Croda International
Website:
Croda International
Index:
FTSE 100
EPIC: CRDA
Supersector:
Chemicals
Sector:
Chemicals
Subsector:
Specialty Chemicals
Market Cap:
£3.98B
Payout Frequency: Semi-Annual
Croda International Dividend Analysis and Summary
Key dividend details
- Final dividend: 63.0p per share for FY25 (up 1p YoY)
- Ex-dividend date: 09/04/2026 (derived from record date)
- Record date: 10/04/2026
- Payment date: 27/05/2026
- Total ordinary dividend for FY25: 111.0p (FY24: 110.0p)
- Interim already paid: 48.0p (October 2025)
- Total cash cost of FY25 dividend: £154.9m
- Coverage (earnings): 1.32x on adjusted EPS 146.2p (payout ~76% vs policy 40–50%)
- Coverage (free cash flow, post exceptionals): ~1.04x (£161.6m FCF vs £154.9m dividends)
- Balance sheet: net debt £523.8m, leverage 1.3x EBITDA (target range 1–2x)
Analysis: sustainability and trajectory
- Sustainability: Dividend is covered by adjusted earnings but with a high payout ratio and thin FCF cover, leaving limited short-term headroom. Management explicitly plans to at least maintain the ordinary dividend while restoring earnings and reducing the payout ratio.
- Growth trajectory: FY25 dividend growth was modest (+0.9%). Near-term, expect flat to low growth until margins and cash conversion improve.
- Support from performance and capital allocation: Adjusted PBT +8%; H2 cash generation improved; capex normalising to ~6% of sales. Transformation benefits (~£100m annualised by FY28) and working capital reduction (~£50m by FY28) underpin the targeted uplift in FCF-to-sales (>12% vs 9.5% in FY25), improving future dividend capacity.
Structural or strategic developments affecting dividends
- Transformation programme through 2028 targeting material efficiency savings (~£100m annualised) and WC release (~£50m); remaining cash costs ~£55m over 2026–28 may temporarily weigh on FCF.
- Lipids capacity optimisation: Lamar (US) placed on standby; related impairments and £15.9m onerous contract provision. Lowers ongoing cost base but delays scale-up optionality in Pharma Solutions.
- Capital allocation policy unchanged: ordinary dividends at 40–50% of adjusted earnings through the cycle; leverage target 1–2x; intention to at least maintain the dividend while earnings rebuild; potential future returns of excess capital if leverage permits.
- M&A posture: period of heightened investment has ended; focus on returns from prior deals; only small, selective technology acquisitions medium term.
Risks and dividend stability flags
- Elevated payout ratio (76%) and ~1.0x FCF cover leave little buffer if trading softens.
- Transformation cash costs (~£55m over 2026–28) and any additional restructuring could constrain near-term cash cover.
- FX headwind guide of ~£8m to 2026 adjusted operating profit at January 2026 rates.
- End-market uncertainties: US pharma regulatory backdrop; Crop Protection normalising post inventory rebuild; Industrial Specialties mix pressure.
- USPP maturity (£131m) in June 2026 assumed refinanced; RCF headroom provides mitigation but refinancing remains a consideration.
Read more
Croda International Annual Dividend Yield - 3.92%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 10/04/2025 |
28/05/2025 |
Final |
63.00p |
GBX |
| 28/08/2025 |
07/10/2025 |
Interim |
48.00p |
GBX |
Total (Annual Dividends Per Share):
111.00p
Dividend Yield =
Annual Dividends Per Share (111.00p)
÷ Share Price (2834p)
= 3.92%
Croda International Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 09/04/2026 |
27/05/2026 |
Final |
63.0000p |
GBX |
| 28/08/2025 |
07/10/2025 |
Interim |
48.00p |
GBX |
| 10/04/2025 |
28/05/2025 |
Final |
63.00p |
GBX |
| 05/09/2024 |
08/10/2024 |
Interim |
47.00p |
GBX |
| 18/04/2024 |
29/05/2024 |
Final |
62.00p |
GBX |
| 31/08/2023 |
03/10/2023 |
Interim |
47.00p |
GBX |
| 27/04/2023 |
26/05/2023 |
Final |
61.00p |
GBX |
| 08/09/2022 |
04/10/2022 |
Interim |
47.00p |
GBX |
| 05/05/2022 |
06/06/2022 |
Final |
