Updated on March 3rd, 2025 by Felix Martinez
The Dividend Aristocrats are a group of 69 companies in the S&P 500 Index, with 25+ consecutive years of dividend increases. The Dividend Aristocrats each have strong business models, with competitive advantages that provide them with the ability to raise their dividends each year.
There are currently 69 Dividend Aristocrats. You can download an Excel spreadsheet of all 69 Dividend Aristocrats (with important financial metrics such as price-to-earnings ratios and dividend yields) by clicking the link below:
Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.
In order to become a Dividend Aristocrat, a company must possess a profitable business model and durable competitive advantages, along with the ability to raise dividends even during recessions.
Consumer staples stocks such as Amcor plc (AMCR) have all the necessary qualities of a Dividend Aristocrat.
Amcor has increased its dividend for over 27 years in a row. Thanks to a very strong product portfolio, it has maintained its dividend growth streak.
Business Overview
Amcor plc, which trades on the NYSE today, was formed in June 2019 after the merger between two packaging companies, U.S.-based Bemis Co. Inc. and Australia-based Amcor Ltd.
Amcor develops and manufactures a wide range of packaging products for many consumer uses worldwide, including food and beverage, medical and medicinal, and home and personal care.
It consists of two main business segments: Flexible Packaging and Rigid Packaging.
Source: Investor Presentation
Amcor reported its second quarter Fiscal Year (FY) 2025 results on February 4th, 2025. Amcor reported solid financial results for the second quarter and first half of fiscal 2025, reaffirming its full-year outlook. In the December 2024 quarter, net sales reached $3.24 billion, with GAAP net income of $163 million and adjusted EPS rising 5% to 16.1 cents per share. First-half net sales totaled $6.59 billion, with GAAP net income of $354 million and adjusted EPS increasing 5% to 32.2 cents per share. The company also declared a quarterly dividend of 12.75 cents per share, reflecting a slight increase from the previous year.
Amcor continued to demonstrate steady volume growth, marking its fourth consecutive quarter of sequential improvement. Adjusted EBIT rose 5% in the second quarter and 4% for the first half on a comparable constant currency basis, supported by expanding margins and strong cost management. Despite challenges in certain sectors like healthcare, the company maintained stability across its flexible and rigid packaging segments. It also reaffirmed its fiscal 2025 guidance, projecting adjusted EPS of 72–76 cents per share and free cash flow between $900 million and $1 billion.
A major highlight of the quarter was Amcor’s announced merger with Berry Global, which is expected to accelerate growth and enhance shareholder value. The combination will create a stronger, more innovative packaging company with $650 million in identified synergies. The deal is expected to close by mid-2025, expanding Amcor’s portfolio and strengthening its position in key markets. CEO Peter Konieczny emphasized that the merger aligns with Amcor’s focus on customers, sustainability, and innovation.
Source: Investor Presentation
Growth Prospects
Amcor is counting on its Bemis acquisition to drive strong growth over the next half-decade. The main factors that will drive this growth acceleration are its global footprint, which will open up new attractive end markets and customers for the company’s products, and greater economies of scale, which will drive efficiencies and higher margins.
Another growth catalyst for Amcor is the emerging markets such as China and Latin America, where economic growth is high and demand for packaging products is rising.
The company is also undergoing an aggressive share buyback program that should boost per-share growth.
Furthermore, its balance sheet is quite strong, with a relatively low leverage ratio, giving it flexibility to finance its dividends and share repurchases and remain opportunistic about future growth opportunities.
We believe that all of these factors should combine to generate solid 4% annualized earnings per share growth over the next half decade.
Competitive Advantages & Recession Performance
Its industry leadership position fuels Amcor’s competitive advantages. Although Amcor’s headquarters are in Europe, its largest markets are in the Americas. That means Amcor should be relatively safe from potential future declines to the pound (or to the Australian dollar, for that matter).
In addition, Amcor’s products are used every day around the world. People around the world will continue to need packaging. Amcor’s emphasis on recyclable and reusable products should appeal to more environmentally conscious end users, while the merger with Bemis brings it huge prospects in developing markets.
Plus, with the merger into one gigantic manufacturing entity, Amcor has increased ability to negotiate better costs from its suppliers. This should make Amcor an unstoppable force in the packaging industry.
Amcor is also fairly resistant to recessions. As Amcor as it exists today (post merger) was not a publicly-traded company during the Great Recession, its earnings-per-share performance during the downturn is not available.
It is reasonable to assume Amcor’s earnings-per-share would decline somewhat during a recession, as the company’s global business model is reliant on economic growth. But it should continue paying (and raising) its dividend each year for the foreseeable future.
Valuation & Expected Returns
We expect Amcor to generate earnings per share of $0.73 in 2025. Based on this, shares of Amcor are currently trading at a price-to-earnings ratio of 13.8.
Even using a conservative multiple, we think that a recession-resistant Dividend Aristocrat with mid-single-digit growth prospects such as Amcor should trade for 15 times earnings. Therefore, we view the stock as undervalued valued right now.
A fair five-year expected earnings-per-share growth rate of 4.0% and the 5.0% dividend yield will help boost shareholder returns. We expect annualized total annual returns of approximately 10.7% through 2030.
Final Thoughts
Amcor is uniquely positioned for strong growth in the coming years thanks to its recent acquisition, which has opened up several new attractive end markets and provided an opportunity to unlock valuable synergies. Furthermore, the company has the balance sheet to fund growth investments and share repurchases, which should boost EPS moving forward.
As a result, we think that shares offer decent value here. With expectations of ~10.7% annualized total returns over the next half decade, we view Amcor as an attractive buy right now.
That said, it could be an opportunity for dividend growth investors with a more conservative outlook, as its 5.0% yield is above average for the S&P 500 and its strong growth track record and recession-resistant business model make it an attractive long-term holding.
Finally, with its solid growth outlook, it will likely continue growing its dividend for the foreseeable future.
If you are interested in finding more high-quality dividend growth stocks suitable for long-term investment, the following Sure Dividend databases will be useful:
- The Dividend Kings List is even more exclusive than the Dividend Aristocrats. It is comprised of 54 stocks with 50+ years of consecutive dividend increases.
- The Dividend Achievers List: a group of stocks with 10+ years of consecutive dividend increases.
- The Dividend Champions List: stocks that have increased their dividends for 25+ consecutive years.
Note: Not all Dividend Champions are Dividend Aristocrats because Dividend Aristocrats have additional requirements like being in The S&P 500. - The Dividend Contenders List: 10-24 consecutive years of dividend increases.
- The Dividend Challengers List: 5-9 consecutive years of dividend increases.
- The Monthly Dividend Stocks List: contains stocks that pay dividends each month, for 12 payments per year.
- The 20 Highest Yielding Monthly Dividend Stocks
- The High Dividend Stocks List: high dividend stocks are suited for investors that need income now (as opposed to growth later) by listing stocks with 5%+ dividend yields.
The major domestic stock market indices are another solid resource for finding investment ideas. Sure Dividend compiles the following stock market databases and updates them monthly: