VALE Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
VALE Payout Ratio by year
Yearly range of VALE’s payout ratio from 2016 to 2026. Over the full period it ranged from 4.6% to 327.3%, averaging 74.8%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 112.3% | 120.9% | 129.5% | 112.3% |
| 2025 | 117.9% | 205.5% | 327.3% | 192.7% |
| 2024 | 88.6% | 115.7% | 152.0% | 152.0% |
| 2023 | 69.3% | 76.6% | 88.3% | 73.9% |
| 2022 | 80.9% | 96.2% | 109.5% | 109.5% |
| 2021 | 38.3% | 50.0% | 67.4% | 67.4% |
| 2020 | 22.1% | 35.9% | 64.5% | 22.1% |
| 2019 | 20.6% | 21.4% | 21.9% | 21.7% |
| 2018 | 17.6% | 29.8% | 38.9% | 29.3% |
| 2017 | 4.6% | 20.6% | 26.3% | 26.3% |
| 2016 | 14.0% | 14.0% | 14.0% | 14.0% |
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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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