M Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
M Payout Ratio by year
Yearly range of M’s payout ratio from 2016 to 2026. Over the full period it ranged from 4.3% to 127.4%, averaging 52.6%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 13.4% | 15.4% | 19.1% | 13.6% |
| 2025 | 18.2% | 33.7% | 53.5% | 18.2% |
| 2024 | 46.7% | 63.2% | 86.3% | 86.3% |
| 2023 | 54.8% | 79.6% | 124.8% | 81.0% |
| 2022 | 4.3% | 10.6% | 15.5% | 14.9% |
| 2021 | 6.0% | 35.7% | 65.3% | 6.0% |
| 2020 | 24.8% | 88.4% | 115.2% | 24.8% |
| 2019 | 58.7% | 97.9% | 127.4% | 114.3% |
| 2018 | 37.1% | 40.0% | 43.0% | 43.0% |
| 2017 | 39.7% | 45.7% | 51.7% | 42.0% |
| 2016 | 43.2% | 43.2% | 43.2% | 43.2% |
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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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