GSK Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
GSK Payout Ratio by year
Yearly range of GSK’s payout ratio from 2016 to 2026. Over the full period it ranged from 39.0% to 206.8%, averaging 72.9%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 52.4% | 55.2% | 58.0% | 52.4% |
| 2025 | 55.7% | 66.6% | 82.8% | 55.7% |
| 2024 | 46.8% | 56.8% | 79.6% | 79.6% |
| 2023 | 56.8% | 85.8% | 107.6% | 56.8% |
| 2022 | 39.0% | 47.8% | 62.0% | 62.0% |
| 2021 | 55.6% | 65.7% | 86.1% | 55.6% |
| 2020 | 53.1% | 62.3% | 70.3% | 58.1% |
| 2019 | 62.1% | 66.1% | 70.7% | 70.7% |
| 2018 | 64.9% | 81.0% | 93.5% | 64.9% |
| 2017 | 82.5% | 84.5% | 85.7% | 85.6% |
| 2016 | 131.3% | 169.0% | 206.8% | 131.3% |
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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.
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.