CBT Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
CBT Payout Ratio by year
Yearly range of CBT’s payout ratio from 2016 to 2026. Over the full period it ranged from 20.3% to 150.5%, averaging 49.6%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 20.5% | 27.1% | 33.7% | 33.7% |
| 2025 | 23.5% | 26.7% | 32.5% | 23.5% |
| 2024 | 20.3% | 21.4% | 22.8% | 20.8% |
| 2023 | 22.8% | 35.4% | 66.2% | 22.8% |
| 2021 | 43.1% | 83.0% | 128.5% | 128.5% |
| 2020 | 32.7% | 44.6% | 60.0% | 60.0% |
| 2019 | 29.5% | 77.9% | 150.5% | 29.5% |
| 2018 | 49.0% | 91.0% | 113.7% | 113.7% |
| 2017 | 39.8% | 53.4% | 72.7% | 72.7% |
| 2016 | 23.8% | 23.8% | 23.8% | 23.8% |
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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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