TRI Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
TRI Payout Ratio by year
Yearly range of TRI’s payout ratio from 2016 to 2026. Over the full period it ranged from 29.6% to 699.8%, averaging 105.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 51.3% | 64.7% | 78.1% | 78.1% |
| 2025 | 52.1% | 54.5% | 57.6% | 52.1% |
| 2024 | 46.8% | 75.2% | 153.3% | 53.1% |
| 2023 | 64.3% | 147.1% | 188.7% | 166.3% |
| 2022 | 64.5% | 73.6% | 80.5% | 64.5% |
| 2021 | 29.6% | 30.8% | 33.5% | 33.5% |
| 2020 | 58.0% | 102.6% | 174.0% | 58.0% |
| 2019 | 283.5% | 441.7% | 699.8% | 341.6% |
| 2018 | 37.7% | 85.7% | 225.3% | 225.3% |
| 2017 | 55.0% | 60.6% | 68.5% | 58.6% |
| 2016 | 42.2% | 42.2% | 42.2% | 42.2% |
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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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