ETN Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
ETN Payout Ratio by year
Yearly range of ETN’s payout ratio from 2016 to 2026. Over the full period it ranged from 35.0% to 115.3%, averaging 52.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 35.0% | 36.0% | 37.0% | 37.0% |
| 2025 | 36.2% | 42.0% | 45.8% | 36.2% |
| 2024 | 42.3% | 45.9% | 48.0% | 42.3% |
| 2023 | 48.2% | 51.5% | 59.4% | 48.2% |
| 2022 | 67.0% | 88.3% | 115.3% | 67.0% |
| 2021 | 47.6% | 60.9% | 77.0% | 77.0% |
| 2020 | 44.0% | 45.2% | 46.6% | 45.9% |
| 2019 | 41.2% | 44.3% | 50.1% | 41.2% |
| 2018 | 52.7% | 54.7% | 57.6% | 54.5% |
| 2017 | 48.6% | 51.6% | 54.9% | 49.6% |
| 2016 | 47.0% | 48.4% | 49.8% | 49.8% |
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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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