Building a balanced portfolio doesn't have to be complicated. One approach is to combine a reliable dividend payer with a high-quality ASX growth stock.
That way, investors can enjoy a stream of passive income while also benefiting from the potential for long-term capital growth. With that in mind, here are two ASX shares that could be worth considering right now.
Image source: Getty Images
Woolworths Group Ltd (ASX: WOW)
When it comes to dependable dividend shares, Woolworths stands out as one of the ASX's most established blue chip companies.
Woolworths operates Australia's largest supermarket network and serves millions of customers every week through its supermarkets, online platforms, and complementary retail businesses. While grocery retailing may not be the most exciting industry, the ASX stock offers something many investors value: resilience.
Consumers still need to buy food and household essentials regardless of economic conditions. That defensive characteristic helps Woolworths generate relatively stable earnings and cash flow across market cycles, providing a strong foundation for dividend payments.
The company has also been investing heavily in technology, supply chain improvements, and its digital capabilities. These initiatives should help strengthen its competitive position and support earnings growth over the long term.
While dividend yields can fluctuate, Woolworths has a long history of rewarding shareholders through fully franked dividends. Bell Potter expects Woolworths to pay dividends of 91 cents per share in FY26 and 94 cents in FY27. This translates to forward dividend yields of approximately 2.4% and 2.5%, respectively.
For investors seeking a combination of income and stability, the ASX supermarket stock remains one of the highest-quality dividend stocks on the Australian market.
Pro Medicus Ltd (ASX: PME)
For investors seeking capital growth, Pro Medicus continues to stand out as one of the ASX's premier growth companies. The $18 billion ASX stock has jumped 35% in the past month, but is still 20% down in 2026.
Pro Medicus develops medical imaging software used by hospitals, healthcare networks, and radiology providers around the world. Its flagship Visage platform allows clinicians to access, analyse, and share medical images quickly and efficiently, helping improve workflow and patient outcomes.
What makes the ASX stock particularly compelling is the strength of its business model. The company generates high-margin recurring revenue, carries no debt, and consistently converts a large portion of its earnings into cash.
Just as importantly, demand for advanced medical imaging technology continues to grow. Healthcare providers are handling increasing volumes of imaging data and are seeking faster, more efficient solutions. Pro Medicus has positioned itself at the centre of this trend.
The company has also built a strong track record of winning major contracts with leading healthcare institutions, particularly in the US. Each new contract expands its customer base and creates opportunities for future growth.
Macquarie has an outperform rating on the ASX healthcare company, with a $221 target, implying a potential gain of 27%. The analyst team at Morgans is a little less bullish, but still has a buy rating and $210 target price on the shares. This points to a 19% upside over the next 12 months.
