DEERE & CO (DE) — payout ratio, three ways
Fiscal year ending 2025-11-02 · sector Industrials · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 34.6% | The figure most screeners publish. |
| Operating cash flow | 23.1% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 28.2% | What is left after maintaining the business. |
Spread between highest and lowest: 12 percentage points. Same filings, different denominators.
Coverage rating 41 / 100 — Tight. ? Peer standing 24/50Direction 10/30Stability 7/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-11-02 | 28.2% |
| 2024-10-27 | 21.1% |
| 2023-10-29 | 20.1% |
| 2022-10-30 | 36.8% |
| 2021-10-31 | 15.1% |
| 2020-11-01 | 14.3% |
Coverage worsened sharply this year, 21.1% to 28.2%, 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 73 industrials companies here, 48% pay out a larger share on this basis.
The arithmetic
- GAAP earnings — dividends declared per share $6.41 ÷ diluted EPS $18.50
- Operating cash flow — dividends paid $1,720.0m ÷ operating cash flow $7,459.0m
- Free cash flow — dividends paid $1,720.0m ÷ (operating cash flow $7,459.0m − capex $1,360.0m)
Where the figures came from
- 10-K filed 2025-12-18 · accession
0001104659-25-122321
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)
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.