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 45.36% is 62% below its 5-year average of 120.87%, near the low end of its 5-year range (15.98%–777.67%).
As of the fiscal period ended Tuesday, June 30, 2026. 17.58% above its 12-month average of 38.57%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
45.36%
FCF PAYOUT RATIO AVG TTM
38.57%
FCF PAYOUT RATIO AVG 3Y
45.67%
FCF PAYOUT RATIO AVG 5Y
54.36%
FCF PAYOUT RATIO AVG 10Y
46.41%
FCF PAYOUT RATIO AVG 15Y
49.50%
FCF PAYOUT RATIO AVG 20Y
47.59%
CURRENT VS TTM AVG
+17.58%
CURRENT VS 3Y AVG
-0.69%
CURRENT VS 5Y AVG
-16.56%
CURRENT VS 10Y AVG
-2.27%
CURRENT VS 15Y AVG
-8.38%
CURRENT VS 20Y AVG
-4.69%
FCF Payout Ratio TTM
45.4%
Earnings Payout Ratio
51.4%
Dividend Yield
1.71%
FCF Yield
3.80%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $894.89M | $301.38M | 33.7% |
| 2024 | $486.43M | $294.77M | 60.6% |
| 2023 | $647.84M | $291.57M | 45.0% |
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 |
|---|---|
| 2026-06-30 | 45.36% |
| 2026-03-31 | 35.32% |
| 2025-12-31 | 33.68% |
| 2025-09-30 | 35.16% |
| 2025-06-30 | 43.36% |
| 2025-03-31 | 48.10% |
| 2024-12-31 | 64.10% |
| 2024-09-30 | 123.15% |
| 2024-06-30 | 87.22% |
| 2024-03-31 | 75.26% |
| 2023-12-31 | 43.37% |
| 2023-09-30 | 20.95% |
| 2023-06-30 | 16.19% |
| 2023-03-31 | 15.98% |
| 2022-12-31 | 18.75% |
| 2022-09-30 | 34.15% |
| 2022-06-30 | 197.51% |
| 2022-03-31 | 518.08% |
| 2021-09-30 | 183.99% |
| 2021-06-30 | 777.67% |
| 2021-03-31 | 63.44% |
| 2020-12-31 | 47.16% |
| 2020-09-30 | 56.74% |
| 2020-06-30 | 33.62% |
| 2020-03-31 | 49.13% |
| 2019-12-31 | 36.31% |
| 2019-09-30 | 33.78% |
| 2019-06-30 | 31.26% |
| 2019-03-31 | 34.25% |
| 2018-12-31 | 36.38% |
| 2018-09-30 | 41.37% |
| 2018-06-30 | 53.72% |
| 2018-03-31 | 60.00% |
| 2017-12-31 | 80.05% |
| 2017-09-30 | 81.22% |
| 2017-06-30 | 70.14% |
| 2017-03-31 | 57.56% |
| 2016-12-31 | 56.04% |
| 2016-09-30 | 46.61% |
| 2016-06-30 | 38.52% |
| 2016-03-31 | 36.35% |
| 2015-12-31 | 34.97% |
| 2015-09-30 | 36.02% |
| 2015-06-30 | 37.07% |
| 2015-03-31 | 38.19% |
| 2014-12-31 | 44.43% |
| 2014-09-30 | 48.88% |
| 2014-06-30 | 56.81% |
| 2014-03-31 | 58.49% |
| 2013-12-31 | 73.52% |
| 2013-09-30 | 84.58% |
| 2013-06-30 | 77.50% |
| 2013-03-31 | 99.61% |
| 2012-12-31 | 67.21% |
| 2012-09-30 | 62.12% |
| 2012-06-30 | 51.20% |
| 2012-03-31 | 50.50% |
| 2011-12-31 | 51.66% |
| 2011-09-30 | 40.53% |
| 2011-06-30 | 48.71% |
| 2011-03-31 | 48.77% |
| 2010-12-31 | 53.43% |
| 2010-09-30 | 69.77% |
| 2010-06-30 | 60.89% |
| 2010-03-31 | 57.02% |
| 2009-12-31 | 48.17% |
| 2009-09-30 | 33.42% |
| 2009-06-30 | 35.67% |
| 2009-03-31 | 33.87% |
| 2008-12-31 | 35.67% |
| 2008-09-30 | 52.37% |
| 2008-06-30 | 56.50% |
| 2008-03-31 | 55.07% |
| 2007-12-31 | 47.29% |
| 2007-09-30 | 46.74% |
| 2007-06-30 | 39.72% |
| 2007-03-31 | 33.69% |
| 2006-12-31 | 30.27% |
| 2006-09-30 | 30.57% |
| 2006-06-30 | 29.67% |
| 2006-03-31 | 25.41% |
| 2005-12-31 | 24.83% |
| 2005-09-30 | 22.01% |
| 2005-06-30 | 26.49% |
| 2005-03-31 | 32.25% |
| 2004-12-31 | 33.75% |
| 2004-09-30 | 53.54% |
| 2004-06-30 | 53.38% |
| 2004-03-31 | 32.91% |
| 2003-12-31 | 26.80% |
| 2003-09-30 | 22.81% |
| 2003-06-30 | 19.37% |
| 2022 |
| $1.52B |
| $285.32M |
| 18.8% |
| 2021 | $24.03M | $277.32M | n/m |
| 2020 | $445.18M | $209.96M | 47.2% |
| 2019 | $764.95M | $277.79M | 36.3% |
| 2018 | $729.02M | $265.22M | 36.4% |
| 2017 | $322.56M | $258.22M | 80.1% |
| 2016 | $437.97M | $245.43M | 56.0% |
| 2015 | $673.69M | $235.62M | 35.0% |
| 2014 | $483.92M | $215.01M | 44.4% |
| 2013 | $299.57M | $220.26M | 73.5% |
| 2012 | $409.69M | $275.35M | 67.2% |
| 2011 | $376.91M | $194.70M | 51.7% |
| 2010 | $316.10M | $168.90M | 53.4% |
| 2009 | $338.11M | $162.87M | 48.2% |
| 2008 | $423.83M | $151.19M | 35.7% |
| 2007 | $264.72M | $125.18M | 47.3% |
| 2006 | $300.13M | $90.84M | 30.3% |
| 2005 | $207.26M | $51.46M | 24.8% |
| 2004 | $121.20M | $40.90M | 33.7% |
| 2003 | $100.92M | $27.05M | 26.8% |
| 2002 | $106.81M | $20.27M | 19.0% |
| 2001 | $57.35M | $16.90M | 29.5% |
| 2000 | $59.00M | $13.44M | 22.8% |
| 1999 | ($69.70M) | $11.50M | N/A (Loss) |
| 1998 | $65.70M | $7.40M | 11.3% |
| 1997 | $64.10M | $104.40M | 162.9% |
| 1996 | $30.60M | $7.70M | 25.2% |
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.
