainger | FCF | — | 11.9 | 50 |
| NOC | Northrop Grumman | FCF | — | 11.9 | 53 |
| DE | Deere | FCF | — | 11.6 | 42 |
| XYL | Xylem | FCF | — | 11.5 | 52 |
| EXPE | Expedia Group | FCF | — | 11.2 | 85 |
| EBAY | EBAY | FCF | — | 10.9 | 36 |
| DHR | Danaher | FCF | — | 10.6 | 61 |
| BALL | BALL | FCF | — | 10.5 | 36 |
| PCAR | Paccar | FCF | — | 10.4 | 44 |
| F | Ford Motor | FCF | — | 9.9 | 48 |
| FERG | Ferguson Enterprises | FCF | — | 9.6 | 62 |
| ETN | Eaton | FCF | — | 9.4 | 47 |
| GD | General Dynamics | FCF | — | 9.1 | 53 |
| GRMN | Garmin | FCF | — | 8.8 | 28 |
| ITW | Illinois Tool Works | FCF | — | 8.8 | 30 |
| CARR | Carrier Global | FCF | — | 8.5 | 28 |
| CAT | Caterpillar | FCF | — | 8.2 | 61 |
| BKNG | Booking Holdings | FCF | — | 7.9 | 65 |
| LRCX | Lam Research | FCF | — | 7.9 | 54 |
| ESLT | Elbit Systems | FCF | — | 6.6 | 63 |
| OTIS | Otis Worldwide | FCF | — | 6.6 | 27 |
| KLAC | KLA | FCF | — | 6.2 | 54 |
| DOV | DOVER | FCF | — | 4.9 | 66 |
| WAB | Westinghouse Air Brake Technologies | FCF | — | 4.8 | 73 |
| PH | Parker-Hannifin | FCF | — | 4.5 | 68 |
| WKC | World Kinect | FCF | — | 4.1 | 52 |
| FTI | TechnipFMC | FCF | — | 4.0 | 71 |
| AME | Ametek Inc/ | FCF | — | 3.4 | 71 |
| PWR | Quanta Services | FCF | — | 3.3 | 65 |
| IR | Ingersoll Rand | FCF | — | 3.1 | 75 |
| GE | General Electric | FCF | — | 3.0 | 68 |
| MCK | Mckesson | FCF | — | 2.1 | 80 |
| TMO | Thermo Fisher Scientific | FCF | — | 2.0 | 63 |
| PHM | Pultegroup | FCF | — | 1.8 | 58 |
| DHI | Horton D R | FCF | — | 1.2 | 62 |
| FIX | Comfort Systems Usa | FCF | — | 1.0 | 73 |
| TDG | TransDigm Group | FCF | — | 1.0 | 73 |
| TXT | Textron | FCF | — | 0.5 | 72 |
| EME | EMCOR Group | FCF | — | 0.3 | 65 |
| ICTSF | ICTS International N V | — | — | — | — |
| TDTH | Trident Digital Tech Holdings | — | — | — | — |
| UHAL | U-Haul Holding | — | — | — | 17 |