ANTA dividend: cash cover and yield
ANTA's forecast dividend rises from CNY2.30 to CNY2.60 per share in the base case. After capital spending, lease payments, interest and stock pay, ANTA still produced strong positive cash flow in 2025.
How much does ANTA pay per share?
Dividends rise gradually in the base case, from CNY2.30 to CNY2.60 per share. The bear case cuts them to CNY2.05 before holding them at CNY2.00, while the bull case reaches CNY3.10. The base path follows the company’s 50.3% adjusted payout and its five-year record of rising dividends. The bear case reflects PUMA, investment and debt demands; the bull case requires strong cash generation because the board gives no assurance about any particular dividend.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Net income | 13,588 | 15,596 | 10,236 | 7,590 | 7,720 |
| EPS, diluted | 4.80 | 5.41 | 3.60 | 2.76 | 2.81 |
| Dividend per share | 2.45 | 2.36 | 1.97 | 1.34 | 1.28 |
What this means. 2024 net income was unusually high because it included one-time gains from dilution of the company's ownership in Amer Sports and a share sale.
Is ANTA's dividend covered by its cash?
After capital spending, lease payments, interest and stock pay, ANTA still produced strong positive cash flow in 2025. It recovered from the prior year, although it remained below 2023. That pattern must be read with working capital. Stock and customer balances can absorb cash when the group prepares for growth, while clearing old inventory can release cash temporarily. Neither movement alone proves a lasting change in earnings power.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 13,513 | 8,804 | 13,976 | 7,200 | 7,620 |
| − Dividends paid | 6,585 | 6,072 | 4,022 | 3,752 | 2,411 |
| − Share buybacks | 1,952 | 1,851 | 113 | 0 | 0 |
| = Free cash flow not paid out | 3,888 | 9,613 | 3,250 | 5,164 | |
| Paid out, % of free cash flow | 63.2% | 90.0% | 29.6% | 52.1% | 31.6% |
What could change ANTA's dividend?
Finally, actual buybacks and dividends will reveal how much cash remains after investment. Selective repurchases and sustained payouts support the base case. Larger buybacks, stronger dividends and a credible PUMA recovery would justify the bull case.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 15,552 (14,014 / 17,473) | 16,800 (13,818 / 20,160) | 18,080 (13,871 / 22,692) |
| Shares (millions) | 2,792 (2,798 / 2,781) | 2,787 (2,800 / 2,766) | 2,782 (2,801 / 2,750) |
| Dividends per share | 2.30 (2.05 / 2.50) | 2.45 (2.00 / 2.80) | 2.60 (2.00 / 3.10) |
| Price to earnings | 12.00 (10.00 / 14.00) | 12.00 (9.00 / 16.00) | 12.00 (8.00 / 18.00) |
What is ANTA's dividend yield today?
Cash provides the second test. First-half operating cash inflow was RMB13,081 million, and free cash inflow was RMB11,630 million. Free-cash-flow yield was 7.3%, while the stricter stated measure was 7.1%. The dividend yield was only 3.1% because management can use the remaining cash for inventory, acquisitions, debt, subsidiaries or future investment.