Top 5 ASX dividend shares to watch in November 2025

ASX dividend stocks are shares in Australian companies that pay part of their profits back to shareholders as cash or additional shares. For many traders, they’re a way to earn regular income without selling their investments.

When you’re picking dividend stocks, there are three key things to check:

• Dividend yield – This is the annual dividend amount divided by the share price. For example, if a $10 stock pays $0.50 in dividends each year, its yield is 5%. Higher yields can look tempting, but they’re not always better.
• Dividend cover ratio – This shows how many times a company’s profit can pay for its dividend. A cover ratio of around 1.5x or higher is generally seen as sustainable.  Anything much lower means the company might be stretching to afford its payouts
• Company health – Even if the yield and cover ratio look good, check that the business has steady earnings, manageable debt and a track record of paying dividends consistently

If you keep these three points in mind, you can filter out weaker candidates before you invest.

Avoiding dividend traps

A ‘dividend trap’ happens when a stock’s yield looks unusually high because the share price has dropped, often due to problems in the business. New investors sometimes buy in for the income, only to see the dividend cut and the share price fall further.

To reduce the risk of falling into a trap:

• Check the trend in profits – If earnings are falling year after year, the dividend may be at risk
• Watch the debt levels – Companies with high debt may struggle to keep paying dividends during tough times
• Look at payout history – A long history of stable or growing dividends is a good sign; frequent cuts are a warning flag

In short: a high yield on paper doesn’t mean it’s a safe income stream. A balanced approach that combines reliable dividend payers with some higher-yield opportunities can help smooth out risk.

Top 5 ASX dividend shares to watch in November 2025

From Evolution Mining’s humble 1.92% dividend yield to Pepper Money’s respectable 6.43%, these five shares offer dividend income, backed by solid fundamentals.

Our selection criteria

• Dividend cover ratios above 1.5x for sustainability
• Spread across a number of Australia’s strongest sectors to reduce risk, including mining, commercial services, finance and retail trade
• Recent financial performance supporting dividend payments
• Market capitalisations from A$252.42 million to A$21.56 billion

Overview of the shares in this article

Each of the stocks in this article can be share traded, and all except for MA Financial Group can be traded via CFDs with IG Australia.

All figures are accurate as of 24 October 2025.

1. Smartgroup Corporation (ASX: SIQ)
 

Industry: Commercial services

Market cap: A$1.11 billion¹

Dividend yield: 6.17%²

Dividend cover ratio: ~2.03x

Smartgroup Corporation Ltd is a leading provider of outsourced employee management services in Australia, specialising in salary packaging, novated leasing and fleet management.

The company has a robust dividend yield of approximately 6.17% and maintains a payout ratio of 64.37%, indicating a sustainable dividend policy.³ In the first half of 2025, Smartgroup declared a dividend of A$0.20 per share, reflecting its commitment to returning value to shareholders.

The company's strategic focus on expanding its service offerings and enhancing operational efficiencies supports its long-term growth prospects.

For income-focused share traders seeking a reliable dividend stream, Smartgroup presents a compelling opportunity within the Australian market.

Highlights:

• It’s seen conservative growth in its share price over the past six months – 3.64%⁴
• Despite a modest 2.02% growth in dividend over the past year, Smartgroup's stable earnings and strong cash flow position it well for continued dividend payments
• The company’s experiencing strong customer growth, with 484,000 customers at June 2025⁵

2. Pepper Money (ASX: PPM)
 

Industry: Finance

Market cap: A$937.92 million⁶

Dividend yield: 6.43%⁷

Dividend cover ratio: ~2.20x

Pepper Money is a prominent non-bank lender in Australia, offering a range of financial products including mortgages, asset finance and commercial lending. The company currently provides a dividend yield of 6.43% with a payout ratio of 53.97%,⁸ demonstrating a balanced approach to returning capital to shareholders while retaining earnings for growth initiatives.

The company's strategic expansion and focus on diversifying its loan portfolio position it well to capitalise on opportunities in the financial services sector.

For share traders seeking exposure to the financial sector with a solid dividend yield, Pepper Money offers an attractive proposition.

