WMB Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
WMB Payout Ratio by year
Yearly range of WMB’s payout ratio from 2016 to 2026. Over the full period it ranged from 58.5% to 5,488.9%, averaging 288.0%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 343.0% | 343.0% | 343.0% | 343.0% |
| 2025 | 115.9% | 164.8% | 271.9% | 271.9% |
| 2024 | 71.7% | 80.3% | 101.3% | 101.3% |
| 2023 | 64.9% | 74.8% | 81.4% | 64.9% |
| 2022 | 67.5% | 71.8% | 79.8% | 79.8% |
| 2021 | 74.0% | 80.0% | 89.6% | 74.0% |
| 2020 | 87.7% | 98.4% | 111.7% | 87.7% |
| 2019 | 119.4% | 164.9% | 264.2% | 119.4% |
| 2018 | 5,488.9% | 5,488.9% | 5,488.9% | 5,488.9% |
| 2017 | 58.5% | 267.1% | 858.2% | 858.2% |
| 2016 | 78.2% | 263.6% | 449.0% | 78.2% |
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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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