CF Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
CF Payout Ratio by year
Yearly range of CF’s payout ratio from 2017 to 2026. Over the full period it ranged from 6.6% to 121.0%, averaging 27.5%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 16.1% | 17.6% | 19.1% | 16.1% |
| 2025 | 17.3% | 18.1% | 18.8% | 17.3% |
| 2024 | 19.8% | 65.6% | 121.0% | 19.8% |
| 2023 | 10.7% | 16.1% | 29.6% | 29.6% |
| 2022 | 6.6% | 7.5% | 8.7% | 8.7% |
| 2021 | 11.0% | 21.2% | 30.7% | 11.0% |
| 2020 | 22.2% | 25.4% | 28.0% | 28.0% |
| 2019 | 23.0% | 24.4% | 26.1% | 23.9% |
| 2018 | 25.4% | 31.3% | 46.3% | 25.7% |
| 2017 | 24.3% | 48.0% | 82.2% | 24.3% |
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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.
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.