UNH Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
UNH Payout Ratio by year
Yearly range of UNH’s payout ratio from 2016 to 2026. Over the full period it ranged from 16.8% to 115.7%, averaging 31.7%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 34.3% | 37.0% | 40.9% | 35.8% |
| 2025 | 30.6% | 39.1% | 49.4% | 49.4% |
| 2024 | 36.6% | 68.7% | 115.7% | 36.6% |
| 2023 | 16.8% | 21.6% | 26.5% | 26.5% |
| 2022 | 18.8% | 25.3% | 28.8% | 25.9% |
| 2021 | 20.7% | 24.2% | 26.9% | 26.9% |
| 2020 | 21.2% | 23.1% | 25.7% | 23.1% |
| 2019 | 24.3% | 32.8% | 41.6% | 24.3% |
| 2018 | 20.2% | 26.2% | 37.7% | 24.8% |
| 2017 | 20.1% | 21.6% | 24.6% | 24.6% |
| 2016 | 28.5% | 28.5% | 28.5% | 28.5% |
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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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