HD Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
HD Payout Ratio by year
Yearly range of HD’s payout ratio from 2016 to 2026. Over the full period it ranged from 34.7% to 74.0%, averaging 51.0%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 61.1% | 65.9% | 72.5% | 61.1% |
| 2025 | 54.8% | 60.7% | 65.3% | 65.3% |
| 2024 | 46.3% | 49.4% | 52.8% | 52.8% |
| 2023 | 46.0% | 55.6% | 67.3% | 46.0% |
| 2022 | 49.2% | 63.2% | 74.0% | 74.0% |
| 2021 | 38.9% | 48.2% | 58.3% | 56.1% |
| 2020 | 34.7% | 42.9% | 53.0% | 34.7% |
| 2019 | 43.6% | 46.2% | 50.0% | 50.0% |
| 2018 | 41.0% | 44.0% | 45.3% | 45.1% |
| 2017 | 39.8% | 40.7% | 41.8% | 40.4% |
| 2016 | 39.1% | 39.1% | 39.1% | 39.1% |
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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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