PCAR Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
PCAR Payout Ratio by year
Yearly range of PCAR’s payout ratio from 2016 to 2026. Over the full period it ranged from 21.3% to 396.7%, averaging 103.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 43.9% | 45.0% | 46.1% | 46.1% |
| 2025 | 21.3% | 29.8% | 47.3% | 47.3% |
| 2024 | 21.3% | 61.0% | 82.3% | 21.3% |
| 2023 | 49.8% | 66.2% | 76.2% | 76.1% |
| 2022 | 78.5% | 125.3% | 214.3% | 89.4% |
| 2021 | 44.3% | 142.9% | 262.9% | 178.7% |
| 2020 | 51.1% | 94.6% | 140.3% | 51.1% |
| 2019 | 107.1% | 121.4% | 139.8% | 139.8% |
| 2018 | 87.8% | 93.4% | 103.9% | 103.9% |
| 2017 | 72.6% | 186.1% | 396.7% | 89.0% |
| 2016 | 163.4% | 217.2% | 270.9% | 163.4% |
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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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