BN Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
BN Payout Ratio by year
Yearly range of BN’s payout ratio from 2016 to 2023. Over the full period it ranged from 10.1% to 279.3%, averaging 37.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2023 | 30.5% | 66.8% | 103.1% | 103.1% |
| 2022 | 49.6% | 136.5% | 279.3% | 49.6% |
| 2021 | 14.2% | 30.4% | 67.8% | 67.8% |
| 2020 | 10.1% | 12.4% | 15.6% | 10.1% |
| 2019 | 12.3% | 15.0% | 16.9% | 16.1% |
| 2018 | 15.2% | 17.7% | 22.4% | 15.2% |
| 2017 | 20.6% | 22.7% | 25.3% | 22.8% |
| 2016 | 32.0% | 34.9% | 37.8% | 32.0% |
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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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