SAN Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
SAN Payout Ratio by year
Yearly range of SAN’s payout ratio from 2016 to 2025. Over the full period it ranged from 2.9% to 980.6%, averaging 63.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2025 | 10.9% | 23.8% | 36.7% | 36.7% |
| 2023 | 18.7% | 27.9% | 41.0% | 19.5% |
| 2022 | 27.6% | 68.7% | 114.8% | 63.7% |
| 2021 | 2.9% | 5.6% | 7.6% | 5.0% |
| 2020 | 3.4% | 5.4% | 10.1% | 3.4% |
| 2019 | 980.6% | 980.6% | 980.6% | 980.6% |
| 2018 | 44.5% | 49.7% | 54.9% | 54.9% |
| 2017 | 10.8% | 15.1% | 20.4% | 17.8% |
| 2016 | 26.6% | 44.9% | 63.2% | 26.6% |
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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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