Scottish Mortgage Investment Trust dividend
Scottish Mortgage Investment Trust pays 4.57p per share, while revenue earnings are 2.28p per share. Cash coverage depends on portfolio income and investment sales: in the year to March 2026, investment disposals supplied roughly £2.377 billion, while operating activities consumed £68.721 million.
How much does Scottish Mortgage Investment Trust pay per share?
- Baillie Gifford charges 0.30% on the first £4 billion of the specified asset base and 0.25% above that, calculated quarterly.
- Gearing—borrowing used to increase investment exposure—was 11.0% at March 2026; finance costs were £52.695 million.
- The ten largest positions represented 52.45% of total assets at March 2026.
- The 2026 dividend was 4.57p per share against revenue earnings of 2.28p.
| Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | |
|---|---|---|---|---|---|
| Revenue | 33,109 | 32,906 | 40,046 | 49,035 | 23,262 |
| Net income | 3,101,619 | 1,217,759 | 1,365,963 | -2,922,138 | -2,544,349 |
| EPS, diluted | 2.75 | 0.95 | 0.97 | -2.05 | -1.78 |
| Dividend per share | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 |
Is Scottish Mortgage Investment Trust’s dividend covered by its cash?
SMT’s liquidity matters more than a conventional free-cash-flow ratio. Paper gains increase accounting profit, but cash appears only when investments are sold or income is received. In the year to March 2026, investment disposals supplied roughly £2.377 billion, while operating activities consumed £68.721 million.
| Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | |
|---|---|---|---|---|---|
| − Dividends paid | 50,151 | 55,342 | 57,659 | 52,585 | 49,771 |
| − Share buybacks | 1,328,343 | 1,747,606 | 122,056 | 283,213 | 183,015 |
| New shares sold | 0 | 0 | 0 | 0 | 518,246 |
What this means. Share buybacks include transaction taxes and payment timing, so the cash shown can differ from the value of shares bought during the year.
What could change Scottish Mortgage Investment Trust’s dividend?
The dividend rounds to £0.05 per share throughout the base case. The bear gives £0.04, while the bull also gives £0.05. The latest payout was 4.57p against revenue earnings of 2.28p, so maintenance depends partly on accumulated income and realised gains rather than current income alone.
What is Scottish Mortgage Investment Trust’s dividend yield against its price?
Borrowing magnifies results slightly and must be paid before shareholders. With £100 of shareholders’ money and £4 borrowed, a 10% asset rise becomes a 10.4% gain before interest, while a fall becomes a 10.4% loss. The small dividend yield means most hoped-for reward must come from capital growth.
| Today (Oct 16, 2026) | |
|---|---|
| Share price | 1,545.00 |
| Market value (every class) (calculated) | 1,604,701.67061 |
| Price to book (calculated) | 1.2x |
| Dividend yield (calculated) | 0.3% |
What this means. The price to book ratio uses the last formally reported net asset value from March 2026, not the newer monthly estimate, so it may not reflect what the company owns today.