CATL dividend: payout, cash cover and yield
CATL’s dividends rose each year from 2022 through 2025, and dividends plus buybacks were 39.1% of free cash flow in 2025. Cash covered the shareholder payments in that period, while expansion and working-capital movements can change what remains.
How much does CATL pay per share?
Dividends rise from RMB3.5 to RMB4.3 per share in the base case, reflecting roughly 10% annual growth from the last paid regular dividend. The bear case holds at RMB3.2 because investment and weaker cash conversion take priority; the bull case reaches RMB5.8 because earnings and cash conversion remain strong. CATL’s dividend rose each year from 2022 through 2025, but its recent cash result included a sizeable working-capital release.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow per share | 14.23 | 12.80 | 2.56 | ||
| − Dividends paid, per share | 5.05 | 1.39 | 0.37 | ||
| − Share buybacks, per share | 0.28 | 0.42 | 0.02 | ||
| = FCF not paid out, per share | 8.80 | 10.88 | 2.17 |
Does CATL’s cash cover its dividend?
Shareholders received more of the cash as the business grew. Dividends and buybacks reached RMB34,354.126 million in 2025, or 39.1% of free cash flow, compared with 15.2% in 2022. In 2026, CATL proposed a special dividend of RMB47.79 per ten shares and approved a RMB20–40 billion buyback for cancellation. Cancellation permanently removes shares, so each remaining share represents a larger fraction of the company. But approval is not completion, and the benefit depends on the purchase price and future earnings.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 87,968.954 | 62,381.513 | 56,202.459 | 11,005.5723 | |
| − Dividends paid | 29,940.789 | 22,122.552 | 6,121.36 | 1,591.335 | |
| − Share buybacks | 4,413.337 | 1,209.018 | 1,823.105 | 85.6257 | 45.7064 |
| = Free cash flow not paid out | 51,312.502 | 38,553.892 | 47,788.166 | 9,328.6116 | |
| Paid to shareholders | 34,354.126 | 23,331.57 | 7,944.465 | 1,676.9607 | |
| Paid out, % of free cash flow | 39.1% | 37.4% | 14.1% | 15.2% |
What could change CATL’s dividend?
The view would move toward the bear case during 2027–28 if Hungary and other overseas projects fail to qualify on schedule, leaving utilization and revenue below plan while capital spending remains high.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 155,000 (125,000 / 168,000) | 174,000 (130,000 / 198,000) | 194,000 (145,000 / 230,000) |
| Dividends per share | 3.50 (3.20 / 3.90) | 3.90 (3.20 / 4.80) | 4.30 (3.20 / 5.80) |
| Net debt | -324,299 (-285,441 / -341,625) | -392,266 (-305,752 / -436,385) | -481,491 (-342,659 / -557,238) |
What is CATL’s dividend yield against its price?
Market value is what shareholders’ shares are worth; enterprise value estimates what the operating business costs after debt and cash are considered. If you buy a house with a mortgage but keep money in the bank, the house’s ownership value is not the same as the cost of the house after adjusting for financing. CATL’s enterprise value is lower because its cash exceeds the relevant debt. But cash reserved for factories, suppliers or research is like money saved for a renovation: it exists, but it is not safely available for dividends.