LIN Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
LIN Payout Ratio by year
Yearly range of LIN’s payout ratio from 2016 to 2026. Over the full period it ranged from 32.8% to 128.0%, averaging 56.4%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 55.8% | 56.9% | 57.9% | 57.9% |
| 2025 | 54.0% | 54.7% | 55.3% | 55.3% |
| 2024 | 47.4% | 51.9% | 54.1% | 54.1% |
| 2023 | 43.8% | 45.4% | 48.1% | 45.1% |
| 2022 | 32.8% | 35.1% | 40.9% | 40.9% |
| 2021 | 33.0% | 39.3% | 43.1% | 33.0% |
| 2020 | 50.6% | 56.7% | 69.5% | 50.6% |
| 2019 | 75.5% | 102.3% | 128.0% | 75.5% |
| 2018 | 52.9% | 61.0% | 83.9% | 83.9% |
| 2017 | 52.9% | 57.5% | 59.6% | 52.9% |
| 2016 | 61.3% | 63.6% | 66.0% | 66.0% |
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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.
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