Covered, rebuilt — cruise cash after the reinstatement. A 2.17% yield on $1.50 a quarter is covered at about a 34% trailing payout. The dividend was suspended in the pandemic, reinstated in 2024, and raised from $1.00 to $1.50 for 2026 — the cover is strong, the streak is short, so this grades on cash, not history.
Key risk: Cruise cyclicality — a demand shock or fuel spike hits bookings and cash flow before it hits the dividend, and the short post-reinstatement history gives little buffer evidence.
Changes if: The payout pushes well past about 34%, or the $1.50 rate is cut or held flat through a downturn.
- ✓Payout-coverage check: About 34% trailing — the $6.00 indicated dividend is covered several times over by trailing earnings.
- ✓Yield check: 2.17% indicated — $1.50/qtr × 4 at the $276.48 close on Oct. 23, 2026. Ordinary cash dividend, not a special.
- !Dividend growth check: Only 2 years of increases counted since reinstatement; the $1.50 rate dates to 2026, up from $1.00 in late 2025 — a short record, not a long streak.
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.