End Game

Variable
Number of firms

Dividends

Net Income

Payout

Dividends + Buybacks

Cash Return

Dividends + Buybacks, net of stock issuan

FCFE, before debt cash flows

FCFE, after debt cash flows

Net Cash Returns as % of FCFE

Net Cash Returns as % of Net Income

Cash/ Firm Value
To estimate how much companies are returning to shareholders, in both dividends and buybacks, r
after taxes, reinvestment and net debt cash flows.)

Explanation
Number of firms in the indusry grouping.
Aggregated value (in $ millions) of dividends, regular & special, paid out
by companies in group, in trailing 12 months.
Aggregated value (in $ millions), across all companies in group, of net
income in trailing 12 months.
(in $ millions) of dividends, regular & special, paid out by companies in
group, in trailing 12 months/ Aggregated value (in $ millions) of net
income in trailing 12 months.

Aggregated value (in $ millions) of dividends, regular & special, paid out
by companies in group, in trailing 12 months + Aggregated Stock Buybacks
(in $ millions) by companies in group, in trailing 12 months

(Aggregated value (in $ millions) of dividends, regular & special, paid out
by companies in group, in trailing 12 months + Aggregated Stock Buybacks
(in $ millions) by companies in group, in trailing 12 months)/Aggregated
value (in $ millions), across all companies in group, of net income in
trailing 12 months.

Aggregated value (in $ millions) of dividends, regular & special, paid out
by companies in group, in trailing 12 months + Aggregated Stock Buybacks
(in $ millions) by companies in group, in trailing 12 months - Aggregated
Stock Issuances (in $ millions) by companies in group, in trailing 12
months

Aggregated Net Income + Aggregated Depreciation - Aggregated Cap ex

(including R&D and acquisitons), across all firms in group, using trailing 12
month data.

Aggregated Net Income + Aggregated Depreciation - Aggregated Cap ex

(including R&D and acquisitons) + Aggregated New Debt raised -
Aggregated Debt repaid, across all firms in group, using trailing 12 month
data.

(Dividends + Buybacks - Net Stock Issuances)/ FCFE, all based upon

aggregated values across all companies in group, based upon trailing 12
month data.

(Dividends + Buybacks - Net Stock Issuances)/ Net Income, all based upon
aggregated values across all companies in group, based upon trailing 12
month data.
Cash & Marketable Securities/ (Total Debt, includsing leases + Market
Cap), all based upon aggregated values across all companies in group,
based upon most recent balance sheet for all items but market cap, which
is as of the end of the most recent year.
reholders, in both dividends and buybacks, relative to potential dividends (FCFE, i.e., cash left over

Why?
Law of large numbers?
Cash returned in the traditional form of dividends.

Earnings, at least as measured and reported by accountants.

A conventional measure of how much of earnings are paid out in dividends to shareholders

A fuller measure of cash returned to shareholders, incorporating stock buybacks

A fuller measure of a payout ratio, incorporating stock buybacks

The most composite measure of cash returned to shareholders, incorporating both stock buybacks and
issuances

A simple measure of FCFE, where you view debt cash flows as not a sustainable base for determining how
much cash to return. It is what Warren Buffett calls Owner's earnings.

This is the full measure of FCFE, but can be skewed if a sector has been raising its debt ratio by new debt
inflows or lowering its debt ratio, by debt repayments.

The most composite measure of how much of potential dividends and being returned to shareholders

The most composite measure of a payout ratio, incorporating both stock buybacks and issuances
Measure of cash holdings of the firm (which can be used to fund dividends and buybacks)
Date updated: 5-Jan-20
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Dividends and FCFE (in millions) and ratios
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variab

