NTR Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
NTR Payout Ratio by year
Yearly range of NTR’s payout ratio from 2018 to 2026. Over the full period it ranged from 17.5% to 262.0%, averaging 63.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 47.2% | 48.5% | 49.8% | 49.8% |
| 2025 | 47.7% | 70.8% | 120.4% | 53.1% |
| 2024 | 37.3% | 49.5% | 74.9% | 74.9% |
| 2023 | 20.8% | 31.6% | 44.7% | 44.7% |
| 2022 | 17.5% | 31.4% | 48.7% | 17.5% |
| 2021 | 45.6% | 58.1% | 87.7% | 51.9% |
| 2020 | 45.9% | 62.7% | 82.9% | 57.8% |
| 2019 | 60.9% | 126.5% | 262.0% | 60.9% |
| 2018 | 154.4% | 154.4% | 154.4% | 154.4% |
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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.
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