PSA Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
PSA Payout Ratio by year
Yearly range of PSA’s payout ratio from 2016 to 2026. Over the full period it ranged from 57.0% to 145.8%, averaging 81.8%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 66.5% | 67.7% | 68.9% | 66.5% |
| 2025 | 67.7% | 71.6% | 75.6% | 68.4% |
| 2024 | 76.6% | 77.5% | 78.3% | 78.0% |
| 2023 | 70.6% | 109.1% | 145.8% | 75.7% |
| 2022 | 57.0% | 99.2% | 140.2% | 140.2% |
| 2021 | 62.0% | 67.6% | 72.1% | 62.0% |
| 2020 | 74.6% | 75.5% | 76.0% | 74.6% |
| 2019 | 74.3% | 75.9% | 78.0% | 74.3% |
| 2018 | 76.2% | 80.8% | 87.8% | 76.2% |
| 2017 | 82.9% | 88.2% | 92.0% | 92.0% |
| 2016 | 77.0% | 78.3% | 79.6% | 79.6% |
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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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