C Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
C Payout Ratio by year
Yearly range of C’s payout ratio from 2016 to 2023. Over the full period it ranged from 2.3% to 176.7%, averaging 23.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2023 | 28.2% | 28.2% | 28.2% | 28.2% |
| 2022 | 8.5% | 19.7% | 42.7% | 11.1% |
| 2021 | 7.1% | 13.8% | 23.2% | 7.1% |
| 2020 | 176.7% | 176.7% | 176.7% | 176.7% |
| 2018 | 11.2% | 15.3% | 18.2% | 11.2% |
| 2017 | 3.0% | 11.9% | 21.3% | 11.3% |
| 2016 | 2.3% | 3.0% | 3.7% | 2.3% |
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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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