Dividend Aristocrats List 2026
25+ Years of Consecutive Dividend Raises
Dividend Aristocrats are S&P 500 companies that have raised their dividend for at least 25 consecutive years. They are the gold standard of dividend investing — businesses that have survived recessions, market crashes, and economic shocks while still writing bigger checks to shareholders every single year.
But stability comes at a price. Most Aristocrats trade at a significant premium to their intrinsic value. Below, we analyze the top 20 most-recognized Aristocrats using the Graham Number — and identify the rare 2 that are genuinely undervalued right now.
The Valuation Problem
The Graham Number — √(22.5 × EPS × Book Value) — sets a conservative ceiling for what a stock is worth based on assets and earnings alone. For most Aristocrats, the market price is 2–4× this number. That reflects the very real value of decades of earnings consistency, brand moats, and dividend reliability. But it also means you're paying a steep premium. When that premium compresses — in a recession, a sector rotation, or a company stumble — even the best Aristocrats can drop 30–50% before returning to fair value.
Top 20 Dividend Aristocrats — Graham Number Analysis
Sorted by valuation attractiveness. Data: March 13, 2026. ~ = estimated from consensus / partial financials.
| Ticker | Company | Div Yrs | Price | Yield | P/E | Graham # | vs Graham | Verdict |
|---|---|---|---|---|---|---|---|---|
| TROW | T. Rowe Price GroupVerified undervalued — highest yield in our top 20 | 40 | $89.20 | 5.83% | 9.6× | $90.50 | −1.4% | ✅ Undervalued |
| BEN | Franklin ResourcesVerified undervalued — asset manager under passive-investing pressure | 46 | $24.13 | 5.48% | 23.9× | $25.15 | −4.1% | ✅ Undervalued |
| SWK | Stanley Black & DeckerRestructuring in progress — 17% above Graham | 59 | $70.40 | 4.72% | 26.5× | $59.91 | +17% | 🟡 Near Fair |
| HRL | Hormel Foods | 60 | $22.65 | 5.17% | 26.0× | $16.56 | +37% | ❌ Overvalued |
| GPC | Genuine PartsUsing FY2024 normalized EPS (FY2025 had restructuring charges) | 70 | $105.41 | 4.03% | 16.3× | $68.17 | +55% | ❌ Overvalued |
| MO | Altria GroupHigh leverage + intangibles distort Graham Number | 57 | $68.22 | 6.22% | 14.9× | $21.44 | +218% | ❌ Overvalued |
| CVX | Chevron | 39 | $196.63 | 3.62% | 23.1× | $111.49 | +76% | ❌ Overvalued |
| KO | Coca-ColaPremium brand moat — 3.8× Graham; expected | 64 | $77.68 | 2.73% | 25.5× | $20.36 | +281% | ❌ Overvalued |
| PG | Procter & GamblePremium brand moat — 2.6× Graham; expected | 70 | $151.06 | 2.80% | 22.9× | $58.48 | +158% | ❌ Overvalued |
| JNJ | Johnson & Johnson | 64 | $243.80 | 2.13% | 24.9× | $81.33 | +200% | ❌ Overvalued |
| PEP | PepsiCo | 54 | $160.10 | 3.55% | 21.3× | $55.11 | +190% | ❌ Overvalued |
| KMB | Kimberly-ClarkLow book value inflates premium ratio | 54 | $99.24 | 5.16% | 16.0× | $26.21 | +279% | ❌ Overvalued |
| CLX | CloroxNear-zero book value — Graham not fully applicable | 49 | $110.29 | 4.50% | 19.0× | ~$19.78 | +457% | ❌ Overvalued |
| ABBV | AbbVie | 54 | $222.94 | 3.10% | 21.2× | $53.30 | +318% | ❌ Overvalued |
| ABT | Abbott Laboratories | 54 | $108.61 | 2.32% | 22.9× | $48.49 | +124% | ❌ Overvalued |
| MDT | Medtronic | 50 | $87.25 | 3.26% | 23.3× | $61.62 | +42% | ❌ Overvalued |
| TGT | Target Corp | 55 | $117.61 | 3.88% | 14.7× | $60.00 | +96% | ❌ Overvalued |
| ITW | Illinois Tool WorksHighest premium — 4.5× Graham Number | 56 | $267.21 | 2.41% | 25.4× | $59.53 | +349% | ❌ Overvalued |
| EMR | Emerson Electric | 69 | $133.11 | 1.67% | 24.2× | $55.68 | +139% | ❌ Overvalued |
| BF.B | Brown-Forman | 53 | $23.44 | 3.94% | 18.0× | $17.12 | +37% | ❌ Overvalued |
The 2 Genuinely Undervalued Aristocrats Right Now
Out of the top 20, only these two trade at or below their Graham Number — a rare combination of multi-decade dividend discipline and asset-based undervaluation.
