KSS Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
KSS Payout Ratio by year
Yearly range of KSS’s payout ratio from 2017 to 2026. Over the full period it ranged from 2.9% to 159.6%, averaging 33.9%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 4.8% | 5.2% | 6.0% | 6.0% |
| 2025 | 9.9% | 78.4% | 159.6% | 9.9% |
| 2024 | 29.4% | 38.9% | 57.1% | 57.1% |
| 2023 | 44.6% | 47.5% | 50.5% | 44.6% |
| 2022 | 8.2% | 14.6% | 21.1% | 21.1% |
| 2021 | 2.9% | 5.9% | 10.9% | 6.5% |
| 2020 | 19.6% | 42.7% | 52.6% | 19.6% |
| 2019 | 26.0% | 36.1% | 44.2% | 44.2% |
| 2018 | 21.7% | 26.9% | 36.1% | 23.6% |
| 2017 | 25.4% | 32.5% | 41.5% | 35.2% |
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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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