DLR Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
DLR Payout Ratio by year
Yearly range of DLR’s payout ratio from 2016 to 2026. Over the full period it ranged from 56.5% to 4,659.6%, averaging 304.0%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 149.4% | 149.4% | 149.4% | 149.4% |
| 2025 | 736.0% | 736.0% | 736.0% | 736.0% |
| 2021 | 98.1% | 1,642.2% | 4,659.6% | 4,659.6% |
| 2020 | 70.4% | 76.0% | 84.2% | 73.8% |
| 2019 | 56.9% | 58.7% | 60.9% | 60.0% |
| 2018 | 59.5% | 65.8% | 75.4% | 60.4% |
| 2017 | 56.5% | 64.1% | 75.0% | 75.0% |
| 2016 | 58.5% | 60.1% | 61.6% | 61.6% |
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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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