PPG Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
PPG Payout Ratio by year
Yearly range of PPG’s payout ratio from 2016 to 2026. Over the full period it ranged from 25.5% to 180.7%, averaging 53.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 45.2% | 48.3% | 51.4% | 45.2% |
| 2025 | 53.8% | 73.9% | 85.9% | 53.8% |
| 2024 | 38.5% | 54.9% | 89.7% | 89.7% |
| 2023 | 32.4% | 45.6% | 63.9% | 32.4% |
| 2022 | 69.1% | 134.4% | 180.7% | 128.7% |
| 2021 | 25.5% | 32.1% | 45.4% | 45.4% |
| 2020 | 27.4% | 29.9% | 31.3% | 27.4% |
| 2019 | 28.0% | 31.3% | 36.1% | 28.3% |
| 2018 | 42.2% | 47.7% | 54.1% | 42.2% |
| 2017 | 29.0% | 36.5% | 46.8% | 36.0% |
| 2016 | 35.7% | 40.1% | 44.6% | 44.6% |
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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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