SON Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
SON Payout Ratio by year
Yearly range of SON’s payout ratio from 2016 to 2026. Over the full period it ranged from 32.6% to 416.7%, averaging 91.3%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 52.6% | 66.1% | 79.5% | 52.6% |
| 2025 | 53.5% | 153.1% | 343.9% | 53.5% |
| 2024 | 34.6% | 47.9% | 63.1% | 46.6% |
| 2023 | 38.5% | 53.7% | 74.0% | 38.5% |
| 2022 | 105.4% | 210.6% | 288.1% | 105.4% |
| 2021 | 32.6% | 150.9% | 416.7% | 416.7% |
| 2020 | 34.1% | 44.4% | 73.7% | 34.9% |
| 2019 | 42.7% | 75.0% | 96.2% | 74.0% |
| 2018 | 38.8% | 50.1% | 68.1% | 38.8% |
| 2017 | 68.8% | 94.1% | 110.2% | 94.4% |
| 2016 | 50.6% | 60.1% | 69.7% | 69.7% |
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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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