Best Fully Franked Dividend ASX Stocks Beating the Market
Woodside Energy Group (ASX: WDS) and Bisalloy Steel Group (ASX: BIS)
Dividend investors had plenty to smile about in 2025. Both Woodside Energy and Bisalloy Steel rewarded shareholders with fully franked payouts that stood out against the broader market. While Woodside continued to deliver high-end dividends backed by strong operations and disciplined capital allocation, Bisalloy surprised with profit growth on flat revenue—funding a bigger final dividend.
Let’s look at why these two companies are turning heads for income today.
Woodside Energy: Big Cash Engine, Big Dividend
Woodside’s first half of FY25 highlighted just how powerful its cash generation machine remains. The company delivered resilient production volumes, lower unit costs, and steady progress on major projects. That enabled the board to declare an interim dividend at the very top of its payout range—without compromising future growth.
HY1 FY25 snapshot:
Revenue: $10.4 billion
NPAT: $2.07 billion
Dividend: Fully franked interim of 53 US cents per share (~$0.85–0.86 at period FX)
Payout ratio: ~80% of underlying NPAT
Yield: ~6.9% annualised on recent pricing
Growth pipeline:
- Scarborough LNG project: 86% complete
- Trion project: 35% complete
- Louisiana LNG: De-risked via 40% infrastructure sell-down
Why it’s beating the market for income:
Woodside’s mix of high operating leverage, falling unit costs, and disciplined spending supports strong, fully franked dividends. Investors are getting a high cash yield today while management still advances multi-year LNG growth.
Bisalloy Steel: Earnings Up, Dividend Up, Balance Sheet Tight
Bisalloy Steel proved in FY25 that disciplined execution can deliver real income even in a flat revenue year. Despite top-line stagnation, efficiency gains, favourable product mix (defence, gold), and offshore contributions lifted profits significantly—fueling a bigger final dividend.
FY25 results:
Revenue: $152.8 million (flat YoY)
EBITDA: $27 million (+15% YoY)
NPAT attributable: $19.6 million (+24.4% YoY)
Profit margins expanded on efficiency and mix improvements
Dividend details:
- Final dividend: 16.5 cents per share fully franked (record date 23 Sep 2025)
- FY25 total dividend: 24.5 cps (8.0c interim + 16.5c final)
- DRP suspended—distributions entirely cash
Business mix:
- Strength in defence armour and protection plate
- Solid growth from ASEAN distribution and China JV
- Weakness from patchy WA industrial demand partially offset
Why it’s beating the market for income:
Double-digit NPAT growth on a modest market cap has translated into a higher, fully franked dividend. Investors benefit from attractive cash yields, underpinned by a mix of defence exposure and international earnings.
What to Watch Next
- Woodside: Watch how cash generation balances against capex needs as Scarborough and Trion move closer to first production. Commodity prices, FX, and potential tweaks to the payout framework will also be key.
- Bisalloy: Defence and gold demand should stay supportive, but WA industrial recovery timing and ongoing profitability from ASEAN subsidiaries and the China JV will drive future dividend capacity.
Key Risks
Woodside: Exposure to commodity price swings, FX volatility, project execution delays, and regulatory/ESG pressures.
Bisalloy: Cyclicality in mining and construction demand, FX competitiveness, and sustainability of mix benefits if resource markets remain weak.
Bottom Line
A high, fully franked interim from Woodside and a bigger, fully franked final from Bisalloy made FY25 a rewarding year for income-focused investors. Both companies are pairing disciplined operations with shareholder-friendly capital returns—delivering yields that stand out well above the broader market.
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