CMI Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
CMI Payout Ratio by year
Yearly range of CMI’s payout ratio from 2016 to 2026. Over the full period it ranged from 29.3% to 14,106.6%, averaging 413.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 32.9% | 36.8% | 40.6% | 32.9% |
| 2025 | 44.5% | 3,564.4% | 14,106.6% | 44.5% |
| 2024 | 36.7% | 185.5% | 347.2% | 347.2% |
| 2023 | 33.5% | 57.1% | 83.0% | 33.5% |
| 2022 | 63.8% | 75.2% | 85.8% | 85.8% |
| 2021 | 29.3% | 40.3% | 54.3% | 54.3% |
| 2020 | 31.4% | 39.7% | 47.2% | 36.7% |
| 2019 | 29.4% | 31.5% | 34.1% | 31.1% |
| 2018 | 43.8% | 50.3% | 58.2% | 43.8% |
| 2017 | 41.4% | 45.7% | 48.2% | 41.4% |
| 2016 | 43.8% | 47.0% | 50.1% | 50.1% |
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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.