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Which European Stocks Pay Dividends in March 2026?

Novo Nordisk, Roche and Novartis, plus six more large-cap European companies are set to pay investors this March.

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Key Takeaways

  • Nine European large-cap companies are set to pay dividends.
  • The highest yielding dividend payer is pharma giant Novo Nordisk, while the lowest-yielding is shipping firm DSV.
  • Only one stock is rated 4 stars by Morningstar, signifying under-valuation.

Each month, Morningstar screens the 100 largest European companies by market capitalization in the Morningstar Europe Index to see which ones are due to pay a dividend. In March, nine European stocks will pay out income to investors.

Key Morningstar Metrics for European Dividend Stocks

Unilever ULVR

Diana Radu, equity analyst for Morningstar, says:

“We think shareholder distributions are appropriate. Dividends have been the preferred vehicle for returning capital to shareholders, and Unilever has delivered slightly above-industry-average payout ratios of around 60% over the last decade.”

“Share repurchases have also been an important use of surplus cash, especially following more sizable asset sales, and we think they have generally been carried out at a level that has created value for shareholders. We expect the firm to maintain its high dividend payout ratio and to be opportunistic when it comes to repurchasing shares.”

Novartis NOVN

Jay Lee, equity analyst for Morningstar, says:

“We view Novartis’ dividends and share repurchases as about right. Novartis has generally targeted close to a 50% payout in dividends as a percentage of normalized earnings, which seems suitable for a mature company. Further, it has shown a willingness to buy back shares at generally neutral time periods.”

AstraZeneca AZN

Jay Lee, equity analyst for Morningstar, says:

“We view Astra’s dividends and share repurchases as about right. Despite working through a tough patent cliff, the company maintained its dividend even though the payout ratio climbed above the industry average of close to 50%. As earnings have grown rapidly over the past couple of years, the payout ratio has returned close to the industry average of approximately 50%, which should allow the firm to maintain enough cash to support heavy R&D investment and fund acquisitions to augment internal pipeline development.”

DSV DSV

Ben Slupecki, equity analyst for Morningstar, says:

“We rate DSV shareholder distribution policy as appropriate. The firm distributes a dividend of 10%-15% of underlying net income. While lower than many of its peers, DSV first prioritizes repayment of debt and value-added investments, of which there have been many in the past decade. The company has supplemented dividends with repurchases during strong periods, significantly expanding the repurchasing program since 2021 before canceling the program due to the DB Schenker acquisition.”

BP BP.

Allen Good, equity analyst for Morningstar, says:

“We rate BP’s shareholder distribution policy as appropriate. The variable shareholder return model is better suited to BP’s new strategy and for potential commodity price volatility. Its new program calls for dividend growth contingent on the oil price, with repurchases using the remainder of the 30%-40% of cash flow earmarked for shareholder returns. This should ensure that the dividend remains safe even at lower oil prices while setting investor expectations for returns at higher prices when BP is likely to generate greater amounts of surplus cash.”

Shell SHEL

Allen Good, equity analyst for Morningstar, says:

“We rate Shell’s shareholder distribution policy as appropriate. After it cut its dividend in 2020, management introduced a variable shareholder-return model, which is better suited to its new strategy as well as to potential commodity price volatility.”

“Shell will return 40%-50% of operating cash flow to shareholders through dividends, including 4% annual growth, and repurchases. This should ensure that the dividend remains safe even at lower oil prices while setting investor expectations for returns at higher prices when Shell is likely to generate greater amounts of operating cash. Although Shell is steadily increasing its dividends, it does so at a much reduced level. As such, we do not see Shell repeating the situation it faced in the past, where the payout grew to unmaintainable levels over time.”

Roche ROG

Karen Andersen, equity analyst for Morningstar, says:

“We see Roche’s current level of dividend payment (roughly CHF 8 billion annually) is appropriate, as it maximizes returns to shareholders but still leaves some free cash flow remaining to repay debt as it comes due, or support smaller collaborations or acquisitions.”

Novo Nordisk NOVO B

Karen Andersen, equity analyst for Morningstar, says:

“On distributions, Novo has an impressive record of protecting shareholder value and focusing on returning value through share repurchases and dividends. These distributions have steadily grown from a total of DKK 34 billion in 2018 to DKK 53 billion in 2025. Novo’s payout ratio is around 50%, similar to other pharma firms, and we expect rising cash flows to still preserve room for bolt-on acquisitions in the coming years, or a larger acquisition that might add more debt to the capital structure (which could lower Novo’s cost of capital).”

Eni ENI

Allen Good, equity analyst for Morningstar, says:

“We rate Eni’s shareholder distribution policy as appropriate, given the introduction of a flexible payout program for dividends and repurchases that is tied to cash flow. By tying payouts to cash flow, the plan provides flexibility when prices are low, decreasing the likelihood Eni will need to cut its dividend as it has in the past. It also communicates clear expectations to investors.”

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.

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