CVE Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
CVE Payout Ratio by year
Yearly range of CVE’s payout ratio from 2017 to 2026. Over the full period it ranged from 3.4% to 1,935.7%, averaging 75.4%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 14.7% | 19.9% | 25.1% | 14.7% |
| 2025 | 30.8% | 32.7% | 34.5% | 30.8% |
| 2024 | 14.6% | 19.3% | 26.2% | 26.2% |
| 2023 | 13.7% | 21.0% | 28.3% | 23.7% |
| 2022 | 3.9% | 6.1% | 9.2% | 9.2% |
| 2021 | 3.4% | 3.7% | 4.2% | 3.4% |
| 2020 | 11.4% | 11.4% | 11.4% | 11.4% |
| 2019 | 9.3% | 11.3% | 14.5% | 10.1% |
| 2018 | 22.3% | 503.1% | 1,935.7% | 27.6% |
| 2017 | 13.7% | 17.0% | 19.2% | 13.7% |
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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.