Member Articles

Valuentum’s Dividend Growth Newsletter Portfolio

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*Portfolio Information as of published date in top, left corner of table. The Dividend Growth Newsletter portfolio is not a real money portfolio. Past results are not a guarantee of future performance, and actual results may differ from simulated information provided. There is substantial risk associated with investing in financial instruments. The Dividend Growth Newsletter portfolio puts into practice our rigorous valuation and dividend growth frameworks. To access our commentary, articles and analysis on holdings in the portfolio of our Dividend Growth Newsletter (as well as each company’s 16-page equity report and dividend report), please use our ‘Symbol’ search box in our website header. The Dividend Growth Newsletter portfolio can always be found in each edition of the monthly Dividend Growth Newsletter. Learn more about your membership >> More … Read more

Public Storage Boasts Investment Grade Marks

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Image Source: TradingView By Brian Nelson, CFA Public Storage (PSA) recently reported better than expected fourth quarter results with revenue and funds from operations (FFO) exceeding the consensus forecast. Net income fell compared to the same period a year ago, but core FFO increased to $4.26 versus $4.21 in the year-ago period. Among the highlights in the quarter, the company achieved positive same store revenue growth in 56% of its markets, increasing from 49% during the fourth quarter of 2024. It achieved a 78.4% same store net operating income margin, while it acquired 13 self-storage facilities with 0.9 million net rentable square feet for $131 million. Public Storage delivered new developments and completed expansion projects, adding 1.0 million net rentable … Read more

Home Depot Navigating Housing Pressures

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Image Source: TradingView By Brian Nelson, CFA Home Depot (HD) recently reported better than expected fourth quarter results with both the top and bottom lines exceeding the consensus forecast. Sales for the fourth quarter fell 3.8% from the fourth quarter of last year due to one less week of selling compared to last year, while comparable sales increased 0.4% and comparable sales in the U.S. increased 0.3%. Comparable customer transactions fell 1.6%, while comparable average ticket increased 2.4%. Net earnings for the fourth quarter came in at $2.6 billion, compared with net earnings of $3.0 billion, again impacted by the one less selling week in the fourth quarter of 2025. Adjusted diluted earnings per share were $2.72 in the fourth … Read more

Booking Holdings Hit By AI “Scare Trade”

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Image Source: TradingView By Brian Nelson, CFA On February 18, Booking Holdings (BKNG) reported better than expected fourth quarter results with both revenue and non-GAAP earnings per share exceeding the consensus marks. Room nights grew 9% in the quarter compared to 2024, while gross bookings advanced 16% on a year-over-year basis (11% on a constant currency basis). Total revenue grew 16% in the quarter, or roughly 11% on a constant currency basis. Adjusted earnings per share came in at $48.80, up 17% year-over-year, while adjusted EBITDA came in at $2.2 billion, up 19%. Management had the following to say about the results: We are pleased to report strong results for 2025, delivering double-digit revenue growth, expanding Adjusted EBITDA margin by … Read more

Energy Transfer Raises 2026 Adjusted EBITDA Guidance

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Image Source: TradingView By Brian Nelson, CFA On February 17, Energy Transfer (ET) reported mixed fourth quarter results with revenue beating expectations, but GAAP earnings missing the consensus forecast. Net income for the three months ended December 31, 2025, was $928 million, down from $1.08 billion for the same period last year. Adjusted EBITDA for the quarter was $4.18 billion, however, up 8% from the year-ago period. Distributable cash flow for the quarter was $2.04 billion compared to $1.98 billion for the same period last year. Growth capital spending in the fourth quarter was $1.4 billion, while maintenance capital spending was $355 million. Energy Transfer’s volumes continued to expand in the fourth quarter. NGL and refined product terminals volumes were … Read more

Republic Services Continues to Price in Excess of Cost Inflation

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Image Source: TradingView By Brian Nelson, CFA On February 17, Republic Services (RSG) reported fourth quarter results that were mixed with non-GAAP earnings per share coming in better than expected but revenue coming in a bit light relative to forecasts. Total revenue growth in the quarter was 2.2% thanks to 2.9% organic growth from its recycling and waste business, 1.3% growth from acquisitions, and a 2% organic decline from its environmental solutions business. Core price on total revenue increased by 5.8%. Volume decreased total revenue by 1%. Adjusted EBITDA was $1.3 billion or 31.3% of revenue, an increase of 30 basis points from the same period a year ago. Quarterly net income was $545 million on a margin of 13.2%, … Read more

Walmart Continues to Execute Well

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Image Source: Walmart By Brian Nelson, CFA On February 19, Walmart (WMT) reported better than expected fourth quarter fiscal 2026 results with both revenue and non-GAAP earnings per share beating the consensus forecast. Revenue increased 5.6% in the quarter and 4.9% in constant currency. Walmart U.S. comp sales increased 4.6% in the quarter. Global eCommerce sales grew 24% thanks to strength in store-fulfilled pickup & delivery and marketplace. Its global advertising business advanced 37%, including VIZIO, while Walmart Connect in the U.S. was up 41%. Membership fee revenue grew 15.1% globally. Walmart’s gross margin rate was up 13 basis points thanks to strength in Walmart U.S., while operating income was up $0.8 billion, or 10.8%, growing faster than sales. Adjusted … Read more

Amazon 2026 Capex Guidance Casts Shadow Over Stock

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Image Source: TradingView By Brian Nelson, CFA Amazon (AMZN) recently reported mixed fourth quarter results with revenue coming in better than expected, but GAAP earnings per share missing the mark. Net sales for the quarter increased 14%, to $213.4 billion, with AWS segment sales increasing 24% year-over-year, to $35.6 billion. Adjusted operating income in the fourth quarter came in at $27.4 billion compared with $21.2 billion in the fourth quarter of 2024. North America segment operating income was $11.5 billion, compared to $9.3 billion in the year-ago period, while AWS segment operating income was $12.5 billion, compared to $10.6 billion in last year’s quarter. Net income increased to $21.2 billion in the fourth quarter, or $1.95 per diluted share, compared … Read more

Lockheed Martin Boasts Record Backlog

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Image Source: TradingView By Brian Nelson, CFA Lockheed Martin (LMT) recently reported better than expected fourth quarter results with both revenue and GAAP earnings per share exceeding the respective consensus forecasts. The company reported fourth quarter 2025 sales of $20.3 billion, compared to $18.6 billion in the fourth quarter of 2024. Net earnings in the fourth quarter of 2025 were $1.3 billion, or $5.80 per share, compared to $2.22 per share in last year’s quarter. Operating cash flow was $3.2 billion in the fourth quarter of 2025, compared to $1 billion in the year-ago quarter. Free cash flow was $2.8 billion in the fourth quarter of 2025 compared to $441 million in the fourth quarter of 2024. Management had the … Read more

Philip Morris’ Growth Targets Are Solid

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Image Source: TradingView By Brian Nelson, CFA Philip Morris (PM) recently reported fourth quarter results that were mixed with revenue missing the consensus forecast, but non-GAAP earnings per share coming in-line with estimates. In the fourth quarter, net revenues increased 6.8% led by a 12% increase in its smoke-free business. Organic growth was 3.7%. Gross profit advanced 5.1% on an organic basis, while operating income increased 4.5% on an organic basis. In the quarter, adjusted diluted earnings per share, excluding currency, came in at $1.69, up 9% year-over-year. For the full year 2025, its smoke-free business accounted for 41.5% of its total net revenues and nearly 43% of total gross profit.   Management had the following to say about the … Read more