APD Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
APD Payout Ratio by year
Yearly range of APD’s payout ratio from 2016 to 2026. Over the full period it ranged from 31.1% to 2,140.1%, averaging 225.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 77.8% | 110.9% | 144.1% | 77.8% |
| 2022 | 349.2% | 861.1% | 2,140.1% | 2,140.1% |
| 2021 | 86.8% | 134.3% | 152.2% | 150.3% |
| 2020 | 110.9% | 173.4% | 245.8% | 184.4% |
| 2019 | 103.8% | 117.8% | 129.7% | 108.8% |
| 2018 | 69.5% | 92.4% | 118.0% | 105.6% |
| 2017 | 79.2% | 123.5% | 150.8% | 150.3% |
| 2016 | 31.1% | 36.9% | 42.7% | 42.7% |
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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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