VOD Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
VOD Payout Ratio by year
Yearly range of VOD’s payout ratio from 2017 to 2026. Over the full period it ranged from 5.9% to 58.4%, averaging 18.4%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 6.6% | 6.6% | 6.6% | 6.6% |
| 2025 | 5.9% | 7.0% | 8.1% | 5.9% |
| 2024 | 10.6% | 10.8% | 10.9% | 10.6% |
| 2023 | 10.7% | 10.7% | 10.8% | 10.8% |
| 2022 | 11.7% | 12.2% | 12.7% | 11.7% |
| 2021 | 12.6% | 13.0% | 13.3% | 13.3% |
| 2020 | 13.6% | 13.8% | 14.1% | 13.6% |
| 2019 | 17.5% | 23.5% | 29.6% | 17.5% |
| 2018 | 28.0% | 28.7% | 29.4% | 29.4% |
| 2017 | 45.4% | 51.9% | 58.4% | 45.4% |
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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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