FUL Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
FUL Payout Ratio by year
Yearly range of FUL’s payout ratio from 2016 to 2026. Over the full period it ranged from 13.5% to 383.9%, averaging 38.0%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 35.9% | 36.5% | 37.2% | 37.2% |
| 2025 | 41.7% | 48.6% | 68.1% | 42.3% |
| 2024 | 15.2% | 20.5% | 30.3% | 30.3% |
| 2023 | 15.6% | 20.0% | 28.1% | 17.4% |
| 2022 | 32.3% | 163.4% | 383.9% | 32.3% |
| 2021 | 14.3% | 19.8% | 31.2% | 31.2% |
| 2020 | 14.0% | 15.1% | 15.8% | 14.0% |
| 2019 | 13.5% | 14.4% | 16.1% | 16.1% |
| 2018 | 17.3% | 42.9% | 80.5% | 17.3% |
| 2017 | 26.3% | 34.0% | 42.0% | 35.5% |
| 2016 | 21.3% | 21.3% | 21.3% | 21.3% |
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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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