NLY Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
NLY Payout Ratio by year
Yearly range of NLY’s payout ratio from 2016 to 2025. Over the full period it ranged from 11.8% to 741.8%, averaging 89.9%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2025 | 87.7% | 211.3% | 330.3% | 87.7% |
| 2024 | 31.0% | 217.4% | 741.8% | 60.6% |
| 2023 | 66.0% | 78.3% | 94.8% | 66.0% |
| 2022 | 29.7% | 37.5% | 42.7% | 37.8% |
| 2021 | 46.1% | 46.9% | 47.7% | 47.7% |
| 2018 | 15.0% | 32.3% | 66.7% | 66.7% |
| 2017 | 11.8% | 18.5% | 25.1% | 20.0% |
| 2016 | 18.0% | 81.6% | 145.3% | 18.0% |
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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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