F Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
F Payout Ratio by year
Yearly range of F’s payout ratio from 2016 to 2026. Over the full period it ranged from 3.2% to 139.7%, averaging 37.5%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 25.6% | 29.2% | 32.9% | 32.9% |
| 2025 | 23.9% | 27.8% | 32.3% | 23.9% |
| 2024 | 46.5% | 54.6% | 63.4% | 46.5% |
| 2023 | 75.4% | 100.2% | 139.7% | 75.4% |
| 2022 | 20.1% | 36.4% | 68.7% | 68.7% |
| 2021 | 4.2% | 4.2% | 4.2% | 4.2% |
| 2020 | 3.2% | 17.7% | 40.7% | 3.2% |
| 2019 | 24.0% | 27.8% | 32.4% | 24.0% |
| 2018 | 28.7% | 33.3% | 40.3% | 40.3% |
| 2017 | 16.8% | 22.1% | 24.2% | 23.5% |
| 2016 | 22.1% | 22.4% | 22.8% | 22.1% |
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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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