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 123.08% is 147% above its 5-year average of 49.92%, near the high end of its 5-year range (13.92%–158.75%).
As of the fiscal period ended Tuesday, March 31, 2026. 13.11% above its 12-month average of 108.81%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
123.08%
FCF PAYOUT RATIO AVG TTM
108.81%
FCF PAYOUT RATIO AVG 3Y
69.06%
FCF PAYOUT RATIO AVG 5Y
35.74%
FCF PAYOUT RATIO AVG 10Y
24.54%
FCF PAYOUT RATIO AVG 15Y
17.52%
FCF PAYOUT RATIO AVG 20Y
13.75%
CURRENT VS TTM AVG
+13.11%
CURRENT VS 3Y AVG
+78.21%
CURRENT VS 5Y AVG
+244.36%
CURRENT VS 10Y AVG
+401.50%
CURRENT VS 15Y AVG
+602.40%
CURRENT VS 20Y AVG
+795.42%
FCF Payout Ratio TTM
123.1%
Earnings Payout Ratio
N/A
Dividend Yield
2.37%
FCF Yield
3.86%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $104.00M | $128.00M | 123.1% |
| 2024 | $281.00M | $126.00M | 44.8% |
| 2023 | $228.00M | $116.00M | 50.9% |
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 | 123.08% |
| 2025-12-31 | 123.08% |
| 2025-09-30 | 158.75% |
| 2025-06-30 | 92.75% |
| 2025-03-31 | 46.40% |
| 2024-12-31 | 44.84% |
| 2024-09-30 | 34.25% |
| 2024-06-30 | 33.24% |
| 2024-03-31 | 42.29% |
| 2023-12-31 | 50.88% |
| 2023-09-30 | 51.38% |
| 2023-06-30 | 55.56% |
| 2023-03-31 | 41.31% |
| 2022-12-31 | 28.26% |
| 2022-09-30 | 23.23% |
| 2022-06-30 | 19.84% |
| 2022-03-31 | 17.25% |
| 2021-12-31 | 17.86% |
| 2021-09-30 | 15.79% |
| 2021-06-30 | 13.92% |
| 2021-03-31 | 14.27% |
| 2020-12-31 | 15.66% |
| 2020-09-30 | 14.97% |
| 2020-06-30 | 16.33% |
| 2020-03-31 | 17.43% |
| 2019-12-31 | 15.87% |
| 2019-09-30 | 19.70% |
| 2019-06-30 | 23.13% |
| 2019-03-31 | 26.89% |
| 2018-12-31 | 25.21% |
| 2018-09-30 | 22.98% |
| 2018-06-30 | 20.06% |
| 2018-03-31 | 19.06% |
| 2017-12-31 | 17.37% |
| 2017-09-30 | 17.14% |
| 2017-06-30 | 17.03% |
| 2017-03-31 | 14.38% |
| 2016-12-31 | 14.77% |
| 2016-09-30 | 15.48% |
| 2016-06-30 | 12.63% |
| 2016-03-31 | 11.40% |
| 2015-12-31 | 9.40% |
| 2015-09-30 | 8.19% |
| 2015-06-30 | 8.33% |
| 2015-03-31 | 8.13% |
| 2014-12-31 | 8.22% |
| 2014-09-30 | 8.65% |
| 2014-06-30 | 9.06% |
| 2014-03-31 | 10.49% |
| 2013-12-31 | 11.02% |
| 2013-09-30 | 10.52% |
| 2013-06-30 | 10.93% |
| 2013-03-31 | 11.05% |
| 2012-12-31 | 11.46% |
| 2012-09-30 | 12.28% |
| 2012-06-30 | 12.50% |
| 2012-03-31 | 10.18% |
| 2011-12-31 | 8.97% |
| 2011-09-30 | 9.06% |
| 2011-06-30 | 8.52% |
| 2011-03-31 | 9.00% |
| 2010-12-31 | 9.19% |
| 2010-09-30 | 9.44% |
| 2010-06-30 | 8.81% |
| 2010-03-31 | 8.81% |
| 2009-12-31 | 9.75% |
| 2009-09-30 | 10.41% |
| 2009-06-30 | 11.53% |
| 2009-03-31 | 11.41% |
| 2008-12-31 | 10.48% |
| 2008-09-30 | 9.29% |
| 2008-06-30 | 8.82% |
| 2008-03-31 | 8.27% |
| 2007-12-31 | 7.81% |
| 2007-09-30 | 7.81% |
| 2007-06-30 | 8.51% |
| 2007-03-31 | 9.38% |
| 2006-12-31 | 9.97% |
| 2006-09-30 | 10.07% |
| 2006-06-30 | 9.60% |
| 2006-03-31 | 11.44% |
| 2005-12-31 | 10.21% |
| 2005-09-30 | 8.66% |
| 2005-06-30 | 8.21% |
| 2005-03-31 | 7.17% |
| 2004-12-31 | 6.33% |
| 2004-09-30 | 7.78% |
| 2004-06-30 | 7.73% |
| 2004-03-31 | 8.17% |
| 2003-12-31 | 8.38% |
| 2003-09-30 | 8.73% |
| 2003-06-30 | 10.38% |
| 2003-03-31 | 10.45% |
| 2022 |
| $368.00M |
| $104.00M |
| 28.3% |
| 2021 | $515.00M | $92.00M | 17.9% |
| 2020 | $562.00M | $88.00M | 15.7% |
| 2019 | $509.90M | $80.90M | 15.9% |
| 2018 | $311.80M | $78.60M | 25.2% |
| 2017 | $450.90M | $78.30M | 17.4% |
| 2016 | $437.30M | $64.60M | 14.8% |
| 2015 | $425.40M | $40.00M | 9.4% |
| 2014 | $454.63M | $37.39M | 8.2% |
| 2013 | $316.43M | $34.87M | 11.0% |
| 2012 | $274.28M | $31.43M | 11.5% |
| 2011 | $319.21M | $28.63M | 9.0% |
| 2010 | $316.48M | $29.08M | 9.2% |
| 2009 | $305.99M | $29.84M | 9.8% |
| 2008 | $257.06M | $26.95M | 10.5% |
| 2007 | $321.87M | $25.13M | 7.8% |
| 2006 | $219.24M | $21.86M | 10.0% |
| 2005 | $187.48M | $19.14M | 10.2% |
| 2004 | $250.00M | $15.82M | 6.3% |
| 2003 | $179.00M | $15.00M | 8.4% |
| 2002 | $115.53M | $14.36M | 12.4% |
| 2001 | $161.73M | $14.23M | 8.8% |
| 2000 | $117.20M | $13.00M | 11.1% |
| 1999 | $84.60M | $11.90M | 14.1% |
| 1998 | ($46.20M) | $11.00M | N/A (Loss) |
| 1997 | ($14.60M) | $10.20M | N/A (Loss) |
| 1996 | $59.40M | $8.90M | 15.0% |
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.
