The 100 big dividend payers with the worst record in 2000, 2008, 2020 and 2022, ranked by what each one did to the dividend, and to you.
What counts as a crash here: the S&P 500 falling 20% from its high. That gives 4 bear markets since 2000. Which stocks bounced back fastest after each crash: Best Crash Recovery Stocks.
In 2009, 21.4% of U.S.-listed dividend payers cut or stopped paying. 245 of the big names we track did it in at least one of the last 4 crashes: 2000, 2008, 2020 and 2022. This page is the record: who cut, how many times, how deep the worst cut went, how far each stock fell against SPY, and today’s Dividend Safety Rating for every one of them.
How the Cutters Did Against the S&P 500
One line for all 100 names on this list, as if you held equal amounts of each and rebalanced every month, next to SPY, QQQ and every payer we track. Pick a crash to zoom in on it. The DRIP switch decides if dividends buy more shares or sit as cash.
The 100 cutters vs the S&P 500
Peak to low = from the S&P 500’s top to its bottom in that crash, every dividend reinvested, median of the cutters that were paying going in.
| # | Stock | Recession ScoreRec. Score | 2000 Score ⓘ2000 Score | 2008 Score ⓘ2008 Score | 2020 Score ⓘ2020 Score | 2022 Score ⓘ2022 Score | Yield Now | Cuts | Deepest | 2026 Score | Fell vs SPY ⓘ | Back In ⓘ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | AVALGrupo Aval Acciones y Valores S.A.Grupo Aval Acciones y Valores S.A.Last close $4.39 | 0.1 | No record | No record | Crash score 0, Stopped 2020 | Crash score 0, Stopped 2022 | 4.52%$0.0165 monthly | 2 of 2 | Stoppedin 2020 | UnlockDividend Safety Rating: paid plans only | -62% (SPY -29%) | 46 mo1 not back |
| 2 | RHPRyman Hospitality PropertiesRyman Hospitality PropertiesLast close $134.77 | 13.6 | Crash score 27, Stopped 2000 | No record | Crash score 0, Stopped 2020 | No record | 3.56%$1.20 quarterly | 2 of 2 | Stoppedin 2000 | UnlockDividend Safety Rating: paid plans only | -64% (SPY -41%) | 32 mo |
| 3 | SKYDSkydance Corporation Class B Common StockSkydance Corporation Class B Common StockLast close $7.95 | 14.6 | No record | Crash score 14, Cut 81% | Crash score 27, Held | Crash score 3, Cut 79% | 2.52%$0.05 quarterly | 2 of 3 | -81%in 2009 | UnlockDividend Safety Rating: paid plans only | -75% (SPY -38%) | 26 mo1 not back |
How to Read This List
- Lowest Recession Score first. Each crash is scored on what the dividend did, the return against the S&P 500, how far the stock fell and how fast it came back. Rank 1 had the roughest ride.
- A variable payer is not a cutter. Some companies pay out a share of each period’s profit, so the payment moves with it. Here a cut is a regular rate that fell 5% or more and stayed down.
- A cut is history, not today’s rating. Many of these names have raised since. Click a ticker to check its dividend today.
Who Cut in Each Crash: 2000, 2008, 2020 and 2022
Every big payer we track that was paying going into each crash, and what it did to the dividend. 2008 was the worst: 22% of them cut or stopped.
| Crash | Paying going in | Cut or stopped | Back to old payout in 5 yrs |
|---|---|---|---|
| 2000S&P 500 -49%, Mar 2000 to Oct 2002 | 420 | 11%28 cut, 19 stopped | 30%14 of 47, a median 3.3 years |
| 2008S&P 500 -57%, Oct 2007 to Mar 2009 | 540 | 22%82 cut, 36 stopped | 27%32 of 117, a median 3.2 years |
| 2020S&P 500 -34%, Feb 2020 to Mar 2020 | 762 | 12%51 cut, 41 stopped | 67%58 of 87, a median 1.7 years |
| 2022S&P 500 -25%, Jan 2022 to Oct 2022 | 759 | 3%22 cut, 2 stopped | Too soonthe 5 years are not up yet |
Paying going in = a regular dividend before the S&P 500 peak. Variable payers are not counted as cuts. Back = the regular rate within 5% of its pre-crash high, inside the 5 years after the cut.
