CL Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
CL Payout Ratio by year
Yearly range of CL’s payout ratio from 2016 to 2026. Over the full period it ranged from 43.7% to 83.4%, averaging 54.3%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 43.7% | 44.1% | 44.5% | 43.7% |
| 2025 | 45.6% | 47.5% | 48.9% | 45.6% |
| 2024 | 45.9% | 48.3% | 52.5% | 45.9% |
| 2023 | 51.8% | 63.1% | 72.2% | 51.8% |
| 2022 | 60.0% | 68.5% | 83.4% | 83.4% |
| 2021 | 48.1% | 54.1% | 56.9% | 54.8% |
| 2020 | 44.5% | 46.1% | 50.0% | 45.4% |
| 2019 | 52.4% | 54.2% | 55.1% | 52.4% |
| 2018 | 54.9% | 56.9% | 58.0% | 54.9% |
| 2017 | 53.1% | 54.8% | 56.2% | 56.2% |
| 2016 | 54.3% | 54.5% | 54.6% | 54.3% |
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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.