Covered, compounding — a rebuilt payout. A 1.33% yield on a 31.0% trailing payout is comfortably covered: $0.75 twice a year, $1.50 annualized, paid Jul. 22, 2026. The payout was suspended in 2020, reinstated in January 2024, and raised from $0.50 to $0.75 in December 2025 — a rebuilt dividend growing fast from a low base, held here as research, not core income.
Key risk: Content and parks cyclicality — streaming profitability, box-office swings, and theme-park attendance all move with consumer spending, so the rebuilt payout still has only a short track record behind it.
Changes if: The semi-annual rate is held or cut, or the trailing payout pushes past 50%. A further raise on the December cycle would extend the rebuilding record.
- ✓Payout-coverage check: 31.0% trailing payout — $1.50 indicated against trailing earnings. Well covered, with most earnings retained.
- !Yield check: 1.33% indicated — $0.75/half-year × 2 at the $112.52 close on Oct. 23, 2026. Real, earned cash dividend, but low income for a single stock.
- ✓Dividend growth check: Rebuilt, not long-tenured: reinstated in January 2024 after the 2020 suspension, then raised $0.30 to $0.45 to $0.50 to $0.75 across 2024–2025.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.