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 23.32% is 15% below its 5-year average of 27.44%, near the low end of its 5-year range (2.52%–89.52%).
As of the fiscal period ended Tuesday, December 31, 2019. 29.40% below its 12-month average of 33.03%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
23.32%
FCF PAYOUT RATIO AVG TTM
33.03%
FCF PAYOUT RATIO AVG 3Y
33.42%
FCF PAYOUT RATIO AVG 5Y
27.44%
FCF PAYOUT RATIO AVG 10Y
28.19%
FCF PAYOUT RATIO AVG 15Y
20.87%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-29.40%
CURRENT VS 3Y AVG
-30.23%
CURRENT VS 5Y AVG
-15.01%
CURRENT VS 10Y AVG
-17.28%
CURRENT VS 15Y AVG
+11.73%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
23.3%
Earnings Payout Ratio
N/A
Dividend Yield
N/A
FCF Yield
3.03%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.15B | $0 | 0.0% |
| 2024 | $749.00M | $0 | 0.0% |
| 2023 | $842.00M | $0 | 0.0% |
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 |
|---|---|
| 2019-12-31 | 23.32% |
| 2019-06-30 | 89.52% |
| 2019-03-31 | 16.75% |
| 2018-12-31 | 2.52% |
| 2018-09-30 | 6.86% |
| 2018-06-30 | 11.40% |
| 2018-03-31 | 20.88% |
| 2017-12-31 | 44.09% |
| 2017-09-30 | 50.44% |
| 2017-06-30 | 51.97% |
| 2017-03-31 | 47.28% |
| 2016-12-31 | 36.03% |
| 2016-09-30 | 31.27% |
| 2016-06-30 | 30.83% |
| 2016-03-31 | 25.64% |
| 2015-12-31 | 24.21% |
| 2015-09-30 | 23.42% |
| 2015-06-30 | 22.24% |
| 2015-03-31 | 24.61% |
| 2014-12-31 | 27.54% |
| 2014-09-30 | 35.71% |
| 2014-06-30 | 50.18% |
| 2014-03-31 | 53.85% |
| 2013-12-31 | 49.37% |
| 2013-09-30 | 34.77% |
| 2013-06-30 | 28.27% |
| 2013-03-31 | 25.16% |
| 2012-12-31 | 24.65% |
| 2012-09-30 | 24.96% |
| 2012-06-30 | 29.17% |
| 2012-03-31 | 26.61% |
| 2011-12-31 | 25.97% |
| 2011-09-30 | 27.55% |
| 2011-06-30 | 20.41% |
| 2011-03-31 | 20.94% |
| 2010-12-31 | 19.50% |
| 2010-09-30 | 19.81% |
| 2010-06-30 | 19.70% |
| 2010-03-31 | 20.88% |
| 2009-12-31 | 20.59% |
| 2009-09-30 | 17.69% |
| 2009-06-30 | 18.67% |
| 2009-03-31 | 16.67% |
| 2008-12-31 | 15.22% |
| 2008-09-30 | 17.46% |
| 2008-06-30 | 19.28% |
| 2008-03-31 | 21.02% |
| 2007-12-31 | 23.52% |
| 2007-09-30 | 18.36% |
| 2007-06-30 | 13.16% |
| 2007-03-31 | 13.71% |
| 2006-12-31 | 13.73% |
| 2006-09-30 | 17.41% |
| 2006-06-30 | 23.58% |
| 2006-03-31 | 16.60% |
| 2005-12-31 | 15.29% |
| 2005-09-30 | 13.25% |
| 2005-06-30 | 12.32% |
| 2005-03-31 | 13.31% |
| 2004-12-31 | 12.87% |
| 2004-09-30 | 14.14% |
| 2004-06-30 | 18.21% |
| 2004-03-31 | 21.38% |
| 2003-12-31 | 18.21% |
| 2003-09-30 | 24.55% |
| 2003-06-30 | 23.67% |
| 2022 |
| $1.04B |
| $0 |
| 0.0% |
| 2021 | $236.00M | $0 | 0.0% |
| 2020 | $638.00M | $0 | 0.0% |
| 2019 | $419.00M | $52.00M | 12.4% |
| 2018 | $1.79B | $22.00M | 1.2% |
| 2017 | $2.63B | $1.16B | 44.1% |
| 2016 | $4.32B | $1.56B | 36.0% |
| 2015 | $4.77B | $1.16B | 24.2% |
| 2014 | $4.20B | $1.16B | 27.5% |
| 2013 | $2.21B | $1.09B | 49.4% |
| 2012 | $3.47B | $855.00M | 24.7% |
| 2011 | $3.08B | $800.00M | 26.0% |
| 2010 | $3.43B | $668.00M | 19.5% |
| 2009 | $2.65B | $528.00M | 19.9% |
| 2008 | $2.55B | $388.00M | 15.2% |
| 2007 | $1.27B | $299.00M | 23.5% |
| 2006 | $1.67B | $229.00M | 13.7% |
| 2005 | $1.06B | $162.10M | 15.3% |
| 2004 | $937.80M | $120.70M | 12.9% |
| 2003 | $419.10M | $76.30M | 18.2% |
| 2002 | $193.30M | $46.60M | 24.1% |
| 2001 | $139.08M | $32.76M | 23.6% |
| 2000 | $76.21M | $27.64M | 36.3% |
| 1999 | $86.53M | $17.77M | 20.5% |
| 1998 | ($65.40M) | $20.10M | N/A (Loss) |
| 1997 | $130.20M | $21.70M | 16.7% |
| 1996 | ($142.10M) | $14.60M | 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.
