AGNC Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
AGNC Payout Ratio by year
Yearly range of AGNC’s payout ratio from 2016 to 2026. Over the full period it ranged from 42.2% to 12,795.4%, averaging 505.3%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 188.9% | 189.7% | 190.6% | 188.9% |
| 2025 | 241.4% | 331.9% | 514.5% | 241.4% |
| 2024 | 1,484.4% | 1,484.4% | 1,484.4% | 1,484.4% |
| 2023 | 124.9% | 4,407.8% | 12,795.4% | 12,795.4% |
| 2022 | 50.9% | 60.6% | 81.0% | 81.0% |
| 2021 | 42.2% | 45.8% | 49.1% | 49.1% |
| 2020 | 48.8% | 66.1% | 88.7% | 48.8% |
| 2019 | 90.0% | 96.7% | 104.2% | 92.0% |
| 2018 | 73.0% | 86.2% | 97.9% | 97.9% |
| 2017 | 53.7% | 59.9% | 67.1% | 67.1% |
| 2016 | 56.3% | 56.3% | 56.3% | 56.3% |
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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.
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