Pop Mart dividend: history, cash cover and yield
Pop Mart’s latest annual dividend was CNY2.38 per share. Pop Mart generated RMB9,271.614 million of free cash flow in 2025, and dividends were a recurring use of cash.
How much does Pop Mart pay in dividends per share?
Dividends grow from CNY2.40 to CNY2.80 per share in the base case, broadly preserving a payout near 25% of earnings. The bear case cuts DPS from CNY1.50 to CNY1.00 as cash conversion weakens. The bull case raises it from CNY3.00 to CNY4.60 as earnings and cash recover. The latest annual DPS was CNY2.38, but the company has given no dividend-growth target.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 9.58 | 2.35 | 0.81 | 0.35 | 0.62 |
| Real free cash flow per share | 6.90 | 2.99 | 0.88 | 0.15 | 0.09 |
| − Dividends paid, per share | 0.81 | 0.28 | 0.09 | 0.16 | 0.15 |
| − Share buybacks, per share | 0.00 | 0.06 | 0.25 | 0.46 | 0.00 |
| = FCF not paid out, per share | 6.11 | 2.72 | 0.62 | 0.05 |
What this means. Real free cash flow per share is lower because it subtracts the value of shares given to employees as pay.
Does Pop Mart’s cash cover its dividend?
Free cash flow is the cash left after the operating business and investment in fixed assets. It rose from RMB271.469 million in 2021 to RMB9,271.614 million in 2025. It is not money that can all be spent freely, because Pop Mart still needs cash for inventory, logistics, stores, and unexpected costs. Cash and short-term investments reached RMB17,234.752 million at year-end 2025.
Dividends were a recurring use of cash, while buybacks varied. The table records RMB634.31 million of buybacks in 2022. It records none in 2025. In the first half of 2026, Pop Mart paid RMB3,149,378,000 in dividends for the previous year and declared no interim dividend.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 9,271.614 | 4,076.448 | 1,281.418 | 301.849 | 271.469 |
| − Dividends paid | 1,083.288 | 378.015 | 121.609 | 220.086 | 208.834 |
| − Share buybacks | 0 | 78.031 | 333.709 | 634.31 | 0 |
| = Free cash flow not paid out | 8,143.352 | 3,620.402 | 826.1 | 62.635 | |
| Paid out, % of free cash flow | 11.7% | 11.2% | 35.5% | 283.1% | 76.9% |
| Paid out, % of real free cash flow | 11.8% | 11.5% | 38.6% | 418.6% | 167.9% |
What this means. Our net cash is higher because we include term deposits and do not subtract lease liabilities, while the company uses a different count.
What could change Pop Mart’s dividend?
The forecast would move toward the bear case if overseas weakness persists during 2027–2028, inventory turns slow and provisions rise, or character concentration remains high into 2028–2029. Those events would lower both earnings and the P/E.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 14,100 (11,340 / 16,120) | 15,402 (11,138 / 20,311) | 16,655 (11,032 / 24,760) |
| Shares (millions) | 1,305 (1,319 / 1,291) | 1,306 (1,320 / 1,291) | 1,307 (1,320 / 1,292) |
| Dividends per share | 2.40 (1.50 / 3.00) | 2.60 (1.20 / 3.80) | 2.80 (1.00 / 4.60) |
| Price to earnings | 13.00 (9.00 / 18.00) | 14.00 (8.00 / 20.00) | 15.00 (7.00 / 22.00) |
What is Pop Mart’s dividend yield today?
P/E, or price-to-earnings ratio, says how much investors pay for each unit of profit. Free-cash-flow yield measures the cash left after operating and investment payments, while dividend yield measures only what the company distributes. Customers pay Pop Mart, and Pop Mart pays suppliers, employees, landlords and tax; the remainder can fund stores, product development, expansion, buybacks or dividends.