AZN Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
AZN Payout Ratio by year
Yearly range of AZN’s payout ratio from 2016 to 2026. Over the full period it ranged from 32.5% to 714.6%, averaging 183.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 57.1% | 59.5% | 61.9% | 57.1% |
| 2025 | 51.5% | 54.9% | 59.6% | 54.9% |
| 2024 | 32.5% | 60.8% | 78.2% | 63.8% |
| 2023 | 64.8% | 69.5% | 75.1% | 68.9% |
| 2022 | 62.5% | 76.5% | 85.5% | 62.5% |
| 2021 | 84.8% | 98.3% | 114.7% | 114.7% |
| 2020 | 167.4% | 210.4% | 255.1% | 167.4% |
| 2019 | 272.7% | 520.4% | 714.6% | 714.6% |
| 2018 | 199.2% | 236.6% | 284.5% | 284.5% |
| 2017 | 125.3% | 277.5% | 547.9% | 181.2% |
| 2016 | 193.6% | 420.2% | 646.9% | 193.6% |
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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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