HST Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
HST Payout Ratio by year
Yearly range of HST’s payout ratio from 2016 to 2026. Over the full period it ranged from 11.7% to 114.4%, averaging 70.9%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 71.4% | 92.9% | 114.4% | 114.4% |
| 2025 | 76.5% | 87.2% | 103.4% | 76.5% |
| 2024 | 74.2% | 78.6% | 82.1% | 74.2% |
| 2023 | 47.4% | 61.0% | 80.1% | 80.1% |
| 2022 | 11.7% | 21.9% | 41.7% | 41.7% |
| 2020 | 96.9% | 96.9% | 96.9% | 96.9% |
| 2019 | 79.7% | 83.9% | 88.1% | 88.1% |
| 2018 | 65.7% | 69.4% | 76.3% | 76.3% |
| 2017 | 66.0% | 68.1% | 74.5% | 66.0% |
| 2016 | 83.4% | 88.3% | 93.2% | 83.4% |
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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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