ARR Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
ARR Payout Ratio by year
Yearly range of ARR’s payout ratio from 2017 to 2026. Over the full period it ranged from 57.5% to 39,647.3%, averaging 1,670.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 117.2% | 186.8% | 256.5% | 117.2% |
| 2025 | 81.6% | 150.4% | 260.3% | 260.3% |
| 2024 | 57.5% | 85.5% | 120.6% | 57.5% |
| 2023 | 83.1% | 124.4% | 185.2% | 185.2% |
| 2022 | 140.8% | 1,909.5% | 3,678.2% | 140.8% |
| 2021 | 71.9% | 391.7% | 937.6% | 937.6% |
| 2019 | 189.6% | 567.1% | 944.5% | 944.5% |
| 2018 | 84.3% | 129.0% | 160.1% | 129.3% |
| 2017 | 89.4% | 9,994.4% | 39,647.3% | 90.6% |
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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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