KMI Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
KMI Payout Ratio by year
Yearly range of KMI’s payout ratio from 2016 to 2026. Over the full period it ranged from 54.2% to 95.4%, averaging 75.3%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 81.8% | 82.3% | 82.8% | 82.8% |
| 2025 | 89.7% | 92.1% | 94.2% | 89.7% |
| 2024 | 62.9% | 68.7% | 84.0% | 84.0% |
| 2023 | 60.3% | 70.0% | 75.2% | 60.3% |
| 2022 | 69.8% | 72.2% | 74.8% | 74.1% |
| 2021 | 54.2% | 55.9% | 59.5% | 54.9% |
| 2020 | 77.1% | 80.0% | 82.6% | 82.6% |
| 2019 | 86.5% | 90.3% | 94.1% | 86.8% |
| 2018 | 75.7% | 82.1% | 95.4% | 76.9% |
| 2017 | 59.1% | 66.9% | 78.9% | 78.9% |
| 2016 | 58.5% | 58.5% | 58.5% | 58.5% |
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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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