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 18.17% is in line with its 5-year average of 18.99%, around the middle of its 5-year range (12.42%–23.82%).
As of the fiscal period ended Tuesday, March 31, 2026. 0.22% above its 12-month average of 18.13%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
18.17%
FCF PAYOUT RATIO AVG TTM
18.13%
FCF PAYOUT RATIO AVG 3Y
19.96%
FCF PAYOUT RATIO AVG 5Y
18.99%
FCF PAYOUT RATIO AVG 10Y
19.25%
FCF PAYOUT RATIO AVG 15Y
16.47%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+0.22%
CURRENT VS 3Y AVG
-8.94%
CURRENT VS 5Y AVG
-4.29%
CURRENT VS 10Y AVG
-5.57%
CURRENT VS 15Y AVG
+10.38%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
18.2%
Earnings Payout Ratio
22.5%
Dividend Yield
2.03%
FCF Yield
10.83%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $734.65M | $117.75M | 16.0% |
| 2024 | $530.19M | $108.47M | 20.5% |
| 2023 | $432.04M | $100.01M | 23.1% |
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 | 18.17% |
| 2025-12-31 | 16.09% |
| 2025-09-30 | 17.88% |
| 2025-06-30 | 20.06% |
| 2025-03-31 | 18.46% |
| 2024-12-31 | 20.39% |
| 2024-09-30 | 20.41% |
| 2024-06-30 | 22.75% |
| 2024-03-31 | 23.82% |
| 2023-12-31 | 23.15% |
| 2023-09-30 | 20.77% |
| 2023-06-30 | 17.72% |
| 2023-03-31 | 19.78% |
| 2022-12-31 | 23.53% |
| 2022-09-30 | 22.15% |
| 2022-06-30 | 22.44% |
| 2022-03-31 | 18.74% |
| 2021-12-31 | 12.56% |
| 2021-09-30 | 14.32% |
| 2021-06-30 | 13.18% |
| 2021-03-31 | 12.42% |
| 2020-12-31 | 14.65% |
| 2020-09-30 | 16.70% |
| 2020-06-30 | 18.24% |
| 2020-03-31 | 21.90% |
| 2019-12-31 | 20.26% |
| 2019-09-30 | 19.37% |
| 2019-06-30 | 24.02% |
| 2019-03-31 | 29.10% |
| 2018-12-31 | 31.88% |
| 2018-09-30 | 28.15% |
| 2018-06-30 | 24.84% |
| 2018-03-31 | 21.97% |
| 2017-12-31 | 16.36% |
| 2017-09-30 | 11.48% |
| 2017-06-30 | 7.80% |
| 2017-03-31 | 3.91% |
| 2014-09-30 | 254.40% |
| 2014-06-30 | 205.50% |
| 2014-03-31 | 204.32% |
| 2013-12-31 | 190.93% |
| 2012-09-30 | 0.66% |
| 2012-06-30 | 0.60% |
| 2012-03-31 | 0.75% |
| 2011-12-31 | 1.30% |
| 2011-09-30 | 2.67% |
| 2011-06-30 | 3.62% |
| 2011-03-31 | 5.45% |
| 2010-12-31 | 8.71% |
| 2010-09-30 | 12.39% |
| 2010-06-30 | 18.39% |
| 2010-03-31 | 14.15% |
| 2009-12-31 | 7.45% |
| 2009-09-30 | 3.82% |
| 2009-06-30 | 2.56% |
| 2009-03-31 | 1.24% |
| 2022 |
| $389.28M |
| $91.84M |
| 23.6% |
| 2021 | $637.03M | $80.48M | 12.6% |
| 2020 | $513.52M | $74.21M | 14.5% |
| 2019 | $319.13M | $64.67M | 20.3% |
| 2018 | $179.09M | $57.10M | 31.9% |
| 2017 | $285.41M | $46.69M | 16.4% |
| 2016 | $257.00M | $0 | 0.0% |
| 2015 | $265.27M | $0 | 0.0% |
| 2014 | $209.26M | $0 | 0.0% |
| 2013 | $262.73M | $0 | 0.0% |
| 2012 | $227.32M | $501.62M | 220.7% |
| 2011 | $230.84M | $0 | 0.0% |
| 2010 | $107.93M | $7.07M | 6.5% |
| 2009 | $105.63M | $7.87M | 7.4% |
| 2008 | $141.80M | $0 | 0.0% |
| 2007 | $84.09M | $0 | 0.0% |
| 2006 | ($42.65M) | $0 | N/A (Loss) |
| 2005 | $68.32M | $0 | 0.0% |
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.
