JNJ Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
JNJ Payout Ratio by year
Yearly range of JNJ’s payout ratio from 2016 to 2026. Over the full period it ranged from 48.4% to 82.7%, averaging 58.8%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 68.3% | 69.9% | 71.4% | 68.3% |
| 2025 | 63.6% | 66.7% | 74.0% | 63.6% |
| 2024 | 57.4% | 61.4% | 66.0% | 66.0% |
| 2023 | 62.6% | 73.3% | 82.7% | 62.6% |
| 2022 | 57.3% | 62.4% | 69.0% | 69.0% |
| 2021 | 48.4% | 51.5% | 56.6% | 56.6% |
| 2020 | 51.4% | 55.0% | 59.0% | 52.6% |
| 2019 | 50.1% | 51.6% | 53.5% | 50.3% |
| 2018 | 50.0% | 50.9% | 52.0% | 52.0% |
| 2017 | 48.6% | 50.4% | 52.6% | 50.1% |
| 2016 | 56.0% | 59.5% | 63.0% | 56.0% |
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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.
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.