HPQ Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
HPQ Payout Ratio by year
Yearly range of HPQ’s payout ratio from 2016 to 2026. Over the full period it ranged from 14.4% to 48.5%, averaging 29.4%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 28.4% | 31.7% | 37.8% | 28.4% |
| 2025 | 32.7% | 37.7% | 40.6% | 39.2% |
| 2024 | 30.7% | 33.4% | 34.5% | 34.5% |
| 2023 | 35.6% | 41.3% | 48.5% | 35.6% |
| 2022 | 14.4% | 20.0% | 26.7% | 26.7% |
| 2021 | 15.2% | 19.2% | 26.4% | 15.2% |
| 2020 | 21.8% | 30.3% | 41.4% | 25.6% |
| 2019 | 21.4% | 23.7% | 25.6% | 23.9% |
| 2018 | 22.2% | 23.5% | 25.8% | 22.4% |
| 2017 | 26.7% | 31.4% | 42.2% | 27.3% |
| 2016 | 38.3% | 38.3% | 38.3% | 38.3% |
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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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