ITW Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
ITW Payout Ratio by year
Yearly range of ITW’s payout ratio from 2016 to 2026. Over the full period it ranged from 41.4% to 92.6%, averaging 58.4%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 63.3% | 74.2% | 92.6% | 92.6% |
| 2025 | 61.1% | 63.7% | 66.7% | 66.7% |
| 2024 | 55.8% | 59.2% | 61.4% | 60.3% |
| 2023 | 52.9% | 60.0% | 68.5% | 52.9% |
| 2022 | 76.5% | 78.6% | 80.5% | 80.5% |
| 2021 | 55.8% | 61.9% | 65.8% | 65.8% |
| 2020 | 49.3% | 52.0% | 54.7% | 54.7% |
| 2019 | 48.8% | 49.4% | 50.1% | 50.1% |
| 2018 | 46.1% | 47.5% | 48.2% | 48.2% |
| 2017 | 43.5% | 45.6% | 47.0% | 46.5% |
| 2016 | 41.4% | 41.4% | 41.4% | 41.4% |
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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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