APA Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
APA Payout Ratio by year
Yearly range of APA’s payout ratio from 2016 to 2026. Over the full period it ranged from 2.0% to 411.8%, averaging 53.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 16.8% | 20.3% | 23.8% | 16.8% |
| 2025 | 19.0% | 22.6% | 29.3% | 20.0% |
| 2024 | 35.6% | 48.2% | 67.8% | 47.7% |
| 2023 | 12.9% | 25.9% | 38.6% | 38.6% |
| 2022 | 3.3% | 5.2% | 7.9% | 7.9% |
| 2021 | 2.0% | 3.5% | 7.2% | 2.1% |
| 2020 | 142.8% | 204.5% | 266.2% | 142.8% |
| 2017 | 51.1% | 178.7% | 411.8% | 411.8% |
| 2016 | 79.0% | 79.0% | 79.0% | 79.0% |
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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.
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