GWW Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
GWW Payout Ratio by year
Yearly range of GWW’s payout ratio from 2016 to 2026. Over the full period it ranged from 20.4% to 48.5%, averaging 33.8%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 29.0% | 30.1% | 31.1% | 29.0% |
| 2025 | 25.6% | 29.9% | 33.7% | 31.6% |
| 2024 | 20.4% | 21.8% | 24.8% | 24.8% |
| 2023 | 22.9% | 26.1% | 30.3% | 22.9% |
| 2022 | 31.9% | 40.5% | 48.5% | 31.9% |
| 2021 | 33.3% | 39.0% | 48.4% | 48.4% |
| 2020 | 32.7% | 35.0% | 37.1% | 34.4% |
| 2019 | 34.4% | 36.3% | 37.7% | 37.4% |
| 2018 | 33.8% | 34.8% | 36.1% | 36.1% |
| 2017 | 35.2% | 37.7% | 40.2% | 35.2% |
| 2016 | 40.0% | 43.6% | 47.2% | 40.0% |
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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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