OKE Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
OKE Payout Ratio by year
Yearly range of OKE’s payout ratio from 2016 to 2026. Over the full period it ranged from 53.9% to 2,961.5%, averaging 201.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 91.3% | 104.3% | 117.2% | 91.3% |
| 2025 | 80.1% | 90.5% | 106.3% | 106.3% |
| 2024 | 81.0% | 93.1% | 114.1% | 81.0% |
| 2023 | 65.8% | 71.2% | 79.1% | 79.1% |
| 2022 | 91.7% | 95.7% | 98.8% | 98.6% |
| 2021 | 90.5% | 154.3% | 284.6% | 90.5% |
| 2018 | 135.0% | 897.2% | 2,961.5% | 2,961.5% |
| 2017 | 53.9% | 91.1% | 138.8% | 138.8% |
| 2016 | 72.1% | 72.1% | 72.1% | 72.1% |
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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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