HAL Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
HAL Payout Ratio by year
Yearly range of HAL’s payout ratio from 2017 to 2026. Over the full period it ranged from 12.9% to 272.7%, averaging 45.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 33.0% | 33.5% | 34.0% | 33.0% |
| 2025 | 25.2% | 29.4% | 34.2% | 34.2% |
| 2024 | 24.3% | 24.6% | 24.8% | 24.8% |
| 2023 | 26.4% | 29.6% | 35.6% | 27.6% |
| 2022 | 29.7% | 38.6% | 47.0% | 35.5% |
| 2021 | 12.9% | 14.3% | 16.0% | 14.5% |
| 2020 | 24.2% | 30.7% | 44.9% | 24.2% |
| 2019 | 69.1% | 153.1% | 272.7% | 69.1% |
| 2018 | 35.2% | 45.1% | 55.6% | 55.6% |
| 2017 | 41.6% | 47.9% | 57.4% | 57.4% |
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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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