MPC Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
MPC Payout Ratio by year
Yearly range of MPC’s payout ratio from 2016 to 2026. Over the full period it ranged from 7.7% to 257.5%, averaging 42.9%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 8.8% | 14.3% | 19.8% | 8.8% |
| 2025 | 23.4% | 25.9% | 30.1% | 23.4% |
| 2024 | 11.9% | 15.7% | 20.6% | 17.7% |
| 2023 | 7.7% | 8.6% | 9.5% | 9.5% |
| 2022 | 8.4% | 14.2% | 27.8% | 8.4% |
| 2021 | 48.8% | 115.5% | 257.5% | 48.8% |
| 2020 | 60.4% | 136.8% | 213.1% | 213.1% |
| 2019 | 27.0% | 32.1% | 36.7% | 31.3% |
| 2018 | 20.1% | 32.0% | 50.2% | 50.2% |
| 2017 | 19.3% | 52.3% | 118.5% | 19.3% |
| 2016 | 65.6% | 70.4% | 75.3% | 65.6% |
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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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