Persimmon
Website:
Persimmon
Index:
FTSE 100
EPIC: PSN
Supersector:
Personal and Household Goods
Sector:
Household Goods and Home Construction
Subsector:
Home Construction
Market Cap:
£3.46B
Payout Frequency: Semi-Annual
Persimmon Dividend Analysis and Summary
Headline Dividend Details (relevant to 18/06/2026 ex-date)
- Proposed final dividend: 40p per share (FY2025)
- Total FY2025 dividend: 60p per share (unchanged vs FY2024)
- Record date: 19/06/2026 ? Ex-dividend date derived as 18/06/2026
- Payment date: 10/07/2026 (subject to AGM approval)
- Interim already paid: 20p per share on 07/11/2025
Coverage and Cash Support
- Underlying EPS (FY2025): 100.7p ? dividend cover c.1.7x
- Reported EPS (FY2025): 89.3p ? cover c.1.5x
- Cash and liquidity at year-end: £117.0m cash; net cash £102.3m; undrawn facilities increased to £1.0bn (RCF £750m to July 2030 + £250m term loan to Jan 2028)
- Cash from operations after working capital (FY2025): £29.5m (reflecting growth investment and inventory build)
- Dividend cash cost benchmark: FY2025 distributions totalled £192.1m (covers 2024 final and 2025 interim); the proposed 2025 final (40p) will be a FY2026 cash outflow
Management Guidance / Policy
- Capital allocation: maintain strong balance sheet; invest in land and vertical integration; pay a sustainable ordinary dividend well covered through the cycle; consider additional returns when excess capital emerges
- Outlook 2026: completions 12,000–12,500; underlying operating profit towards upper end of consensus; underlying PBT in line due to higher finance costs
- Building safety remediation cash outflow expected to peak over next two years (~£100m in 2026); as progress is made, Board “anticipates increasing returns to shareholders”
Analyst View: Sustainability and Growth
- Sustainability: The proposed 40p final looks well covered by earnings (1.5–1.7x). Operational momentum (volume +12%, margins slightly higher, forward sales +6%) supports maintenance of the ordinary dividend.
- Cash dynamics: Cover is tighter on a cash basis near term due to growth-led working capital, peak remediation spend and rising land creditors; however, expanded committed facilities add flexibility.
- Growth trajectory: FY2025 DPS is flat at 60p. Management signals potential to grow distributions once remediation peaks pass and investment converts to cash. Given 2026 guidance (higher finance costs; net cash range between £100m net debt and £100m net cash), a near-term step-up in DPS looks unlikely; continuation at current level appears most probable with upside medium term if margins/ROCE progress towards 20% targets.
Structural or Policy Changes with Dividend Implications
- Sale of FibreNest (Aug 2025): non-core disposal; proceeds reinvested in growth—neutral to supportive for long-term cash generation.
- Acquisition of Lone Star Land (Aug 2025): strengthens strategic land pipeline; near-term cash outlay, but supports medium-term volume/margin and dividend capacity.
- Financing: RCF lifted to £750m and new £250m term loan—enhanced liquidity cushions dividend through the investment/remediation peak.
- Capital Allocation Policy reiterated: priority on balance sheet strength and sustainable ordinary DPS; potential for extra returns after safety programme substantially delivered.
Key Risks/Flags for Dividend Stability
- Building safety remediation: peak cash outflows in 2026 (~£100m) and potentially into 2027; provision at year-end £226.0m.
- Higher finance costs and rising land creditors (£623.4m) tighten cash cover during growth phase.
- Market/geopolitical sensitivity: management highlights uncertainty from the Iran conflict on sentiment, costs, and rates; BTR timing can be lumpy; FY2025 housing association strength unlikely to be repeated in 2026.
- Final dividend remains subject to AGM approval.
