FNV Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
FNV Payout Ratio by year
Yearly range of FNV’s payout ratio from 2017 to 2026. Over the full period it ranged from 25.0% to 1,064.5%, averaging 123.6%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 35.6% | 35.6% | 35.6% | 35.6% |
| 2025 | 165.0% | 165.0% | 165.0% | 165.0% |
| 2024 | 56.3% | 65.0% | 71.5% | 65.8% |
| 2023 | 34.2% | 48.5% | 60.7% | 55.7% |
| 2022 | 25.0% | 34.7% | 59.9% | 28.6% |
| 2021 | 54.3% | 220.4% | 492.9% | 113.9% |
| 2020 | 34.6% | 53.1% | 76.4% | 40.0% |
| 2019 | 108.7% | 586.6% | 1,064.5% | 108.7% |
| 2017 | 90.2% | 125.2% | 160.2% | 160.2% |
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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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