AEO Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
AEO Payout Ratio by year
Yearly range of AEO’s payout ratio from 2016 to 2026. Over the full period it ranged from 9.0% to 576.8%, averaging 67.6%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 347.2% | 462.0% | 576.8% | 576.8% |
| 2025 | 29.9% | 35.1% | 42.3% | 29.9% |
| 2024 | 20.9% | 31.8% | 50.9% | 50.9% |
| 2023 | 9.0% | 22.3% | 48.6% | 10.2% |
| 2022 | 197.3% | 197.3% | 197.3% | 197.3% |
| 2021 | 20.1% | 45.0% | 78.0% | 78.0% |
| 2020 | 34.4% | 45.2% | 56.2% | 34.4% |
| 2019 | 36.2% | 39.9% | 47.3% | 47.3% |
| 2018 | 30.5% | 36.5% | 40.5% | 35.5% |
| 2017 | 45.7% | 56.1% | 69.1% | 55.6% |
| 2016 | 42.4% | 42.4% | 42.4% | 42.4% |
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What fraction of free cash flow is paid out as dividends. More reliable than the earnings-based payout ratio because cash is harder to manipulate through accounting choices. Low ratio = room to grow the dividend and absorb an earnings dip. High ratio = dividend is consuming most of the cash generated.
TTM Dividends Per Share / (TTM FCF ÷ Shares) × 100%A steadily rising FCF payout ratio warrants scrutiny only if FCF itself is flat or falling — that means the company is paying out a larger slice of shrinking cash. A high but stable ratio in a capital-light business (e.g. consumer staples) can be perfectly sustainable.
- FCF can be lumpy: large one-off capex or working-capital swings distort a single year. Look at the multi-year trend rather than any single data point.
- Utilities and REITs naturally sustain 60–90% FCF payout ratios; industrials and tech companies typically run 20–50%. Always compare to sector context.
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.