TBB Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
TBB Payout Ratio by year
Yearly range of TBB’s payout ratio from 2018 to 2026. Over the full period it ranged from 12.2% to 82.5%, averaging 45.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 52.6% | 53.4% | 54.2% | 52.6% |
| 2025 | 48.0% | 49.1% | 49.6% | 49.4% |
| 2024 | 43.9% | 47.4% | 52.1% | 52.1% |
| 2023 | 47.0% | 55.5% | 73.6% | 47.0% |
| 2022 | 49.3% | 69.3% | 82.5% | 82.5% |
| 2021 | 34.0% | 36.4% | 39.1% | 37.9% |
| 2020 | 34.3% | 35.4% | 36.9% | 35.0% |
| 2019 | 33.4% | 34.7% | 38.1% | 33.6% |
| 2018 | 12.2% | 29.5% | 42.9% | 42.9% |
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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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