Highlights:

• Its six-month share price value has increased by 56.04%⁹
• Pepper Money's strong performance in the first half of 2025, with a basic earnings per share (EPS) of A$0.22, underscores its profitability and capacity to sustain dividend payouts
• The company’s performance in the first half of FY25 has been solid, with net profit after tax (NPAT) sitting at A$47 million¹⁰

3. MotorCycle Holdings (ASX: MTO)

Industry: Retail trade

Market cap: A$252.42 million¹¹

Dividend yield: 4.39%¹²

Dividend cover ratio: ~1.70x

MotorCycle Holdings Ltd is Australia's largest motorcycle retailer, operating a network of dealerships across the country. The company offers a dividend yield of 4.39% with a payout ratio of 53.24%,¹³ indicating a prudent approach to distributing profits while retaining capital for business expansion.

The company's strategic initiatives, including expanding its dealership network and enhancing customer experience, contribute to its growth trajectory.

For share traders interested in the consumer discretionary sector with a focus on dividends, MotorCycle Holdings presents a potentially viable investment opportunity.

Highlights:

• Over the past six months, its share price has increased by 85.71%¹⁴
• In the first half of 2025, MotorCycle Holdings announced a dividend of A$0.08 per share, reflecting its commitment to delivering value to shareholders

4. MA Financial Group Limited (ASX: MAF)

Industry: Finance

Market cap: A$1.68 billion¹⁵

Dividend yield: 2.22%¹⁶

Dividend cover ratio: ~1.59x

MA Financial is a diversified financial services company. It earns money in three main ways: managing investment funds, lending to individuals and businesses, and offering advisory services, like helping companies raise money or handle mergers.

The group has been expanding steadily, with more investors putting money into its funds, along with strong growth in its lending arm. These have provided a healthy base of recurring income, which supports its ability to pay dividends.

For share traders, the company’s appeal is that it isn’t tied to just one type of income. It earns fees when markets are strong, interest income from loans and fees from advisory work. This mix gives it balance, even if one part of the business slows down.

Highlights:

• Over the past six months, its share price has gained 46.33%¹⁷
• Its dividends aren’t the highest on the market, but it’s been consistent with payouts and has the potential to grow them further if assets under management increase
• It’s a financial stock with solid long-term prospects, though it’s not as defensive as some traditional dividend plays

5. Evolution Mining Limited (ASX: EVN)
 

Industry: Mining

Market cap: A$21.56 billion¹⁸

Dividend yield: 1.92%¹⁹

Dividend cover ratio: ~2.83x

Evolution Mining is a major player in the gold sector, but it also produces copper, giving it a bit more diversity than pure gold miners. Its operations are spread across Australia and Canada, which helps reduce reliance on a single region.

In recent years, Evolution has delivered strong results thanks to high gold and copper prices. It’s focused on improving efficiency, keeping costs under control and paying down debt. This has enabled it to increase its dividend payouts while also investing in expanding its mines.

The company positions itself as a ‘mid-tier global gold miner’, meaning it’s not as large as the very biggest players, but is still well-established and competitive.

Its strategy is to steadily grow production while maintaining strong returns for shareholders.

Highlights:

• The company’s share price has increased by 32.08% over the past six months²⁰
• It might not have the highest dividend yield, but as we mentioned earlier, the dividend cover ratio is the true test of sustainable dividend payouts, and Evolution Mining is performing strongly on that front with ~2.83x
• Evolution might be attractive to share traders because it benefits from two valuable commodities. Gold provides stability during uncertain economic times, while copper has strong long-term demand linked to renewable energy and electrification
• Generally, the company is a balanced mining stock with a solid dividend history and growth potential

How to trade ASX dividend shares with IG AU

CFDs

1. Open a CFD trading account with IG AU
2. Search for ASX dividend shares on the IG platform
3. Decide whether to go long (buy) or short (sell)
4. Choose your position size
5. Set stop-loss and limit orders
6. Place your trade and monitor it

Share trading

1. Open a share trading account with IG AU
2. Search for ASX dividend shares
3. Choose the stock you want to buy
4. Determine how many shares you want to purchase
5. Place your order
6. Monitor your investment and collect any dividends

FAQs about dividend shares 

Footnotes
 

1. TradingView, October 2025
2. TradingView, October 2025
3. TradingView, October 2025
4. TradingView, October 2025
5. Smartgroup, 2025
6. TradingView, October 2025
7. TradingView, October 2025
8. TradingView, October 2025
9. TradingView, October 2025
10. Pepper Money, August 2025
11. TradingView, October 2025
12. TradingView, October 2025
13. TradingView, October 2025
14. TradingView, October 2025
15. TradingView, October 2025
16. TradingView, October 2025
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19. TradingView, October 2025
20. TradingView, October 2025