MMM Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
MMM Payout Ratio by year
Yearly range of MMM’s payout ratio from 2016 to 2026. Over the full period it ranged from 40.0% to 292.9%, averaging 68.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 40.0% | 58.4% | 76.8% | 40.0% |
| 2025 | 98.7% | 105.7% | 112.7% | 112.7% |
| 2024 | 58.0% | 174.7% | 292.9% | 287.9% |
| 2023 | 55.0% | 60.7% | 68.1% | 55.0% |
| 2022 | 56.3% | 66.8% | 73.2% | 71.7% |
| 2021 | 40.6% | 43.8% | 49.1% | 49.1% |
| 2020 | 43.4% | 46.7% | 50.3% | 43.4% |
| 2019 | 47.8% | 50.8% | 52.3% | 52.2% |
| 2018 | 55.4% | 59.2% | 62.5% | 55.4% |
| 2017 | 43.6% | 46.1% | 49.5% | 49.5% |
| 2016 | 42.0% | 42.7% | 43.5% | 43.5% |
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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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