10 ASX Dividend Shares: How AGL, FMG, HVN and MTS Compare

Screen the ASX 200 for yields above 5% and ten names come back — but only four are companies paying dividends in the strict sense: AGL Energy Limited (ASX:AGL), Fortescue Ltd (ASX:FMG), Harvey Norman Holdings Limited (ASX:HVN) and Metcash Limited (ASX:MTS). and ten names come back. Look closer and only four of them are companies paying dividends in the strict sense. The other six are real estate Investment trusts, which pay distributions to securityholders under a different structure. That leaves an electricity generator, an iron ore miner, a retailer and a grocery wholesaler as the "dividend shares" proper, and on the surface they have almost nothing in common.

Yet in 2026 their indicative Dividend yields sit within a narrow band, all between 6.09% and 6.58% at prices after the close on 23 September. This article puts those four head to head on payout policy, Earnings trend and sector risk, with the full table of all ten as the backdrop.

Source note: dividend and distribution amounts are the latest confirmed full-year payouts from official ASX company announcements. Reference prices are from an S&P/ASX 200 component snapshot after the close on 23 September 2026. Indicative Yield = annual payout ÷ reference price (our calculation, not an ASX-published figure); cash yields exclude franking credits.

*Waypoint REIT reports on a calendar-year basis; FY2025 (year to 31 December 2025) is its latest completed full year.

Why are dividend shares back in focus?

August's reporting season confirmed each company's full-year dividend, giving investors fresh, like-for-like numbers. All four dividends are fully franked, which adds a tax dimension for eligible Australian investors that the property trusts do not share in the same way. The table's yields, however, are simple cash figures: each confirmed payout divided by the share price, calculated by us. They exclude franking credits, and they move every time the share price does.

Why are six of the ten paying distributions, not dividends?

A REIT is generally structured to pass its rental income through to investors, so what it pays is a distribution rather than a dividend declared from company profit. Six of the ten names fall into that group: Arena REIT (ASX:ARF), HomeCo Daily Needs REIT (ASX:HDN), Waypoint REIT (ASX:WPR), Charter Hall Long WALE REIT (ASX:CLW), Stockland (ASX:SGP) and BWP Group (ASX:BWP). They hold the top four positions by yield, led by Arena at 8.95%. Arena's figure needs care, though: after tenant Edge Early Learning, about 14% of income, entered voluntary administration, Arena guided to an FY2027 distribution of at least 18.0c, below FY2026's 19.25c.

Head to head: the four dividend shares

Harvey Norman Holdings Limited (ASX:HVN): 6.58%

The highest-yielding of the four paid 27.5c fully franked for FY2026 (14.5c interim, 13.0c final), up from 26.5c. At A$4.18, that is an indicative Dividend Yield of 6.58%. Profit after tax and minority interests of $528.46m was 2.0% above the prior year. The earnings base mixes franchising across 195 Australian complexes, which generated Franchisee sales of $6.584bn, with a large property portfolio and company-operated overseas retail. The final is payable on 12 November 2026.

Fortescue Ltd (ASX:FMG): 6.41%

Fortescue paid A$1.08 fully franked (A$0.62 interim, A$0.46 final), a touch below FY2025's A$1.10. Its policy is to pay 50–80% of underlying NPAT, and the FY2026 payout was 65%. Underlying NPAT rose 3% to US$3.5bn on record shipments of 201.3 million tonnes, with free Cash Flow of US$3.2bn and net Debt of US$0.9bn. The final dividend is paid on 29 September 2026.

Metcash Limited (ASX:MTS): 6.34%

Metcash, which supplies independent supermarkets including IGA as well as liquor and hardware, paid 18.0c fully franked for the year to 30 April 2026 (8.5c interim, 9.5c final). Its target Payout Ratio is about 74% of Underlying Profit after tax, and FY2026 landed at 73.6% on underlying NPAT of $268.8m. The Dividend reinvestment plan is suspended.

AGL Energy Limited (ASX:AGL): 6.09%

AGL paid 50c fully franked, including a 26c final. Its policy range is 50–75% of underlying NPAT, and FY2026's payout was 53.3% of $631m, down 2%. For FY2027, AGL has guided to underlying NPAT of $470m–$670m with a 55–60% target payout ratio, expected fully franked.

How do their payout policies compare?

Three of the four spell out a formula. Metcash runs closest to a fixed ratio, near 74%. Fortescue has the widest band, 50–80%, and used the middle of it. AGL paid near the bottom of its 50–75% range in FY2026 and has now narrowed its target to 55–60% for FY2027. The figures reviewed here for Harvey Norman do not include a stated ratio, so the useful guide is its record: 27.5c, up from 26.5c, alongside profit growth of 2.0%.

The earnings trends differ too. Harvey Norman and Fortescue grew profit modestly, while AGL's slipped 2%. Because each payout is tied to profit, a stable ratio does not mean a stable dividend: the cents move when earnings do.

What sector risks could affect the next dividends?

Each company carries a distinct exposure. Fortescue's dividend depends heavily on iron ore prices and Chinese steel demand, and because it reports in US dollars and pays in Australian dollars, currency swings matter. AGL is managing a transition away from coal-fired generation, and its FY2027 guidance range is wide, with the low end sitting well below FY2026's profit. Harvey Norman depends on household spending, as well as property values and overseas retail conditions. Metcash's wholesale model links it to grocery, liquor and hardware demand, including the health of the independent retailers it supplies.

Why doesn't the highest yield settle the comparison?

Harvey Norman tops the four, but by a small margin, and a yield reflects the share price as much as the payout. A price fall can push a yield higher for reasons that point to more risk, not less. Fortescue illustrates another trap: it pays the most cash per share of any name in the table, yet its higher share price gives it a lower percentage than Harvey Norman. Franking credits, which can affect after-tax value for eligible Australian investors depending on individual circumstances, are not included in any of the yields.

What should investors monitor next?

For these four, the watch list is specific: Fortescue's 29 September payment and iron ore conditions; Harvey Norman's 7 October Record Date and 12 November payment; where AGL's FY2027 profit falls within its guidance range; and Metcash's next interim decision against its payout target. Across all ten, share price movements will continue to redraw the table.

Key Insights / Key Takeaways

On yield alone, the four dividend shares sit close together, between 6.09% and 6.58%. On substance they are far apart: a miner leaning on a Commodity cycle, an energy company in transition, a retailer with a property backbone and a wholesaler running a fixed ratio. Their FY2026 dividends are confirmed history. What comes next depends on four quite different sets of earnings, which is where investors may want to direct their attention.