CNQ Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
CNQ Payout Ratio by year
Yearly range of CNQ’s payout ratio from 2017 to 2026. Over the full period it ranged from 20.7% to 91.0%, averaging 38.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 39.0% | 49.0% | 59.0% | 39.0% |
| 2025 | 35.9% | 40.9% | 42.8% | 42.6% |
| 2024 | 30.0% | 34.6% | 40.8% | 40.8% |
| 2023 | 33.6% | 40.5% | 44.1% | 41.0% |
| 2022 | 23.4% | 27.7% | 31.0% | 30.2% |
| 2021 | 21.5% | 32.6% | 52.9% | 21.5% |
| 2020 | 21.8% | 44.1% | 68.3% | 68.3% |
| 2019 | 25.1% | 36.8% | 43.9% | 25.1% |
| 2018 | 20.7% | 28.7% | 34.7% | 30.3% |
| 2017 | 35.0% | 51.6% | 91.0% | 39.7% |
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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.