Industry name Number of firms Dividends

Advertising 47 $1,007.57
Aerospace/Defense 77 $13,358.36
Air Transport 18 $2,116.60
Apparel 51 $1,941.40
Auto & Truck 13 $5,372.20
Auto Parts 46 $711.21
Bank (Money Center) 7 $30,543.33
Banks (Regional) 611 $15,982.24
Beverage (Alcoholic) 21 $1,275.56
Beverage (Soft) 34 $12,873.37
Broadcasting 27 $7,274.69
Brokerage & Investment Banking 39 $6,144.97
Building Materials 42 $839.13
Business & Consumer Services 165 $3,650.99
Cable TV 14 $3,910.50
Chemical (Basic) 43 $2,744.76
Chemical (Diversified) 6 $655.00
Chemical (Specialty) 94 $7,341.11
Coal & Related Energy 22 $98.41
Computer Services 106 $7,329.76
Computers/Peripherals 48 $16,940.64
Construction Supplies 44 $4,210.27
Diversified 23 $6,415.54
Drugs (Biotechnology) 503 $12,873.82
Drugs (Pharmaceutical) 267 $28,629.98
Education 35 $73.50
Electrical Equipment 113 $2,243.56
Electronics (Consumer & Office) 20 $0.00
Electronics (General) 153 $1,560.73
Engineering/Construction 54 $473.68
Entertainment 107 $3,578.50
Environmental & Waste Services 82 $1,871.40
Farming/Agriculture 31 $2,347.43
Financial Svcs. (Non-bank & Insurance) 232 $9,596.86
Food Processing 88 $9,425.53
Food Wholesalers 17 $836.60
Furn/Home Furnishings 35 $573.87
Green & Renewable Energy 22 $352.40
Healthcare Products 242 $5,028.28
Healthcare Support Services 128 $10,558.66
Heathcare Information and Technology 129 $695.12
Homebuilding 32 $606.50
Hospitals/Healthcare Facilities 36 $742.00
Hotel/Gaming 65 $6,817.01
Household Products 127 $12,694.79
Information Services 69 $7,420.56
Insurance (General) 19 $3,295.89
Insurance (Life) 24 $5,454.81
Insurance (Prop/Cas.) 51 $5,600.99
Investments & Asset Management 192 $11,482.28
Machinery 120 $4,309.65
Metals & Mining 92 $1,637.14
Office Equipment & Services 22 $377.65
Oil/Gas (Integrated) 4 $25,649.00
Oil/Gas (Production and Exploration) 269 $4,383.35
Oil/Gas Distribution 24 $8,026.26
Oilfield Svcs/Equip. 136 $9,257.01
Packaging & Container 24 $2,582.50
Paper/Forest Products 15 $300.10
Power 52 $17,903.25
Precious Metals 83 $454.59
Publishing & Newspapers 31 $669.91
R.E.I.T. 234 $52,244.06
Real Estate (Development) 20 $0.06
Real Estate (General/Diversified) 12 $24.70
Real Estate (Operations & Services) 57 $370.78
Recreation 63 $1,206.62
Reinsurance 2 $156.90
Restaurant/Dining 77 $7,209.12
Retail (Automotive) 26 $262.30
Retail (Building Supply) 17 $7,483.44
Retail (Distributors) 80 $2,239.49
Retail (General) 18 $10,010.63
Retail (Grocery and Food) 13 $725.70
Retail (Online) 70 $574.90
Retail (Special Lines) 89 $5,680.68
Rubber& Tires 4 $170.10
Semiconductor 72 $18,632.20
Semiconductor Equip 39 $2,173.79
Shipbuilding & Marine 10 $50.50
Shoe 11 $1,498.89
Software (Entertainment) 86 $0.00
Software (Internet) 30 $7.22
Software (System & Application) 363 $18,526.35
Steel 32 $1,225.01
Telecom (Wireless) 18 $97.79
Telecom. Equipment 91 $6,778.22
Telecom. Services 67 $26,383.77
Tobacco 17 $13,428.83
Transportation 18 $4,458.30
Transportation (Railroads) 8 $4,333.00
Trucking 33 $453.05
Utility (General) 16 $9,843.10
Utility (Water) 17 $671.74
Total Market 7053 $570,044.01
Total Market (without financials) 5878 $481,942.64
@stern.nyu.edu
) and ratios

amodar/New_Home_Page/data.html
amodar/pc/datasets/indname.xls
amodar/New_Home_Page/datafile/variable.htm

