TFC Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
TFC Payout Ratio by year
Yearly range of TFC’s payout ratio from 2016 to 2026. Over the full period it ranged from 18.6% to 128.2%, averaging 45.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 44.5% | 45.5% | 46.4% | 44.5% |
| 2025 | 46.6% | 63.7% | 70.6% | 46.6% |
| 2024 | 37.2% | 75.0% | 128.2% | 128.2% |
| 2023 | 25.3% | 28.5% | 32.1% | 32.1% |
| 2022 | 21.5% | 28.3% | 34.3% | 25.5% |
| 2021 | 33.5% | 57.4% | 105.2% | 33.5% |
| 2020 | 37.0% | 46.0% | 63.2% | 37.0% |
| 2019 | 37.7% | 58.2% | 113.8% | 113.8% |
| 2018 | 22.1% | 24.8% | 27.8% | 27.8% |
| 2017 | 18.6% | 24.2% | 29.4% | 21.6% |
| 2016 | 31.4% | 44.2% | 56.9% | 31.4% |
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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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