The orbital component of magnetization dynamics, e.g., excited by ferromagnetic resonance (FMR), may generate “orbitronic” effects in nanomagnetic devices. Yet, distinguishing orbital dynamics from spin dynamics remains a challenge. Here, we employ x-ray magnetic circular dichroism (XMCD) to quantify the ratio between the orbital and spin components of FMR-induced dynamics in a Ni80Fe20 film. By applying the XMCD sum rules at the Ni L3,2 edges, we obtain an orbital-to-spin ratio of 0.108 ± 0.005 for the dynamic magnetization. This value is consistent with 0.102 ± 0.008 for the static magnetization, probed with the same x-ray beam configuration as the dynamic XMCD experiment. The demonstrated method presents a possible path to disentangle orbitronic effects from their spintronic counterparts in magnetic media.