PG Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
PG Payout Ratio by year
Yearly range of PG’s payout ratio from 2016 to 2026. Over the full period it ranged from 50.2% to 77.6%, averaging 63.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 64.8% | 66.4% | 68.0% | 64.8% |
| 2025 | 65.6% | 68.1% | 71.2% | 68.2% |
| 2024 | 53.3% | 55.3% | 58.2% | 58.2% |
| 2023 | 57.6% | 65.2% | 74.1% | 57.6% |
| 2022 | 63.1% | 68.4% | 77.4% | 77.4% |
| 2021 | 50.2% | 54.4% | 58.1% | 58.1% |
| 2020 | 50.3% | 54.1% | 57.7% | 50.3% |
| 2019 | 60.0% | 61.7% | 63.9% | 60.0% |
| 2018 | 64.6% | 66.6% | 70.2% | 64.6% |
| 2017 | 71.8% | 75.2% | 77.6% | 71.8% |
| 2016 | 65.7% | 69.7% | 73.7% | 73.7% |
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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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