NOC Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
NOC Payout Ratio by year
Yearly range of NOC’s payout ratio from 2016 to 2026. Over the full period it ranged from 24.0% to 232.0%, averaging 52.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 35.6% | 37.4% | 39.8% | 35.6% |
| 2025 | 38.8% | 67.0% | 93.5% | 38.8% |
| 2024 | 43.2% | 46.8% | 52.3% | 45.2% |
| 2023 | 47.5% | 60.5% | 89.3% | 52.8% |
| 2022 | 58.2% | 136.4% | 232.0% | 71.2% |
| 2021 | 24.4% | 36.6% | 45.9% | 45.9% |
| 2020 | 24.0% | 27.8% | 32.8% | 32.8% |
| 2019 | 28.5% | 33.1% | 42.6% | 28.5% |
| 2018 | 31.0% | 36.3% | 40.0% | 31.0% |
| 2017 | 39.7% | 41.7% | 44.6% | 40.3% |
| 2016 | 32.3% | 32.3% | 32.3% | 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.
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