DILLARD'S, INC. (DDS) — payout ratio, three ways
Fiscal year ending 2026-01-31 · sector Consumer discretionary · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 85.4% | The figure most screeners publish. |
| Operating cash flow | 67.6% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 77.8% | What is left after maintaining the business. |
Spread between highest and lowest: 18 percentage points. Same filings, different denominators.
Coverage rating 6 / 100 — Not covered. ? Peer standing 6/50Direction 0/30Stability 0/20
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.
Among the 45 consumer discretionary companies here, only 11% pay out a larger share on this basis — this is at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $31.10 ÷ diluted EPS $36.42
- Operating cash flow — dividends paid $484.9m ÷ operating cash flow $717.0m
- Free cash flow — dividends paid $484.9m ÷ (operating cash flow $717.0m − capex $93.4m)
Where the figures came from
- 10-K filed 2026-03-27 · accession
0000028917-26-000006
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
- 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 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.