HESM Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
HESM Payout Ratio by year
Yearly range of HESM’s payout ratio from 2017 to 2026. Over the full period it ranged from 6.9% to 64.2%, averaging 25.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 56.1% | 57.4% | 58.7% | 56.1% |
| 2025 | 45.4% | 53.0% | 64.2% | 64.2% |
| 2024 | 28.7% | 34.8% | 43.3% | 43.3% |
| 2023 | 15.9% | 20.7% | 25.3% | 25.3% |
| 2022 | 10.7% | 14.1% | 15.5% | 15.5% |
| 2021 | 8.1% | 8.8% | 10.0% | 10.0% |
| 2020 | 9.3% | 11.7% | 12.8% | 9.3% |
| 2019 | 30.5% | 32.4% | 36.8% | 36.8% |
| 2018 | 16.0% | 22.8% | 28.8% | 28.8% |
| 2017 | 6.9% | 9.5% | 12.0% | 12.0% |
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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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