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 135.29% is 19% above its 5-year average of 113.47%, near the low end of its 5-year range (35.65%–606.38%).
As of the fiscal period ended Tuesday, March 31, 2026. 46.45% above its 12-month average of 92.38%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
135.29%
FCF PAYOUT RATIO AVG TTM
92.38%
FCF PAYOUT RATIO AVG 3Y
96.38%
FCF PAYOUT RATIO AVG 5Y
75.29%
FCF PAYOUT RATIO AVG 10Y
91.07%
FCF PAYOUT RATIO AVG 15Y
89.18%
FCF PAYOUT RATIO AVG 20Y
84.69%
CURRENT VS TTM AVG
+46.45%
CURRENT VS 3Y AVG
+40.38%
CURRENT VS 5Y AVG
+79.71%
CURRENT VS 10Y AVG
+48.56%
CURRENT VS 15Y AVG
+51.72%
CURRENT VS 20Y AVG
+59.75%
FCF Payout Ratio TTM
135.3%
Earnings Payout Ratio
47.6%
Dividend Yield
4.38%
FCF Yield
3.12%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $390.00M | $322.00M | 82.6% |
| 2024 | $386.00M | $318.00M | 82.4% |
| 2023 | $133.00M | $308.00M | 231.6% |
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 | 135.29% |
| 2025-12-31 | 114.18% |
| 2025-09-30 | 82.56% |
| 2025-06-30 | 72.46% |
| 2025-03-31 | 57.40% |
| 2024-12-31 | 85.11% |
| 2024-09-30 | 82.38% |
| 2024-06-30 | 70.69% |
| 2024-03-31 | 71.53% |
| 2023-12-31 | 56.96% |
| 2023-09-30 | 231.58% |
| 2022-12-31 | 123.97% |
| 2022-06-30 | 58.28% |
| 2022-03-31 | 58.50% |
| 2021-12-31 | 606.38% |
| 2021-09-30 | 35.65% |
| 2021-06-30 | 51.37% |
| 2021-03-31 | 48.23% |
| 2020-12-31 | 57.56% |
| 2020-09-30 | 60.94% |
| 2020-06-30 | 72.20% |
| 2020-03-31 | 118.99% |
| 2019-12-31 | 105.91% |
| 2019-09-30 | 123.86% |
| 2019-06-30 | 115.02% |
| 2019-03-31 | 93.51% |
| 2018-12-31 | 81.79% |
| 2018-09-30 | 86.10% |
| 2018-06-30 | 90.54% |
| 2018-03-31 | 110.26% |
| 2017-12-31 | 154.81% |
| 2017-09-30 | 132.26% |
| 2017-06-30 | 148.64% |
| 2017-03-31 | 148.81% |
| 2016-12-31 | 123.98% |
| 2016-09-30 | 102.98% |
| 2016-06-30 | 78.56% |
| 2016-03-31 | 67.16% |
| 2015-12-31 | 52.05% |
| 2015-09-30 | 59.77% |
| 2015-06-30 | 60.87% |
| 2015-03-31 | 54.54% |
| 2014-12-31 | 77.00% |
| 2014-09-30 | 68.14% |
| 2014-06-30 | 80.72% |
| 2014-03-31 | 129.99% |
| 2013-12-31 | 113.12% |
| 2013-09-30 | 111.66% |
| 2013-06-30 | 80.27% |
| 2013-03-31 | 71.16% |
| 2012-12-31 | 79.78% |
| 2012-09-30 | 81.67% |
| 2012-06-30 | 88.75% |
| 2012-03-31 | 93.64% |
| 2011-12-31 | 102.09% |
| 2011-09-30 | 106.96% |
| 2011-06-30 | 110.40% |
| 2011-03-31 | 92.83% |
| 2010-12-31 | 103.67% |
| 2010-09-30 | 74.63% |
| 2010-06-30 | 58.64% |
| 2010-03-31 | 88.85% |
| 2009-12-31 | 39.00% |
| 2009-09-30 | 40.82% |
| 2009-06-30 | 55.23% |
| 2009-03-31 | 34.39% |
| 2008-12-31 | 85.90% |
| 2008-09-30 | 85.84% |
| 2008-06-30 | 51.24% |
| 2008-03-31 | 66.55% |
| 2007-12-31 | 50.98% |
| 2007-09-30 | 32.95% |
| 2007-06-30 | 64.69% |
| 2007-03-31 | 65.49% |
| 2006-12-31 | 139.96% |
| 2006-09-30 | 168.81% |
| 2006-06-30 | 64.85% |
| 2006-03-31 | 70.17% |
| 2005-12-31 | 59.27% |
| 2005-09-30 | 47.19% |
| 2005-06-30 | 56.23% |
| 2005-03-31 | 68.66% |
| 2004-12-31 | 106.40% |
| 2004-09-30 | 93.71% |
| 2004-06-30 | 101.41% |
| 2004-03-31 | 107.32% |
| 2003-12-31 | 64.52% |
| 2003-09-30 | 71.32% |
| 2003-06-30 | 68.30% |
| 2003-03-31 | 58.14% |
| 2022 |
| ($88.00M) |
| $296.00M |
| N/A (Loss) |
| 2021 | $791.00M | $282.00M | 35.7% |
| 2020 | $447.00M | $273.00M | 61.1% |
| 2019 | $373.00M | $463.00M | 124.1% |
| 2018 | $511.00M | $440.00M | 86.1% |
| 2017 | $325.50M | $430.50M | 132.3% |
| 2016 | $405.90M | $418.00M | 103.0% |
| 2015 | $673.20M | $402.40M | 59.8% |
| 2014 | $548.60M | $373.80M | 68.1% |
| 2013 | $315.50M | $352.30M | 111.7% |
| 2012 | $368.30M | $300.80M | 81.7% |
| 2011 | $194.00M | $207.50M | 107.0% |
| 2010 | $251.50M | $187.70M | 74.6% |
| 2009 | $363.30M | $175.50M | 48.3% |
| 2008 | $232.30M | $161.80M | 69.7% |
| 2007 | $233.10M | $76.80M | 32.9% |
| 2006 | $87.70M | $146.10M | 166.6% |
| 2005 | $279.30M | $67.40M | 24.1% |
| 2004 | $127.00M | $56.30M | 44.3% |
| 2003 | $148.20M | $47.70M | 32.2% |
| 2002 | $152.80M | $98.30M | 64.3% |
| 2001 | $125.50M | $97.50M | 77.7% |
| 2000 | $61.70M | $80.30M | 130.1% |
| 1999 | $71.70M | $86.90M | 121.2% |
| 1998 | $109.30M | $86.60M | 79.2% |
| 1997 | $103.20M | $86.00M | 83.3% |
| 1996 | $48.50M | $85.10M | 175.5% |
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.
