CAT Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
CAT Payout Ratio by year
Yearly range of CAT’s payout ratio from 2016 to 2026. Over the full period it ranged from 24.6% to 88.7%, averaging 48.3%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 31.1% | 33.0% | 35.0% | 31.1% |
| 2025 | 33.5% | 35.1% | 36.7% | 36.7% |
| 2024 | 24.6% | 26.7% | 29.9% | 29.9% |
| 2023 | 25.9% | 31.8% | 38.5% | 25.9% |
| 2022 | 46.6% | 66.9% | 79.9% | 46.6% |
| 2021 | 40.4% | 44.0% | 49.1% | 49.1% |
| 2020 | 51.2% | 56.2% | 68.4% | 53.7% |
| 2019 | 43.1% | 48.1% | 51.7% | 49.5% |
| 2018 | 52.9% | 76.1% | 88.7% | 52.9% |
| 2017 | 41.7% | 46.3% | 54.9% | 54.9% |
| 2016 | 67.0% | 69.5% | 72.0% | 67.0% |
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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.
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.