10 Top Dividend Stocks That Benefit From Lack Of Change

Published on November 5th, 2025 by Bob Ciura

There is an old saying, widely attributed to the Greek philosopher Heraclitus, that the only constant in life is change. This means that most things in life are in a constant state of transformation, and that change is an inevitable part of human existence.

As investing mirrors life in many ways, the stock market reflects this similarity. When purchasing individual stocks, investors must be keenly aware of the products a company sells, the competitive threats it faces, and how change could disrupt the company or an entire industry.

Technological change can threaten a company’s business model. However, for investors, there is tremendous value in purchasing shares of companies that sell products which remain consistent over time.

This approach significantly reduces the odds that advancements in technology will erode a company’s competitive advantages.

In turn, durable competitive advantages allow a company to pay dividends to shareholders each year, while consistently raising its dividend over time.

The Dividend Kings are a select group of 56 stocks that have increased their dividends for at least 50 consecutive years.

We created a full list of all 56 Dividend Kings.

You can download the full list, along with important financial metrics such as dividend yields and price-to-earnings ratios, by clicking on the link below:

10 Top Dividend Stocks That Benefit From Lack Of Change

Warren Buffett has long been a proponent of investing in companies that have a “wide business moat,” as he puts it. One of our favorite Buffett quotes is:

Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it’s the lack of change that appeals to me.

He was referring to Berkshire Hathaway’s investment in Wrigley gum, which reflects his investment philosophy of favoring businesses with stable, predictable characteristics over those subject to rapid change.

Companies with durable business models create well-established products that may experience less volatility compared to those in rapidly changing industries.

Their revenue streams and profit margins tend to be more consistent, making them more appealing to investors seeking steady dividends.

This article will discuss 10 top dividend stocks that benefit from lack of change.

The table of contents below allows for easy navigation. The stocks are sorted by their dividend increase streaks, from lowest to highest.

Lack of Change Dividend King: PPG Industries (PPG)

Consecutive Annual Dividend Increases: 54

PPG Industries is the world’s largest paints and coatings company. Its only competitors of similar size are Sherwin-Williams and Dutch paint company Akzo Nobel.

PPG Industries was founded in 1883 as a manufacturer and distributor of glass (its name stands for Pittsburgh Plate Glass) and today has approximately 3,500 technical employees located in more than 70 countries at 100 locations.

On July 17th, 2025, PPG Industries raised its quarterly dividend 4.4% to $0.71, extending the company’s dividend growth streak to 54 consecutive years.

On July 29th, 2025, PPG Industries announced second-quarter results. For the quarter, revenue decreased 1% to $4.2 billion, but this was $40 million more than expected. Adjusted earnings-per-share of $2.22 compared unfavorably to adjusted earnings-per-share of $2.50 in the prior year, but was in-line with estimates.

Organic growth was 2% for the period as higher prices and volume each added 1% to results. Divestitures reduced year-over-year sales by 3%. Revenue for Global Architectural Coatings declined 5% to $1.02 billion as pricing was more than offset by a 2% decline from volume and a 4% impact from divestitures.

Performance Coatings grew 7% to $1.51 billion due to a 3% improvement in volume and 3% contribution from pricing. Currency exchange added 1%. Protective and marine coatings were again up for the period.

PPG Industries repurchased ~$150 million worth of shares during Q2 and has retired ~$540 million worth of shares year-to-date.

Click here to download our most recent Sure Analysis report on PPG (preview of page 1 of 3 shown below):

Lack of Change Dividend King: Sysco Corp. (SYY)

Consecutive Annual Dividend Increases: 55

Sysco Corporation (SYY) is the largest wholesale food distributor in the United States and is expanding internationally.

The company was founded in Houston, Texas, in 1969 and now serves 600,000 locations with food delivery, including restaurants, hospitals, schools, hotels, and other facilities. According to estimates, the company has a 16% market share of total food delivery within the United States.

On July 29th, 2025, Sysco reported fourth-quarter results for Fiscal Year (FY) 2025. The company reported fourth quarter fiscal 2025 revenue of $21.1 billion, up 2.8% year-over-year and ahead of expectations by $106 million.