Net Income Payout

$994.29 101.33%
$30,260.80 44.14%
$14,037.91 15.08%
$4,509.20 43.05%
$10,416.00 51.58%
$2,703.61 26.31%
$111,467.57 27.40%
$53,686.89 29.77%
$1,903.72 67.00%
$22,412.36 57.44%
$19,069.99 38.15%
$27,664.88 22.21%
$3,137.46 26.75%
$4,945.63 73.82%
$16,891.60 23.15%
$3,020.79 90.86%
$1,044.30 62.72%
$11,471.53 63.99%
$585.35 16.81%
$14,059.04 52.14%
$63,107.64 26.84%
$14,748.92 28.55%
$35,206.44 18.22%
-$1,127.74 0.10%
$46,633.12 61.39%
$1,612.38 4.56%
$6,097.36 36.80%
-$134.87 0.00%
$6,326.54 24.67%
 $1,285.00 36.86%
$16,163.64 22.14%
$3,500.49 53.46%
$4,173.62 56.24%
$60,133.41 15.96%
$3,102.32 303.82%
$1,652.07 50.64%
$2,369.45 24.22%
-$264.68 0.12%
$16,610.24 30.27%
$27,515.67 38.37%
$8,141.04 8.54%
$8,352.62 7.26%
$3,141.81 23.62%
$12,553.26 54.30%
$8,320.08 152.58%
$29,786.37 24.91%
$7,838.62 42.05%
$20,925.25 26.07%
$15,637.64 35.82%
$23,277.25 49.33%
$15,390.63 28.00%
$806.55 202.98%
$979.07 38.57%
$28,795.30 89.07%
$16,021.04 27.36%
$2,647.06 303.21%
-$15,283.39 0.32%
$5,742.37 44.97%
$167.25 179.43%
$18,345.88 97.59%
$2,188.65 20.77%
-$659.52 0.80%
$27,148.88 192.44%
$134.54 0.05%
$112.01 22.05%
$1,927.89 19.23%
$455.42 264.95%
$859.10 18.26%
$13,371.87 53.91%
 $5,933.19 4.42%
$13,933.71 53.71%
$7,746.99 28.91%
$22,525.40 44.44%
$2,122.25 34.19%
$15,987.01 3.60%
$14,169.55 40.09%
$222.57 76.43%
$42,428.68 43.91%
$7,445.50 29.20%
$157.28 32.11%
$5,596.95 26.78%
$50,369.94 0.00%
$280.09 2.58%
$60,650.74 30.55%
$6,231.33 19.66%
$708.37 13.80%
$12,715.70 53.31%
$15,469.17 170.56%
$9,345.51 143.69%
$7,432.83 59.98%
$12,798.20 33.86%
-$8,389.62 0.14%
$13,049.10 75.43%
$1,008.60 45.97%
$1,240,057.51 45.97%
$919,426.00 52.42%
US companies

