WES Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
WES Payout Ratio by year
Yearly range of WES’s payout ratio from 2016 to 2026. Over the full period it ranged from 35.4% to 1,078.7%, averaging 150.5%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 65.0% | 85.7% | 106.4% | 65.0% |
| 2025 | 90.8% | 93.6% | 97.0% | 97.0% |
| 2024 | 88.9% | 93.7% | 99.6% | 94.8% |
| 2023 | 67.0% | 86.0% | 102.6% | 102.6% |
| 2022 | 35.7% | 44.9% | 58.2% | 58.2% |
| 2021 | 35.4% | 38.5% | 42.7% | 35.4% |
| 2020 | 52.8% | 148.6% | 275.0% | 52.8% |
| 2019 | 820.5% | 949.6% | 1,078.7% | 820.5% |
| 2018 | 483.7% | 483.7% | 483.7% | 483.7% |
| 2017 | 85.8% | 123.5% | 198.7% | 198.7% |
| 2016 | 86.4% | 98.8% | 111.3% | 86.4% |
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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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