GD Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
GD Payout Ratio by year
Yearly range of GD’s payout ratio from 2016 to 2026. Over the full period it ranged from 24.9% to 72.0%, averaging 44.3%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 26.2% | 26.4% | 26.5% | 26.2% |
| 2025 | 33.0% | 39.5% | 46.2% | 41.0% |
| 2024 | 48.3% | 63.7% | 70.7% | 48.3% |
| 2023 | 34.9% | 41.5% | 47.4% | 37.8% |
| 2022 | 24.9% | 30.6% | 39.8% | 39.8% |
| 2021 | 29.8% | 34.0% | 38.7% | 38.7% |
| 2020 | 42.9% | 47.4% | 55.8% | 42.9% |
| 2019 | 52.0% | 60.8% | 70.1% | 58.2% |
| 2018 | 39.7% | 42.2% | 43.8% | 43.8% |
| 2017 | 28.7% | 39.5% | 49.1% | 28.7% |
| 2016 | 50.7% | 61.4% | 72.0% | 50.7% |
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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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