Basis: Trailing twelve months (TTM). 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 64.56% is in line with its 5-year average of 65.03%, around the middle of its 5-year range (48.99%–86.06%).
12.62% below its 12-month average of 73.88%.
Reported annual FCF payout ratio; periods with losses or near-zero free cash flow are omitted. Historical series through 2025-12-31.
FCF PAYOUT RATIO
64.56%
FCF PAYOUT RATIO AVG TTM
73.88%
FCF PAYOUT RATIO AVG 3Y
65.88%
FCF PAYOUT RATIO AVG 5Y
65.03%
FCF PAYOUT RATIO AVG 10Y
54.72%
FCF PAYOUT RATIO AVG 15Y
51.69%
FCF PAYOUT RATIO AVG 20Y
55.82%
CURRENT VS TTM AVG
-12.62%
CURRENT VS 3Y AVG
-2.00%
CURRENT VS 5Y AVG
-0.72%
CURRENT VS 10Y AVG
+17.98%
CURRENT VS 15Y AVG
+24.89%
CURRENT VS 20Y AVG
+15.66%
FCF Payout Ratio TTM
64.6%
Earnings Payout Ratio
68.2%
Dividend Yield
2.24%
FCF Yield
N/A
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $728.60M | $449.60M | 61.7% |
| 2024 | $521.50M | $448.80M | 86.1% |
| 2023 | $845.40M | $448.90M | 53.1% |
| 2022 | $670.80M | $420.30M | 62.7% |
| 2021 | $489.00M | $379.80M | 77.7% |
| 2020 | $611.60M | $299.60M | 49.0% |
| 2019 | $807.90M | $298.70M | 37.0% |
| 2018 | $628.70M | $268.10M | 42.6% |
| 2017 | $513.10M | $237.60M | 46.3% |
| 2016 | $526.90M | $216.10M | 41.0% |
| 2015 | $448.10M | $200.80M | 44.8% |
| 2014 | $315.90M | $157.40M | 49.8% |
| 2013 | $373.78M | $109.14M | 29.2% |
| 2012 | $275.68M | $117.85M | 42.7% |
| 2011 | $52.25M | $76.01M | 145.5% |
| 2010 | $27.09M | $61.80M | 228.1% |
| 2009 | $191.93M | $76.90M | 40.1% |
| 2008 | $136.35M | $125.06M | 91.7% |
| 2007 | $186.70M | $105.05M | 56.3% |
| 2006 | $158.41M | $105.05M | 66.3% |
| 2005 | $117.42M | $96.87M | 82.5% |
| 2004 | $106.73M | $29.29M | 27.4% |
| 2003 | $131.66M | $0 | 0.0% |
| 2002 | $132.61M | $0 | 0.0% |
| 2001 | $182.27M | $0 | 0.0% |
| 2000 | $205.31M | $0 | 0.0% |
| 1999 | $160.20M | $0 | 0.0% |
| 1998 | $92.00M | $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.
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 |
|---|---|
| 2025-12-31 | 61.71% |
| 2024-12-31 | 86.06% |
| 2023-12-31 | 53.10% |
| 2022-12-31 | 62.66% |
| 2021-12-31 | 77.67% |
| 2020-12-31 | 48.99% |
| 2019-12-31 | 36.97% |
| 2018-12-31 | 42.64% |
| 2017-12-31 | 46.31% |
| 2016-12-31 | 41.01% |
| 2015-12-31 | 44.81% |
| 2014-12-31 | 49.83% |
| 2013-12-31 | 29.20% |
| 2012-12-31 | 42.75% |
| 2011-12-31 | 145.49% |
| 2010-12-31 | 228.10% |
| 2009-12-31 | 40.06% |
| 2008-12-31 | 91.72% |
| 2007-12-31 | 56.26% |
| 2006-12-31 | 66.32% |
| 2005-12-31 | 82.50% |
| 2004-12-31 | 27.45% |
