Personal Investing

Increasing Dividend Stocks

I’m not trying to find the next hot stock. I’m building an income-producing portfolio made up of companies with demonstrated histories of increasing what they pay their shareholders.

My goal is financial freedom through growing investment income. I want to own productive assets that pay me, increase those payments over time, and eventually generate enough income that I don't have to sell the underlying investments to live.

I divide increasing-dividend companies into three groups:

25+ years

Dividend Champions

Companies that have increased their dividends for 25 or more consecutive years.

10–24 years

Dividend Contenders

Companies that have increased their dividends for 10–24 consecutive years.

5–9 years

Dividend Challengers

Companies that have increased their dividends for 5–9 consecutive years.

Data as of October 24, 2026. Source: Digrin (screenshots supplied by Allen); not live market quotes. I own all six stocks listed. Within each group, stocks are listed by highest forward dividend yield.

How to read these numbers

Trailing yield and trailing dividends per share cover the past 12 months and include any special dividends. Forward regular yield uses the latest declared regular rate; the forward annual dividend shown is that yield × price, an estimate. Digrin does not state whether its EPS is GAAP or adjusted, and its payout ratio does not always equal dividends ÷ EPS (Altria: $4.44 ÷ $4.75 ≈ 93%, while Digrin reports 70.34%, likely on an adjusted-earnings basis). Both numbers are shown and labeled rather than guessed. REITs and partnerships are better judged on FFO or distributable cash flow, which are pending verification and not shown.

All six dividend stocks, sorted by forward regular yield
Ticker	Group	Type	Price	Trailing yield	Forward regular yield	Digrin payout	P/E	Status
GLPI	Challenger	REIT	$39.55	8.44%	8.29%	105.19%	13.10	I own this
VICI	Challenger	REIT	$23.76	7.96%	7.74%	67.84%	9.32	I own this
MPLX	Contender	Partnership	$59.13	7.51%	7.28%	82.52%	12.66	I own this
AMSF	Contender	Corporation	$26.31	11.11%	6.23%	49.83%	12.12	I own this
EPD	Champion	Partnership	$37.08	6.09%	6.04%	80.15%	13.10	I own this
MO	Champion	Corporation	$74.31	6.37%	5.97%	70.34%	14.41	I own this

25+ years of increases

Dividend Champions

Companies that have increased their dividends for 25 or more consecutive years.

EPD

Enterprise Products Partners

ChampionI own this

Trailing Yield

6.09%

Forward Regular Yield

6.04%

Partnership (pays distributions): distributable cash flow coverage is the usual sustainability measure; EPS-based ratios can mislead.

Price: $37.08
Trailing dividends per share (incl. any specials): $2.24
Forward annual regular dividend (est.): $2.24
EPS (Digrin; trailing/adjusted basis not stated): $2.91
Payout ratio as reported by Digrin: 80.15%
Trailing dividends ÷ EPS shown: 76.98%
P/E (Digrin): 13.10

Company Information

Exchange: NYSE
Sector: Energy
Industry: Oil & Gas Midstream
Country: United States

MO

Altria Group

ChampionI own this

Trailing Yield

6.37%

Forward Regular Yield

5.97%

Price: $74.31
Trailing dividends per share (incl. any specials): $4.44
Forward annual regular dividend (est.): $4.44
EPS (Digrin; trailing/adjusted basis not stated): $4.75
Payout ratio as reported by Digrin: 70.34%
Trailing dividends ÷ EPS shown: 93.47%
P/E (Digrin): 14.41

Company Information

Exchange: NYSE
Sector: Consumer Defensive
Industry: Tobacco
Country: United States

10–24 years of increases

Dividend Contenders

Companies that have increased their dividends for 10–24 consecutive years.

MPLX

MPLX LP

ContenderI own this

Trailing Yield

7.51%

Forward Regular Yield

7.28%

Partnership (pays distributions): distributable cash flow coverage is the usual sustainability measure; EPS-based ratios can mislead.

Price: $59.13
Trailing dividends per share (incl. any specials): $4.31
Forward annual regular dividend (est.): $4.30
EPS (Digrin; trailing/adjusted basis not stated): $4.65
Payout ratio as reported by Digrin: 82.52%
Trailing dividends ÷ EPS shown: 92.69%
P/E (Digrin): 12.66

Company Information

Exchange: NYSE
Sector: Energy
Industry: Oil & Gas Midstream
Country: United States

AMSF

AMERISAFE

ContenderI own this

Trailing Yield

11.11%

Forward Regular Yield

6.23%

The current (trailing) yield includes special dividends, so it may differ substantially from the forward yield. The high current yield shouldn't be read as the expected recurring dividend.

