Orange dividend: cash cover and yield
MyStockButler's October 2026 analysis: Orange’s stated 2026 dividend target is €0.79 per share, after a recent progression from €0.70 to €0.75. Orange’s 2025 free cash flow covered dividends: the payout ratio fell to 72.8%, and €313 million remained after dividends and minority-owner payments.
How much does Orange pay per share?
Dividend assumptions begin at €0.79 per share in all cases because that is management’s stated 2026 target. The base case reaches €0.85 by 2029 through modest annual increases, consistent with the recent progression from €0.70 to €0.75. The bear case cuts the dividend to €0.60 as leverage and investment consume cash; the bull case reaches €0.93 as cash conversion improves. Orange met its dividend forecasts in all five checked years, but dividends exceeded free cash flow in 2021 and 2022, so the downside remains material.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends paid, per share | 0.75 | 0.72 | 0.70 | 0.69 | 0.80 |
| = FCF not paid out, per share | 0.12 | 0.34 | 0.30 | ||
| = Paid out more than FCF, per share | 0.19 | 0.40 |
What this means. The company's own free cash flow per share differs from ours because it uses different rules for which cash payments to include, so the numbers are not directly comparable.
How much would Orange's dividend pay you?
€10,000 invested in Orange at its 5.2% dividend yield (our report of October 28, 2026) pays €520.00 in the first year, before tax. If its dividend per share keeps changing −1.6% a year, as it did from 2021 to 2025, and the dividends are reinvested, year 10 pays €690.46, with €6,043.63 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Is Orange’s dividend covered by its cash?
Free cash flow rose from €1.290 billion in 2021 to €2.740 billion in 2025. Dividends exceeded free cash flow in 2021 and 2022, when payout ratios reached 164.9% and 111.8%. By 2025, the ratio had fallen to 72.8%. Orange made no share buybacks during the five years.
Minority owners also received €433 million in 2025. After dividends and those payments, €313 million of free cash flow remained.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 2,740 | 3,207 | 3,031 | 1,665 | 1,290 |
| − Dividends paid | 1,994 | 1,915 | 1,862 | 1,861 | 2,127 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| = Free cash flow not paid out | 313 | 917 | 801 | ||
| Paid out, % of free cash flow | 72.8% | 59.7% | 61.4% | 111.8% | 164.9% |
What could change Orange’s dividend?
For 2026, management targets EBITDAaL growth above 4.5%. It targets eCAPEX, network investment, at 15% of revenue and organic cash flow of €4.3 billion. Net debt/EBITDAaL has a medium-term target of around 2.0 times; the proposed 2026 dividend is €0.79 per share, subject to shareholder approval.
What is Orange’s dividend yield at today’s price?
Orange’s share price looks inexpensive only if its enlarged business can turn growth into cash while carrying down its debt. At €14.33 on October 28, 2026, the market is paying for that future, not simply for the company’s assets today.
| Today (Oct 28, 2026) | |
|---|---|
| Share price | 14.33 |
| Free cash flow yield (calculated) | 7.2% |
| Dividend yield (calculated) | 5.2% |
What this means. Enterprise value is much higher than market value because it includes the company's debt and also includes its banking business.