Adjusted earnings per share rose 6.5% to $1.48, beating estimates by $0.09, while GAAP EPS declined 10.6% to $1.10 due to a $92 million non-cash goodwill impairment at its Guest Worldwide business. Gross profit increased 3.9% to $4.0 billion, aided by effective management of 3.5% product cost inflation, primarily in meat and dairy.

Adjusted operating income was $1.1 billion, up 1.1%, while adjusted EBITDA rose 1.8% to $1.3 billion. International operations stood out, with sales up 3.6% and adjusted operating income up 20.1%, benefiting from margin expansion and foreign exchange gains.

For the full fiscal year 2025, Sysco delivered sales of $81.4 billion, up 3.2% from the prior year, with U.S. Foodservice volume up 0.5% despite softness in local case volumes.

Adjusted EPS grew 3.5% to $4.46, while GAAP EPS fell 4.1% to $3.73, reflecting higher operating expenses and impairment charges. Adjusted operating income improved 1.2% to $3.5 billion, supported by effective pricing and sourcing strategies.

Cash flow from operations declined 16% to $2.5 billion and free cash flow dropped nearly 19% to $1.8 billion, pressured by higher working capital needs and increased capital expenditures.

Sysco returned $2.3 billion to shareholders through $1.3 billion in share repurchases and $1.0 billion in dividends during the fiscal year.

Looking ahead, management introduced fiscal 2026 guidance, projecting sales growth of 3% to 5% to $84–$85 billion and adjusted EPS of $4.50 to $4.60, representing 1% to 3% growth, or 5% to 7% when excluding a $100 million headwind from lower incentive compensation in fiscal 2025.

The company plans to return approximately $2 billion to shareholders in FY26, evenly split between dividends and share repurchases.

Click here to download our most recent Sure Analysis report on SYY (preview of page 1 of 3 shown below):

Lack of Change Dividend King: California Water Service (CWT)

Consecutive Annual Dividend Increases: 58

California Water Service is the 3rd largest publicly-owned water utility in the United States. The company has six subsidiaries that provide water to about two million people, mainly in California, with some additional operations in Washington, New Mexico, and Hawaii.

California Water Service reported its second quarter earnings results in early August. The company reported that its operating revenues totaled $265 million during the quarter, which was 9% more than the revenues that California Water Service generated during the previous year’s quarter.

This represents a better performance compared to what the analyst community had forecast. The revenue increase was caused by a combination of higher rates and higher customer water usage, which was up 5%. California Water Service generated earnings-per-share of $0.71 during the second quarter.

California Water Service is a regulated utility, and as such, it does not have to worry about competition too much. The company is not vulnerable to recessions or economic downturns, as consumers need fresh water no matter the strength of the economy.

Click here to download our most recent Sure Analysis report on CWT (preview of page 1 of 3 shown below):

Lack of Change Dividend King: The Marzetti Company (MZTI)

Consecutive Annual Dividend Increases: 62

The Marzetti Company has been making food products since 1969, after shifting away from housewares.

Marzetti makes various meal accessories like croutons and bread products in frozen and non-frozen categories. Marzetti also has one of the best dividend increase streaks in the entire market, with more than six decades of consecutive increases.

Marzetti posted fourth quarter earnings on August 21st, 2025, and results were mixed. Earnings-per-share came to $1.18, but that missed estimates by 15 cents. Revenue was up 5% year-over-year to $475 million, beating estimates by more than $17 million.

Excluding $12 million in non-core sales attributed to a temporary supply agreement with Winland Foods, sales were up 2.3%. Retail sales were up 3.1% to $242 million, while Foodservice sales were up 7% to $234 million.

Consolidated gross profit was up $8.5 million to $106 million, a new fourth quarter record. Gross margin was up 70 basis points to 22.3% of revenue, driven by ongoing cost savings programs and favorable volume and mix.

SG&A was up $9 million to $62 million, which was driven by higher market costs. Consolidated operating income was down $2.8 million to $38.9 million.

Earnings were down from $1.26 per share a year ago, but mostly on restructuring charges of 15 cents per share.

Click here to download our most recent Sure Analysis report on MZTI (preview of page 1 of 3 shown below):

Lack of Change Dividend King: Illinois Tool Works (ITW)

Consecutive Annual Dividend Increases: 62

Illinois Tool Works is a diversified multi-industrial manufacturer with seven unique operating segments: Automotive, Food Equipment, Test & Measurement, Welding, Polymers & Fluids, Construction Products and Specialty Products.

