BYD dividend: is it covered?
BYD paid RMB0.36 per share in 2025, down from RMB1.32 in 2024. In 2025, BYD's free cash flow was negative RMB101,980.807 million while it paid shareholders RMB16,062.454 million, so cash did not cover the payout.
How much does BYD pay per share?
BYD Auto Finance Company Limited is accounted for through equity accounting, so its customer loans and funding liabilities sit outside the consolidated balance sheet. Its earnings still matter, because they affect the group without showing every underlying asset and liability. Dividend restraint also signals caution: the 2025 dividend was RMB0.36 per share versus RMB1.32 in 2024.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow per share | -11.30 | 3.77 | 5.24 | 4.75 | 3.02 |
| − Dividends paid, per share | 1.34 | 1.03 | 0.38 | 0.04 | 0.05 |
| = FCF not paid out, per share | 2.64 | 4.84 | 4.50 | 2.95 |
Does BYD's cash cover its dividend?
The break came in 2025. Free cash flow was negative RMB101,980.807 million, yet BYD paid shareholders RMB16,062.454 million. It raised RMB40,074.768 million from new shares and issued RMB154,003.870 million of debt. Cash still fell by RMB33,861.345 million, showing that expansion and distributions depended on financing and accumulated liquidity.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | -101,980.807 | 32,900.018 | 45,701.088 | 41,479.608 | 25,842.388 |
| − Dividends paid | 12,077.248 | 9,012.493 | 3,324.525 | 305.67 | 423.449 |
| − Share buybacks | 3,985.206 | 400.028 | 0 | 1,809.92 | 0 |
| = Free cash flow not paid out | 23,072.431 | 42,249.266 | 39,284.554 | 25,233.008 | |
| = Paid out more than the free cash flow | 118,481.471 |
What this means. The negative free cash flow in 2025 means the business used more cash to operate and buy equipment than it generated, so shareholder payments and other spending had to come from savings or new borrowing.
What could change BYD's dividend?
Dividends recover cautiously. The base path rises from CNY0.55 to CNY0.75, then reaches CNY0.95. The bear path holds at CNY0.36 initially before cutting to CNY0.20, while the bull path begins at CNY0.70 and reaches CNY1.40. The latest actual DPS was CNY0.36 after a prior peak of CNY1.32. Negative free cash flow of CNY101,980.807m supports restraint.
The view would move toward the bear case during 2027-2029 if price cuts reduce automotive margins, dealer inventory rises, or shipments outpace customer registrations. Slow overseas plant utilization would raise capital spending and debt while weakening free cash flow.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 140,833 (110,083 / 157,708) | 156,875 (111,167 / 196,667) | 171,875 (116,750 / 236,667) |
| Dividends per share | 0.55 (0.36 / 0.70) | 0.75 (0.20 / 1.05) | 0.95 (0.20 / 1.40) |
| Net debt | -20,734 (23,242 / -51,877) | -33,659 (31,652 / -111,965) | -65,459 (43,825 / -209,203) |
What is BYD's dividend yield today?
P/E means share price divided by forecast profit per share. At HK$73.25, BYD trades at 11.2 times expected earnings, implying about HK$6.54 of profit per share over the next twelve months. That profit is not a payment to the investor; it is an estimate of what BYD may earn. If price cuts reduce profit, the same share price produces a higher P/E.