NSC Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
NSC Payout Ratio by year
Yearly range of NSC’s payout ratio from 2016 to 2026. Over the full period it ranged from 27.8% to 4,368.2%, averaging 168.6%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 31.7% | 31.8% | 31.8% | 31.7% |
| 2025 | 27.8% | 52.6% | 64.7% | 27.8% |
| 2024 | 4,368.2% | 4,368.2% | 4,368.2% | 4,368.2% |
| 2023 | 47.9% | 89.9% | 147.2% | 147.2% |
| 2022 | 40.1% | 44.4% | 50.3% | 50.3% |
| 2021 | 36.4% | 37.9% | 41.8% | 36.4% |
| 2020 | 44.7% | 46.9% | 50.2% | 44.7% |
| 2019 | 48.8% | 50.7% | 53.2% | 50.3% |
| 2018 | 40.9% | 44.0% | 46.9% | 46.8% |
| 2017 | 45.9% | 54.2% | 64.9% | 45.9% |
| 2016 | 60.4% | 61.9% | 63.3% | 60.4% |
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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.