LMT Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
LMT Payout Ratio by year
Yearly range of LMT’s payout ratio from 2016 to 2026. Over the full period it ranged from 34.7% to 207.2%, averaging 55.9%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 36.1% | 45.6% | 55.1% | 36.1% |
| 2025 | 44.8% | 66.1% | 91.8% | 44.8% |
| 2024 | 42.9% | 48.5% | 57.2% | 57.2% |
| 2023 | 47.4% | 49.2% | 51.7% | 48.0% |
| 2022 | 34.7% | 40.4% | 48.0% | 48.0% |
| 2021 | 37.8% | 49.7% | 57.1% | 37.8% |
| 2020 | 38.3% | 41.3% | 43.6% | 42.9% |
| 2019 | 37.1% | 54.7% | 84.6% | 43.8% |
| 2018 | 52.1% | 117.7% | 207.2% | 125.9% |
| 2017 | 40.2% | 46.2% | 50.1% | 40.2% |
| 2016 | 41.9% | 45.2% | 48.4% | 48.4% |
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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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