Covered, compounding. A 3.99% yield on a 34.7% payout is the cleanest combination in this batch: $0.48 a quarter, raised 6.7% from $0.45 in January 2026, with about two-thirds of earnings retained. The company also notes 102 consecutive years of dividend payments in its September 2026 declaration.
Key risk: Consumer and foodservice demand — spice and flavor volumes track grocery and restaurant traffic, and input-cost inflation would squeeze the margin that funds the payout.
Changes if: The payout climbs toward 60% without earnings growth, or dividend growth drops from the recent ~7% pace.
- ✓Payout-coverage check: 34.7% of trailing earnings — $1.92 indicated, with most earnings retained. Comfortably covered.
- ✓Yield check: 3.99% indicated — $0.48/qtr × 4 at the $48.12 close on Oct. 23, 2026. Real, regular quarterly yield.
- ✓Dividend growth check: Quarterly dividend raised 6.7% in January 2026, from $0.45 to $0.48, continuing a long annual-raise run; the streak length is not stated on the card because it was not verified from company filings.
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.