Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the FCF payout ratio high or low?
The FCF payout ratio of 15.74% is 76% below its 5-year average of 64.93%, near the low end of its 5-year range (6.44%–242.39%).
As of the fiscal period ended Tuesday, March 31, 2026. 25.77% below its 12-month average of 21.21%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
15.74%
FCF PAYOUT RATIO AVG TTM
21.21%
FCF PAYOUT RATIO AVG 3Y
52.02%
FCF PAYOUT RATIO AVG 5Y
55.08%
FCF PAYOUT RATIO AVG 10Y
34.52%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-25.77%
CURRENT VS 3Y AVG
-69.74%
CURRENT VS 5Y AVG
-71.41%
CURRENT VS 10Y AVG
-54.39%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
15.7%
Earnings Payout Ratio
12.0%
Dividend Yield
0.97%
FCF Yield
6.19%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $740.20M | $86.50M | 11.7% |
| 2024 | $296.60M | $273.10M | 92.1% |
| 2023 | $585.00M | $457.40M | 78.2% |
FCF Payout Ratio measures trailing dividends paid as a percentage of trailing free cash flow. Unlike earnings-based payout, it compares dividends with cash generated after capital expenditures.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | FCF PAYOUT RATIO |
|---|---|
| 2026-03-31 | 15.74% |
| 2025-12-31 | 11.69% |
| 2025-09-30 | 11.55% |
| 2025-06-30 | 12.59% |
| 2025-03-31 | 54.49% |
| 2024-12-31 | 92.08% |
| 2024-09-30 | 77.43% |
| 2024-06-30 | 31.79% |
| 2024-03-31 | 57.45% |
| 2023-12-31 | 78.19% |
| 2023-09-30 | 52.73% |
| 2023-06-30 | 81.31% |
| 2023-03-31 | 99.29% |
| 2022-12-31 | 89.86% |
| 2022-03-31 | 242.39% |
| 2021-12-31 | 86.78% |
| 2021-09-30 | 83.01% |
| 2021-06-30 | 48.96% |
| 2021-03-31 | 6.44% |
| 2020-12-31 | 7.66% |
| 2020-09-30 | 6.57% |
| 2020-06-30 | 11.75% |
| 2020-03-31 | 15.31% |
| 2019-12-31 | 11.36% |
| 2019-09-30 | 16.83% |
| 2019-06-30 | 13.10% |
| 2019-03-31 | 11.41% |
| 2018-12-31 | 12.00% |
| 2018-09-30 | 12.13% |
| 2018-06-30 | 19.35% |
| 2018-03-31 | 16.48% |
| 2017-12-31 | 11.91% |
| 2017-09-30 | 16.84% |
| 2017-06-30 | 29.44% |
| 2017-03-31 | 17.55% |
| 2016-12-31 | 25.22% |
| 2016-09-30 | 33.25% |
| 2016-06-30 | 16.95% |
| 2016-03-31 | 15.15% |
| 2015-12-31 | 13.43% |
| 2015-09-30 | 8.21% |
| 2015-06-30 | 8.77% |
| 2015-03-31 | 10.29% |
| 2014-12-31 | 29.80% |
| 2014-09-30 | 73.47% |
| 2014-06-30 | 38.30% |
| 2014-03-31 | 26.64% |
| 2013-12-31 | 9.60% |
| 2013-09-30 | 5.83% |
| 2013-06-30 | 3.49% |
| 2013-03-31 | 2.87% |
| 2022 |
| $449.90M |
| $404.30M |
| 89.9% |
| 2021 | $413.10M | $358.50M | 86.8% |
| 2020 | $626.60M | $48.00M | 7.7% |
| 2019 | $422.50M | $48.00M | 11.4% |
| 2018 | $392.60M | $47.10M | 12.0% |
| 2017 | $373.70M | $44.50M | 11.9% |
| 2016 | $168.50M | $42.50M | 25.2% |
| 2015 | $312.80M | $42.00M | 13.4% |
| 2014 | $136.90M | $40.80M | 29.8% |
| 2013 | $405.20M | $38.90M | 9.6% |
| 2012 | $325.90M | $0 | 0.0% |
| 2011 | $425.50M | $0 | 0.0% |
| 2010 | $271.60M | $0 | 0.0% |
| 2009 | $136.40M | $0 | 0.0% |
| 2008 | $40.00M | $0 | 0.0% |
| 2007 | $362.90M | $0 | 0.0% |
| 2006 | $313.10M | $0 | 0.0% |
| 2005 | $134.50M | $0 | 0.0% |
| 2004 | $187.50M | $0 | 0.0% |
| 2003 | $9.30M | $0 | 0.0% |
| 2002 | $18.30M | $0 | 0.0% |
| 2001 | $186.10M | $0.50M | 0.3% |
| 2000 | $106.70M | $2.50M | 2.3% |
| 1999 | $189.50M | $2.40M | 1.3% |
| 1998 | ($110.40M) | $2.40M | N/A (Loss) |
| 1997 | ($261.30M) | $2.50M | N/A (Loss) |
| 1996 | $161.50M | $2.20M | 1.4% |
Formula: FCF Payout Ratio TTM = trailing 4Q dividends paid / trailing 4Q free cash flow × 100
FCF payout and earnings payout:
Reading the series: Use the chart and table to compare dividend payments with cash generation over time.