Price: $26.31
Trailing dividends per share (incl. any specials): $1.64
Forward annual regular dividend (est.): $1.64
EPS (Digrin; trailing/adjusted basis not stated): $2.48
Payout ratio as reported by Digrin: 49.83%
Trailing dividends ÷ EPS shown: 66.13%
P/E (Digrin): 12.12

Company Information

Exchange: NASDAQ
Sector: Financial Services
Industry: Insurance - Specialty
Country: United States

5–9 years of increases

Dividend Challengers

Companies that have increased their dividends for 5–9 consecutive years.

GLPI

Gaming and Leisure Properties

ChallengerI own this

Trailing Yield

8.44%

Forward Regular Yield

8.29%

REIT: required to pay out most taxable income, and depreciation lowers reported EPS, so EPS-based payout ratios often look high. Funds from operations (FFO) is the usual measure.

Price: $39.55
Trailing dividends per share (incl. any specials): $3.28
Forward annual regular dividend (est.): $3.28
EPS (Digrin; trailing/adjusted basis not stated): $3.39
Payout ratio as reported by Digrin: 105.19%
Trailing dividends ÷ EPS shown: 96.76%
P/E (Digrin): 13.10

Company Information

Exchange: NASDAQ
Sector: Real Estate
Industry: REIT - Specialty
Country: United States

VICI

VICI Properties

ChallengerI own this

Trailing Yield

7.96%

Forward Regular Yield

7.74%

REIT: required to pay out most taxable income, and depreciation lowers reported EPS, so EPS-based payout ratios often look high. Funds from operations (FFO) is the usual measure.

Price: $23.76
Trailing dividends per share (incl. any specials): $1.84
Forward annual regular dividend (est.): $1.84
EPS (Digrin; trailing/adjusted basis not stated): $2.58
Payout ratio as reported by Digrin: 67.84%
Trailing dividends ÷ EPS shown: 71.32%
P/E (Digrin): 9.32

Company Information

Exchange: NYSE
Sector: Real Estate
Industry: REIT - Diversified
Country: United States

Plain English

What These Numbers Mean

Current Dividend Yield+

The annual dividends paid over the trailing period divided by the current stock price. It gives me a picture of the income the investment has recently generated relative to its price.

Forward Dividend Yield+

The expected annual dividend based on the company's most recently declared regular dividend rate divided by the current share price. I pay particular attention to this because it provides a better picture of the income rate going forward, although future dividends are never guaranteed.

Dividend Per Share+

The amount of dividends attributed to each share of stock over the measured period. Special dividends can sometimes cause this number to be significantly higher than the company's normal recurring dividend.

Earnings Per Share (EPS)+

The company's earnings divided by its outstanding shares. I compare earnings with dividends because I want to understand whether the company's profits support what it is paying shareholders.

Payout Ratio+

The percentage of earnings being paid to shareholders as dividends. I use this as one measure of dividend sustainability. A lower number generally leaves more room for the company to maintain or increase its dividend, but appropriate payout ratios vary considerably by industry and company structure.

P/E Ratio+

The stock price divided by earnings per share. It provides a basic measure of how much investors are paying for each dollar of company earnings. I use it as one valuation measure rather than looking at yield alone.

Exchange+

The stock exchange on which the investment trades.

Sector+

The broad area of the economy in which the company operates.

Industry+

The more specific type of business within that sector.

Country+

The company's home country.

My Approach

Why I Invest This Way

I don't want to depend entirely on stock prices going higher.

My objective is to build an increasing stream of income from businesses that share their profits with their owners.

Price will move up and down. Markets will have good years and bad years. My focus is on the income the portfolio produces and whether that income continues growing.

I can reinvest dividends while I'm building the portfolio and eventually use part of that income to help fund my life.

For me, the end goal isn't owning more stuff or trying to impress people. It's financial freedom.

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This Is What I Do, Not Financial Advice

These are investments I personally own as part of my increasing-dividend strategy. I'm sharing my process, holdings and reasoning for educational purposes. This is not individualized investment, tax or financial advice. Investments involve risk, dividends can be reduced or eliminated, and past dividend growth does not guarantee future results.

Everyone's financial circumstances, goals and tolerance for risk are different. Do your own research and make decisions appropriate for your situation.