AOS Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
AOS Payout Ratio by year
Yearly range of AOS’s payout ratio from 2016 to 2026. Over the full period it ranged from 23.1% to 54.4%, averaging 35.5%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 30.1% | 30.4% | 30.8% | 30.8% |
| 2025 | 33.4% | 38.6% | 46.9% | 35.4% |
| 2024 | 32.1% | 37.4% | 40.0% | 40.0% |
| 2023 | 30.5% | 34.5% | 41.3% | 30.5% |
| 2022 | 35.5% | 43.8% | 54.4% | 54.4% |
| 2021 | 29.5% | 30.6% | 32.0% | 30.0% |
| 2020 | 31.6% | 33.8% | 34.7% | 31.6% |
| 2019 | 37.7% | 39.9% | 41.9% | 37.7% |
| 2018 | 30.9% | 34.1% | 36.3% | 35.7% |
| 2017 | 26.5% | 34.7% | 41.9% | 41.9% |
| 2016 | 23.1% | 25.0% | 26.9% | 23.1% |
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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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