COP Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
COP Payout Ratio by year
Yearly range of COP’s payout ratio from 2017 to 2026. Over the full period it ranged from 20.6% to 2,085.5%, averaging 112.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 39.8% | 53.8% | 67.8% | 39.8% |
| 2025 | 45.9% | 52.9% | 56.7% | 54.2% |
| 2024 | 36.7% | 43.9% | 51.0% | 47.1% |
| 2023 | 34.8% | 46.8% | 53.4% | 53.4% |
| 2022 | 28.6% | 31.8% | 35.7% | 35.7% |
| 2021 | 24.3% | 135.4% | 433.4% | 24.3% |
| 2020 | 42.9% | 608.3% | 2,085.5% | 2,085.5% |
| 2019 | 20.6% | 25.1% | 32.9% | 32.9% |
| 2018 | 21.7% | 35.1% | 50.7% | 21.7% |
| 2017 | 50.7% | 59.9% | 71.4% | 50.7% |
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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.
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