AMT Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
AMT Payout Ratio by year
Yearly range of AMT’s payout ratio from 2016 to 2026. Over the full period it ranged from 43.9% to 150.1%, averaging 75.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 61.2% | 72.7% | 84.2% | 61.2% |
| 2025 | 80.4% | 88.5% | 105.9% | 84.3% |
| 2024 | 82.0% | 88.0% | 94.2% | 82.0% |
| 2023 | 101.5% | 112.9% | 127.0% | 103.1% |
| 2022 | 80.7% | 112.7% | 150.1% | 150.1% |
| 2021 | 57.6% | 67.1% | 75.1% | 69.2% |
| 2020 | 60.6% | 66.8% | 71.0% | 71.0% |
| 2019 | 49.9% | 54.5% | 61.0% | 61.0% |
| 2018 | 49.4% | 53.0% | 55.2% | 49.4% |
| 2017 | 43.9% | 49.3% | 53.4% | 53.4% |
| 2016 | 46.2% | 46.2% | 46.3% | 46.2% |
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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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