MDT Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
MDT Payout Ratio by year
Yearly range of MDT’s payout ratio from 2017 to 2026. Over the full period it ranged from 41.7% to 174.4%, averaging 65.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 41.7% | 60.4% | 96.0% | 47.2% |
| 2025 | 43.3% | 81.9% | 174.4% | 174.4% |
| 2024 | 65.1% | 74.1% | 91.1% | 91.1% |
| 2023 | 79.2% | 84.2% | 90.2% | 90.2% |
| 2022 | 56.7% | 61.9% | 72.4% | 72.4% |
| 2021 | 54.9% | 60.7% | 66.8% | 56.8% |
| 2020 | 43.0% | 54.4% | 63.7% | 63.7% |
| 2019 | 44.6% | 48.4% | 54.5% | 44.6% |
| 2018 | 53.7% | 59.1% | 69.5% | 53.7% |
| 2017 | 42.2% | 48.2% | 56.2% | 56.2% |
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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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