NVS Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
NVS Payout Ratio by year
Yearly range of NVS’s payout ratio from 2016 to 2026. Over the full period it ranged from 45.4% to 72.3%, averaging 58.6%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 55.5% | 56.4% | 57.4% | 57.4% |
| 2025 | 45.4% | 48.6% | 53.2% | 49.3% |
| 2024 | 46.4% | 51.8% | 58.8% | 46.4% |
| 2023 | 52.3% | 55.5% | 57.5% | 57.5% |
| 2022 | 61.2% | 63.9% | 65.3% | 61.2% |
| 2021 | 59.2% | 64.8% | 70.4% | 59.6% |
| 2020 | 57.1% | 61.6% | 64.7% | 63.7% |
| 2019 | 51.8% | 53.6% | 56.9% | 51.8% |
| 2018 | 56.1% | 59.2% | 62.2% | 56.1% |
| 2017 | 58.7% | 62.4% | 67.7% | 59.8% |
| 2016 | 71.0% | 71.7% | 72.3% | 72.3% |
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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.
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.