CNX Resources Corp (CNX) — payout ratio, three ways
Fiscal year ending 2016-12-31 · sector Energy · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | negative | The company lost $3.70 per share, so there are no earnings to pay a dividend out of and no ratio exists. |
| Operating cash flow | 0.5% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 0.8% | The figure the sector itself watches, and the one most producers set distributions against. Check whether any part of the payout is a variable or special dividend before reading a trend into it. |
All bases agree, within a percentage point. No denominator flatters this dividend more than another; there is nothing here that a single headline figure would hide.
The arithmetic
- GAAP earnings — dividends declared per share $0.01 ÷ diluted EPS $-3.70
- Operating cash flow — dividends paid $2.3m ÷ operating cash flow $464.3m
- Free cash flow — dividends paid $2.3m ÷ (operating cash flow $464.3m − capex $172.7m)
Where the figures came from
- 10-K filed 2019-02-07 · accession
0001070412-19-000024 - 10-K filed 2018-02-07 · accession
0001070412-18-000031
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)
- DPS: declared $0.14 and paid $0.01 disagree; dividends paid imply $0.01, so paid is used
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.