Last year the company generated $15.9 billion in revenue. The $72 billion market cap company is geographically diversified, with more than half of its revenue generated outside of the United States.

Illinois Tool Works is a member of the Dividend Aristocrats Index and is a Dividend King.

On October 24th, 2025, Illinois Tool Works reported third quarter 2025 results for the period ending September 30, 2025. For the quarter, revenue came in at $4.1 billion, rising 2% year-over-year. Sales increased 7.3% in the Automotive OEM segment, the largest out of the company’s seven segments.

Furthermore, its Construction Products and Polymers & Fluids segments saw revenue decline 1.4% and 1.8%, respectively. Meanwhile, Test & Measurement and Electronics, Food Equipment, Welding, and Specialty Products had revenue growth of 0.3%, 2.5%, 3.3%, and 3.3%, respectively.

Net income equaled $821 million or $2.81 per share compared to $1,160 million or $3.91 per share in Q3 2024. In the third quarter, ITW repurchased $375 million of its shares.

Illinois Tool Works narrowed its 2025 guidance again, now expecting full-year GAAP EPS to be $10.40 to $10.50. It also still expects to repurchase approximately $1.5 billion of its common stock this year.

Click here to download our most recent Sure Analysis report on ITW (preview of page 1 of 3 shown below):

Lack of Change Dividend King: Coca-Cola Co. (KO)

Consecutive Annual Dividend Increases: 63

Coca-Cola is the world’s largest beverage company, as it owns or licenses more than 500 unique non–alcoholic brands. Since the company’s founding in 1886, it has spread to more than 200 countries worldwide.

Coca-Cola now has 30 billion-dollar brands in its portfolio, which each generate at least $1 billion in annual sales.

Source: Investor Presentation

Coca-Cola posted third quarter earnings on October 21st, 2025, and results were better than expected on both the top and bottom lines. Adjusted earnings-per-share came to 82 cents, which was four cents ahead of estimates. Revenue was up 5% year-over-year to $12.5 billion, beating expectations by $90 million.

Revenue gains included 6% growth in price/mix, while concentrate sales were flat. Concentrate sales were 1 point behind case volume due to the timing of concentrate shipments. Organic revenue rose 6%, 1.2% better than estimated.

Coca-Cola’s competitive advantages include its unparalleled suite of beverage brands, as well as its efficient global distribution network. Coca-Cola is also extremely resistant to recessionary environments.

Click here to download our most recent Sure Analysis report on KO (preview of page 1 of 3 shown below):

Lack of Change Dividend King: Colgate-Palmolive (CL)

Consecutive Annual Dividend Increases: 64

Colgate-Palmolive has been in existence for more than 200 years, having been founded in 1806. It operates in many consumer staples markets, including Oral Care, Personal Care, Home Care, and more recently, Pet Nutrition.

These segments afford the company just over $20 billion in annual revenue. Products like toothpaste, soap, and pet food have barely changed in decades. As a result, Colgate-Palmolive has increased its dividend for 64 consecutive years.

Colgate posted second quarter earnings on August 1st, 2025, and results were better than expected on both the top and bottom lines. Adjusted earnings-per-share came to 92 cents, which was three cents ahead of estimates.

Revenue was up 1% year-over-year to $5.11 billion, beating estimates but $80 million. Net sales were up 1%, with organic revenue up 1.8%, including a 0.6% negative impact from lower private label pet sales.

Gross profit was down 50 basis points to 60.1% of earnings, while adjusted gross profit was down 70 basis points to 60.1% of revenue. Gross margin was impacted by raw material inflation and tariffs, although management noted those impacts were slightly lessened in the second quarter.

Net cash provided by operations was $1.48 billion for the first six months of the year. The critical Hill’s business, which has fueled much of Colgate’s growth in recent years, was up 5% on an organic basis, including 2% volume gains and 3% price increases.

Click here to download our most recent Sure Analysis report on CL (preview of page 1 of 3 shown below):

Lack of Change Dividend King: Cincinnati Financial (CINF)

Consecutive Annual Dividend Increases: 65

Cincinnati Financial Corp. (CINF) is an insurance company founded in 1950. It offers business, home, auto insurance, and financial products, including life insurance, annuities, property, and casualty insurance.

