FCF Payout Ratio: 82.65%
Is the FCF payout ratio high or low?
The FCF payout ratio of 82.65% is in line with its 5-year average of 83.06%, around the middle of its 5-year range (64.57%–106.33%).
1.84% below its 12-month average of 84.19%.
PM FCF Payout Ratio
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
PM Average FCF Payout Ratio Chart
PM Current vs Average FCF Payout Ratio Chart
PM FCF Payout Ratio Metrics
FCF PAYOUT RATIO
82.65%
FCF PAYOUT RATIO AVG TTM
84.19%
FCF PAYOUT RATIO AVG 3Y
89.34%
FCF PAYOUT RATIO AVG 5Y
83.06%
FCF PAYOUT RATIO AVG 10Y
84.62%
FCF PAYOUT RATIO AVG 15Y
80.23%
FCF PAYOUT RATIO AVG 20Y
77.43%
CURRENT VS TTM AVG
-1.84%
CURRENT VS 3Y AVG
-7.49%
CURRENT VS 5Y AVG
-0.50%
CURRENT VS 10Y AVG
-2.33%
CURRENT VS 15Y AVG
+3.01%
CURRENT VS 20Y AVG
+6.74%
Payout Ratio Comparison
FCF Payout Ratio TTM
82.6%
Earnings Payout Ratio
80.9%
Dividend Yield
3.25%
FCF Yield
3.78%
Annual FCF Payout Ratio History
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $10.66B | $8.62B | 80.9% |
| 2024 | $10.77B | $8.20B | 76.1% |
| 2023 | $7.88B | $7.96B | 101.0% |
| 2022 | $9.73B | $7.81B | 80.3% |
| 2021 | $11.22B | $7.58B | 67.6% |
| 2020 | $9.21B | $7.36B | 80.0% |
| 2019 | $9.24B | $7.16B | 77.5% |
| 2018 | $8.04B | $6.88B | 85.6% |
| 2017 | $7.36B | $6.52B | 88.5% |
| 2016 | $6.91B | $6.38B | 92.4% |
| 2015 | $6.91B | $6.25B | 90.5% |
| 2014 | $6.59B | $6.04B | 91.6% |
| 2013 | $8.94B | $5.72B | 64.0% |
| 2012 | $8.37B | $5.40B | 64.6% |
| 2011 | $9.63B | $4.79B | 49.7% |
| 2010 | $8.72B | $4.42B | 50.7% |
| 2009 | $7.17B | $4.33B | 60.4% |
| 2008 | $6.84B | $5.08B | 74.3% |
| 2007 | $4.52B | $6.56B | 145.2% |
| 2006 | $5.35B | $2.78B | 52.0% |
| 2005 | $4.42B | $7.68B | 173.7% |
| 2003 | $4.04B | $0 | 0.0% |
Formula: FCF Payout Ratio TTM = trailing 4Q dividends paid / trailing 4Q free cash flow × 100
FCF payout and earnings payout:
- FCF represents operating cash flow after capital expenditures
- FCF payout compares dividends paid with free cash flow
- FCF payout above 100% means dividends paid exceeded free cash flow for the period
- Earnings payout compares dividends paid with net income
Reading the series: Use the chart and table to compare dividend payments with cash generation over time.
FCF Payout Ratio Formula & Definition
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
FCF Payout Ratio FAQ
- What is the FCF payout ratio for Philip Morris International Inc. (PM)?
- The FCF payout ratio for PM stock is 82.65%.
- Is Philip Morris International Inc.'s FCF payout ratio high or low?
- The FCF payout ratio of 82.65% is in line with its 5-year average of 83.06%, around the middle of its 5-year range (64.57%–106.33%).
- What is the TTM average FCF payout ratio for Philip Morris International Inc. (PM)?
- The TTM average FCF payout ratio for PM stock is 84.19%.
- What is the 3Y average FCF payout ratio for Philip Morris International Inc. (PM)?
- The 3Y average FCF payout ratio for PM stock is 89.34%.
- What is the 5Y average FCF payout ratio for Philip Morris International Inc. (PM)?
- The 5Y average FCF payout ratio for PM stock is 83.06%.
- What is the 10Y average FCF payout ratio for Philip Morris International Inc. (PM)?
- The 10Y average FCF payout ratio for PM stock is 84.62%.
- What is the 15Y average FCF payout ratio for Philip Morris International Inc. (PM)?
- The 15Y average FCF payout ratio for PM stock is 80.23%.
- What is the 20Y average FCF payout ratio for Philip Morris International Inc. (PM)?
- The 20Y average FCF payout ratio for PM stock is 77.43%.
PM FCF Payout Ratio History
| DATE | FCF PAYOUT RATIO |
|---|---|
| 2026-03-31 | 82.65% |
| 2025-12-31 | 80.87% |
| 2025-09-30 | 83.33% |
| 2025-06-30 | 92.95% |
| 2025-03-31 | 81.18% |
| 2024-12-31 | 76.09% |
| 2024-09-30 | 80.82% |
| 2024-06-30 | 79.68% |
| 2024-03-31 | 89.63% |
| 2023-12-31 | 101.03% |
| 2023-09-30 | 103.61% |
| 2023-06-30 | 106.33% |
| 2023-03-31 | 103.21% |
| 2022-12-31 | 80.32% |
| 2022-09-30 | 72.66% |
| 2022-06-30 | 66.45% |
| 2022-03-31 | 64.57% |
| 2021-12-31 | 67.56% |
| 2021-09-30 | 71.51% |
| 2021-06-30 | 72.82% |
| 2021-03-31 | 86.98% |
| 2020-12-31 | 79.96% |
| 2020-09-30 | 78.13% |
| 2020-06-30 | 93.31% |
| 2020-03-31 | 77.83% |
| 2019-12-31 | 77.52% |
| 2019-09-30 | 87.17% |
| 2019-06-30 | 93.26% |
| 2019-03-31 | 88.19% |
| 2018-12-31 | 85.61% |
| 2018-09-30 | 81.42% |
| 2018-06-30 | 78.28% |
| 2018-03-31 | 83.81% |
| 2017-12-31 | 88.54% |
| 2017-09-30 | 96.51% |
| 2017-06-30 | 79.91% |
| 2017-03-31 | 88.80% |
| 2016-12-31 | 92.37% |
| 2016-09-30 | 94.10% |
| 2016-06-30 | 99.04% |
| 2016-03-31 | 81.36% |
| 2015-12-31 | 90.51% |
| 2015-09-30 | 97.91% |
| 2015-06-30 | 93.77% |
| 2015-03-31 | 109.70% |
| 2014-12-31 | 91.63% |
| 2014-09-30 | 79.62% |
| 2014-06-30 | 74.97% |
| 2014-03-31 | 70.23% |
| 2013-12-31 | 64.02% |
| 2013-09-30 | 67.81% |
| 2013-06-30 | 74.65% |
| 2013-03-31 | 70.10% |
| 2012-12-31 | 64.60% |
| 2012-09-30 | 69.23% |
| 2012-06-30 | 61.49% |
| 2012-03-31 | 54.78% |
| 2011-12-31 | 49.71% |
| 2011-09-30 | 44.54% |
| 2011-06-30 | 46.53% |
| 2011-03-31 | 49.08% |
| 2010-12-31 | 50.70% |
| 2010-09-30 | 50.77% |
| 2010-06-30 | 54.10% |
| 2010-03-31 | 56.23% |
| 2009-12-31 | 60.36% |
| 2009-09-30 | 67.32% |
| 2009-06-30 | 65.16% |
| 2009-03-31 | 46.63% |
| 2008-12-31 | 74.30% |
| 2008-09-30 | 128.39% |
| 2008-06-30 | 155.62% |
| 2008-03-31 | 177.40% |
| 2007-12-31 | 145.23% |
About Philip Morris International Inc.
Philip Morris International Inc. functions as a prominent tobacco enterprise, actively working toward a smoke-free future. The company is strategically diversifying its long-term product range to incorporate items beyond traditional tobacco and nicotine. Its primary business involves both conventional cigarettes and an expanding array of smoke-free alternatives, such as innovative heat-not-burn devices, vapor products, and oral nicotine solutions. These offerings are distributed in markets worldwide, with the exception of the United States. The smoke-free portfolio includes brands like HEETS (encompassing Creations, Dimensions, Marlboro variants), Parliament HeatSticks, and TEREA, in addition to KT&G-licensed brands Fiit and Miix. For conventional cigarettes, the company sells internationally recognized brands such as Marlboro, Parliament, Bond Street, Chesterfield, L&M, Lark, and Philip Morris. Regionally, it also owns major cigarette brands like Dji Sam Soe, Sampoerna A, and Sampoerna U in Indonesia, and Fortune and Jackpot in the Philippines. PMI's smoke-free innovations are currently available across 71 global markets. Established in 1987, Philip Morris International Inc. is headquartered in New York, New York.
- Sector
- Consumer Defensive
- Industry
- Tobacco
- CEO
- Jacek Olczak