U-Haul Holding Co /NV/ (UHAL) — payout ratio, two ways

Fiscal year ending 2023-03-31 · sector Industrials · payout ratios computed from SEC filings, not taken from a data vendor.

Basis	Payout	Why it differs
Operating cash flow	1.1%	Before capital spending, so it understates the payout that free cash flow shows.
Free cash flow	negative	Operating cash flow was $994m short of capital spending, so no ratio exists. The dividend was not funded from free cash flow this year.

No GAAP earnings figure is shown. This company does not report the inputs for it in its XBRL filings — capital expenditure, in particular, is often folded into a single investing total rather than tagged on its own. The figure is absent from the filings, not zero, and inventing one from a balance-sheet movement would be a guess dressed as a measurement.

Nothing is marked as applying, deliberately. The basis that governs here is free cash flow, and this year it yields no ratio at all. The figure above is shown for completeness; treating it as the answer is the substitution this page exists to prevent.

Coverage rating 18 / 100 — Not covered. ? Peer standing 8/50Direction 0/30Stability 10/20

Free cash flow payout, last 2 years

Fiscal year	Payout
2021-03-31	52.2%
2012-03-31	24.3%

Among the 73 industrials companies here, only 15% pay out a larger share on this basis — this is at the demanding end.

The arithmetic

Operating cash flow — dividends paid $19.6m ÷ operating cash flow $1,729.6m
Free cash flow — dividends paid $19.6m ÷ (operating cash flow $1,729.6m − capex $2,723.9m)

Where the figures came from

10-K filed 2025-05-29 · accession 0000950170-25-078451
10-K filed 2024-05-30 · accession 0000950170-24-066736
10-K filed 2023-06-02 · accession 0000004457-23-000052

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.

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.