EL Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
EL Payout Ratio by year
Yearly range of EL’s payout ratio from 2016 to 2026. Over the full period it ranged from 22.1% to 93.8%, averaging 44.0%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 38.8% | 39.3% | 39.8% | 38.8% |
| 2025 | 44.9% | 65.7% | 92.1% | 44.9% |
| 2024 | 65.8% | 70.1% | 73.3% | 73.3% |
| 2023 | 87.0% | 87.0% | 87.0% | 87.0% |
| 2022 | 42.1% | 59.3% | 93.8% | 93.8% |
| 2021 | 22.1% | 27.4% | 31.6% | 30.2% |
| 2020 | 22.6% | 27.7% | 33.9% | 22.6% |
| 2019 | 34.8% | 35.9% | 37.0% | 37.0% |
| 2018 | 28.1% | 30.8% | 33.4% | 33.4% |
| 2017 | 28.2% | 34.8% | 39.1% | 28.2% |
| 2016 | 40.4% | 40.4% | 40.5% | 40.5% |
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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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