PULTEGROUP INC/MI/ (PHM) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Industrials · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 8.3% | The figure most screeners publish. |
| Operating cash flow | 9.4% | Worse than the earnings figure, not better: operating cash flow absorbs working capital — inventory, receivables, payables — that earnings do not. |
| Free cash flow | 10.1% | What is left after maintaining the business. |
Spread between highest and lowest: 2 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $0.92 ÷ diluted EPS $11.12
- Operating cash flow — dividends paid $176.7m ÷ operating cash flow $1,871.2m
- Free cash flow — dividends paid $176.7m ÷ (operating cash flow $1,871.2m − capex $122.7m)
Where the figures came from
- 10-K filed 2026-02-04 · accession
0000822416-26-000007
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)
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.