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 23.31% is 35% below its 5-year average of 35.90%, near the low end of its 5-year range (23.31%–56.56%).
As of the fiscal period ended Tuesday, March 31, 2026. 16.02% below its 12-month average of 27.76%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.31%
FCF PAYOUT RATIO AVG TTM
27.76%
FCF PAYOUT RATIO AVG 3Y
35.57%
FCF PAYOUT RATIO AVG 5Y
34.86%
FCF PAYOUT RATIO AVG 10Y
33.62%
FCF PAYOUT RATIO AVG 15Y
30.55%
FCF PAYOUT RATIO AVG 20Y
28.81%
CURRENT VS TTM AVG
-16.02%
CURRENT VS 3Y AVG
-34.46%
CURRENT VS 5Y AVG
-33.13%
CURRENT VS 10Y AVG
-30.65%
CURRENT VS 15Y AVG
-23.68%
CURRENT VS 20Y AVG
-19.07%
FCF Payout Ratio TTM
23.3%
Earnings Payout Ratio
38.1%
Dividend Yield
1.53%
FCF Yield
6.48%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $588.15M | $164.64M | 28.0% |
| 2024 | $509.92M | $155.88M | 30.6% |
| 2023 | $342.38M | $147.24M | 43.0% |
| 2022 | $469.97M | $139.07M | 29.6% |
| 2021 | $313.24M | $139.07M | 44.4% |
| 2020 | $333.02M | $127.42M | 38.3% |
| 2019 | $377.53M | $118.75M | 31.5% |
| 2018 | $372.01M | $105.02M | 28.2% |
| 2017 | $315.38M | $91.71M | 29.1% |
| 2016 | $308.79M | $84.12M | 27.2% |
| 2015 | $319.38M | $76.41M | 23.9% |
| 2014 | $308.47M | $71.25M | 23.1% |
| 2013 | $262.92M | $48.20M | 18.3% |
| 2012 | $223.11M | $38.13M | 17.1% |
| 2011 | $208.05M | $34.39M | 16.5% |
| 2010 | $164.19M | $30.46M | 18.6% |
| 2009 | $175.03M | $26.90M | 15.4% |
| 2008 | $149.90M | $24.68M | 16.5% |
| 2007 | $140.04M | $21.68M | 15.5% |
| 2006 | $124.04M | $18.38M | 14.8% |
| 2005 | $50.23M | $15.46M | 30.8% |
| 2004 | $63.67M | $13.41M | 21.1% |
| 2003 | $52.90M | $12.29M | 23.2% |
| 2002 | $40.43M | $11.63M | 28.8% |
| 2001 | $15.04M | $9.60M | 63.9% |
| 2000 | $17.20M | $7.29M | 42.4% |
| 1999 | ($1.60M) | $5.70M | N/A (Loss) |
| 1998 | $17.00M | $4.50M | 26.5% |
| 1997 | $8.40M | $3.60M | 42.9% |
| 1996 | $9.70M | $3.00M | 30.9% |
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.
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 | 23.31% |
| 2025-12-31 | 25.74% |
| 2025-09-30 | 27.98% |
| 2025-06-30 | 27.99% |
| 2025-03-31 | 33.78% |
| 2024-12-31 | 33.92% |
| 2024-09-30 | 34.04% |
| 2024-06-30 | 30.57% |
| 2024-03-31 | 33.09% |
| 2023-12-31 | 39.53% |
| 2023-09-30 | 46.70% |
| 2023-06-30 | 56.56% |
| 2023-03-31 | 49.22% |
| 2022-12-31 | 36.98% |
| 2022-09-30 | 30.42% |
| 2022-06-30 | 29.59% |
| 2022-03-31 | 32.12% |
| 2021-12-31 | 37.58% |
| 2021-09-30 | 41.62% |
| 2021-06-30 | 43.97% |
| 2021-03-31 | 39.13% |
| 2020-12-31 | 39.88% |
| 2020-09-30 | 39.10% |
| 2020-06-30 | 35.01% |
| 2020-03-31 | 34.70% |
| 2019-12-31 | 33.27% |
| 2019-09-30 | 40.99% |
| 2019-06-30 | 31.45% |
| 2019-03-31 | 33.69% |
| 2018-12-31 | 31.19% |
| 2018-09-30 | 22.55% |
| 2018-06-30 | 28.23% |
| 2018-03-31 | 27.79% |
| 2017-12-31 | 28.77% |
| 2017-09-30 | 28.84% |
| 2017-06-30 | 29.08% |
| 2017-03-31 | 28.41% |
| 2016-12-31 | 28.20% |
| 2016-09-30 | 32.63% |
| 2016-06-30 | 37.56% |
| 2016-03-31 | 36.16% |
| 2015-12-31 | 34.57% |
| 2015-09-30 | 29.69% |
| 2015-06-30 | 33.44% |
| 2015-03-31 | 32.18% |
| 2014-12-31 | 34.50% |
| 2014-09-30 | 34.88% |
| 2014-06-30 | 30.98% |
| 2014-03-31 | 34.40% |
| 2013-12-31 | 29.97% |
| 2013-09-30 | 27.50% |
| 2013-06-30 | 22.80% |
| 2013-03-31 | 19.93% |
| 2012-12-31 | 19.91% |
| 2012-09-30 | 18.72% |
| 2012-06-30 | 20.66% |
| 2012-03-31 | 21.36% |
| 2011-12-31 | 19.74% |
| 2011-09-30 | 19.47% |
| 2011-06-30 | 18.99% |
| 2011-03-31 | 19.20% |
| 2010-12-31 | 20.29% |
| 2010-09-30 | 21.04% |
| 2010-06-30 | 21.98% |
| 2010-03-31 | 21.83% |
| 2009-12-31 | 20.57% |
| 2009-09-30 | 19.24% |
| 2009-06-30 | 17.89% |
| 2009-03-31 | 20.96% |
| 2008-12-31 | 20.73% |
| 2008-09-30 | 19.85% |
| 2008-06-30 | 19.56% |
| 2008-03-31 | 20.55% |
| 2007-12-31 | 21.29% |
| 2007-09-30 | 18.05% |
| 2007-06-30 | 18.18% |
| 2007-03-31 | 22.42% |
| 2006-12-31 | 25.12% |
| 2006-09-30 | 34.00% |
| 2006-06-30 | 17.03% |
| 2006-03-31 | 36.40% |
| 2005-12-31 | 24.23% |
| 2005-09-30 | 21.31% |
| 2005-06-30 | 30.77% |
| 2005-03-31 | 23.07% |
| 2004-12-31 | 21.48% |
| 2004-09-30 | 19.38% |
| 2004-06-30 | 21.06% |
| 2004-03-31 | 18.10% |
| 2003-12-31 | 16.06% |
| 2003-09-30 | 15.85% |
| 2003-06-30 | 23.23% |
| 2003-03-31 | 25.83% |
