TGT Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
TGT Payout Ratio by year
Yearly range of TGT’s payout ratio from 2016 to 2026. Over the full period it ranged from 17.1% to 390.9%, averaging 60.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 29.9% | 55.4% | 70.2% | 29.9% |
| 2025 | 34.2% | 57.3% | 69.3% | 68.1% |
| 2024 | 29.0% | 37.2% | 52.9% | 33.7% |
| 2023 | 55.1% | 188.0% | 386.4% | 55.1% |
| 2022 | 29.9% | 164.9% | 390.9% | 390.9% |
| 2021 | 17.1% | 20.0% | 24.2% | 24.2% |
| 2020 | 18.2% | 24.6% | 32.5% | 18.2% |
| 2019 | 38.4% | 47.6% | 54.1% | 38.4% |
| 2018 | 30.6% | 39.6% | 49.2% | 49.2% |
| 2017 | 27.6% | 29.4% | 33.7% | 28.6% |
| 2016 | 37.7% | 37.7% | 37.7% | 37.7% |
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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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