Washington H. Soul Pattinson and Company (ASX:SOL): Dividend Analysis of ASX Investment Compnay

Sonal Goyal

16 April 2026 03:36 PM AEST

Washington H. Soul Pattinson and Company (ASX:SOL): Dividend Analysis of ASX Investment Compnay

Image Source: shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Washington H. Soul Pattinson and Company Limited (ASX:SOL), commonly known as Soul Patts, is one of Australia's oldest and most respected diversified investment companies. Listed on the ASX since 1903, the company has a remarkably long history of continuous dividend payments and is often cited as a benchmark for conservative, long-term investment management in Australia.

Soul Patts operates as a holding company with a diversified portfolio of investments spanning multiple sectors, including building products (through its stake in Brickworks), coal (through New Hope Corporation), telecommunications (through TPG Telecom), copper mining, and financial services. The company takes a long-term, value-oriented approach to portfolio management, typically holding significant strategic stakes in its investee companies.

As of March 2026, Soul Patts has a market capitalisation of approximately AUD 15.28 billion, a P/E ratio of 6.29, and a reported profit margin of 253.55 percent. The extremely high profit margin is a function of the accounting treatment of investment revaluations and the recognition of share of profits from associates, which can significantly inflate reported margins in any given period.

Why It Is Considered a Dividend Stock

Soul Patts is perhaps the quintessential ASX dividend stock. The company has an unbroken record of dividend payments stretching back over a century, and it has increased its dividend every year since 2000. This extraordinary track record places Soul Patts among the most reliable income generators on the ASX. All dividends are fully franked, and the company's diversified portfolio provides multiple sources of income to support the distribution.

Latest Verified Dividend Data

The most recent dividend declared by Soul Patts was a fully franked interim dividend of 48 cents per share for FY2025, with an ex-dividend date of 20 April 2026 and a payment date of 14 May 2026. This interim dividend represented a 9.1 percent increase compared to the prior corresponding period. The annualised dividend per share is approximately AUD 1.07, yielding approximately 2.66 to 2.74 percent at current share prices. The Finder PDF reported a yield of 2.56 percent as of 30 March 2026. The five-year dividend compound annual growth rate (CAGR) is approximately 11.9 percent, demonstrating strong and consistent dividend growth.

Recent Dividend History and Trends

Soul Patts has never missed a dividend payment since listing in 1903, a record that is virtually unmatched on the ASX. The company has increased its dividend every year since 2000, making it one of the longest streaks of consecutive dividend increases among ASX-listed companies. The FY2024 final dividend was 59 cents per share (fully franked), and the progressive increase in the interim dividend to 48 cents per share in FY2025 continues this trend. The company's diversified portfolio and conservative financial management provide a stable foundation for maintaining this remarkable dividend track record.

Factors Supporting or Pressuring Future Dividends

Multiple factors support Soul Patts' dividend outlook. The company's diversified investment portfolio means that weakness in one sector can potentially be offset by strength in another. The strong performance of New Hope Corporation (coal) and Brickworks (building products) in recent years has been a significant contributor to group earnings and dividend capacity. The company's stated commitment to progressive dividend growth, combined with its substantial franking credit balance, provides confidence in the sustainability of the dividend. Potential risks include a downturn in any of the key investee companies, adverse movements in commodity prices (particularly coal and copper), and the general risks associated with a diversified investment portfolio.

Operating and Financial Context

Soul Patts' low P/E ratio of 6.29 may reflect the market's assessment of the sustainability of recent elevated earnings, particularly from coal operations. The company's long history, conservative management approach, and unbroken dividend record make it a core holding for many Australian income investors, and the 11.9 percent five-year dividend growth rate suggests that the company is not merely maintaining its dividend but actively growing it.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.