MO 拥有最强的定价能力：毛利率从 2015 年的 58.95% 升至 2025 年的 72.21%，自由现金流足以覆盖股息支付。凭借约 6.2% 的初始收益率、约 4% 的股息增速和约 80% 的目标派息率，其股息看起来可持续，不过销量下滑是一个隐忧。
逐段跳播
简单起见，我们可以把股票代码MO加到Altria Group上，这家公司可能拥有标普500中最强的定价权。目前，他们的初始股息率约为6.2%，产生3,100美元的收入。而他们通常以约4%的速度提高股息。
To keep things simple, we can add the stock ticker MO to Altria Group, a company that probably has the strongest pricing power in the S&P 500. Right now, their starting dividend is around 6.2%, generating $3,100 in income.
And they typically increase dividends at a rate of about 4%.
现在，如果我们看Altria过去一年的表现，他们做得相当不错。过去5年他们增长了约10%，上涨约50%，但记住这是股价，不是总回报。他们的大部分增长来自股息。
Now, if we look at Altria over the past year, they've done pretty well. They've grown about 10% in the last 5 years , up about 50% , but remember this is share price, not total return. Most of their growth has come from dividends.
所以，让我们评估一下那笔股息的可持续性。我们将加入MO。现在，最终我们需要看的是自由现金流是否覆盖了那笔股息支付，因为他们有不错的初始股息率和股息增长的历史，而我们看到自由现金流正在增长那笔股息支付。
So, let's assess the sustainability of that dividend. We will add MO. Now, ultimately what we need to see is whether the free cash flow is covering that dividend payout , because they have a good initial dividend yield and a history of dividend growth , and we see that the free cash flow is growing that dividend payout.
事实上，管理层已表示，他们的目标派息率约为80%。现在，有些人对销量下滑感到担忧，这一点值得关注。然而，真正的投资基本面在这里。打开 Ticker Data 的盈利能力表，链接在简介中，搜索 Altria 或股票代码 MO，然后查看毛利率。
简而言之，这就是重点。2015年，它约为58.95%。到2025年，将达到72.21%。这家公司拥有惊人的定价能力，这通常是公司实力强劲的标志。他们能够保持自己的竞争优势。
In fact, management has stated that their target payout ratio is around 80%. Now, some people are concerned about the decline in sales volume and this is something to keep an eye on.
However, the real investment fundamentals lie here. Go to Ticker Data's Profitability Sheet, link is given in the description , search for Altria or the stock ticker MO and look at the Gross Profit Ratio.
In short, that's the main point. In 2015, it was about 58.95%. By 2025, it will be 72.21%. The company has incredible pricing power, which is usually a sign of a strong company. They can maintain their competitive advantage.
这个频道对 $MO 的历次判断
Dividendology 在这只股票上共 3 条判断，这里只列相邻的几条。