HON Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
HON Payout Ratio by year
Yearly range of HON’s payout ratio from 2016 to 2026. Over the full period it ranged from 21.9% to 69.3%, averaging 45.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 35.5% | 36.0% | 36.4% | 36.4% |
| 2025 | 21.9% | 25.3% | 27.0% | 27.0% |
| 2024 | 23.6% | 30.3% | 47.5% | 25.8% |
| 2023 | 60.4% | 64.7% | 69.3% | 60.4% |
| 2022 | 52.7% | 58.4% | 66.2% | 56.2% |
| 2021 | 46.2% | 47.2% | 48.1% | 48.1% |
| 2020 | 39.6% | 43.7% | 47.3% | 45.8% |
| 2019 | 37.8% | 53.3% | 66.8% | 37.8% |
| 2018 | 35.3% | 48.4% | 63.2% | 63.2% |
| 2017 | 38.0% | 41.9% | 46.5% | 38.1% |
| 2016 | 51.0% | 51.2% | 51.4% | 51.0% |
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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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