Two in three US-listed companies pay no dividend, a census of SEC filings finds
Yahoo Finance ·
Two in three US-listed companies pay no dividend, a census of SEC filings finds Intrinsiqq Thu, November 5, 2026 at 8:30 AM EST 2 min read TSLA -2.36% AMZN +2.05% BRK-B +0.75% Even among utilities, the classic income sector, only one in five dividend payers covers the payout from free cash flow ROTTERDAM, The Netherlands, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Most US-listed companies do not pay a dividend. A census of the SEC filings of 4,631 US-listed companies by Intrinsiqq, a free stock research site, finds that only 35.2% pay one, as of October 16, 2026. Amazon, Berkshire Hathaway and Tesla are among the companies that pay none. Income investors tend to look to utilities. 69.2% of utilities pay a dividend, more than any other sector, and 52.6% of those payers have raised it for at least ten years in a row. Yet only 20.3% of utility payers (15 of 74) generate enough free cash flow to cover the dividend. Across all dividend payers outside banks, insurers and REITs, 76.5% do. A dividend that free cash flow does not cover is paid from the balance sheet or from new borrowing. Oracle, too, pays a dividend its free cash flow does not cover. Nearly half of US-listed companies (46.7%) did not make a profit over the past year. In healthcare, a sector with many drug developers still in the research stage, 7.3% pay a dividend and 24.9% are profitable. In the S&P 500 the share is 81.3%, according to S&P Dow Jones Indices (Q4 2025). S&P counts share issues rather than companies. "I wanted to know how many companies pay a dividend across the whole US market, not just in the S&P 500," said Philip van den Berge, founder of Intrinsiqq. "Two in three pay nothing at all. The utilities surprised me most. They raise their dividends year after year, but four in five of them don't have the cash left over after investing to cover it." A company is counted in a figure only when every number behind it matched its own SEC filing. Free cash flow is operating cash flow minus capital expenditure. The figures, sector tables and charts are free to republish under a Creative Commons Attribution 4.0 licence, with CSV downloads: intrinsiqq.com/statistics/dividends Intrinsiqq is a stock research workstation for do-it-yourself investors. It turns SEC filings into scores, valuations and charts that anyone can check, covering more than 10,000 stocks. Basic stock analysis is free at intrinsiqq.com .
AI 시장 분석
미국 상장사 4,631곳을 전수 조사한 결과 3분의 2에 해당하는 기업이 배당을 지급하지 않으며 유틸리티 섹터조차 5곳 중 1곳만이 잉여현금흐름으로 배당을 충당하는 것으로 나타났다. 또한 미국 상장사의 거의 절반인 46.7%가 지난 1년간 적자를 기록했다. 투자자들은 기업의 배당 지속 가능성을 면밀히 검토해야 한다.
상승 영향
- 성장주 — 배당 지급 대신 이익을 재투자하는 성장주와 테크 기업들이 시장에서 주류를 이루며 자본 효율성 부각.
하락 영향
- 유틸리티 — 전통적 배당 섹터인 유틸리티 기업 중 20.3%만이 잉여현금흐름으로 배당을 충당해 재무 건전성 우려.
- 배당주 — 미국 상장사의 3분의 2가 무배당이며 상당수 배당 지급 기업이 신규 차입이나 대차대조표로 배당을 메워 리스크 증대.
DYAX 전담 분석
미국 상장 기업들의 상당수가 배당을 지급하지 않으며 유틸리티 같은 전통적 배당 섹터마저 잉여현금흐름 부족으로 부채나 대차대조표에 의존해 배당을 유지하는 것은 재무 건전성에 적신호다. 현금창출력이 부족한 기업들의 배당 컷 리스크가 커지고 있다.
배당 안정성이 높은 우량주와 현금흐름이 취약한 한계기업 간의 차별화가 심화될 것으로 보인다. 투자자들은 잉여현금흐름(FCF) 대비 배당성향과 부채 비율을 핵심 지표로 삼아 종목을 선별해야 한다.
AI가 생성한 분석으로 투자 자문이 아닙니다.
DYAX Investor Sentiment
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