Thanks Bertho and welcome to the forum
As I mentioned, I have components off board, and that's what I am doing, checking the caps and active components. All of the electrolytic caps are within tolerance and have nominal ESR. I have even checked the ceramics for abnormal leakage. So far nothing found, unless there's something wrong with the transformer.
I have struggled to find any generic data showing CTR degradation over time and this is why I was asking if it was plausible. The device the smps is out of is from the early 90's but I have no way of knowing how much of that time the unit has been on or if that timespan is long enough for reasonable CTR degradation
I'm in the process of putting it all back together and will measure the output to see at what level it rises to before it cycles