TRV Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
TRV Payout Ratio by year
Yearly range of TRV’s payout ratio from 2016 to 2026. Over the full period it ranged from 8.4% to 21.2%, averaging 14.2%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 8.4% | 8.6% | 8.8% | 8.8% |
| 2025 | 9.2% | 10.0% | 10.8% | 9.2% |
| 2024 | 10.4% | 10.9% | 11.4% | 10.6% |
| 2023 | 11.8% | 13.1% | 14.0% | 11.8% |
| 2022 | 11.7% | 12.6% | 13.4% | 13.4% |
| 2021 | 11.6% | 11.9% | 12.2% | 11.8% |
| 2020 | 13.2% | 14.5% | 16.2% | 13.2% |
| 2019 | 16.1% | 17.6% | 18.4% | 16.1% |
| 2018 | 18.4% | 19.9% | 21.2% | 18.4% |
| 2017 | 16.4% | 17.6% | 19.4% | 19.4% |
| 2016 | 17.8% | 18.6% | 19.4% | 17.8% |
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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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