CPB Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
CPB Payout Ratio by year
Yearly range of CPB’s payout ratio from 2016 to 2026. Over the full period it ranged from 34.7% to 71.7%, averaging 51.0%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 50.8% | 53.0% | 56.3% | 56.3% |
| 2025 | 58.0% | 63.5% | 67.9% | 67.9% |
| 2024 | 59.2% | 66.8% | 71.7% | 59.2% |
| 2023 | 50.7% | 60.3% | 67.7% | 67.7% |
| 2022 | 45.1% | 48.1% | 51.2% | 51.2% |
| 2021 | 40.1% | 49.9% | 58.4% | 51.4% |
| 2020 | 38.0% | 41.7% | 49.4% | 38.0% |
| 2019 | 41.4% | 42.5% | 43.5% | 43.4% |
| 2018 | 44.9% | 46.2% | 47.6% | 47.6% |
| 2017 | 37.3% | 42.8% | 46.5% | 46.5% |
| 2016 | 34.7% | 34.7% | 34.7% | 34.7% |
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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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