What the study measures
The core metric is annual dividend income at the 2026 study endpoint from an investment made in 2006. The result uses a full DRIP assumption, meaning each dividend payment is reinvested into additional shares. The accumulated share count is therefore part of the final income result.
What is included
- The initial investment amount shown on each study page
- Dividend reinvestment through the study period
- Split-adjusted prices and dividend history
- A focus on dividend income rather than total return
What is not included in the headline number
- Capital gains or losses
- Investor-specific taxes and withholding differences
- Trading friction, slippage, fees, and personal cash-flow decisions
- Any assumption that the next twenty years will repeat the historical period
Why the study can be useful
The studies make the mechanics of dividend reinvestment easier to inspect. They show how repeated distributions and a changing share count can affect future income over a long period, while keeping the historical result separate from a current investment thesis.
How to use the pages
Use the what-if pages as educational historical case studies. They can help with pattern recognition and sensitivity thinking, but they do not replace current research on valuation, payout sustainability, balance-sheet strength, business risk, taxes, or portfolio fit.