RACE Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
RACE Payout Ratio by year
Yearly range of RACE’s payout ratio from 2016 to 2026. Over the full period it ranged from 14.2% to 72.1%, averaging 37.6%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 21.7% | 23.6% | 25.5% | 25.5% |
| 2025 | 22.7% | 34.6% | 41.1% | 22.7% |
| 2024 | 39.3% | 45.4% | 54.2% | 44.0% |
| 2023 | 39.7% | 46.0% | 54.2% | 42.4% |
| 2022 | 21.3% | 32.4% | 37.6% | 37.6% |
| 2021 | 19.5% | 27.0% | 42.6% | 23.2% |
| 2020 | 34.5% | 48.7% | 58.2% | 47.3% |
| 2019 | 30.2% | 36.3% | 41.4% | 30.2% |
| 2018 | 44.3% | 57.5% | 72.1% | 55.8% |
| 2017 | 14.2% | 26.1% | 47.6% | 47.6% |
| 2016 | 14.7% | 20.1% | 25.4% | 14.7% |
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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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