Safran dividend: cash, history and yield
MyStockButler's October 2026 analysis: Safran pays €3.35 per share in its latest disclosed dividend. Safran’s €3.9 billion of free cash flow covers the dividend, while cash also supports buybacks and investment.
How much does Safran pay per share?
Dividends also separate the paths. The base case starts at €3.80 per share and rises to €4.20. It reaches €4.60 by October 2029, below the recent recovery pace because investment and buybacks compete for cash. The bear case holds €3.35 through the first two periods, then reaches €3.50. The bull case rises from €4.00 to €4.80 and finishes at €5.70, requiring strong cash conversion without cutting capacity spending. The latest disclosed dividend is €3.35, while 2026 free-cash-flow guidance is €4,700–4,900 million.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow per share | 8.53 | 7.69 | 6.65 | 4.39 | |
| − Dividends paid, per share | 2.91 | 2.17 | 1.31 | 0.48 | 0.42 |
| − Share buybacks, per share | 3.22 | 1.78 | 2.90 | 0.62 | 0.00 |
| = FCF not paid out, per share | 4.44 | 3.44 | 5.52 | 3.97 |
Is Safran’s dividend covered by its cash?
Safran reported €6.3 billion of adjusted EBITDA for 2025 and €3.9 billion of free cash flow. Free cash flow is closer to distributable cash because it reflects investment and working-capital demands. The dividend is only a modest part of the return, so most of the valuation depends on future growth.
The five-year record shows a shift from preserving cash toward distributing more while still investing. Free cash flow rose, shareholder payments expanded, and acquisitions became another use of the surplus. The important question is not simply whether cash increased, but how much was committed to future work and how much was genuinely available to owners.
Buybacks became another large destination. Safran announced a €5 billion share-cancellation programme for 2025–2028. But repurchased shares can remain in treasury and later settle obligations. In April 2025, Safran used previously repurchased shares to settle most of its convertible bonds; only €49 million was repaid in cash. A buyback therefore creates value only if Safran pays a sensible price and uses the shares effectively.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 3,588 | 3,317 | 2,929 | 1,934 | |
| − Dividends paid | 1,216 | 911 | 564 | 213 | 183 |
| − Share buybacks | 1,345 | 750 | 1,249 | 275 | 0 |
| = Free cash flow not paid out | 1,868 | 1,485 | 2,429 | 1,746 | |
| Paid to shareholders | 2,561 | 1,661 | 1,813 | 488 | 183 |
What this means. Our net cash differs from the company's own figure because we count repayable advances as debt but leave out leases, while the company does the opposite and also counts interest-rate hedges.
What could change Safran’s dividend?
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 4,148 (3,285 / 4,510) | 4,644 (3,420 / 5,290) | 5,115 (3,510 / 6,180) |
| Dividends per share | 3.80 (3.35 / 4.00) | 4.20 (3.35 / 4.80) | 4.60 (3.50 / 5.70) |
| Price to earnings | 22.00 (18.00 / 26.00) | 21.00 (16.00 / 27.00) | 20.00 (15.00 / 28.00) |
What is Safran’s dividend yield today?
The weighted forecast leaves Safran below today’s €277.50 at every horizon, even after dividends.