SPG Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
SPG Payout Ratio by year
Yearly range of SPG’s payout ratio from 2016 to 2026. Over the full period it ranged from 56.7% to 107.0%, averaging 81.4%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 85.9% | 86.8% | 87.7% | 87.7% |
| 2025 | 86.2% | 87.5% | 88.6% | 86.2% |
| 2024 | 80.3% | 83.5% | 86.4% | 86.4% |
| 2023 | 73.4% | 76.5% | 79.5% | 77.4% |
| 2022 | 70.2% | 77.6% | 85.2% | 72.4% |
| 2021 | 56.7% | 62.8% | 71.2% | 61.8% |
| 2020 | 90.1% | 98.5% | 107.0% | 107.0% |
| 2019 | 83.2% | 84.9% | 87.0% | 87.0% |
| 2018 | 78.8% | 82.1% | 85.8% | 82.3% |
| 2017 | 75.8% | 77.0% | 77.7% | 77.7% |
| 2016 | 79.2% | 79.9% | 80.6% | 79.2% |
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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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