STWD Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
STWD Payout Ratio by year
Yearly range of STWD’s payout ratio from 2016 to 2026. Over the full period it ranged from 46.4% to 9,344.3%, averaging 559.3%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 133.9% | 147.2% | 160.5% | 160.5% |
| 2025 | 80.8% | 86.5% | 98.0% | 83.8% |
| 2024 | 104.7% | 132.1% | 182.5% | 104.7% |
| 2023 | 119.5% | 4,731.9% | 9,344.3% | 119.5% |
| 2022 | 209.4% | 266.8% | 324.1% | 324.1% |
| 2021 | 51.0% | 622.3% | 1,711.4% | 1,711.4% |
| 2020 | 46.4% | 94.2% | 224.0% | 53.2% |
| 2019 | 154.9% | 202.6% | 250.2% | 250.2% |
| 2018 | 99.7% | 314.4% | 529.1% | 99.7% |
| 2017 | 463.2% | 463.2% | 463.2% | 463.2% |
| 2016 | 192.9% | 192.9% | 192.9% | 192.9% |
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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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