TTI dividend: history, coverage and yield
TTI’s base-case dividends per share rise from US$0.42 in October 2027 to US$0.50 in October 2029. Recent free cash flow covered dividends and buybacks, while the business retained cash for its balance sheet.
How much does TTI pay per share?
Base dividends per share increase from US$0.42 in October 2027 to US$0.50 in October 2029. The bear reaches US$0.39, while the bull reaches US$0.60. The declared 2026 interim dividend rose 20%, but competing demands from investment and buybacks argue for moderation.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Dividend per share (HK$) | 2.57 | 2.26 | 1.93 | 1.85 | 1.85 |
What this means. The dividend is shown in Hong Kong dollars while the other figures use United States dollars, so it cannot be compared directly with the other amounts.
Is TTI’s dividend covered by its cash?
Dividends were US$572.651 million in 2025. Repurchases were US$41.728 million. Together they consumed 50.1% of free cash flow, so TTI still retained substantial cash for strengthening the balance sheet.
Free cash flow is cash left after operating needs and investment. The broader 2025 calculation deducts US$589.865 million for equipment and intangible additions. It also deducts US$161.822 million of lease payments, leaving US$1,227.494 million.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,227.494 | 1,417.218 | 1,069.795 | 109.904 | -1,259.457 |
| − Dividends paid | 572.651 | 486.103 | 436.859 | 460.421 | 394.115 |
| − Share buybacks | 41.728 | 37.521 | 4.408 | 0 | 0 |
| = Free cash flow not paid out | 613.115 | 893.594 | 628.528 | ||
| Paid out, % of free cash flow | 50.1% | 36.9% | 41.2% | 418.9% | not meaningful |
What this means. The company's own net debt differs because it leaves out some borrowing and does not count short-term investments the way we do.
What could change TTI’s dividend?
The dividend probabilities are 55% for base, 25% for bear and 20% for bull. TTI’s five-year record was flat or rising, but it has no formal dividend-growth target.
The base case gains support if Milwaukee and the core brands sustain growth through 2027, margins move toward 10.0% and free cash flow funds investment, dividends and buybacks.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Dividends per share | 0.42 (0.37 / 0.45) | 0.46 (0.38 / 0.52) | 0.50 (0.39 / 0.60) |