Caesarstone Ltd. (CSTE) — the dividend is covered by nothing
Fiscal year ending 2022-12-31 · sector Materials · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | negative | The company lost $1.66 per share, so there are no earnings to pay a dividend out of and no ratio exists. |
| Operating cash flow | negative | Operations consumed $23.3m of cash rather than producing any, so no ratio exists. |
| Free cash flow | negative | Operating cash flow was $41.1m short of capital spending, so no ratio exists. The dividend was not funded from free cash flow this year. |
Nothing is marked as applying, deliberately — no basis produces a ratio. Earnings, operating cash flow and free cash flow are all negative, so there is no denominator to divide the dividend by. That is not a gap in the data; it is the answer. The dividend was funded from something other than the money the business made this year — borrowing, cash on hand, or asset sales — and the filing will say which.
Coverage rating 73 / 100 — Adequate. ? Peer standing 43/50Direction 30/30Stability 0/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2020-12-31 | 17.3% |
| 2019-12-31 | 8.7% |
| 2016-12-31 | 0.3% |
| 2013-12-31 | 41.7% |
| 2012-12-31 | 124.8% |
| 2011-12-31 | 35.7% |
Coverage worsened sharply this year, 8.7% to 17.3%, after no clear trend before it. One year is not a trend, but it is worth knowing which direction the last one moved.
Among the 36 materials companies here, 86% pay out a larger share on this basis — this is comfortable for the sector.
The arithmetic
- GAAP earnings — dividends declared per share $0.25 ÷ diluted EPS $-1.66
- Operating cash flow — dividends paid $8.6m ÷ operating cash flow $-23.3m
- Free cash flow — dividends paid $8.6m ÷ (operating cash flow $-23.3m − capex $17.8m)
Where the figures came from
- 20-F filed 2025-03-05 · accession
0001178913-25-000706 - 20-F filed 2024-03-06 · accession
0001178913-24-000849 - 20-F filed 2023-03-15 · accession
0001178913-23-001005
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($0.25); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.