MSI Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
MSI Payout Ratio by year
Yearly range of MSI’s payout ratio from 2016 to 2026. Over the full period it ranged from 23.7% to 67.0%, averaging 34.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 29.5% | 30.3% | 31.1% | 29.5% |
| 2025 | 29.3% | 30.2% | 31.0% | 29.3% |
| 2024 | 28.3% | 29.6% | 32.3% | 32.3% |
| 2023 | 33.1% | 37.1% | 41.0% | 34.7% |
| 2022 | 35.7% | 45.1% | 54.1% | 35.7% |
| 2021 | 29.5% | 31.2% | 32.2% | 31.9% |
| 2020 | 25.8% | 28.8% | 32.7% | 32.7% |
| 2019 | 23.7% | 25.8% | 27.9% | 26.3% |
| 2018 | 41.0% | 48.9% | 67.0% | 42.1% |
| 2017 | 27.9% | 32.2% | 38.2% | 27.9% |
| 2016 | 32.3% | 33.3% | 34.2% | 32.3% |
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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.