Dividend Kings: 9 Years of Dividend Growth Compared

Introduction

Dividend Kings are known for their decades-long records of consecutive dividend increases. But maintaining a dividend growth streak and delivering substantial income growth are two different things. This visualization compares 11 Dividend Kings using annual dividend growth fingerprints from 2017 through 2025. Each colored capsule represents the percentage change in dividends per share from the previous year, making it easier to distinguish modest, consistent increases from periods of faster growth. Alongside these patterns, starting yield and ending yield on cost reveal how differently income developed for investors who purchased shares at the beginning of 2016.

Key insights

• Parker-Hannifin leads in ending yield on cost

  Parker-Hannifin (PH) achieved the highest ending yield on cost among the 11 companies, rising from a starting yield of 2.61% to 7.27% in 2025. Its annual dividend increased by 178.97% over the comparison period, supported by several years of strong growth. In 2022 alone, its dividend increased by 26.45%. The fingerprint illustrates how repeated periods of faster dividend growth can substantially change the income generated by an original investment.

• Lowe's delivered the strongest total dividend growth

  Lowe's (LOW) began with a relatively modest dividend yield of 1.67%, but reached a 6.24% yield on cost by 2025. Its total dividend growth of 273.02% was the highest in the comparison, exceeding Parker-Hannifin's 178.97%. Lowe's also recorded the strongest individual annual increase in the dataset, with dividend growth of 32.14% in 2022. Nordson (NDSN) followed a similarly growth-oriented pattern, increasing its dividend by 213.73% over the full period and reaching a 5.05% yield on cost. These examples demonstrate why starting yield alone provides an incomplete picture of long-term dividend income.

• Consistent increases can produce different income outcomes

  Cincinnati Financial (CINF) increased its dividend by 81.25% over the period, expanding its yield on cost from 3.34% to 6.05%. Procter & Gamble (PG) and Johnson & Johnson (JNJ) followed more moderate growth patterns, finishing with yields on cost of 5.33% and 5.12%, respectively. Their fingerprints show how sustained dividend increases can gradually improve income without relying on repeated exceptional growth years. The distinction is important: consistency describes the pattern of increases, while the magnitude of those increases determines how much the dividend actually grows.

• A long dividend streak does not guarantee rapid income growth

  Emerson Electric (EMR) had the highest starting yield in the comparison at 4.03%, yet finished with a yield on cost of just 4.52%. Its total dividend growth was 12.20%, the lowest among the 11 companies. Dover (DOV) similarly moved from a starting yield of 2.86% to 3.44%, while Colgate-Palmolive (CL) finished with the lowest ending yield on cost at 3.18%. These companies continued increasing their annual dividends, but the relatively small increases produced more limited income expansion. The comparison highlights why the length of a dividend growth streak should not be confused with the strength of dividend growth itself.

Methodology

The visualization compares annual dividends per share for 11 selected Dividend Kings from 2016 through 2025. Each capsule represents year-over-year dividend growth, calculated by comparing a company's annual dividend with the previous year's value. The displayed fingerprints cover 2017–2025. Capsule colors distinguish different growth ranges, from smaller increases to years of stronger dividend growth. The visualization is ranked by ending yield on cost, highest to lowest. Starting yield is calculated using the 2016 annual dividend divided by the original purchase price. Ending yield on cost uses the 2025 annual dividend divided by that same purchase price. The purchase-price basis is January 4, 2016, for the companies in this comparison. Dividends are not reinvested. Yield on cost measures annual dividend income relative to the original purchase price. It is not the current market yield and does not represent total investment return. The analysis covers a selected group of 11 companies rather than every Dividend King. Historical dividend growth does not establish future growth rates.

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