Financial services dividend payout ratios
31 companies, computed from their own SEC filings. 4 of them answer differently by 20 points or more depending on which basis you divide by.
What ordinary looks like here
On the basis each company’s own filings make applicable, the median financial services company pays out 19.5%. Half sit between 13.2% and 61.2%. Across all 532 companies here the median is 41.9% — 22.4 points less than the site as a whole.
Which basis applies, and to how many
Not a choice — it is what each company’s filings support.
Where the bases disagree most
The same dividend, a different answer. These are the widest gaps in financial services.
- TPG (TPG) 368.2 pts
- Artisan Partners Asset Management (APAM) 60.2 pts
- Lazard (LAZ) 56.2 pts
- CME Group (CME) 49.0 pts
Lowest payout
- PayPal Holdings 2.3%
- DigitalBridge Group 2.8%
- PJT Partners 5.1%
- Ameriprise Financial 7.3%
- BGC Group 10.5%
Highest payout
- StepStone Group 184.4%
- Artisan Partners Asset Management 149.8%
- KKR 136.0%
- Brookfield Asset Management 134.7%
- Blackstone 132.2%
Common questions
What is a good dividend payout ratio for a financial services company?
Measured on the basis its own filings support, the median here is 19.5%, with half between 13.2% and 61.2%. That is the empirical answer for this sector rather than a rule of thumb, and it is the only comparison that means anything — a figure that is ordinary in one sector is stretched in another.
Which measure should a financial services company be judged on?
25 of the 29 measured here are read on free cash flow, because that is what their filings support. Each company’s page shows every basis it can be measured on and marks the one that applies.
Where do these numbers come from?
Each company’s own annual filing, read out of SEC XBRL. Every page names the accession number its figures came from and links it to EDGAR, so any figure here can be checked against the source.
All 31 companies
What a dividend payout ratio measures, and why one threshold does not fit every sector.
| Ticker | Company | Basis | Yield | Spread | Rating |
|---|---|---|---|---|---|
| TPG | TPG | FCF | — | 368.2 | 15 |
| APAM | Artisan Partners Asset Management | FCF | — | 60.2 | 8 |
| LAZ | Lazard | FCF | — | 56.2 | 20 |
| CME | CME Group | FCF | — | 49.0 | 53 |
| APO | Apollo Global Management | OCF | — | 19.3 | 66 |
| BGC | BGC Group | FCF | — | 15.9 | 50 |
| EVR | Evercore | FCF | — | 12.1 | 64 |
| BX | Blackstone | FCF | — | 11.0 | 30 |
| AMP | Ameriprise Financial | FCF | — | 9.6 | 79 |
| ICE | Intercontinental Exchange | FCF | — | 9.6 | 58 |
| MMC | Marsh & Mclennan Companies | FCF | — | 8.6 | 56 |
| MORN | Morningstar | FCF | — | 7.8 | 49 |
| STEP | StepStone Group | FCF | — | 7.3 | 0 |
| BRO | Brown & Brown | FCF | — | 6.3 | 70 |
| DBRG | DigitalBridge Group | FCF | — | 5.9 | 64 |
| NMRK | Newmark Group | FCF | — | 5.0 | 40 |
| WU | Western Union | FCF | — | 5.0 | 33 |
| MA | Mastercard | FCF | — | 3.5 | 71 |
| WTW | Willis Towers Watson | FCF | — | 3.0 | 58 |
| AON | Aon | FCF | — | 2.4 | 51 |
| OWL | Blue OWL Capital | FCF | — | 2.1 | 27 |
| ACT | Enact Holdings | OCF | — | 1.4 | 64 |
| RYAN | RYAN Specialty Holdings | FCF | — | 1.1 | 73 |
| BAM | Brookfield Asset Management | FCF | — | 0.6 | 39 |
| PYPL | PayPal Holdings | FCF | — | 0.6 | 73 |
| PJT | PJT Partners | FCF | — | 0.4 | 62 |
| RILY | BRC Group Holdings | FCF | — | 0.4 | 59 |
| CG | Carlyle Group | — | — | — | 0 |
| EQH | Equitable Holdings | OCF | — | — | 60 |
| KKR | KKR | OCF | — | — | 0 |
| LPLA | LPL Financial Holdings | — | — | — | 10 |