PBR Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
PBR Payout Ratio by year
Yearly range of PBR’s payout ratio from 2018 to 2026. Over the full period it ranged from 1.2% to 109.1%, averaging 47.8%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 39.5% | 45.8% | 52.1% | 39.5% |
| 2025 | 48.0% | 66.1% | 83.6% | 48.0% |
| 2024 | 53.8% | 61.7% | 76.4% | 76.4% |
| 2023 | 59.2% | 85.8% | 109.1% | 59.2% |
| 2022 | 38.0% | 79.9% | 104.9% | 103.0% |
| 2021 | 2.7% | 18.0% | 40.8% | 40.8% |
| 2020 | 2.7% | 19.0% | 33.2% | 2.7% |
| 2019 | 6.5% | 28.2% | 89.0% | 89.0% |
| 2018 | 1.2% | 2.2% | 3.1% | 3.1% |
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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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