Uncovered on earnings, covered on the basis that applies

Earnings says the dividend is not covered. The denominator that fits the company says it is.

#	Ticker	Company	Sector	Earnings	Applies	On that basis	Gap	Rating
1	SND	Smart Sand	Materials	500.0%	Free cash flow	18.3%	481.7	79
2	NOG	Northern Oil & Gas	Energy	447.7%	Free cash flow	68.4%	379.3	36
3	TPG	TPG	Financial services	440.0%	Free cash flow	73.8%	366.2	15
4	OCSL	Oaktree Specialty Lending	Investment company	441.5%	Net investment income	96.5%	345.0	57
5	WS	Worthington Steel	Materials	376.5%	Free cash flow	40.8%	335.7	28
6	VTR	Ventas	Real estate	355.6%	Funds from operations	54.1%	301.5	89
7	EL	Estee Lauder Companies	Consumer staples	280.0%	Free cash flow	38.6%	241.4	68
8	NXST	Nexstar Media Group	Communications	248.0%	Free cash flow	30.4%	217.6	27
9	ABBV	AbbVie	Health care	281.8%	Free cash flow	65.4%	216.4	28
10	O	Realty Income	Real estate	275.0%	Funds from operations	85.8%	189.2	63
11	STM	STMicroelectronics N.V.	Technology	200.0%	Operating cash flow	14.9%	185.1	22
12	FLO	Flowers Foods	Consumer staples	245.6%	Free cash flow	65.6%	180.0	66
13	BXP	BXP	Real estate	232.6%	Funds from operations	54.1%	178.5	76
14	AHR	American Healthcare REIT	Real estate	238.1%	Funds from operations	64.1%	174.0	74
15	POWI	Power Integrations	Technology	214.7%	Free cash flow	54.1%	160.6	17
16	KNX	Knight-Swift Transportation Holdings	Industrials	175.6%	Free cash flow	24.9%	150.7	34
17	CVS	CVS Health	Consumer discretionary	191.4%	Free cash flow	43.5%	147.9	29
18	WELL	Welltower	Real estate	202.9%	Funds from operations	62.9%	140.0	84
19	WY	Weyerhaeuser	Real estate	186.7%	Funds from operations	73.0%	113.7	51
20	NOV	NOV	Industrials	130.8%	Free cash flow	21.7%	109.1	43
21	ZYBT	Zhengye Biotechnology Holding	Health care	160.2%	Free cash flow	58.3%	101.9	40
22	MUR	Murphy Oil	Energy	180.6%	Free cash flow	82.0%	98.6	6
23	GOLD	Gold.com	Industrials	108.4%	Free cash flow	13.3%	95.1	68
24	MAA	Mid America Apartment Communities	Real estate	160.5%	Funds from operations	71.2%	89.3	62
25	UPBD	Upbound Group	Consumer discretionary	124.8%	Free cash flow	36.8%	88.0	35
26	TSN	Tyson Foods	Consumer staples	146.8%	Free cash flow	59.2%	87.6	34
27	UNIT	Uniti Group	Communications	117.2%	Operating cash flow	29.6%	87.6	56
28	UDR	UDR	Real estate	152.0%	Funds from operations	69.8%	82.2	76
29	EQIX	Equinix	Real estate	136.3%	Funds from operations	54.2%	82.1	72
30	USPH	U S Physical Therapy	Health care	126.8%	Free cash flow	44.9%	81.9	27
31	OUT	OUTFRONT Media	Real estate	146.3%	Funds from operations	66.6%	79.7	72
32	AUDC	Audiocodes	Technology	121.7%	Free cash flow	47.8%	73.9	42
33	KIM	Kimco Realty	Real estate	123.2%	Funds from operations	56.3%	66.9	63
34	CUBE	CubeSmart	Real estate	143.2%	Funds from operations	80.6%	62.6	60
35	PSA	Public Storage	Real estate	133.2%	Funds from operations	71.9%	61.3	67
36	DLR	Digital Realty Trust	Real estate	138.8%	Funds from operations	78.3%	60.5	75
37	EXR	Extra Space Storage	Real estate	141.2%	Funds from operations	81.3%	59.9	59
38	INVH	Invitation Homes	Real estate	121.9%	Funds from operations	64.2%	57.7	62
39	AMT	American Tower	Real estate	125.2%	Funds from operations	67.9%	57.3	59
40	CPT	Camden Property Trust	Real estate	118.6%	Funds from operations	62.0%	56.6	74
41	SWK	Stanley Black & Decker	Industrials	124.5%	Free cash flow	72.8%	51.7	6
42	PLD	Prologis	Real estate	113.5%	Funds from operations	64.9%	48.6	68
43	EPC	Edgewell Personal Care	Consumer staples	116.1%	Free cash flow	70.8%	45.3	17
44	AMH	American Homes 4 Rent	Real estate	101.7%	Funds from operations	56.6%	45.1	51
45	STAG	STAG Industrial	Real estate	102.1%	Funds from operations	57.9%	44.2	86
46	OHI	Omega Healthcare Investors	Real estate	138.1%	Funds from operations	96.4%	41.7	68
47	NNN	NNN Reit	Real estate	114.0%	Funds from operations	72.7%	41.3	74
48	ELS	Equity Lifestyle Properties	Real estate	102.5%	Funds from operations	67.5%	35.0	69
49	QSR	Restaurant Brands International	Consumer discretionary	105.5%	Free cash flow	76.5%	29.0	45
50	GLPI	Gaming & Leisure Properties	Real estate	105.1%	Funds from operations	78.4%	26.7	75
51	CVX	Chevron	Energy	103.2%	Free cash flow	76.9%	26.3	22
52	MDLZ	Mondelez International	Consumer staples	102.6%	Free cash flow	76.9%	25.7	37
53	MO	Altria Group	Consumer staples	101.0%	Free cash flow	76.7%	24.3	54
54	KVUE	Kenvue	Consumer staples	108.6%	Free cash flow	91.8%	16.8	13
55	AMCR	Amcor	Consumer discretionary	108.7%	Free cash flow	97.2%	11.5	26
56	ARCC	Ares Capital	Investment company	103.2%	Net investment income	92.0%	11.2	60

56 companies. The reverse case: covered on earnings, not on the basis that applies. Why the denominator decides.