PAA Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
PAA Payout Ratio by year
Yearly range of PAA’s payout ratio from 2017 to 2026. Over the full period it ranged from 24.0% to 277.3%, averaging 70.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 47.4% | 49.5% | 51.6% | 47.4% |
| 2025 | 44.2% | 45.9% | 46.8% | 46.8% |
| 2024 | 38.4% | 44.5% | 49.9% | 46.2% |
| 2023 | 27.6% | 34.6% | 47.6% | 34.6% |
| 2022 | 24.0% | 31.5% | 42.1% | 29.8% |
| 2021 | 30.8% | 45.5% | 63.0% | 30.8% |
| 2020 | 70.6% | 83.1% | 91.5% | 84.2% |
| 2019 | 61.3% | 67.4% | 76.0% | 76.0% |
| 2018 | 98.4% | 135.3% | 215.5% | 98.4% |
| 2017 | 96.0% | 182.2% | 277.3% | 96.0% |
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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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