Updated on January 26th, 2026 by Bob Ciura
Each year, we individually review each of the Dividend Aristocrats, a group of 69 stocks in the S&P 500 Index that has raised their dividends for at least 25 consecutive years.
To make it on the list of Dividend Aristocrats, a company must possess a profitable business model with a valuable brand, global competitive advantages, and the ability to withstand recessions.
This is why Dividend Aristocrats can continue raising dividends in difficult years.
With this in mind, we have created a list of all 69 Dividend Aristocrats.
You can download your free copy of the Dividend Aristocrats list, along with important financial metrics such as price-to-earnings ratios and dividend yields, by clicking on 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.
Eversource Energy (ES) was among the new additions to the Dividend Aristocrats list last year.
This article will examine Eversource’s business model, growth prospects, and whether we are currently rating the stock as a buy, sell, or hold.
Business Overview
Eversource Energy is a diversified holding company with subsidiaries that provide regulated electric, gas, and water distribution service in the Northeast U.S.
The company’s utilities serve more than 4 million customers after acquiring NStar’s Massachusetts utilities in 2012, Aquarion in 2017, and Columbia Gas in 2020.
On November 4th, ES shared its earnings report for the third quarter ended September 30th, 2025. Total operating revenue grew by 5.1% year-over-year to $3.22 billion during the quarter.
Higher base distribution rates and continued system investments were the drivers behind this topline growth in the quarter.
ES posted $1.19 in non-GAAP EPS for the quarter, which was up 5.3% over the year-ago period. That topped the analyst consensus during the quarter by $0.04.
The company’s non-GAAP net profit margin expanded by about 50 basis points to 13.7% in the quarter, which more than offset the 3.5% uptick in the share count from recent share issuances.
Growth Prospects
Eversource’s long-term earnings growth track record is solid, growing EPS nearly every year since 2012. Over the last 10 years, the average EPS growth rate is almost 6%.
We expect the company to grow its earnings-per-share by 6% per year on average over the next five years. The company has a good earnings track record and will benefit from rate hikes, transmission investments, and clean energy initiatives.
Eversource has divested itself of its commercial-scale offshore wind facility in the U.S. That reorients the company as a pure-play regulated utility.
Thanks to healthy economic development prospects, ES anticipates that it will invest $24.2 billion in upgrading and expanding its infrastructure from 2025 through 2029.
The utility also notes that there is the potential for incremental investments of between $1.5 billion and $2 billion for this period. As a result, ES still thinks that it can generate 5% to 7% annual non-GAAP EPS growth for the period.
We expect Eversource to grow its earnings-per-share by 6% per year over the next five years.
The company has a long history of paying dividends and has increased its payout for 27 consecutive years.
Competitive Advantages & Recession Performance
As a utility stock, Eversource benefits from operating in a highly stable and regulated industry, meaning earnings are more consistent and predictable.
This also allows the company to be recession-resistant, and continue to increase its dividend each year, even during recessions.
Eversource’s earnings-per-share during the Great Recession are below:
- 2008 earnings-per-share of $1.67
- 2009 earnings-per-share of $1.91 (14% growth)
- 2010 earnings-per-share of $2.19 (15% growth)
The company has a projected 2025 payout ratio of 63%, which indicates a sustainable dividend.
Given the expected earnings growth, there is still room for the dividend to continue to grow at the same pace and extend the track record of consecutive dividend increases which is an important factor for dividend growth investors.
Valuation & Expected Returns
Based on expected 2025 earnings-per-share of $4.75, ES shares are currently trading for a P/E ratio of 14.8. During the past decade shares of Eversource Energy have traded with an average price-to-earnings ratio of about 17.
This is also our fair value estimate for ES stock.
As a result, ES stock looks undervalued today. If the valuation multiple expands to 17 over the next five years, shareholder returns would be increased by 3.0% per year over that period.
Shareholder returns would be positively boosted by earnings-per-share growth and dividends. We expect ES to generate earnings-per-share growth of 6% per year.
Next, shares are currently yielding 4.3%. Putting it all together, total returns are expected at 12.6% per year. With such high expected returns, we rate ES stock a buy.
Final Thoughts
Eversource Energy is a steady company in terms of its earnings growth track record, its earnings growth outlook, dividend growth, and its infrastructure investments related to the net-zero carbon emission target of 2030.
The company’s dividend yield is generous, and the 27 years of consecutive dividend increases is noteworthy.
We estimate a total return of 12.6% based on a 6.0% EPS growth, a 4.3% yield, and a valuation tailwind. ES shares earn a buy rating.
Additionally, the following Sure Dividend databases contain the most reliable dividend growers in our investment universe:
- The Dividend Champions: Dividend stocks with 25+ years of dividend increases, including those that may not qualify as Dividend Aristocrats.
- The Dividend Kings: considered to be the ultimate dividend growth stocks, the Dividend Kings list is comprised of stocks with 50+ years of consecutive dividend increases
If you’re looking for stocks with unique dividend characteristics, consider the following Sure Dividend databases:
- The Complete List of Monthly Dividend Stocks: stocks that pay dividends each month, for 12 payments over the year.
- The Blue Chip Stocks List: this database contains stocks that qualify as either Dividend Achievers, Dividend Aristocrats, or Dividend Kings.