Rockwell dividend: cash, history and yield
Rockwell paid $5.24 in annual dividends per share in FY2025, up from $4.28 in FY2021; its latest quarterly rate was $1.38. FY2025 free cash flow was $1,358 million after $186 million of capital spending, and the cash-flow table shows what went to dividends, buybacks and the rest.
How much does Rockwell pay in dividends?
Dividend growth follows the company’s record but respects its discretion. The base dividend rises from $5.80 to $6.08 and then $6.36, close to the recent 5% annual pace. The bear case holds the current $5.52 run-rate unchanged. The bull case reaches $6.00, then $6.48 and $6.96 on stronger cash generation. The latest quarterly rate was $1.38, and annual dividends rose from $4.28 in FY2021 to $5.24 in FY2025.
| Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | |
|---|---|---|---|---|---|
| − Dividends paid, per share | 5.23 | 4.99 | 4.69 | 4.45 | 4.25 |
| − Share buybacks, per share | 3.76 | 5.20 | 2.70 | 2.58 | 2.56 |
| = FCF not paid out, per share | 3.02 | 3.11 | 2.94 | ||
| = Paid out more than FCF, per share | 4.60 | 1.19 |
What this means. The company's own free cash flow per share is higher because it does not subtract the value of shares given to employees as pay; we subtract it because those shares reduce each existing investor's ownership.
Is Rockwell’s dividend covered by its cash?
After $186 million of capital spending, FY2025 free cash flow was $1,358 million. Capital spending supports the operating asset base, while much engineering and development spending passes through the income statement. Rockwell does not separate maintenance spending from growth spending, so all free cash flow is not automatically distributable.
| Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,358 | 639 | 1,213 | 682.0 | 1,140.7 |
| − Dividends paid | 591 | 571 | 542 | 519.4 | 497.1 |
| − Share buybacks | 425 | 595 | 312 | 301.3 | 299.7 |
| = Free cash flow not paid out | 342 | 359 | 343.9 | ||
| Paid out, % of free cash flow | 74.8% | 182.5% | 70.4% | 120.3% | 69.9% |
What could change Rockwell’s dividend?
The estimated November 5 earnings release is the next near-term test. Weaker orders, renewed channel destocking or input costs exceeding price realization during FY2027 and FY2028 would move the forecast toward the bear case.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 1,900 (1,748 / 2,058) | 2,030 (1,620 / 2,258) | 2,112 (1,721 / 2,464) |
| Shares (millions) | 110 (110 / 109) | 109 (110 / 108) | 108 (110 / 106) |
| Dividends per share | 5.80 (5.52 / 6.00) | 6.08 (5.52 / 6.48) | 6.36 (5.52 / 6.96) |
| Net debt | 2,346 (2,315 / 2,536) | 1,985 (2,089 / 2,316) | 1,583 (1,790 / 1,963) |
What is Rockwell’s dividend yield today?
At $426.23 a share on October 18, 2026, Rockwell’s equity value was $47,332.28 million. Enterprise value, which adds debt and subtracts cash to approximate the value of the operating business, was $50,111.28 million. The $2,779 million difference represents the implied net-debt adjustment. Think of a house: its full value belongs partly to the lender, while the owner receives only the remaining equity.
Cash returns set the starting hurdle. Free-cash-flow yield was 2.9%, while the extra deduction behind “real” free cash flow produced 2.7%. The dividend yield was 1.3%. Against a 5.09% US 10-year Treasury yield on October 16, 2026, Rockwell needs growth to justify its premium.