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 31.36% is 27% below its 5-year average of 42.79%, near the low end of its 5-year range (16.80%–95.49%).
As of the fiscal period ended Tuesday, March 31, 2026. 7.94% above its 12-month average of 29.05%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
31.36%
FCF PAYOUT RATIO AVG TTM
29.05%
FCF PAYOUT RATIO AVG 3Y
41.66%
FCF PAYOUT RATIO AVG 5Y
42.79%
FCF PAYOUT RATIO AVG 10Y
31.06%
FCF PAYOUT RATIO AVG 15Y
35.67%
FCF PAYOUT RATIO AVG 20Y
33.30%
CURRENT VS TTM AVG
+7.94%
CURRENT VS 3Y AVG
-24.72%
CURRENT VS 5Y AVG
-26.70%
CURRENT VS 10Y AVG
+0.97%
CURRENT VS 15Y AVG
-12.08%
CURRENT VS 20Y AVG
-5.83%
FCF Payout Ratio TTM
31.4%
Earnings Payout Ratio
23.6%
Dividend Yield
0.97%
FCF Yield
3.47%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $638.80M | $173.00M | 27.1% |
| 2024 | $782.10M | $160.30M | 20.5% |
| 2023 | $486.00M | $153.40M | 31.6% |
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 | 31.36% |
| 2025-12-31 | 31.76% |
| 2025-09-30 | 37.11% |
| 2025-06-30 | 24.07% |
| 2025-03-31 | 20.97% |
| 2024-12-31 | 20.50% |
| 2024-09-30 | 39.46% |
| 2024-06-30 | 55.98% |
| 2024-03-31 | 56.27% |
| 2023-12-31 | 63.13% |
| 2023-09-30 | 38.06% |
| 2023-06-30 | 53.66% |
| 2023-03-31 | 69.25% |
| 2022-12-31 | 70.58% |
| 2022-09-30 | 95.49% |
| 2022-06-30 | 58.05% |
| 2022-03-31 | 39.94% |
| 2021-12-31 | 30.95% |
| 2021-09-30 | 25.94% |
| 2021-06-30 | 16.80% |
| 2021-03-31 | 19.16% |
| 2020-12-31 | 22.12% |
| 2020-09-30 | 18.66% |
| 2020-06-30 | 28.42% |
| 2020-03-31 | 33.23% |
| 2019-12-31 | 38.04% |
| 2019-09-30 | 38.43% |
| 2019-06-30 | 32.56% |
| 2019-03-31 | 29.88% |
| 2018-12-31 | 23.46% |
| 2018-09-30 | 27.23% |
| 2018-06-30 | 35.49% |
| 2018-03-31 | 32.60% |
| 2017-12-31 | 35.14% |
| 2017-09-30 | 26.41% |
| 2017-06-30 | 28.37% |
| 2017-03-31 | 25.97% |
| 2016-12-31 | 25.54% |
| 2016-09-30 | 26.80% |
| 2016-06-30 | 24.33% |
| 2016-03-31 | 23.46% |
| 2015-12-31 | 22.69% |
| 2015-09-30 | 29.84% |
| 2015-06-30 | 44.47% |
| 2015-03-31 | 55.03% |
| 2014-12-31 | 54.56% |
| 2014-09-30 | 69.97% |
| 2014-06-30 | 36.79% |
| 2014-03-31 | 32.93% |
| 2013-12-31 | 25.76% |
| 2013-09-30 | 26.57% |
| 2013-06-30 | 45.34% |
| 2013-03-31 | 61.05% |
| 2012-12-31 | 27.80% |
| 2012-09-30 | 37.28% |
| 2012-06-30 | 22.27% |
| 2012-03-31 | 25.34% |
| 2011-12-31 | 110.61% |
| 2011-09-30 | 36.25% |
| 2011-06-30 | 137.25% |
| 2011-03-31 | 94.49% |
| 2010-12-31 | 23.14% |
| 2010-06-30 | 53.09% |
| 2010-03-31 | 28.64% |
| 2009-12-31 | 18.66% |
| 2009-09-30 | 27.94% |
| 2009-06-30 | 30.76% |
| 2009-03-31 | 37.55% |
| 2008-12-31 | 53.51% |
| 2008-09-30 | 26.85% |
| 2008-06-30 | 27.80% |
| 2008-03-31 | 27.18% |
| 2007-12-31 | 34.00% |
| 2007-09-30 | 22.19% |
| 2007-06-30 | 20.92% |
| 2007-03-31 | 30.35% |
| 2006-12-31 | 24.86% |
| 2006-09-30 | 36.03% |
| 2006-06-30 | 50.51% |
| 2006-03-31 | 33.93% |
| 2005-12-31 | 14.99% |
| 2005-09-30 | 67.67% |
| 2005-06-30 | 325.74% |
| 2005-03-31 | 114.81% |
| 2004-12-31 | 274.36% |
| 2004-09-30 | 27.91% |
| 2004-06-30 | 30.01% |
| 2004-03-31 | 47.10% |
| 2003-12-31 | 142.58% |
| 2003-09-30 | 46.94% |
| 2003-06-30 | 23.28% |
| 2003-03-31 | 17.49% |
| 2022 |
| $201.20M |
| $142.00M |
| 70.6% |
| 2021 | $408.70M | $126.50M | 31.0% |
| 2020 | $533.90M | $118.10M | 22.1% |
| 2019 | $290.50M | $110.50M | 38.0% |
| 2018 | $400.30M | $93.90M | 23.5% |
| 2017 | $226.80M | $79.70M | 35.1% |
| 2016 | $270.20M | $69.00M | 25.5% |
| 2015 | $261.30M | $59.30M | 22.7% |
| 2014 | $96.40M | $52.60M | 54.6% |
| 2013 | $132.00M | $34.00M | 25.8% |
| 2012 | $171.20M | $47.60M | 27.8% |
| 2011 | $33.00M | $36.50M | 110.6% |
| 2010 | $140.00M | $32.40M | 23.1% |
| 2009 | $166.70M | $31.10M | 18.7% |
| 2008 | $121.10M | $32.40M | 26.8% |
| 2007 | $169.70M | $35.00M | 20.6% |
| 2006 | $125.90M | $31.30M | 24.9% |
| 2005 | $165.40M | $24.80M | 15.0% |
| 2004 | $15.60M | $22.80M | 146.2% |
| 2003 | $15.50M | $22.10M | 142.6% |
| 2002 | $145.16M | $21.71M | 15.0% |
| 2001 | $194.55M | $21.31M | 11.0% |
| 2000 | $186.79M | $16.26M | 8.7% |
| 1999 | ($339.80M) | $14.20M | N/A (Loss) |
| 1998 | ($207.50M) | $10.80M | N/A (Loss) |
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.
