ELBIT SYSTEMS LTD (ESLT) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Industrials · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 20.9% | The figure most screeners publish. |
| Operating cash flow | 14.3% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 20.2% | What is left after maintaining the business. |
Spread between highest and lowest: 7 percentage points. Same filings, different denominators.
Coverage rating 63 / 100 — Adequate. ? Peer standing 33/50Direction 30/30Stability 0/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 20.2% |
| 2024-12-31 | 27.8% |
| 2022-12-31 | 248.3% |
| 2021-12-31 | 34.7% |
| 2020-12-31 | 53.3% |
| 2018-12-31 | 84.3% |
Among the 73 industrials companies here, 66% pay out a larger share on this basis.
The arithmetic
- GAAP earnings — dividends declared per share $2.38 ÷ diluted EPS $11.39
- Operating cash flow — dividends paid $111.7m ÷ operating cash flow $778.4m
- Free cash flow — dividends paid $111.7m ÷ (operating cash flow $778.4m − capex $225.6m)
Where the figures came from
- 20-F filed 2026-03-17 · accession
0001027664-26-000005
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 ($2.38); 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.