SAP Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
SAP Payout Ratio by year
Yearly range of SAP’s payout ratio from 2016 to 2026. Over the full period it ranged from 31.6% to 74.6%, averaging 51.3%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 38.1% | 38.6% | 39.1% | 39.1% |
| 2025 | 36.7% | 45.9% | 51.5% | 36.7% |
| 2024 | 39.4% | 46.4% | 61.9% | 61.9% |
| 2023 | 46.7% | 52.9% | 67.2% | 47.4% |
| 2022 | 50.4% | 62.0% | 72.7% | 61.3% |
| 2021 | 31.6% | 40.1% | 47.0% | 47.0% |
| 2020 | 32.1% | 50.1% | 69.1% | 32.1% |
| 2019 | 63.0% | 68.2% | 74.6% | 74.6% |
| 2018 | 49.1% | 62.7% | 69.4% | 69.4% |
| 2017 | 40.2% | 41.9% | 43.5% | 43.5% |
| 2016 | 43.1% | 46.4% | 49.7% | 43.1% |
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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.
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.