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 18.48% is in line with its 5-year average of 20.08%, around the middle of its 5-year range (16.12%–23.39%).
As of the fiscal period ended Tuesday, March 31, 2026. 12.67% below its 12-month average of 21.16%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
18.48%
FCF PAYOUT RATIO AVG TTM
21.16%
FCF PAYOUT RATIO AVG 3Y
21.41%
FCF PAYOUT RATIO AVG 5Y
20.08%
FCF PAYOUT RATIO AVG 10Y
26.39%
FCF PAYOUT RATIO AVG 15Y
29.95%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-12.67%
CURRENT VS 3Y AVG
-13.69%
CURRENT VS 5Y AVG
-7.96%
CURRENT VS 10Y AVG
-29.99%
CURRENT VS 15Y AVG
-38.30%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
18.5%
Earnings Payout Ratio
68.1%
Dividend Yield
0.44%
FCF Yield
2.38%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $256.55M | $50.39M | 19.6% |
| 2024 | $236.10M | $50.42M | 21.4% |
| 2023 | $216.15M | $50.28M | 23.3% |
| 2022 | $280.36M | $50.19M | 17.9% |
| 2021 | $307.86M | $49.62M | 16.1% |
| 2020 | $153.47M | $48.90M | 31.9% |
| 2019 | $156.21M | $48.36M | 31.0% |
| 2018 | $149.43M | $47.97M | 32.1% |
| 2017 | $128.27M | $47.33M | 36.9% |
| 2016 | $126.97M | $47.61M | 37.5% |
| 2015 | $119.45M | $47.11M | 39.4% |
| 2014 | $122.94M | $45.39M | 36.9% |
| 2013 | $101.11M | $43.46M | 43.0% |
| 2012 | $120.73M | $41.02M | 34.0% |
| 2011 | $123.56M | $39.69M | 32.1% |
| 2010 | $106.62M | $38.39M | 36.0% |
| 2009 | $104.77M | $28.19M | 26.9% |
| 2008 | $98.95M | $0 | 0.0% |
| 2007 | $82.43M | $0 | 0.0% |
| 2006 | $80.99M | $0 | 0.0% |
| 2005 | $63.02M | $0 | 0.0% |
| 2004 | $61.84M | $0 | 0.0% |
| 2003 | $38.90M | $0 | 0.0% |
| 2002 | $5.39M | $0 | 0.0% |
| 2001 | $39.56M | $0 | 0.0% |
| 2000 | $8.37M | $0 | 0.0% |
| 1999 | ($2.20M) | $0 | N/A (Loss) |
| 1998 | $17.30M | $0 | 0.0% |
| 1997 | $8.30M | $0 | 0.0% |
| 1996 | $3.40M | $0 | 0.0% |
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.
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 | 18.48% |
| 2025-12-31 | 22.37% |
| 2025-09-30 | 22.38% |
| 2025-06-30 | 19.64% |
| 2025-03-31 | 22.94% |
| 2024-12-31 | 19.91% |
| 2024-09-30 | 20.59% |
| 2024-06-30 | 21.35% |
| 2024-03-31 | 20.06% |
| 2023-12-31 | 22.36% |
| 2023-09-30 | 23.39% |
| 2023-06-30 | 23.26% |
| 2023-03-31 | 21.58% |
| 2022-12-31 | 19.93% |
| 2022-09-30 | 17.66% |
| 2022-06-30 | 17.90% |
| 2022-03-31 | 16.59% |
| 2021-12-31 | 16.21% |
| 2021-09-30 | 16.87% |
| 2021-06-30 | 16.12% |
| 2021-03-31 | 22.01% |
| 2020-12-31 | 24.57% |
| 2020-09-30 | 27.49% |
| 2020-06-30 | 31.86% |
| 2020-03-31 | 28.64% |
| 2019-12-31 | 29.47% |
| 2019-09-30 | 32.11% |
| 2019-06-30 | 30.96% |
| 2019-03-31 | 28.23% |
| 2018-12-31 | 31.21% |
| 2018-09-30 | 33.10% |
| 2018-06-30 | 32.10% |
| 2018-03-31 | 35.05% |
| 2017-12-31 | 34.31% |
| 2017-09-30 | 32.86% |
| 2017-06-30 | 36.90% |
| 2017-03-31 | 40.92% |
| 2016-12-31 | 36.68% |
| 2016-09-30 | 38.16% |
| 2016-06-30 | 37.49% |
| 2016-03-31 | 38.42% |
| 2015-12-31 | 41.21% |
| 2015-09-30 | 41.56% |
| 2015-06-30 | 39.43% |
| 2015-03-31 | 37.33% |
| 2014-12-31 | 35.60% |
| 2014-09-30 | 36.66% |
| 2014-06-30 | 36.92% |
| 2014-03-31 | 40.24% |
| 2013-12-31 | 41.38% |
| 2013-09-30 | 42.86% |
| 2013-06-30 | 42.99% |
| 2013-03-31 | 37.89% |
| 2012-12-31 | 35.30% |
| 2012-09-30 | 36.19% |
| 2012-06-30 | 33.98% |
| 2012-03-31 | 34.57% |
| 2011-12-31 | 34.63% |
| 2011-09-30 | 31.50% |
| 2011-06-30 | 32.12% |
| 2011-03-31 | 32.57% |
| 2010-12-31 | 35.20% |
| 2010-09-30 | 35.58% |
| 2010-06-30 | 36.01% |
| 2010-03-31 | 36.94% |
| 2009-12-31 | 34.99% |
| 2009-09-30 | 26.36% |
| 2009-06-30 | 17.84% |
| 2009-03-31 | 9.23% |
