PLD Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
PLD Payout Ratio by year
Yearly range of PLD’s payout ratio from 2016 to 2026. Over the full period it ranged from 57.5% to 88.4%, averaging 70.4%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 76.0% | 77.4% | 78.7% | 76.0% |
| 2025 | 72.8% | 75.3% | 77.3% | 77.3% |
| 2024 | 74.3% | 80.6% | 88.4% | 80.1% |
| 2023 | 64.4% | 71.7% | 78.5% | 70.8% |
| 2022 | 72.6% | 77.0% | 79.9% | 79.9% |
| 2021 | 59.0% | 66.1% | 71.8% | 70.7% |
| 2020 | 63.4% | 67.1% | 70.7% | 64.2% |
| 2019 | 61.3% | 63.7% | 66.1% | 61.3% |
| 2018 | 62.1% | 65.0% | 72.1% | 62.8% |
| 2017 | 57.5% | 62.6% | 66.7% | 61.7% |
| 2016 | 69.8% | 72.4% | 74.9% | 69.8% |
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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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