PM Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
PM Payout Ratio by year
Yearly range of PM’s payout ratio from 2016 to 2026. Over the full period it ranged from 62.3% to 106.5%, averaging 84.0%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 72.2% | 78.3% | 84.4% | 72.2% |
| 2025 | 62.3% | 80.0% | 93.6% | 82.4% |
| 2024 | 76.6% | 81.9% | 89.9% | 76.6% |
| 2023 | 101.3% | 103.8% | 106.5% | 101.3% |
| 2022 | 64.8% | 71.2% | 80.4% | 80.4% |
| 2021 | 68.0% | 75.1% | 87.3% | 68.0% |
| 2020 | 78.2% | 82.6% | 93.7% | 80.2% |
| 2019 | 77.9% | 86.9% | 93.1% | 77.9% |
| 2018 | 80.0% | 83.5% | 86.8% | 86.8% |
| 2017 | 80.2% | 88.8% | 97.1% | 89.1% |
| 2016 | 92.5% | 93.4% | 94.3% | 92.5% |
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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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