Dividends + Buybacks
Dividends + Buybacks Cash Return as % of Net Income
- Stock Issuances
$ 1,671.82 168.14% $1,034.63
$ 26,842.92 88.71% $24,967.45
$ 9,373.59 66.77% $9,278.45
$ 4,065.23 90.15% $3,483.53
$ 6,219.47 59.71% $5,118.93
$ 2,165.19 80.09% $2,064.24
$ 104,521.86 93.77% $104,017.60
$ 39,442.68 73.47% $37,878.97
$ 1,449.01 76.11% $1,346.57
$ 17,833.98 79.57% $15,744.54
$ 8,226.13 43.14% $8,188.55
$ 22,758.54 82.27% $22,508.74
$ 3,542.04 112.90% $2,837.67
$ 8,137.18 164.53% $7,154.31
$ 16,423.67 97.23% $16,260.96
$ 4,162.31 137.79% $4,079.73
$ 1,794.48 171.84% $1,783.46
$ 17,066.95 148.78% $15,532.06
$ 976.28 166.79% $938.86
$ 19,674.76 139.94% $18,961.83
$ 108,872.48 172.52% $107,645.28
$ 13,051.54 88.49% $12,885.41
$ 17,572.60 49.91% $16,540.22
$ 34,353.40 NA $10,804.43
$ 60,773.18 130.32% $53,323.14
$ 662.03 41.06% $579.52
$ 5,740.13 94.14% $5,369.89
$ 25.27 NA -$34.19
$ 5,532.17 87.44% $4,781.89
$ 3,364.95 261.86% $2,788.97
$ 5,451.91 33.73% $4,232.52
$ 3,161.57 90.32% $2,875.39
$ 4,316.87 103.43% $4,069.11
$ 32,110.92 53.40% $29,862.78
$ 12,923.16 416.56% $11,513.61
$ 2,027.59 122.73% $1,703.73
$ 1,218.16 51.41% $1,131.48
$ 352.40 NA $185.55
$ 12,147.06 73.13% $4,293.90
$ 29,561.31 107.43% $25,685.54
$ 9,456.28 116.16% $473.13
$ 3,974.05 47.58% $3,332.79
$ 2,735.98 87.08% $2,694.18
$ 13,963.27 111.23% $13,117.54
$ 18,119.66 217.78% $12,944.92
$ 30,335.22 101.84% $28,254.16
$ 5,092.31 64.96% $4,507.01
$ 15,792.50 75.47% $15,341.28
$ 10,645.14 68.07% $9,818.87
$ 26,324.38 113.09% $21,120.94
$ 8,831.56 57.38% $7,656.68
$ 1,768.68 219.29% -$1,905.61
$ 732.97 74.86% $684.03
$ 29,629.00 102.90% $19,602.13
$ 16,287.12 101.66% $12,495.91
$ 7,041.85 266.03% $5,977.58
$ 18,620.16 NA $17,715.14
$ 5,554.68 96.73% $4,759.10
$ 1,063.92 636.13% $1,061.86
$ 22,692.75 123.69% $12,782.86
$ 584.84 26.72% $414.30
$ 1,013.87 NA $959.10
$ 48,667.94 179.26% $8,689.17
$ 2.56 1.90% -$107.28
$ 86.60 77.32% $86.54
$ 937.46 48.63% $894.62
$ 2,794.78 613.67% $1,457.09
$ 602.90 70.18% $597.52
$ 25,782.64 192.81% $24,629.64
$ 5,990.41 100.96% $5,339.96
$ 21,165.81 151.90% $20,684.37
$ 6,418.67 82.85% $6,002.56
$ 23,241.68 103.18% $23,096.95
$ 1,013.53 47.76% $547.57
$ 17,133.31 107.17% $15,967.56
$ 19,389.82 136.84% $18,650.17
$ 191.48 86.03% $190.03
$ 50,381.88 118.74% $46,633.09
$ 8,884.54 119.33% $8,446.30
$ 50.86 32.34% $39.72
$ 1,128.25 20.16% $1,107.49
$ 25,474.90 50.58% $23,654.02
$ 1,695.18 605.22% $144.66
$ 78,103.53 128.78% $64,780.90
$ 3,649.92 58.57% $3,634.96
