BSM Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
BSM Payout Ratio by year
Yearly range of BSM’s payout ratio from 2017 to 2026. Over the full period it ranged from 43.5% to 334.0%, averaging 112.8%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 98.6% | 109.9% | 121.3% | 98.6% |
| 2025 | 116.2% | 131.7% | 152.4% | 134.9% |
| 2024 | 89.6% | 96.9% | 111.9% | 111.9% |
| 2023 | 72.1% | 78.6% | 85.4% | 85.4% |
| 2022 | 74.5% | 85.9% | 93.9% | 83.9% |
| 2021 | 43.5% | 61.8% | 78.6% | 78.6% |
| 2020 | 50.9% | 65.7% | 87.5% | 50.9% |
| 2019 | 101.4% | 168.2% | 226.2% | 101.4% |
| 2018 | 334.0% | 334.0% | 334.0% | 334.0% |
| 2017 | 194.3% | 205.8% | 217.4% | 194.3% |
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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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