TDG Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
TDG Payout Ratio by year
Yearly range of TDG’s payout ratio from 2016 to 2026. Over the full period it ranged from 100.7% to 527.9%, averaging 211.4%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 270.4% | 276.8% | 283.1% | 270.4% |
| 2025 | 228.6% | 316.2% | 527.9% | 278.9% |
| 2024 | 108.0% | 142.6% | 219.7% | 219.7% |
| 2023 | 100.7% | 115.4% | 135.5% | 135.5% |
| 2022 | 114.7% | 120.7% | 126.8% | 114.7% |
| 2020 | 168.1% | 273.5% | 342.2% | 168.1% |
| 2019 | 184.7% | 269.3% | 353.9% | 353.9% |
| 2018 | 142.4% | 148.8% | 155.2% | 142.4% |
| 2017 | 154.6% | 218.8% | 351.2% | 154.6% |
| 2016 | 201.0% | 201.0% | 201.0% | 201.0% |
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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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