$ 349.41 49.33% $293.34
$ 26,586.32 209.08% $25,269.98
$ 27,421.68 177.27% $26,100.48
$ 14,146.62 151.37% $14,143.34
$ 8,462.48 113.85% $7,967.00
$ 17,571.70 137.30% $17,543.85
$ 4,164.65 NA -$8,041.95
$ 10,074.72 77.21% -$2,078.29
$ 719.56 71.34% -$1,702.95
$ 1,372,112.73 110.65% $1,151,889.54
$ 1,115,424.41 121.32% $906,833.36
 Net Cash Net Cash
FCFE (after Returned/FC Returned/FC Net Cash
FCFE (before debt cash debt cash FE (pre- FE (post- Returned/ Cash/ Firm
flows) flows) debt) debt) Net Income Value
$1,548.15 $1,626.45 66.83% 63.61% 104.06% 6.00%
$15,637.16 $26,028.66 159.67% 95.92% 82.51% 3.40%
$4,189.25 $3,336.92 221.48% 278.05% 66.10% 4.19%
$3,882.79 $3,537.03 89.72% 98.49% 77.25% 3.16%
-$358.05 $5,254.00 NA 97.43% 49.14% 6.89%
$569.22 $3,966.48 362.65% 52.04% 76.35% 7.44%
$103,021.05 $220,993.05 100.97% 47.07% 93.32% 23.33%
$46,440.10 $46,546.38 81.57% 81.38% 70.56% 10.69%
$378.25 $1,938.49 356.00% 69.46% 70.73% 0.72%
$20,445.75 $14,703.46 77.01% 107.08% 70.25% 2.34%
$19,760.32 $41,342.17 41.44% 19.81% 42.94% 4.35%
$46,868.34 $23,633.02 48.03% 95.24% 81.36% 14.58%
$2,640.09 $3,536.38 107.48% 80.24% 90.44% 2.52%
$6,067.38 $7,349.54 117.91% 97.34% 144.66% 2.95%
$20,252.16 $47,508.86 80.29% 34.23% 96.27% 1.11%
$1,363.64 -$713.13 299.18% NA 135.06% 5.60%
$978.25 $695.15 182.31% 256.56% 170.78% 4.06%
$6,540.26 $8,399.03 237.48% 184.93% 135.40% 3.08%
$671.89 $505.52 139.73% 185.72% 160.39% 16.68%
$18,919.31 $42,806.08 100.22% 44.30% 134.87% 5.42%
$65,022.99 $59,072.04 165.55% 182.23% 170.57% 4.51%
$8,477.98 $14,908.54 151.99% 86.43% 87.37% 5.03%
$27,807.37 $25,352.28 59.48% 65.24% 46.98% 8.99%
-$1,457.71 -$8,599.17 NA NA -958.06% 6.99%
$53,055.65 $87,818.59 100.50% 60.72% 114.35% 4.76%
$1,114.01 $637.77 52.02% 90.87% 35.94% 5.47%
$4,795.64 $7,871.20 111.97% 68.22% 88.07% 4.51%
-$178.81 -$128.26 NA NA 25.35% 11.72%
$1,895.59 $3,795.59 252.26% 125.99% 75.58% 5.46%
 -$351.39 -$1,339.54 NA NA 217.04% 6.88%
$15,323.17 $24,182.86 27.62% 17.50% 26.19% 3.57%
$3,430.88 $7,142.26 83.81% 40.26% 82.14% 2.25%
$178.60 $3,625.43 2278.39% 112.24% 97.50% 2.98%
$40,243.96 -$206,345.42 74.20% NA 49.66% 2.14%
$468.44 -$6,189.35 2457.85% NA 371.13% 1.89%
$401.06 $2,123.91 424.80% 80.22% 103.13% 0.75%
$1,583.40 $824.03 71.46% 137.31% 47.75% 3.45%
-$267.46 $574.29 NA 32.31% -70.10% 2.10%
$12,715.45 $23,481.20 33.77% 18.29% 25.85% 3.37%
$23,011.73 $33,483.94 111.62% 76.71% 93.35% 4.81%
$8,710.09 $8,980.55 5.43% 5.27% 5.81% 2.70%
$4,656.42 $3,720.54 71.57% 89.58% 39.90% 6.39%
