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Total Shareholder Return Calculator

Enter the start price, end price and dividends to compute total shareholder return.

How it is calculated

The tool adds the two parts of a shareholder's return, each measured against the starting price. Capital gain: (end − start) ÷ start × 100. Dividend yield: dividends ÷ start × 100. Total shareholder return: TSR = capital gain + dividend yield, which equals (end − start + dividends) ÷ start × 100. All three inputs are per-share amounts in the same currency: the price at the start of the holding period, the price at the end, and the total dividends per share received in between. The start price must be above zero. The result is the return over the whole period, not a yearly rate, and the dividends are added up without reinvestment, so compounding is not included. Tax and trading fees are ignored.

Worked example

You buy a share at 50, and it is worth 56 at the end of the period, during which it paid 2.40 in dividends. Capital gain: (56 − 50) ÷ 50 × 100 = 12.00%. Dividend yield: 2.40 ÷ 50 × 100 = 4.80%. TSR: 12.00% + 4.80% = 16.80%. The price alone suggests a 12% return, so ignoring the dividends would understate the result by 4.8 percentage points. If the price fell to 40 with a 2 dividend, the tool gives −20% plus 4%, a TSR of −16.00%.

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Common mistakes

  • Entering the total dividend paid by the company or the total for all your shares. The inputs are per share, so use the dividend per share.
  • Reading a multi-year TSR as a yearly figure. A 16.80% result over three years is not 16.80% per year.
  • Leaving out dividends that arrived in the middle of the period. All dividends received during the period belong in the dividend field.
  • Expecting reinvestment, tax or fees to be included. This tool adds plain dividends and stops there, so a real portfolio can differ slightly.

Sources

About this calculator

Total Shareholder Return (TSR) measures the full return an investor earns on a stock over a holding period by combining both sources of gain: TSR = (End Price − Start Price + Dividends) / Start Price × 100, capturing capital appreciation and dividend income in a single percentage.

TSR is preferred over simple share-price change because a stock with a flat price but a healthy dividend can still deliver a strong return, while a rising stock that cuts its dividend may underperform expectations. It's a standard benchmark in equity research and portfolio performance reporting, and is also widely used to set vesting conditions in executive compensation plans, where a company's TSR is often compared against a peer index over a multi-year period to determine payout.

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Comments (1)

  • Editorial team

    The answer covers the whole holding period, so it is not a yearly rate. Buying at 100, selling at 120 and collecting 3 in dividends gives 23.00%, made of 20.00% price gain and 3.00% dividend yield, and that could be one year or five. Divide it by the number of years yourself, and note that dividends are treated as if they were not reinvested. Would a reinvested, annualised version suit you?

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