TDS Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
TDS Payout Ratio by year
Yearly range of TDS’s payout ratio from 2016 to 2025. Over the full period it ranged from 3.4% to 201.3%, averaging 49.5%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2025 | 3.4% | 6.1% | 9.6% | 9.6% |
| 2024 | 14.7% | 32.5% | 49.8% | 14.7% |
| 2023 | 20.5% | 54.9% | 96.4% | 20.5% |
| 2020 | 47.7% | 47.7% | 47.7% | 47.7% |
| 2019 | 29.9% | 65.5% | 129.8% | 129.8% |
| 2018 | 30.5% | 37.1% | 43.7% | 30.5% |
| 2017 | 43.3% | 66.1% | 97.2% | 76.3% |
| 2016 | 44.6% | 122.9% | 201.3% | 44.6% |
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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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