$40.00 $1,588.70 6734.78% 169.58% 85.75% 1.18%
$10,975.97 $17,087.83 119.51% 76.77% 104.50% 3.05%
$9,251.85 $4,786.11 139.92% 270.47% 155.59% 2.62%
$31,381.05 $64,458.21 90.04% 43.83% 94.86% 2.70%
$12,952.99 $20,115.84 34.80% 22.41% 57.50% 4.40%
$20,111.40 $23,942.59 76.28% 64.08% 73.31% 15.14%
$15,186.07 $15,430.07 64.66% 63.63% 62.79% 3.86%
$20,528.47 $38,464.57 102.89% 54.91% 90.74% 15.18%
$14,460.74 $24,067.68 52.95% 31.81% 49.75% 3.71%
-$173.68 -$441.42 NA NA -236.27% 6.27%
$832.73 $612.23 82.14% 111.73% 69.86% 6.32%
$26,115.61 $46,539.81 75.06% 42.12% 68.07% 3.10%
-$5,568.55 -$975.57 NA NA 78.00% 3.51%
-$8,557.12 $386.78 NA 1545.47% 225.82% 1.63%
-$17,447.70 -$14,887.54 NA NA -115.91% 5.06%
$3,980.09 $13,544.16 119.57% 35.14% 82.88% 2.29%
-$18.08 -$522.60 NA NA 634.90% 5.46%
-$39,701.60 -$2,052.65 NA NA 69.68% 1.44%
$2,261.29 $1,281.21 18.32% 32.34% 18.93% 5.31%
$191.81 -$843.06 500.04% NA -145.42% 6.38%
$63,597.88 $177,295.04 13.66% 4.90% 32.01% 1.60%
$376.35 $1,157.53 -28.51% -9.27% -79.74% 9.04%
-$59.89 $126.82 NA 68.23% 77.26% 18.91%
$1,803.97 $2,204.83 49.59% 40.58% 46.40% 4.13%
-$356.95 $236.22 NA 616.83% 319.95% 4.52%
$717.00 $1,295.10 83.34% 46.14% 69.55% 12.62%
$10,947.59 $15,821.81 224.98% 155.67% 184.19% 1.40%
 $4,009.71 $5,503.95 133.18% 97.02% 90.00% 0.79%
$9,475.19 $15,671.03 218.30% 131.99% 148.45% 1.03%
-$3,096.67 $2,280.96 NA 263.16% 77.48% 1.74%
$19,367.82 $17,457.13 119.25% 132.31% 102.54% 2.53%
$1,289.28 -$358.43 42.47% NA 25.80% 1.26%
$14,676.09 $8,215.95 108.80% 194.35% 99.88% 3.24%
$10,487.95 $11,811.13 177.82% 157.90% 131.62% 2.41%
-$236.55 -$50.38 NA NA 85.38% 7.11%
$29,274.11 $38,734.36 159.30% 120.39% 109.91% 4.44%
$7,888.28 $13,236.01 107.07% 63.81% 113.44% 6.54%
-$257.70 -$169.67 NA NA 25.25% 2.44%
$5,971.15 $6,403.20 18.55% 17.30% 19.79% 2.30%
$21,909.02 $25,190.69 107.96% 93.90% 46.96% 2.58%
$50.11 $1,688.22 288.68% 8.57% 51.65% 3.49%
$57,642.86 $48,477.88 112.38% 133.63% 106.81% 2.93%
$4,811.71 $3,578.84 75.54% 101.57% 58.33% 6.89%
-$8,469.16 -$12,931.45 NA NA 41.41% 3.49%
$11,982.18 $8,334.99 210.90% 303.18% 198.73% 5.25%
$30,920.94 $6,222.49 84.41% 419.45% 168.73% 1.35%
$7,064.57 $22,243.65 200.20% 63.58% 151.34% 2.98%
-$1,428.01 $2,518.79 NA 316.30% 107.19% 3.08%
$10,067.92 $17,002.52 174.25% 103.18% 137.08% 1.05%
-$21,363.84 -$14,429.36 NA NA 95.86% 8.09%
-$6,419.95 $8,433.75 NA -24.64% -15.93% 0.35%
-$844.96 $808.73 NA -210.57% -168.84% 4.52%
$969,053.73 $1,274,582.07 118.87% 90.37% 92.89% 5.16%
$663,701.34 $1,091,801.99 136.63% 83.06% 98.63% 3.43%