AM Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
AM Payout Ratio by year
Yearly range of AM’s payout ratio from 2017 to 2026. Over the full period it ranged from 1.3% to 239.9%, averaging 98.8%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 34.2% | 41.7% | 47.0% | 34.2% |
| 2025 | 41.6% | 47.8% | 52.1% | 49.1% |
| 2024 | 51.8% | 63.0% | 69.1% | 51.8% |
| 2023 | 70.1% | 146.5% | 206.8% | 70.1% |
| 2022 | 88.8% | 130.4% | 235.3% | 235.3% |
| 2021 | 83.6% | 88.7% | 91.3% | 90.1% |
| 2020 | 102.4% | 118.7% | 155.6% | 102.5% |
| 2019 | 121.1% | 186.7% | 239.9% | 152.3% |
| 2018 | 67.9% | 86.6% | 101.5% | 101.5% |
| 2017 | 1.3% | 29.2% | 57.0% | 57.0% |
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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.