DHI Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
DHI Payout Ratio by year
Yearly range of DHI’s payout ratio from 2016 to 2026. Over the full period it ranged from 8.2% to 483.1%, averaging 51.0%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 14.0% | 14.7% | 15.3% | 15.3% |
| 2025 | 13.9% | 15.1% | 16.1% | 13.9% |
| 2024 | 14.7% | 17.2% | 19.4% | 14.7% |
| 2023 | 8.2% | 10.4% | 12.1% | 11.1% |
| 2022 | 22.9% | 49.5% | 76.1% | 22.9% |
| 2021 | 20.7% | 63.9% | 108.5% | 71.3% |
| 2020 | 22.8% | 27.8% | 37.4% | 27.5% |
| 2019 | 26.9% | 166.8% | 483.1% | 26.9% |
| 2018 | 23.7% | 73.1% | 162.5% | 162.5% |
| 2017 | 39.3% | 59.4% | 76.3% | 76.3% |
| 2016 | 25.8% | 25.8% | 25.8% | 25.8% |
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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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