West dividend: payout, coverage and yield
MyStockButler's October 2026 analysis: West's base-case dividends are $0.91, $0.95 and $0.99 per share. Its $468.9 million of 2025 free cash flow covered the $195.2 million paid to shareholders.
How much does West pay per share?
Dividends are $0.91, $0.95 and $0.99 in the base case. The bear freezes the quarterly rate, producing $0.88 annually. The bull reaches $0.92, $1.00 and $1.08. The base follows West's record of annual increases and its $468.9 million of 2025 free cash flow, while the bear reflects capacity spending and competing buybacks.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Paid to minority owners, per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| − Dividends paid, per share | 0.84 | 0.80 | 0.76 | 0.71 | 0.67 |
| − Share buybacks, per share | 1.84 | 7.61 | 5.82 | 2.68 | 1.80 |
| = FCF not paid out, per share | 3.76 | 2.41 | 1.87 |
What this means. The company's own free cash flow per share is the same as ours because both subtract equipment spending from cash from operations; the lower real figure also subtracts shares given to employees as pay.
How much would West's dividend pay you?
$10,000 invested in West at its 0.2% dividend yield (our report of October 21, 2026) pays $20.00 in the first year, before tax. If its dividend per share keeps changing 5.8% a year, as it did from 2021 to 2025, and the dividends are reinvested, year 10 pays $34.03, with $264.43 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Is West's dividend covered by its cash?
The cash left after investment went mainly to shareholders. Dividends rose from $51.1 million in 2021 to $61.2 million in 2025. Buybacks varied more sharply. In 2024, West paid $560.9 million for repurchases while generating $276.4 million of free cash flow. It funded the difference through cash reserves and other balance-sheet movements, so net cash fell substantially.
West eased the pressure in 2025. It generated $468.9 million of free cash flow and paid shareholders $195.2 million. Lower buybacks and lower factory spending helped cash recover, although that recovery does not by itself prove that the factories will earn good returns.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 468.9 | 276.4 | 414.5 | 439.4 | 330.6 |
| − Dividends paid | 61.2 | 59.1 | 57.0 | 54.1 | 51.1 |
| − Share buybacks | 134.0 | 560.9 | 438.3 | 202.8 | 137.1 |
| = Free cash flow not paid out | 273.7 | 182.5 | 142.4 | ||
| = Paid out more than the free cash flow | 343.6 | 80.8 | |||
| Paid out, % of free cash flow | 41.6% | 224.3% | 119.5% | 58.5% | 56.9% |
What this means. In 2024 and 2023, the company paid shareholders more cash than it generated from its business, so it had to use savings or new borrowing to cover the difference.
What could change West's dividend?
The base view gains support if results through December 2026 deliver the guided sales and adjusted-EPS recovery. During 2027 and 2028, slow line validation or weak utilization would move the forecast toward the bear case.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 703 (571 / 724) | 748 (570 / 844) | 799 (569 / 962) |
| Shares (millions) | 70.00 (70.30 / 69.80) | 69.60 (70.20 / 69.20) | 69.10 (70.10 / 68.60) |
| Dividends per share | 0.91 (0.88 / 0.92) | 0.95 (0.88 / 1.00) | 0.99 (0.88 / 1.08) |
| Price to earnings | 41.82 (36.94 / 48.20) | 40.94 (32.63 / 48.37) | 39.79 (30.81 / 48.49) |