NOK Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
NOK Payout Ratio by year
Yearly range of NOK’s payout ratio from 2017 to 2026. Over the full period it ranged from 9.3% to 982.9%, averaging 122.4%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 67.2% | 122.3% | 177.4% | 177.4% |
| 2025 | 40.7% | 53.9% | 66.0% | 58.9% |
| 2024 | 20.6% | 32.5% | 41.9% | 37.4% |
| 2023 | 105.8% | 407.6% | 982.9% | 105.8% |
| 2022 | 9.3% | 25.4% | 39.6% | 39.6% |
| 2020 | 15.0% | 47.4% | 79.8% | 15.0% |
| 2018 | 72.0% | 237.3% | 402.5% | 402.5% |
| 2017 | 87.1% | 117.5% | 147.9% | 87.1% |
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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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