LNC Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
LNC Payout Ratio by year
Yearly range of LNC’s payout ratio from 2016 to 2026. Over the full period it ranged from 8.4% to 204.0%, averaging 43.8%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 145.4% | 145.4% | 145.4% | 145.4% |
| 2025 | 34.7% | 34.7% | 34.7% | 34.7% |
| 2023 | 12.7% | 37.8% | 71.0% | 71.0% |
| 2022 | 8.4% | 13.1% | 23.4% | 8.4% |
| 2021 | 103.7% | 153.9% | 204.0% | 204.0% |
| 2020 | 35.2% | 51.1% | 59.9% | 58.1% |
| 2019 | 59.3% | 59.3% | 59.3% | 59.3% |
| 2018 | 14.6% | 23.2% | 32.6% | 14.6% |
| 2017 | 20.8% | 25.4% | 32.7% | 32.7% |
| 2016 | 15.5% | 16.8% | 18.1% | 18.1% |
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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.
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.