Renishaw
Website:
Renishaw
Index:
FTSE 250
EPIC: RSW
Supersector:
Industrial Goods and Services
Sector:
Electronic and Electrical Equipment
Subsector:
Electronic Equipment
Market Cap:
£2.83B
Payout Frequency: Semi-Annual
Renishaw Dividend Analysis and Summary
Dividend summary
- Type: Interim dividend
- Amount: 16.8p per share (maintained vs H1 FY2025)
- Record date: 06/03/2026
- Ex-dividend date: 05/03/2026
- Payment date: 07/04/2026
- Cash outlay: c. £12.2m
- Context: FY2025 final dividend was 61.3p; FY2025 total DPS was 78.1p
Sustainability and growth outlook
- Earnings cover: H1 adjusted EPS 68.8p implies robust cover (~4.1x) for the 16.8p interim; statutory EPS 49.9p still provides ample cover (~3.0x).
- Through-cycle payout: Using FY2025 totals (DPS 78.1p, adjusted EPS 137.8p) suggests ~1.8x cover (payout ~57%), reasonable for a quality industrial with cyclicality.
- Balance sheet and cash: Net cash/deposits of £240.9m after a £44.6m final dividend payment supports dividend resilience. Adjusted cash conversion was 68% (vs 100% prior H1) due to inventory build to support H2; still close to the 70% target.
- Operating momentum: Adjusted PBT up 11.5% in H1; guidance for FY2026 adjusted PBT £132m–£157m and revenue £740m–£780m underpins capacity to maintain at least a flat-to-modest dividend trajectory if delivered.
- Capital allocation: Ongoing cost-reduction program delivering c. £23m annualised savings, moderate capex (~£40m FY guide), and ROIC rising to 13.2% (target 15%) are supportive of sustained distributions.
Structural or policy factors that could affect future dividends
- Portfolio reshaping: Closure of the loss-making drug delivery activity completed; Company is “investigating opportunities to exit” the remaining neurosurgery business. Streamlining loss-makers should enhance margin/cash, supportive for dividends.
- Segment reporting change: New segments (Industrial Metrology, Position Measurement, Specialised Technologies) align with end-markets; no direct dividend policy change, but improved transparency on profitability drivers.
- Founders’ family holding structure: Creation of Deltam Holdings Limited now controlling 50.25% of shares. This concentrates governance but signals long-term stewardship; could favour stable dividend policy, though it reduces external influence.
- Leadership changes: CFO retired; interim finance lead in place and searches underway for a permanent CFO and independent Chair. No stated policy shift, but governance transitions bear monitoring.
Key risks and flags to dividend stability
- Cyclicality and mix: Exposure to semiconductors, defence and capital equipment; favourable currently but inherently cyclical and H2-weighted execution risk.
- FX and tariffs: Notable currency headwinds and US tariff pass-through; margin sensitivity remains a watchpoint.
- Cash conversion: Adjusted operating cash conversion dipped to 68% on working-capital build; needs to normalise in H2 to keep dividend comfortably cash-covered.
- Tax uncertainties: Previously recognised tax liability of £9.15m with additional H1 interest of £0.58m; resolution path could carry incremental cost.
- Operational transitions: ERP rollout disruption in EMEA eased in Q2, but execution risk persists; pay inflation partly offsets cost savings.
