TRGP Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
TRGP Payout Ratio by year
Yearly range of TRGP’s payout ratio from 2016 to 2026. Over the full period it ranged from 5.2% to 1,195.8%, averaging 135.4%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 123.3% | 225.8% | 328.4% | 123.3% |
| 2025 | 102.6% | 130.9% | 165.2% | 138.0% |
| 2024 | 89.0% | 127.6% | 171.6% | 89.0% |
| 2023 | 26.8% | 45.2% | 63.0% | 49.8% |
| 2022 | 8.6% | 17.9% | 30.8% | 30.8% |
| 2021 | 5.2% | 6.4% | 8.7% | 6.1% |
| 2020 | 41.9% | 94.8% | 147.7% | 41.9% |
| 2017 | 175.2% | 685.5% | 1,195.8% | 1,195.8% |
| 2016 | 222.8% | 233.5% | 244.2% | 244.2% |
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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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