The Deepest Dividend Cuts Since 2000
The 5 biggest single cuts among the big payers we track, by how much of the payout went. Stops are counted apart. 89 of the payers we track stopped paying outright in at least one crash.
Cut Once, Then What?
Of the 251 cuts and stops in 2000, 2008 and 2020 that are 5 years old, 104 were back at the old payout or higher within 5 years, a median of 2.3 years after the lowest payment. 40 never raised once in that time.
Counted per cut, from the lowest payment through the fifth year after the cut. Back = a regular rate within 5% of the highest one in the year before the crash through the cut. 2022 joins once it is 5 years old.
Which Sectors Cut the Most
The share of big payers in each sector that cut or stopped, crash by crash, and in at least one of the last 4 crashes. A company that lived through more crashes had more chances to cut.
| Sector | 2000 | 2008 | 2020 | 2022 | Any crash |
|---|---|---|---|---|---|
| Consumer Cyclical | 9%3 of 34 | 42%18 of 43 | 39%24 of 62 | 3%2 of 60 | 59%37 of 63 |
| Real Estate | 10%3 of 29 | 48%16 of 33 | 31%17 of 55 | 6%3 of 53 | 53%29 of 55 |
| Energy | 7%2 of 28 | 9%3 of 35 | 38%20 of 52 | 4%2 of 50 | 48%25 of 52 |
| All sectors | 11%47 of 420 | 22%118 of 540 | 12%92 of 762 | 3%24 of 759 | 31%245 of 778 |
Paying going in = a regular dividend before the S&P 500 peak. Any crash = cut or stopped in at least one crash it lived through, counted once.
Why These Names Are Here
The rank is the lowest Recession Score among companies that lived through at least 2 crashes and cut or stopped the dividend in at least one. The score counts what happened to the payment most, then how the total return did against SPY, how deep the fall went and how long it took to get back. Variable payers, the ones that pay a share of each period’s profit, are not called cuts.
Being on this list does not make a stock a bad buy today. Plenty of these raised straight through the last crash. It does mean that when things got bad, the payout you were counting on did not show up: $10,000 of Bank of America at the 2007 peak paid $487 a year, and with DRIP on, every payment buying new shares, it paid $8 a year by the end of 2010. A low price only helps your DRIP if the payment is still there.
Want the other side of the story? The best recession-proof dividend stocks are ranked the same way. For what is being cut right now, see the latest dividend cuts.
Questions About Dividend Cuts in a Recession
Which dividend stocks cut the most in a recession?
On this page, Grupo Aval Acciones y Valores S.A., Ryman Hospitality Properties and Skydance Corporation Class B Common Stock carry the lowest scores today. In all, 245 big payers that lived through 2 or more crashes cut or stopped at least once. The full list comes with any paid plan.
Which crash had the most dividend cuts?
2008 had the most. Of the 540 big payers we track that were paying going in, 82 cut and 36 stopped. In 2000, 11% cut or stopped. In 2020, 12% cut or stopped. In 2022, 3% cut or stopped.
Should I sell a stock because it cut in 2008?
Not by itself. A record is history. Many companies that cut in 2008 have raised every year since. Check whether earnings and free cash flow cover the payout today, how much debt sits behind it and which way earnings are heading. This page is data, not investment advice.
Do you count a spin-off as a cut?
A spin-off payout followed by a lower rate is judged only on the rows after it. Where the payout really fell at a spin, as with AT&T and WarnerMedia in 2022, it stays a cut.
Why are Lehman and Enron not on the list?
This list only holds companies still trading and paying. Lehman Brothers, Bear Stearns, Washington Mutual, Enron and WorldCom are gone, so the true damage was worse than anything shown here.
