Covered, compounding growth. A 1.18% yield on a 38.0% trailing payout is covered income with room to spare: $0.94 a quarter, raised in August 2026 by 15%, from $0.82, for a 63rd consecutive year of increases. Fiscal third-quarter 2026 sales were a record $818 million, up 10%, with adjusted EPS of $3.25, up 19% — the raise is backed by growth, not by stretching the payout.
Key risk: Industrial cyclicality — dispensing and coating equipment demand tracks electronics and industrial capital spending, so an investment downturn would slow the earnings behind the raises.
Changes if: The trailing payout pushes well past 38.0%, or the annual increase streak pauses.
- ✓Payout-coverage check: 38.0% trailing — the $3.76 indicated dividend leaves well over half of trailing earnings retained.
- !Yield check: 1.18% indicated — $0.94/qtr × 4 at the $318.84 close on Oct. 23, 2026. Real, earned yield, but modest for a single stock — this is a compounder, not an income holding.
- ✓Dividend growth check: 63 consecutive years of increases; the latest raise, in August 2026, lifted the quarterly dividend 15%, from $0.82 to $0.94, paid Oct. 2, 2026.
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.