Read more
Renishaw Annual Dividend Yield - 2.02%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 06/03/2025 |
08/04/2025 |
Interim |
16.80p |
GBX |
| 30/10/2025 |
05/12/2025 |
Final |
61.30p |
GBX |
Total (Annual Dividends Per Share):
78.10p
Dividend Yield =
Annual Dividends Per Share (78.10p)
÷ Share Price (3865p)
= 2.02%
Renishaw Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 05/03/2026 |
07/04/2026 |
Interim |
16.8000p |
GBX |
| 30/10/2025 |
05/12/2025 |
Final |
61.30p |
GBX |
| 06/03/2025 |
08/04/2025 |
Interim |
16.80p |
GBX |
| 31/10/2024 |
05/12/2024 |
Final |
59.40p |
GBX |
| 07/03/2024 |
09/04/2024 |
Interim |
16.80p |
GBX |
| 02/11/2023 |
07/12/2023 |
Final |
59.40p |
GBX |
| 09/03/2023 |
11/04/2023 |
Interim |
16.80p |
GBX |
| 03/11/2022 |
05/12/2022 |
Final |
56.60p |
GBX |
| 10/03/2022 |
11/04/2022 |
Interim |
16.00p |
GBX |
| 28/10/2021 |
29/11/2021 |
Final |
52.00p |
GBX |
| 04/03/2021 |
06/04/2021 |
Interim |
14.00p |
GBX |
| 05/03/2020 |
06/04/2020 |
Interim |
14.00p |
GBX |
| 26/09/2019 |
31/10/2019 |
Final |
46.00p |
GBX |
| 07/03/2019 |
08/04/2019 |
Interim |
14.00p |
GBX |
| 20/09/2018 |
23/10/2018 |
Final |
46.00p |
GBX |
| 08/03/2018 |
09/04/2018 |
Interim |
14.00p |
GBX |
| 21/09/2017 |
25/10/2017 |
Final |
39.50p |
GBX |
| 09/03/2017 |
07/04/2017 |
Interim |
12.50p |
GBX |
| 15/09/2016 |
17/10/2016 |
Final |
35.50p |
GBX |
| 03/03/2016 |
07/04/2016 |
Interim |
12.50p |
GBX |
| 17/09/2015 |
19/10/2015 |
Final |
34.00p |
GBX |
| 05/03/2015 |
07/04/2015 |
Interim |
12.50p |
GBX |
| 17/09/2014 |
20/10/2014 |
Final |
29.87p |
GBX |
| 05/03/2014 |
07/04/2014 |
Interim |
11.33p |
GBX |
| 18/09/2013 |
21/10/2013 |
Final |
28.67p |
GBX |
| 06/03/2013 |
08/04/2013 |
Interim |
11.33p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
16.800 |
59.400 |
GBX |
76.200 |
0.000 |
| 2023 |
16.800 |
59.400 |
GBX |
76.200 |
4.950 |
| 2022 |
16.000 |
56.600 |
GBX |
72.600 |
10.000 |
| 2021 |
14.000 |
52.000 |
GBX |
66.000 |
371.420 |
| 2020 |
14.000 |
|
GBX |
14.000 |
-76.660 |
| 2019 |
14.000 |
46.000 |
GBX |
60.000 |
0.000 |
| 2018 |
14.000 |
46.000 |
GBX |
60.000 |
15.380 |
| 2017 |
12.500 |
39.500 |
GBX |
52.000 |
8.330 |
| 2016 |
12.500 |
35.500 |
GBX |
48.000 |
3.220 |
| 2015 |
12.500 |
34.000 |
GBX |
46.500 |
12.860 |
| 2014 |
11.330 |
29.870 |
GBX |
41.200 |
3.000 |
| 2013 |
11.330 |
28.670 |
GBX |
40.000 |
|
Renishaw Dividend Calculator
Renishaw Dividend Growth
| Dividend Growth (1Y) |
2.49%
|
| Dividend CAGR (5Y) |
41.03%
|
| Years of Growth |
1
|
| Payout Ratio |
76.66%
|
| Buyback Yield |
-0.03%
|
| Shareholder Yield |
1.98%
|
| P/E Ratio (TTM) | 38.12 |
|---|
| Forward P/E | 23.37 |
|---|
| P/FCF | 45.3 |
|---|
| Earnings Yield | 2.62% |
|---|
| FCF Yield | 2.21% |
|---|
| ROE | 8.2% |
|---|
| ROCE | 10.04% |
|---|
| Profit Margin | 10.06% |
|---|
| Operating Margin | 13.37% |
|---|
| Gross Margin | 45.11% |
|---|