ASX dividend shares can be a great source of passive income for investors because of their ability to share profits year after year with shareholders.
Some businesses trade at relatively low multiples of their earnings, which can support a relatively high dividend yield. Additionally, some businesses may pay out a high level of their earnings each year, which can also lead to a higher dividend yield. When a business has both elements in its favour, that can mean a very high dividend yield.
The two ASX dividend shares I'll discuss both have the potential to yield double-digit dividends in the coming years.
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GQG Partners Inc (ASX: GQG)
GQG is one of the larger listed fund managers on the ASX, with a market capitalisation of close to $5 billion. I think it's very good value at that price.
The business has been paying investors a dividend payout ratio of around 90% of its distributable earnings in recent times, which means a very good dividend yield for investors.
Its latest quarterly dividend alone equates to a dividend yield of 3.4%. That's an annualised dividend yield of close to 14%, at the time of writing.
If the business can just maintain its dividend at this level, then that's an impressive return by itself.
I also think the ASX dividend share can deliver capital growth for shareholders if the investment performance of its funds can turn around. It recently took a defensive positioning with its portfolios because of the perceived overvaluation of AI/tech businesses – a prudent move, in my eyes.
While being defensive has led to underperformance in 2025, I think the recent decline of tech valuations will have helped GQG's funds catch up.
Based on the latest quarterly dividend, the GQG share price is currently trading at less than 7x its distributable annualised net profit, which seems cheap, particularly if it can deliver stronger investment performance/stabilise the funds under management (FUM) outflows.
Shaver Shop Group Ltd (ASX: SSG)
Shaver Shop is one of my favourites for ASX dividend shares, boasting a large yield due to its track record of consistently delivering and regularly growing dividends. It has grown its annual dividend almost every year in the last several years, aside from one year (FY24) when it maintained its payout.
The company has 126 stores, with 116 in Australia and 10 in New Zealand. It claims to be the market leader in a growth sector. Its products are focused on DIY grooming, personal care, hair and beauty appliances for men and women, with a specialisation in premium products.
The ASX dividend share increased its payout to 10.3 cents in FY25, which translates into a grossed-up dividend yield of 10.1%, including the franking credits. If it hikes its dividend slightly to 10.4 cents in FY26, that'd be a grossed-up dividend yield of 10.25%.
I'm optimistic the company can grow its profits further with the growth of its own brand (called Transform-U), additional exclusive agreements with new shaver brands, more stores, and the potential to increase margins as it becomes larger.
According to the estimates on CMC Markets, the business is trading at 12x FY26's forecast earnings.