T. Rowe Price Group
The case: T. Rowe Price is one of the largest active asset managers, with $1.5+ trillion AUM. EPS of $9.26, BVPS of $39.28 — Graham Number works out to $90.50. At $89.20, you're paying below Graham-fair value for a company that has raised its dividend for 40 consecutive years and yields 5.83%.
The risk: Active management is under structural pressure from passive index funds. AUM flows have trended negative for years. If that headwind intensifies, earnings could compress. But at current prices, that risk appears priced in.
Franklin Resources
The case: Franklin Resources manages the Franklin Templeton family of funds. EPS of $1.01, BVPS of $27.84 — Graham Number calculates to $25.15. At $24.13, the stock trades 4.1% below that floor. Add a 5.48% yield and 46-year dividend growth streak, and this is the most value-dense Aristocrat in our analysis.
The risk: Like TROW, Franklin faces the passive investing headwind. Net outflows have been persistent. This is a value trap candidate — the stock is cheap for a reason. But for income investors who can tolerate that uncertainty, the dividend appears well-covered at a 24% payout ratio.
Frequently Asked Questions
What qualifies a stock as a Dividend Aristocrat?
A Dividend Aristocrat must be a member of the S&P 500 index and have increased its dividend for at least 25 consecutive years. As of 2026, there are approximately 69 companies that meet this standard. The bar is high: a single year of flat or reduced dividends disqualifies a company, even if it has a 30-year track record. The index is maintained by S&P Dow Jones Indices and reconstituted annually each January.
Can I trust Dividend Aristocrats during market downturns?
Dividend Aristocrats have a strong track record of maintaining — and even raising — their dividends through recessions, market crashes, and economic uncertainty. Companies like Procter & Gamble, Coca-Cola, and Johnson & Johnson continued raising dividends through 2008–2009 and 2020. That said, no stock is recession-proof. A severe enough downturn can force even the most disciplined companies to cut. Think of the Aristocrat designation as a high confidence signal, not a guarantee.
Are all Dividend Aristocrats overvalued right now?
Nearly. Our Graham Number analysis of the top 20 most-recognized Aristocrats found that only 2 currently trade at or below their Graham Number: T. Rowe Price (TROW) and Franklin Resources (BEN). The rest trade at 2×–4.5× their Graham Number. This is not unusual — blue-chip dividend growers command a quality premium that Graham's formula (designed for asset-heavy industrials) doesn't fully capture. But it does mean most Aristocrats carry "priced-for-perfection" risk.
How do I use the Graham Number to evaluate Dividend Aristocrats?
The Graham Number formula is: √(22.5 × EPS × Book Value Per Share). It gives a conservative upper bound for what a stock is worth based purely on earnings and assets — no growth assumptions, no brand premium. For most Aristocrats, the Graham Number is well below the market price, which reflects the brand moat and earnings consistency investors are willing to pay for. Use it as a floor, not a ceiling. When a stock trades below or near its Graham Number AND has 25+ years of dividend raises, that's the rare combination worth investigating.
Calculate the Graham Number for Any Aristocrat
Enter any stock's EPS and Book Value to instantly see whether it trades above or below its Graham Number. Great for stress-testing any Dividend Aristocrat you're considering.
Related Tools & Lists
Disclaimer: This page is for informational purposes only and does not constitute investment advice. All data sourced from StockAnalysis.com as of March 13, 2026. Graham Numbers marked with * use estimated EPS/BVPS and should be verified against company earnings reports before making investment decisions. Past dividend history does not guarantee future dividend payments.