Bega Cheese Ltd · Dividends
ASX: BGA · Consumer Defensive · Packaged Foods
Dividends per share
Per financial year, as reported in the accounts
Payment record
Totals paid and share of profit distributed
| FY | Per share | Total paid | Payout ratio |
|---|---|---|---|
| FY25 | $0.09 | $28.4M | – |
| FY24 | $0.06 | $19.4M | 64% |
| FY23 | $0.09 | $26.8M | – |
| FY22 | $0.09 | $28.7M | 119% |
| FY21 | $0.09 | $23.3M | 32% |
| FY20 | $0.09 | $19.5M | 91% |
| FY19 | $0.09 | $19.1M | 430% |
| FY18 | $0.11 | $19.4M | 68% |
| FY17 | $0.10 | $15.3M | 11% |
| FY16 | $0.09 | $13.7M | 48% |
Reading the payout ratio
The payout ratio is the share of net profit returned to shareholders as dividends. A ratio under ~70% generally leaves room to maintain the dividend through a weaker year; a ratio persistently near or above 100% means the company is paying out more than it earns, which is rarely sustainable. Per-share figures here are company-reported annual totals. Check the company's own announcements for franking credits and payment dates.
Does Bega Cheese (BGA) pay a dividend and is it sustainable?
Bega Cheese has paid a dividend in every year of the reported decade, with dividend per share moving from $0.09 in FY2016 to a high of $0.1055 in FY2018, before easing to a range of roughly $0.06 to $0.095 in the years since. The most recent payment was $0.0931 per share in FY2025, up from $0.063 in FY2024.
Payout ratios have been highly erratic because earnings themselves have swung sharply. In FY2019, when net income was just $4.4 million, the payout ratio reached 430.1% of earnings; in FY2022 it was 118.6%. In the loss-making years of FY2023 and FY2025, net income was negative (-$229.9 million and -$8.5 million respectively) while dividends were still paid, producing payout ratios of -11.7% and -334.1% that are not meaningful as a coverage measure.
Taken together, the dividend has been maintained through periods when reported earnings would not have covered it, meaning coverage in those years came from cash reserves or borrowing rather than current profit. The per-share amount has also fluctuated rather than grown steadily, including a cut from $0.0882 in FY2023 to $0.063 in FY2024 before a partial recovery to $0.0931 in FY2025.
AI-assisted analysis generated from Craytheon's verified financial data · Updated 4 Jul 2026 · How this works
Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.