KMB Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
KMB Payout Ratio by year
Yearly range of KMB’s payout ratio from 2016 to 2026. Over the full period it ranged from 51.0% to 119.4%, averaging 71.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 65.4% | 65.8% | 66.1% | 66.1% |
| 2025 | 68.6% | 71.7% | 78.6% | 70.5% |
| 2024 | 56.2% | 59.8% | 64.9% | 64.9% |
| 2023 | 57.6% | 63.5% | 68.1% | 57.6% |
| 2022 | 84.4% | 87.2% | 93.8% | 84.6% |
| 2021 | 67.6% | 94.4% | 119.4% | 89.5% |
| 2020 | 51.0% | 60.7% | 76.2% | 58.1% |
| 2019 | 79.6% | 89.4% | 95.7% | 92.9% |
| 2018 | 60.6% | 63.3% | 66.4% | 66.4% |
| 2017 | 56.9% | 60.5% | 64.0% | 64.0% |
| 2016 | 53.8% | 57.0% | 60.2% | 53.8% |
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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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