TT Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
TT Payout Ratio by year
Yearly range of TT’s payout ratio from 2016 to 2026. Over the full period it ranged from 17.0% to 76.0%, averaging 34.1%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 23.7% | 25.5% | 27.3% | 23.7% |
| 2025 | 27.7% | 29.5% | 32.2% | 29.6% |
| 2024 | 26.2% | 28.4% | 30.6% | 27.6% |
| 2023 | 33.0% | 39.2% | 45.4% | 33.0% |
| 2022 | 51.4% | 65.7% | 76.0% | 51.4% |
| 2021 | 25.4% | 32.5% | 41.6% | 41.6% |
| 2020 | 30.2% | 35.1% | 40.2% | 40.2% |
| 2019 | 24.0% | 32.3% | 37.0% | 24.0% |
| 2018 | 27.2% | 30.6% | 36.1% | 36.1% |
| 2017 | 22.7% | 25.7% | 30.8% | 25.7% |
| 2016 | 17.0% | 19.0% | 21.0% | 21.0% |
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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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