CVS Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
CVS Payout Ratio by year
Yearly range of CVS’s payout ratio from 2016 to 2026. Over the full period it ranged from 14.5% to 194.0%, averaging 34.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 29.0% | 37.5% | 46.0% | 29.0% |
| 2025 | 43.5% | 56.1% | 70.7% | 43.5% |
| 2024 | 38.6% | 86.6% | 194.0% | 53.0% |
| 2023 | 16.7% | 22.7% | 30.1% | 30.1% |
| 2022 | 14.5% | 17.6% | 21.6% | 21.6% |
| 2021 | 17.0% | 19.4% | 22.8% | 17.0% |
| 2020 | 19.3% | 20.5% | 22.4% | 19.6% |
| 2019 | 25.2% | 30.9% | 42.1% | 25.2% |
| 2018 | 32.8% | 39.3% | 47.6% | 32.8% |
| 2017 | 19.8% | 24.3% | 33.4% | 33.4% |
| 2016 | 19.1% | 21.1% | 23.0% | 23.0% |
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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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