| A couple of weeks ago, Dow (NYSE: DOW) cut its dividend in half due to a "prolonged industry downturn" and "to provide additional financial flexibility." That's typically not what you want to hear if you're a dividend investor. But Dow's new $0.35 per share quarterly dividend still equals a robust 6.4% yield. Can shareholders depend on the new lowered dividend, or is it likely to fall again? Dow had negative free cash flow in 2024 and is on pace for a repeat performance this year. Without positive free cash flow, the company cannot afford its dividend - or really any dividend. In order to pay shareholders, it needs to pull cash from the bank or borrow money. It does have $2.7 billion in cash, though it also has more than $15 billion in debt. Given that it's been burning several billion dollars a year in cash from operating its business, there likely won't be much cash left over to pay shareholders. | 
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