Dividend Payout Ratio Calculator
From total dividends and net income, compute the payout ratio — the share of profit paid out as dividends.
輸入資料
計算結果
重點速覽：Payout ratio = total dividends / net income x 100% (= DPS/EPS). Example: NI 1,000k, dividends 300k → 30% paid out, 70% retained. High payout (60%+) = mature/stable firms returning cash; low/none = high-growth retaining to expand. Complement is retention ratio (= 1 - payout). WARNING: Near/above 100% is unsustainable (reserves/borrowing); low ratio = little cash return (not necessarily bad); one-off years distort — watch trend; using FCF/operating cash flow as denominator is more conservative. Education, not advice.
計算公式
派息比率 = 派息總額 ÷ 淨利潤 × 100%。
$$\text{Dividend Payout Ratio} = \dfrac{\text{Dividends Paid}}{\text{Net Income}} \times 100\%$$使用說明
- Enter total dividends paid in the year.
- Enter the after-tax net income.
- View the payout ratio.
以淨利潤固定為 HK$1,000,000 為例，派息總額由 HK$200,000 增至 HK$800,000 時的派息比率與留存比率變化。
| 派息總額 (HK$) | 淨利潤 (HK$) | 派息比率 | 留存比率 |
|---|---|---|---|
| 200,000 | 1,000,000 | 20% | 80% |
| 300,000 | 1,000,000 | 30% | 70% |
| 500,000 | 1,000,000 | 50% | 50% |
| 800,000 | 1,000,000 | 80% | 20% |
理財情境案例
個案一：成熟企業 vs 成長企業的派息取捨
甲公司是香港成熟的公用事業，業務穩定、無需大額再投資，淨利潤 HK$1,000,000 中派息 HK$800,000，派息比率 80%，屬高派息、吸引收息投資者。
乙公司是快速擴張的科技企業，同樣淨利潤 HK$1,000,000，但只派息 HK$200,000 (派息比率 20%)，把 80% 留存用於研發與拓展。兩者並無對錯 — 成熟企業缺乏高回報再投資機會，派息回饋股東較合理;成長企業把盈利留下再投資，若能創造更高回報，長遠對股東更有利。投資者應按自身需求 (要現金流還是要成長) 選擇。
個案二：派息比率超過 100% 的警號
一間公司某年淨利潤只有 HK$1,000,000，卻派息 HK$1,200,000，派息比率高達 120%，即派的比賺的還多。
這代表公司在動用過往累積的儲備、變賣資產或舉債來維持派息。偶一為之 (如某年盈利受一次性因素拖累但仍想維持股息) 或可理解，但若長期如此，這種股息絕不可持續，遲早要減息或停息。看到派息比率持續超過 100% (或接近 100%)，投資者應提高警覺，深入檢視公司盈利能否回升、現金流是否足以支撐派息。
常見問題
Is a high or low payout ratio better?
No absolute answer — it depends on stage and strategy. Mature, slow-growth firms tend to high payout, returning profit; high-growth firms tend to low payout, retaining to expand. For income investors, a stable sustainable mid-high payout is attractive; but near/above 100% warns of sustainability.
What does payout over 100% mean?
It means dividends exceed current net income — paying more than earned, typically by tapping reserves, selling assets or borrowing. Unsustainable. Short-term (to maintain a dividend image or special payout) may be understandable, but persistent >100% often precedes a cut. Investigate the cause.
How is payout related to retention ratio?
They sum to 100%. Payout is the part paid to shareholders; retention (= 1 - payout) is the part kept for reinvestment. Higher retention means more earnings plowed back (theoretically aiding future growth, if invested well); higher payout means more current cash to shareholders. They reflect the trade-off between rewarding shareholders now and growing via reinvestment.
How is payout different from dividend yield?
Both relate to dividends but from different angles. Payout ratio = dividends / net income — the COMPANY view, how much of profit is paid out, about sustainability. Dividend yield = annual DPS / price — the INVESTOR view, the cash return on purchase price, about 'how much I receive'. Example: payout 40% (well-supported, stable) but yield only 2% due to high price; another payout 100% (precarious) but yield 7% due to low price. High yield ≠ good dividend; check payout for sustainability. Use both: yield for return level, payout for whether it holds, plus earnings/cash-flow stability. Pair with the dividend-yield calculator.
How is payout related to retention ratio (again)?
Payout and retention ratio (retention ratio, aka plowback ratio) are two sides summing to 100%. Net profit is used either as dividends (payout) or retained for reinvestment/reserves (retention). So retention = 100% - payout. Example: payout 30% → retention 70%. The levels reflect the trade-off between rewarding shareholders now and investing for future growth. High-payout/low-retention firms (mature utilities, REITs) give high cash return but weaker growth engine; low-payout/high-retention firms (expanding tech, growth) reinvest for potentially higher future returns via price appreciation and later dividends. Retention also links to sustainable growth rate — more retained, more reinvestment, higher potential (if returns are good). Reading payout with retention gives a fuller picture of capital allocation.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。