ET Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
ET Payout Ratio by year
Yearly range of ET’s payout ratio from 2018 to 2026. Over the full period it ranged from 20.3% to 2,882.9%, averaging 206.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 88.6% | 107.0% | 125.4% | 88.6% |
| 2025 | 73.2% | 92.0% | 124.8% | 124.8% |
| 2024 | 59.9% | 62.1% | 63.9% | 59.9% |
| 2023 | 47.6% | 56.0% | 63.4% | 63.4% |
| 2022 | 35.6% | 39.3% | 47.6% | 47.6% |
| 2021 | 20.3% | 26.3% | 37.6% | 20.7% |
| 2020 | 121.3% | 188.8% | 251.6% | 121.3% |
| 2019 | 158.4% | 358.3% | 885.6% | 158.4% |
| 2018 | 2,882.9% | 2,882.9% | 2,882.9% | 2,882.9% |
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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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