As an insurance company, Cincinnati Financial makes money in two ways. It earns income from premiums on policies written and by investing its float, or the large sum of money consisting of the time value between the premium income and insurance claims.

Insurance has barely changed over the past several decades, which has allowed the company to maintain over 60 years of annual dividend increases.

Cincinnati Financial recently reported its financial results for the second quarter for Fiscal year 2025. The company reported net income more than doubling year-over-year to $685 million, or $4.34 per share, compared with $312 million, or $1.98 per share, in the prior-year period.

The sharp increase reflected higher investment gains, stronger underwriting profits, and increased investment income.

Non-GAAP operating income rose 52% to $311 million, or $1.97 per share, despite elevated catastrophe losses that negatively impacted results by $45 million after-tax. Total revenues grew 28% to $3.25 billion, supported by a 15% increase in earned premiums and an 18% increase in investment income.

Book value per share rose to $91.46, up 12% year-over-year. Insurance operations showed meaningful improvement, with the property and casualty combined ratio improving to 94.9% from 98.5% in the prior year’s quarter, reflecting better underwriting profitability.

Net written premiums grew 11% to $2.7 billion, driven by price increases, higher exposures, and growth in agency renewals.

Cincinnati Financial ended the quarter with record book value and more than $30 billion in total investments, supporting its dividend policy and long-term growth plans.

Click here to download our most recent Sure Analysis report on CINF (preview of page 1 of 3 shown below):

Lack of Change Dividend King: Procter & Gamble (PG)

Consecutive Annual Dividend Increases: 69

Procter & Gamble is a consumer products giant that sells its products in over 180 countries. Notable brands include Pampers, Luvs, Tide, Gain, Bounty, Charmin, Puffs, Gillette, Head & Shoulders, Old Spice, Dawn, Febreze, Swiffer, Crest, Oral-B, Scope, Olay and many more.

The company generated $84 billion in sales in fiscal 2024 and 2025. Procter & Gamble has paid a dividend for 134 years and has grown its dividend for 69 consecutive years – one of the longest active streaks of any company.

In late July, Procter & Gamble reported (7/29/25) results for the fourth quarter of fiscal 2025 (its fiscal year ends June 30th). Its sales and organic sales grew 2% over last year’s quarter, thanks to higher prices. Core earnings-per-share grew 6%, from $1.40 to $1.48, beating the analysts’ consensus by $0.06.

The firm sales amid sustained price hikes are a testament to the strength of the brands of Procter & Gamble. However, we note a remarkable deceleration in price hikes in the last five quarters. This indicates that the company cannot keep raising its prices aggressively anymore.

Due to soft consumer spending amid increased economic uncertainty, Procter & Gamble provided modest guidance for fiscal 2026. It expects 0%-4% growth of organic sales and 0%-4% growth of core earnings-per-share.

Click here to download our most recent Sure Analysis report on PG (preview of page 1 of 3 shown below):

Lack of Change Dividend King: Northwest Natural Holding (NWN)

Consecutive Annual Dividend Increases: 70

NW Natural was founded in 1859 and has grown from just a handful of customers to serving more than 760,000 today. The utility’s mission is to deliver natural gas to its customers in the Pacific Northwest.

The company’s locations served are shown in the image below.

Source: Investor Presentation

On August 7, 2025, Northwest Natural Holding Company reported results for the second quarter ended June 30, 2025, showing steady growth in customer base and rate recovery despite seasonal weakness typical of warmer months.

The company recorded net income of $7.4 million, or $0.19 per diluted share, compared with $5.8 million, or $0.16 per share, in the same quarter last year. Operating revenue totaled $219.6 million, slightly down from $222.3 million in the prior year, as lower gas usage from mild weather offset the benefit of rate increases and customer growth.

Operating income was $28.9 million, up from $25.7 million, reflecting disciplined cost control and contributions from utility margin improvement. The gas distribution segment added nearly 11,000 new customers year-over-year, maintaining annual growth of about 1.4%, while infrastructure services contributed modestly to earnings.

Click here to download our most recent Sure Analysis report on NWN (preview of page 1 of 3 shown below):