TROW Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
TROW Payout Ratio by year
Yearly range of TROW’s payout ratio from 2016 to 2026. Over the full period it ranged from 33.1% to 3,987.1%, averaging 228.0%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 48.8% | 49.7% | 50.6% | 50.6% |
| 2025 | 53.8% | 68.0% | 79.6% | 53.8% |
| 2024 | 77.6% | 91.0% | 110.4% | 87.6% |
| 2023 | 71.2% | 97.5% | 120.0% | 120.0% |
| 2022 | 33.1% | 44.0% | 51.4% | 50.8% |
| 2021 | 45.8% | 60.3% | 86.3% | 51.7% |
| 2020 | 38.1% | 45.4% | 49.3% | 48.4% |
| 2019 | 45.7% | 49.5% | 54.8% | 54.8% |
| 2018 | 46.9% | 83.4% | 155.9% | 46.9% |
| 2017 | 313.3% | 665.1% | 1,312.3% | 1,312.3% |
| 2016 | 218.5% | 2,102.8% | 3,987.1% | 3,987.1% |
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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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