NTAP Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
NTAP Payout Ratio by year
Yearly range of NTAP’s payout ratio from 2016 to 2026. Over the full period it ranged from 16.4% to 50.4%, averaging 33.8%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 22.1% | 24.0% | 25.9% | 22.1% |
| 2025 | 25.1% | 29.1% | 33.9% | 25.1% |
| 2024 | 27.7% | 31.4% | 36.4% | 31.2% |
| 2023 | 40.4% | 43.6% | 50.0% | 41.0% |
| 2022 | 39.0% | 44.7% | 49.2% | 49.2% |
| 2021 | 34.4% | 38.2% | 43.2% | 34.4% |
| 2020 | 40.7% | 45.4% | 50.4% | 40.7% |
| 2019 | 28.6% | 35.0% | 42.7% | 42.7% |
| 2018 | 16.4% | 19.8% | 26.0% | 26.0% |
| 2017 | 21.1% | 24.9% | 26.5% | 21.1% |
| 2016 | 22.9% | 22.9% | 22.9% | 22.9% |
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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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