National Steel
Last usable year: 2009-12-31 — 202 months ago. Nothing filed since gives the figures a payout ratio needs. For a company that once paid, that usually means it stopped.
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 94.2% | whyA single year's earnings for a commodity producer can be several times the through-cycle average. This ratio computed in a trough looks alarming and in a peak looks trivial; neither describes whether the dividend is affordable across a cycle. |
| Free cash flow | negative | whyOCF fell $890m short of capex — the dividend was not funded from free cash flow. |
No operating cash flow 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.
The arithmetic
- GAAP earnings — dividends declared per share $0.810 ÷ diluted EPS $0.860
- Free cash flow — dividends paid $1,208,887m ÷ (operating cash flow $40.0m − capex $930m)
Where the figures came from
- 20-F filed 2010-06-01 · accession 0001292814-10-001853
Every one is public at sec.gov and free to check. That is the point — you should not have to take our word for any of it.
Caveats on this company
- dividends paid derived as $0.81 x 1,492,453m shares = $1,208,887m; no total was filed
- basis discarded as outside the sane band (distribution far larger than the year's income — usually a special dividend or a return of capital, not a payout ratio): ocf
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell us — that is more useful to us than agreement.
Who else looks like this
Every figure above is computed from National Steel’s own filing, and every company here is measured the same way. Screen all of them on any of these twelve measures, or on the rules two investors published — free, and nothing you screen leaves your browser.