Siemens dividend: history, cash cover and yield
MyStockButler's October 2026 analysis: Siemens pays a per-share dividend that has risen across the years shown. Its free cash flow covered most shareholder payments in FY2025, but acquisitions consumed more than Siemens retained.
How much does Siemens pay in dividends?
Siemens continued paying shareholders while funding acquisitions larger than the free cash flow it retained. Dividends and buybacks both rose across FY2021–FY2025. Dividends transfer cash directly to owners; buybacks purchase Siemens shares, which can increase each remaining share’s claim on future earnings, although employee compensation can offset part of that effect.
| Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | |
|---|---|---|---|---|---|
| Real free cash flow per share | 10.12 | 8.70 | 9.65 | ||
| − Dividends paid, per share | 5.16 | 4.64 | 4.20 | 3.97 | 3.46 |
| − Share buybacks, per share | 2.86 | 2.03 | 1.10 | 1.93 | 0.67 |
| = FCF not paid out, per share | 2.30 | 2.19 | 4.41 |
Is Siemens’s dividend covered by its cash?
In FY2025, shareholder payments consumed most of the year’s free cash flow, while acquisitions consumed more than Siemens retained. Borrowing and sales of investments bridged the gap. Those financing choices show how Siemens funded its buying programme; they do not show whether the purchases will create value.
| Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 8,571 | 7,471 | 8,168 | ||
| − Dividends paid | 4,093 | 3,709 | 3,362 | 3,215 | 2,804 |
| − Share buybacks | 2,269 | 1,625 | 884 | 1,565 | 547 |
| = Free cash flow not paid out | 1,827 | 1,748 | 3,533 | ||
| − Acquisitions | 14,236 | 413 | 407 | ||
| Paid to shareholders | 6,362 | 5,334 | 4,246 | 4,780 | 3,351 |
What this means. The company's own net debt is not simply new borrowing minus repayments because it excludes its financial-services debt and includes pensions, leases, guarantees, and other adjustments.
What could change Siemens’s dividend?
Management guides to FY2026 EPS pre PPA of €11.20–€11.50 and comparable group revenue growth of 6.0%–8.0%. Book-to-bill, orders relative to sales, is guided at least 1.00x.
What is Siemens’s dividend yield today?
The yields in the valuation table are not promised returns. Dividend durability depends on earnings and cash from the continuing businesses after the portfolio changes. The central question is whether Siemens can deliver more improvement than investors already expect—and convert that improvement into cash shareholders can ultimately receive.
| Today (Oct 22, 2026) | |
|---|---|
| Share price | 255.70 |
| Market value (calculated) | 198,541 |
| Free cash flow yield (calculated) | 4.3% |
| Dividend yield (calculated) | 2.1% |
What this means. The enterprise value to revenue ratio is not fully comparable because the business value leaves out Siemens Financial Services funding while sales still include it.