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 23.36% is 17% below its 5-year average of 28.17%, near the low end of its 5-year range (18.94%–53.01%).
As of the fiscal period ended Tuesday, March 31, 2026. 10.92% above its 12-month average of 21.06%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.36%
FCF PAYOUT RATIO AVG TTM
21.06%
FCF PAYOUT RATIO AVG 3Y
23.75%
FCF PAYOUT RATIO AVG 5Y
24.60%
FCF PAYOUT RATIO AVG 10Y
32.91%
FCF PAYOUT RATIO AVG 15Y
32.90%
FCF PAYOUT RATIO AVG 20Y
32.21%
CURRENT VS TTM AVG
+10.92%
CURRENT VS 3Y AVG
-1.63%
CURRENT VS 5Y AVG
-5.04%
CURRENT VS 10Y AVG
-29.01%
CURRENT VS 15Y AVG
-29.01%
CURRENT VS 20Y AVG
-27.47%
FCF Payout Ratio TTM
23.4%
Earnings Payout Ratio
26.1%
Dividend Yield
1.65%
FCF Yield
6.95%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $746.00M | $164.30M | 22.0% |
| 2024 | $692.30M | $152.30M | 22.0% |
| 2023 | $543.20M | $145.20M | 26.7% |
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 | 23.36% |
| 2025-12-31 | 22.02% |
| 2025-09-30 | 20.61% |
| 2025-06-30 | 18.94% |
| 2025-03-31 | 20.37% |
| 2024-12-31 | 22.00% |
| 2024-09-30 | 20.75% |
| 2024-06-30 | 23.43% |
| 2024-03-31 | 27.25% |
| 2023-12-31 | 26.73% |
| 2023-09-30 | 27.75% |
| 2023-06-30 | 31.75% |
| 2023-03-31 | 46.07% |
| 2022-12-31 | 49.84% |
| 2022-09-30 | 53.01% |
| 2022-06-30 | 38.61% |
| 2022-03-31 | 30.83% |
| 2021-12-31 | 24.05% |
| 2021-09-30 | 23.63% |
| 2021-06-30 | 21.24% |
| 2021-03-31 | 19.43% |
| 2020-12-31 | 24.85% |
| 2020-09-30 | 23.70% |
| 2020-06-30 | 26.86% |
| 2020-03-31 | 32.03% |
| 2019-12-31 | 41.66% |
| 2019-09-30 | 34.08% |
| 2019-06-30 | 40.20% |
| 2019-03-31 | 51.26% |
| 2018-12-31 | 47.89% |
| 2018-09-30 | 44.94% |
| 2018-06-30 | 43.16% |
| 2018-03-31 | 51.00% |
| 2017-12-31 | 45.82% |
| 2017-09-30 | 42.34% |
| 2017-06-30 | 44.14% |
| 2017-03-31 | 36.92% |
| 2016-12-31 | 32.76% |
| 2016-09-30 | 31.09% |
| 2016-06-30 | 30.18% |
| 2016-03-31 | 32.55% |
| 2015-12-31 | 38.30% |
| 2015-09-26 | 39.18% |
| 2015-06-27 | 35.49% |
| 2015-03-28 | 29.79% |
| 2014-12-31 | 24.06% |
| 2014-09-27 | 24.80% |
| 2014-06-28 | 24.83% |
| 2014-03-29 | 26.21% |
| 2013-12-31 | 26.06% |
| 2013-09-28 | 68.03% |
| 2013-06-29 | 119.08% |
| 2013-03-30 | 517.90% |
| 2012-09-29 | 33.48% |
| 2012-06-30 | 31.74% |
| 2012-03-31 | 36.28% |
| 2011-12-31 | 32.22% |
| 2011-10-01 | 40.89% |
| 2011-07-02 | 38.60% |
| 2011-04-02 | 44.52% |
| 2010-12-31 | 35.79% |
| 2010-10-02 | 35.21% |
| 2010-07-03 | 31.09% |
| 2010-04-03 | 33.53% |
| 2009-12-31 | 34.73% |
| 2009-09-26 | 27.59% |
| 2009-06-27 | 34.81% |
| 2009-03-28 | 33.60% |
| 2008-12-31 | 44.52% |
| 2008-09-27 | 33.97% |
| 2008-06-28 | 24.38% |
| 2008-03-29 | 22.74% |
| 2007-12-31 | 21.42% |
| 2007-09-29 | 21.66% |
| 2007-06-30 | 26.25% |
| 2007-03-31 | 27.94% |
| 2006-12-31 | 31.34% |
| 2006-09-30 | 27.26% |
| 2006-07-01 | 26.84% |
| 2006-04-01 | 29.69% |
| 2005-12-31 | 28.66% |
| 2005-10-01 | 42.78% |
| 2005-07-02 | 38.06% |
| 2005-04-02 | 37.90% |
| 2004-12-31 | 20.04% |
| 2004-10-02 | 17.69% |
| 2004-07-03 | 16.20% |
| 2004-04-03 | 18.25% |
| 2003-12-31 | 18.46% |
| 2003-09-27 | 20.94% |
| 2003-06-28 | 18.65% |
| 2003-03-29 | 17.61% |
| 2022 |
| $278.10M |
| $138.60M |
| 49.8% |
| 2021 | $553.00M | $133.00M | 24.1% |
| 2020 | $511.40M | $127.10M | 24.9% |
| 2019 | $294.50M | $122.70M | 41.7% |
| 2018 | $390.90M | $187.20M | 47.9% |
| 2017 | $549.30M | $251.70M | 45.8% |
| 2016 | $743.60M | $243.60M | 32.8% |
| 2015 | $605.00M | $231.70M | 38.3% |
| 2014 | $878.80M | $211.40M | 24.1% |
| 2013 | $745.30M | $194.20M | 26.1% |
| 2012 | ($26.57M) | $112.40M | N/A (Loss) |
| 2011 | $246.88M | $79.54M | 32.2% |
| 2010 | $210.85M | $75.47M | 35.8% |
| 2009 | $204.23M | $70.93M | 34.7% |
| 2008 | $151.13M | $67.28M | 44.5% |
| 2007 | $279.75M | $59.91M | 21.4% |
| 2006 | $180.53M | $56.58M | 31.3% |
| 2005 | $185.39M | $53.13M | 28.7% |
| 2004 | $215.22M | $43.13M | 20.0% |
| 2003 | $219.32M | $40.49M | 18.5% |
| 2002 | $237.05M | $36.42M | 15.4% |
| 2001 | $178.67M | $34.33M | 19.2% |
| 2000 | $116.91M | $32.04M | 27.4% |
| 1999 | ($867.80M) | $28.20M | N/A (Loss) |
| 1998 | $13.10M | $27.30M | 208.4% |
| 1997 | $40.40M | $25.40M | 62.9% |
| 1996 | ($45.10M) | $23.70M | 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.
