Dividend Health

Dividend Health is a data page on the Companies desk of Glassbox Auditing. A dividend paid out of real cash flow can last; one paid out of borrowing or reserves is at risk of a cut, and cuts usually move the share price more than the dividend itself.

Last updated: 8 Nov 2026.

What is on this page today?

XEL: dividend funded by new debt — free cash flow covers the dividend -5.4x · trailing yield 2.9% · funded by Debt issuance (SEC filings, 8 Nov 2026) XEL
ORCL: dividend funded by new debt — free cash flow covers the dividend -4.8x · trailing yield 1.7% · funded by Debt issuance (SEC filings, 8 Nov 2026) ORCL
ASX: dividend funded by new debt — free cash flow covers the dividend -3.1x · trailing yield 1.3% · funded by Debt issuance (SEC filings, 8 Nov 2026) ASX
AMKR: dividend funded by new debt — free cash flow covers the dividend -1.9x · trailing yield 1.0% · funded by Debt issuance (SEC filings, 8 Nov 2026) AMKR
EQIX: dividend funded by new debt — free cash flow covers the dividend -0.8x · trailing yield 2.0% · funded by Debt issuance (SEC filings, 8 Nov 2026) EQIX
Free cash flow covers the dividend at 69 of 131 payers; 16 pressured — median coverage 4.2x · 25 in between · 21 with coverage not reported · free cash flow at or above the dividend reads as a payout carried by operations, and below it as one paid from debt, cash or asset sales: free cash… (SEC filings, 8 Nov 2026)
PCG: dividend highly pressured — free cash flow covers the dividend -10.9x · trailing yield 1.5% · funded by Debt issuance (SEC filings, 8 Nov 2026) PCG
LAD: dividend highly pressured — free cash flow covers the dividend -7.9x · trailing yield 0.8% · funded by Cash reserves (SEC filings, 8 Nov 2026) LAD
EXC: dividend highly pressured — free cash flow covers the dividend -1.5x · trailing yield 3.6% · funded by Debt issuance (SEC filings, 8 Nov 2026) EXC
DUK: dividend highly pressured — free cash flow covers the dividend -1.5x · trailing yield 3.3% · funded by Debt issuance (SEC filings, 8 Nov 2026) DUK
SO: dividend highly pressured — free cash flow covers the dividend -1.2x · trailing yield 3.2% · funded by Debt issuance (SEC filings, 8 Nov 2026) SO
IRM: dividend highly pressured — free cash flow covers the dividend -0.5x · trailing yield 3.2% · funded by Debt issuance (SEC filings, 8 Nov 2026) IRM
ARKO: dividend highly pressured — free cash flow covers the dividend 0.1x · trailing yield 3.0% · funded by Cash reserves (SEC filings, 8 Nov 2026) ARKO
UPS: dividend highly pressured — free cash flow covers the dividend 1.2x · trailing yield 6.1% · funded by Recurring FCF (SEC filings, 8 Nov 2026) UPS
AEP: dividend highly pressured — free cash flow covers the dividend 1.6x · trailing yield 3.0% · funded by Recurring FCF (SEC filings, 8 Nov 2026) AEP
WKC: dividend highly pressured — free cash flow covers the dividend 1.9x · trailing yield 2.4% · funded by Recurring FCF (SEC filings, 8 Nov 2026) WKC
SAH: dividend highly pressured — trailing yield 2.6% · funded by Recurring FCF (SEC filings, 8 Nov 2026) SAH
115 dividend raises, 7 cuts and 7 specials in 12 months; 26 came despite falling cash, rising debt or thin coverage — 20 such actions in the 12 months before · 111 of the 131 dividend payers acted in two years · latest: LAD, SUN, DUK, PAG · counts of events, each set against the company's cash, debt and free cash flow at the time · a… (SEC filings (XBRL statements) and company dividend announcements, 5 Nov 2026)

Where does the data come from?

Items on this page come from SEC filings; SEC filings (XBRL statements) and company dividend announcements. Each item links to its own source. All sources, how items are checked.

What does this page lead to?

Stock by Stock (Markets): A dividend cut tends to drop the shares on the day it is announced as income holders leave, so weak cover is a price risk as well as an income risk. (moves the same way; same day; company scale) Source: Yahoo Finance prices.
Household Finances (Macro): Dividends are part of personal income in the national accounts, so broad payout cuts reduce what retirees and savers receive. (moves the same way; quarters; economy scale) Source: U.S. Bureau of Economic Analysis (NIPA).
Bond Issuance (Companies): A dividend not covered by free cash flow is paid from cash on hand or borrowing, so weak cover tends to come with more bond sales; strong cover needs none. (moves the other way; quarters; company scale) Source: SEC EDGAR XBRL company facts (10-Q/10-K).
Company Research (Companies): Dividends and buybacks draw on the same free cash flow; when cover thins, companies tend to cut buybacks first, since managers treat the dividend as the payout to protect. (moves the same way; quarters; company scale) Source: SEC EDGAR XBRL company facts (10-Q/10-K).
Company Reports (Calendar): Many boards declare the dividend with the quarterly results, so the next report date is when a raise, a hold or a cut is most often announced. (either way, depending on the cause; weeks; company scale) Source: SEC EDGAR filings (10-Q/10-K text).

What feeds this page?

Signals (Briefing): A margins-falling-while-debt-rises signal reads the same cash-flow and debt figures the dividend check uses; that combination leaves less cash to cover the payout. (moves the other way; quarters; company scale) Source: SEC EDGAR XBRL company facts (10-Q/10-K).
Company Reports (Calendar): Many companies announce dividend changes with their quarterly results, so a report is where a raise or cut first shows, along with the cash flow that pays for it. (moves the same way; same day; company scale) Source: SEC EDGAR filings (10-Q/10-K text).
Federal Reports (Calendar): High-dividend sectors such as utilities and real estate trusts tend to fall when a jobs, CPI or FOMC day lifts Treasury yields, since their payouts compete with bond income, and to gain when yields drop. (either way, depending on the cause; same day; sector scale) Source: FRED (Federal Reserve Bank of St. Louis).
Bond Issuance (Companies): Interest on new debt is paid before any dividend, so heavy borrowing raises the fixed charges a payout has to clear. (moves the other way; quarters; company scale) Source: SEC EDGAR XBRL company facts (10-Q/10-K).
Courts & Lawsuits (Companies): Settlements and judgments are paid in cash, and large legal reserves reduce the free cash flow a dividend is paid from. (moves the other way; quarters; company scale) Source: SEC EDGAR XBRL company facts (10-Q/10-K).
Stock by Stock (Markets): A rising price lowers a stock's dividend yield and a falling one raises it; a yield far above its own history often reflects a price drop tied to doubts about the payout. (moves the other way; same day; company scale) Source: Yahoo Finance prices.

Dividend Health

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