56.50p |
GBX |
| 09/09/2021 |
05/10/2021 |
Interim |
43.50p |
GBX |
| 06/05/2021 |
04/06/2021 |
Final |
51.50p |
GBX |
| 20/08/2020 |
01/10/2020 |
Interim |
39.50p |
GBX |
| 16/04/2020 |
28/05/2020 |
Final |
50.50p |
GBX |
| 22/08/2019 |
02/10/2019 |
Interim |
39.50p |
GBX |
| 29/04/2019 |
30/05/2019 |
Special |
115.00p |
GBX |
| 11/04/2019 |
30/05/2019 |
Special |
115.00p |
GBX |
| 11/04/2019 |
30/05/2019 |
Final |
49.00p |
GBX |
| 23/08/2018 |
03/10/2018 |
Interim |
38.00p |
GBX |
| 04/05/2018 |
31/05/2018 |
Final |
46.00p |
GBX |
| 19/04/2018 |
31/05/2018 |
Final |
46.00p |
GBX |
| 31/08/2017 |
03/10/2017 |
Interim |
35.00p |
GBX |
| 04/05/2017 |
01/06/2017 |
Final |
41.25p |
GBX |
| 08/09/2016 |
04/10/2016 |
Interim |
32.75p |
GBX |
| 05/05/2016 |
02/06/2016 |
Final |
38.00p |
GBX |
| 27/08/2015 |
29/09/2015 |
Interim |
31.00p |
GBX |
| 30/04/2015 |
28/05/2015 |
Final |
36.00p |
GBX |
| 27/08/2014 |
30/09/2014 |
Interim |
29.50p |
GBX |
| 30/04/2014 |
30/05/2014 |
Final |
35.50p |
GBX |
| 04/09/2013 |
03/10/2013 |
Interim |
29.00p |
GBX |
| 01/05/2013 |
31/05/2013 |
Final |
32.75p |
GBX |
| 29/08/2012 |
04/10/2012 |
Interim |
26.75p |
GBX |
| 02/05/2012 |
01/06/2012 |
Final |
30.25p |
GBX |
| 31/08/2011 |
07/10/2011 |
Interim |
24.75p |
GBX |
| 01/05/2011 |
03/06/2011 |
Final |
25.25p |
GBX |
| 01/09/2010 |
07/10/2010 |
Interim |
9.75p |
GBX |
| 28/04/2010 |
03/06/2010 |
Final |
15.00p |
GBX |
| 02/09/2009 |
08/10/2009 |
Interim |
6.50p |
GBX |
| 29/04/2009 |
04/06/2009 |
Final |
13.55p |
GBX |
| 03/09/2008 |
03/10/2008 |
Interim |
6.20p |
GBX |
| 30/04/2008 |
05/06/2008 |
Final |
10.80p |
GBX |
| 29/08/2007 |
05/10/2007 |
Interim |
4.95p |
GBX |
| 02/05/2007 |
01/06/2007 |
Final |
9.65p |
GBX |
| 06/09/2006 |
06/10/2006 |
Interim |
4.65p |
GBX |
| 03/05/2006 |
02/06/2006 |
Final |
9.00p |
GBX |
| 07/09/2005 |
06/10/2005 |
Interim |
4.35p |
GBX |
| 01/06/2005 |
07/07/2005 |
Final |
8.40p |
GBX |
| 01/12/2004 |
06/01/2005 |
Interim |
4.10p |
GBX |
| 02/06/2004 |
06/07/2004 |
Final |
7.83p |
GBX |
| 03/12/2003 |
05/01/2004 |
Interim |
4.02p |
GBX |
| 04/06/2003 |
04/07/2003 |
Final |
7.59p |
GBX |
| 04/12/2002 |
06/01/2003 |
Interim |
3.91p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
47.000 |
62.000 |
|
GBX |
109.000 |
0.920 |
| 2023 |
47.000 |
61.000 |
|
GBX |
108.000 |
4.340 |
| 2022 |
47.000 |
56.500 |
|
GBX |
103.500 |
8.940 |
| 2021 |
43.500 |
51.500 |
|
GBX |
95.000 |
5.550 |
| 2020 |
39.500 |
50.500 |
|
GBX |
90.000 |
-71.740 |
| 2019 |
39.500 |
49.000 |
230.000 |
GBX |
318.500 |
145.000 |
| 2018 |
38.000 |
92.000 |
|
GBX |
130.000 |
70.490 |
| 2017 |
35.000 |
41.250 |
|
GBX |
76.250 |
7.770 |
| 2016 |
32.750 |
38.000 |
|
GBX |
70.750 |
5.590 |
| 2015 |
31.000 |
36.000 |
|
GBX |
67.000 |
3.070 |
| 2014 |
29.500 |
35.500 |
|
GBX |
65.000 |
5.260 |
| 2013 |
29.000 |
32.750 |
|
GBX |
61.750 |
8.330 |
| 2012 |
26.750 |
30.250 |
|
GBX |
57.000 |
14.000 |
| 2011 |
24.750 |
25.250 |
|
GBX |
50.000 |
102.020 |
| 2010 |
9.750 |
15.000 |
|
GBX |
24.750 |
23.440 |
| 2009 |
6.500 |
13.550 |
|
GBX |
20.050 |
17.940 |
| 2008 |
6.200 |
10.800 |
|
GBX |
17.000 |
16.430 |
| 2007 |
4.950 |
9.650 |
|
GBX |
14.600 |
6.950 |
| 2006 |
4.650 |
9.000 |
|
GBX |
13.650 |
7.050 |
| 2005 |
4.350 |
8.400 |
|
GBX |
12.750 |
6.870 |
| 2004 |
4.100 |
7.830 |
|
GBX |
11.930 |
2.750 |
| 2003 |
4.020 |
7.590 |
|
GBX |
11.610 |
196.930 |
| 2002 |
3.910 |
|
|
GBX |
3.910 |
|
Croda International Dividend Calculator
Croda International Dividend Growth
| Dividend Growth (1Y) |
0.91%
|
| Dividend CAGR (5Y) |
4.05%
|
| Years of Growth |
5
|
| Payout Ratio |
249.84%
|
| Buyback Yield |
0.07%
|
| Shareholder Yield |
3.98%
|
| P/E Ratio (TTM) | 64.17 |
|---|
| Forward P/E | 17.98 |
|---|
| P/FCF | 23.62 |
|---|
| Earnings Yield | 1.56% |
|---|
| FCF Yield | 4.23% |
|---|
| ROE | 2.88% |
|---|
| ROCE | 3.94% |
|---|
| Profit Margin | 3.65% |
|---|
| Operating Margin | 6.84% |
|---|
| Gross Margin | 43.88% |
|---|