PBR-A Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
PBR-A Payout Ratio by year
Yearly range of PBR-A’s payout ratio from 2018 to 2026. Over the full period it ranged from 0.0% to 175.0%, averaging 54.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 39.5% | 72.5% | 105.4% | 39.5% |
| 2025 | 48.3% | 61.9% | 70.4% | 48.3% |
| 2024 | 64.8% | 64.8% | 64.8% | 64.8% |
| 2023 | 62.1% | 88.4% | 111.9% | 62.1% |
| 2022 | 39.4% | 81.8% | 107.2% | 104.8% |
| 2021 | 0.0% | 17.3% | 42.3% | 42.3% |
| 2020 | 0.0% | 35.9% | 65.3% | 0.0% |
| 2019 | 22.0% | 62.8% | 175.0% | 175.0% |
| 2018 | 1.3% | 9.3% | 23.5% | 23.5% |
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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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