Read more
Persimmon Annual Dividend Yield - 5.36%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 19/06/2025 |
11/07/2025 |
Final |
40.00p |
GBX |
| 16/10/2025 |
07/11/2025 |
Interim |
20.00p |
GBX |
Total (Annual Dividends Per Share):
60.00p
Dividend Yield =
Annual Dividends Per Share (60.00p)
÷ Share Price (1119p)
= 5.36%
Persimmon Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 18/06/2026 |
10/07/2026 |
Final |
40.0000p |
GBX |
| 16/10/2025 |
07/11/2025 |
Interim |
20.00p |
GBX |
| 19/06/2025 |
11/07/2025 |
Final |
40.00p |
GBX |
| 17/10/2024 |
08/11/2024 |
Interim |
20.00p |
GBX |
| 20/06/2024 |
12/07/2024 |
Final |
40.00p |
GBX |
| 12/10/2023 |
03/11/2023 |
Interim |
20.00p |
GBX |
| 13/04/2023 |
05/05/2023 |
Final |
60.00p |
GBX |
| 16/06/2022 |
08/07/2022 |
Special |
110.00p |
GBX |
| 10/03/2022 |
01/04/2022 |
Interim |
125.00p |
GBX |
| 22/07/2021 |
13/08/2021 |
4th Interim |
110.00p |
GBX |
| 11/03/2021 |
26/03/2021 |
3rd Interim |
125.00p |
GBX |
| 11/03/2021 |
26/03/2021 |
Special |
125.00p |
GBX |
| 26/11/2020 |
14/12/2020 |
2nd Interim |
70.00p |
GBX |
| 27/08/2020 |
14/09/2020 |
Interim |
40.0p |
GBX |
| 11/06/2020 |
06/07/2020 |
Special |
110.00p |
GBX |
| 05/03/2020 |
02/04/2020 |
Special |
125.00p |
GBX |
| 13/06/2019 |
02/07/2019 |
Special |
110.0p |
GBX |
| 13/06/2019 |
02/07/2019 |
Final |
110.0p |
GBX |
| 07/03/2019 |
29/03/2019 |
Interim |
125.00p |
GBX |
| 07/03/2019 |
29/03/2019 |
Special |
125.00p |
GBX |
| 14/06/2018 |
02/07/2018 |
Special |
110.0p |
GBX |
| 14/06/2018 |
02/07/2018 |
Final |
110.0p |
GBX |
| 08/03/2018 |
29/03/2018 |
Interim |
125.00p |
GBX |
| 08/03/2018 |
29/03/2018 |
Special |
125.00p |
GBX |
| 15/06/2017 |
03/07/2017 |
Final |
110.00p |
GBX |
| 15/06/2017 |
03/07/2017 |
Special |
110.0p |
GBX |
| 09/03/2017 |
31/03/2017 |
Special |
25.00p |
GBX |
| 09/03/2017 |
31/03/2017 |
Interim |
25.00p |
GBX |
| 03/03/2016 |
01/04/2016 |
Special |
110.00p |
GBX |
| 19/03/2015 |
02/04/2015 |
Special |
95.00p |
GBX |
| 04/06/2014 |
04/07/2014 |
Special |
70.00p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
20.000 |
40.000 |
|
GBX |
60.000 |
-25.000 |
| 2023 |
20.000 |
60.000 |
|
GBX |
80.000 |
-65.950 |
| 2022 |
125.000 |
|
110.000 |
GBX |
235.000 |
-34.720 |
| 2021 |
|
|
125.000 |
GBX |
360.000 |
4.340 |
| 2020 |
40.000 |
|
235.000 |
GBX |
345.000 |
-26.590 |
| 2019 |
125.000 |
110.000 |
235.000 |
GBX |
470.000 |
0.000 |
| 2018 |
125.000 |
110.000 |
235.000 |
GBX |
470.000 |
74.070 |
| 2017 |
25.000 |
110.000 |
135.000 |
GBX |
270.000 |
145.450 |
| 2016 |
|
|
110.000 |
GBX |
110.000 |
15.780 |
| 2015 |
|
|
95.000 |
GBX |
95.000 |
35.710 |
| 2014 |
|
|
70.000 |
GBX |
70.000 |
|
Persimmon Dividend Calculator
Persimmon Dividend Growth
| Dividend Growth (1Y) |
–
|
| Dividend CAGR (5Y) |
-27.76%
|
| Years of Growth |
–
|
| Payout Ratio |
67.24%
|
| Buyback Yield |
-0.22%
|
| Shareholder Yield |
5.48%
|
| P/E Ratio (TTM) | 12.23 |
|---|
| Forward P/E | 10.74 |
|---|
| P/FCF | – |
|---|
| Earnings Yield | 8.25% |
|---|
| FCF Yield | -0.32% |
|---|
| ROE | 8.02% |
|---|
| ROCE | 11.19% |
|---|
| Profit Margin | 7.62% |
|---|
| Operating Margin | 12.23% |
|---|
| Gross Margin | 17.5% |
|---|