What does it mean to be an Aristocrat?

S&P Aristocrats Indices reflect the performance of constituents that have demonstrated consistency in their category—whether that be dividends, free cash flow or buybacks. While other indices track constituents with the highest dividends, free cash flow or buyback ratios, S&P Aristocrats Indices focus on companies’ reliability over the long term, which can signal corporate maturity and strength.

Dividend Aristocrats Indices

Dividends play an important role in generating equity total return. The S&P Dividend Aristocrats Index Series identifies stocks with a long history of steady dividend increases.

Focusing on the large-cap U.S. equity market, the S&P 500® Dividend Aristocrats Index measures the performance of S&P 500 companies that have increased dividends every year for the last 25 consecutive years.

The S&P High Yield Dividend Aristocrats (HYDA) Index features a yield-weighted methodology and is designed to measure the performance of companies within the S&P Composite 1500®—consisting of large-, mid- and small-cap U.S. stocks—that have followed a managed-dividends policy of consistently increasing dividends every year for at least 20 years. Historically, companies in the S&P HYDA Index have raised dividends at a faster pace than inflation.

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FCF Aristocrats Indices

Free cash flow (FCF) can signal financial flexibility and serve as a barometer of quality. The S&P Quality FCF Aristocrats Indices track companies that have consistently generated robust FCF over many years.

The S&P 500 Quality FCF Aristocrats Index measures the performance of companies in the S&P 500 that have had positive FCF for at least 10 consecutive years and simultaneously have high FCF margin and high FCF return on invested capital.

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Buyback Aristocrats Index

When a company buys back shares, it’s typically a sign that they believe their stock is undervalued and are confident about future earnings. The S&P 500 Buyback Aristocrats Index measures the equal-weighted performance of S&P 500 companies that have reduced common shares outstanding for at least 10 consecutive years.

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  • Exploring the Principles of Consistency and Efficiency in Free Cash Flow Metrics

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