Sinopec dividend
Sinopec paid RMB0.23 per share in 2025 and RMB27,636 million in dividends. Its free cash flow was RMB2,249 million, so its 2025 cash generation did not cover the dividend.
How much does Sinopec pay its shareholders per share?
The operating margin shrank alongside a five-year revenue decline, while diluted EPS fell each year from 2021 through 2025. The company’s own free cash flow moved from positive in 2021 to negative in 2022–2024, then only RMB2,249 million in 2025 against RMB27,636 million of dividends paid. In 2025, free cash flow per share was RMB0.02 versus RMB0.23 of dividends paid per share.
Does Sinopec's cash cover its dividend?
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 2,249 | -17,412 | -37,006 | -84,609 | 54,992 |
| − Dividends paid | 27,636 | 42,108 | 40,760 | 56,903 | 35,110 |
| − Share buybacks | 1,554 | 2,131 | 2,325 | 4,179 | 0 |
| = Free cash flow not paid out | 11,814 | ||||
| = Paid out more than the free cash flow | 35,229 | 67,795 | 88,068 | 150,940 |
What could change Sinopec's dividend?
Dividends in the base case hold at CNY0.27 before easing to CNY0.26. The bear declines from CNY0.20 to CNY0.12, while the bull rises from CNY0.30 to CNY0.38. The base begins with the CNY0.40973 next-12-month EPS estimate and the stated 65% payout policy. The downside reflects 2025 free cash flow of only CNY2,249m against dividends paid of CNY27,636m. The upside requires earnings and cash generation to improve together.
The view would move toward the bull case if refining margins remain durable despite softer volumes, chemical utilization improves, and operating cash begins to fund capex and dividends with less borrowing. The key question through October 2029 is therefore whether higher earnings convert into free cash flow rather than being absorbed by investment and distributions.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 75,000 (55,000 / 82,000) | 76,000 (48,000 / 91,000) | 77,000 (44,000 / 100,000) |
| Shares (millions) | 120,538 (120,638 / 120,388) | 120,388 (120,588 / 120,088) | 120,238 (120,538 / 119,788) |
| Dividends per share | 0.27 (0.20 / 0.30) | 0.27 (0.16 / 0.34) | 0.26 (0.12 / 0.38) |
| Enterprise value to normal operating profit | 9.00 (8.00 / 10.00) | 9.00 (7.00 / 11.00) | 8.50 (6.00 / 12.00) |
| Net debt | 260,849 (282,849 / 243,099) | 312,099 (348,399 / 265,399) | 357,649 (408,149 / 273,399) |
What is Sinopec's dividend yield today?
Price to book was 0.6x, but recorded assets do not guarantee good returns. The 5.2% dividend yield is attractive only if investment and weaker years do not consume the cash needed to pay it.
| Today (Oct 13, 2026) | |
|---|---|
| Share price | 4.525 |
| Free cash flow yield (calculated) | 0.5% |
| Real free cash flow yield (calculated) | 0.5% |
| Dividend yield (calculated) | 5.2% |
What this means. The whole business is valued higher than the stock market value because this measure also includes debt after subtracting cash.