DEO Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
DEO Payout Ratio by year
Yearly range of DEO’s payout ratio from 2017 to 2026. Over the full period it ranged from 25.5% to 85.6%, averaging 49.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 27.2% | 27.2% | 27.2% | 27.2% |
| 2025 | 28.3% | 28.4% | 28.5% | 28.5% |
| 2024 | 25.5% | 27.2% | 28.8% | 25.5% |
| 2023 | 34.3% | 35.1% | 36.0% | 36.0% |
| 2022 | 38.6% | 39.2% | 39.8% | 38.6% |
| 2021 | 44.7% | 46.0% | 47.3% | 44.7% |
| 2020 | 45.8% | 47.4% | 49.0% | 45.8% |
| 2019 | 42.7% | 62.4% | 82.1% | 42.7% |
| 2018 | 83.5% | 84.1% | 84.7% | 84.7% |
| 2017 | 83.1% | 84.3% | 85.6% | 83.1% |
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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.