<p><strong>美国电话电报</strong>(T 0.59%) 近年来一直是一只令人失望的股息股票。这家电信巨头在 2022 年将其媒体部门剥离以创建 <strong>华纳兄弟探索</strong> 时，将其股息削减了近 50%。公司此举是为了保留额外现金用于再投资业务和减少债务。在削减股息后的几年里，公司一直在努力去杠杆化其资产负债表，这引发了市场对公司可能再次削减股息的担忧。</p>
<p>然而，随着过去一年杠杆率终于下降，并且未来有更多去杠杆化的明确路径，美国电话电报的 5% 股息率现在更加稳固。让我们看看对于那些寻求 passsive income 的人来说，现在是否是一个有吸引力的选择。</p>
<h2>迅速下滑，未来加速</h2>
<p>AT&amp;T 第二季度末的净债务为 1,269 亿美元，使其杠杆率接近 2.9 倍。这与一年前的情况相比有所改善，当时其净债务为 1,320 亿美元，杠杆率为 3.1 倍。公司一直在生产不断增长的超额自由现金流（扣除资本投资和股息后），用于偿还债务，仅第二季度就减少了 19 亿美元的债务，过去一年减少了 51 亿美元。</p>
<p>公司预计将继续产生超额现金，这将使其在明年上半年达到 2.5 左右的杠杆率。未来杠杆率应该会继续下降，尤其是在公司最近同意将其在 DirecTV 的剩余 70% 股权出售给合作伙伴 TPG 后。该交易预计将于明年下半年完成，到 2029 年将带来额外 76 亿美元的现金。公司计划利用这些现金支付进一步加强其资产负债表。</p>
<p>随着其杠杆率的改善和未来的进一步增强，美国电话电报的高股息变得更加可持续。</p>
<h2>仍落后于竞争对手</h2>
<p>自从削减股息后，AT&amp;T 自媒体业务剥离以来并没有再次削减股息，但也没有开始增加股息。这种情况在未来几年可能会发生变化，特别是随着通过出售 DirecTV 股权来提前获取现金。公司可以利用这笔现金进一步减少债务、回购股票和增加股息。</p>
<p>与竞争对手 <strong>威瑞森</strong>(VZ 0.67%) 相比，AT&amp;T 目前提供类似债券的固定收入流，其股息率约为 5%。威瑞森的股息率约为 6%，比 AT&amp;T 高。此外，威瑞森一直在稳步增加股息。今年，它连续第 18 年增加股息，是美国电信行业目前最长的连续增长纪录。尽管威瑞森的增长幅度较小，近年来每年不到 2%，但至少给了投资者一些回报。</p>
<p>威瑞森之所以能够增加股息，是因为其财务状况更强。截至下半年末，其杠杆率已降至 2.5，这是 AT&amp;T 明年上半年的目标范围。威瑞森的杠杆率应该会在长期内继续下降。其长期目标是将其降至 1.75 至 2.0 的范围，尽管一旦降至 2.25 左右，计划开始向股票回购分配一些资本。尽管威瑞森即将进行的 200 亿美元全现金收购 Frontier 将延迟其实现目标杠杆率的能力，但在该交易之后，其杠杆率将低于 AT&amp;T 目前的水平。</p>
<h2>还未完全达到目标</h2>
<p>考虑到其更高的股息率、稳定的增长和较低的当前杠杆水平，威瑞森目前是 passsive income 的更好选择。这种情况可能会在未来一年发生变化。如果 AT&amp;T 的资产负债表改善使其有能力通过开始增加股息和回购股票来向股东返还更多现金，那么它将成为收入投资者更有吸引力的选择。</p>

美国电话电报

<p>美国电话电报（AT&T）的股息率为 5%，随着公司减少债务，改善了其杠杆比率从 3.1 降至 2.9 倍，这一股息率变得更加可持续。这家电信巨头计划通过出售其在 DirecTV 的 70% 股权进一步增强其资产负债表，从而产生额外现金。然而，与竞争对手 Verizon 不同，AT&T 自 2022 年削减股息以来并未增加股息，Verizon 则提供 6% 的股息率，并一直在稳定提高其股息。尽管 AT&T 的前景正在改善，但对于 passsive income 投资者来说，Verizon 目前仍然是更好的选择</p>

<p><strong>AT&amp;T</strong>(T 0.59%) has been a disappointing dividend stock in recent years. The telecom giant slashed its payout by nearly 50% in 2022 when it unveiled plans to spin off its media division to create <strong>Warner Bros. Discovery</strong>. The company made the move to retain additional cash to reinvest in its business and reduce debt. It had struggled to deleverage its balance sheet in the years following that cut, which caused concerns that the company might need to reduce its dividend again.</p>
<div class="lb-trans"><p><strong>美国电话电报</strong>(T 0.59%) 近年来一直是一只令人失望的股息股票。这家电信巨头在 2022 年将其媒体部门剥离以创建 <strong>华纳兄弟探索</strong> 时，将其股息削减了近 50%。公司此举是为了保留额外现金用于再投资业务和减少债务。在削减股息后的几年里，公司一直在努力去杠杆化其资产负债表，这引发了市场对公司可能再次削减股息的担忧。</p>
</div><p>However, with leverage finally coming down in the past year and a clear line of sight for more deleveraging in the future, AT&amp;T's 5% yielding dividend is on a much firmer foundation. Here's a look at whether it's now an attractive option for those seeking passive income.</p>
<div class="lb-trans"><p>然而，随着过去一年杠杆率终于下降，并且未来有更多去杠杆化的明确路径，美国电话电报的 5% 股息率现在更加稳固。让我们看看对于那些寻求 passsive income 的人来说，现在是否是一个有吸引力的选择。</p>
</div><h2>Falling fast with an acceleration ahead</h2>
<div class="lb-trans"><h2>迅速下滑，未来加速</h2>
</div><p>AT&amp;T ended the second quarter with $126.9 billion of net debt, which put its leverage ratio at nearly 2.9 times. That was an improvement from the year-ago period, when it had $132 billion of net debt and a 3.1 leverage ratio. The company has been producing growing excess free cash flow after capital investments and dividends, which it has used to repay debt, to the tune of $1.9 billion of debt reduction in the second quarter and $5.1 billion over the past year.</p>
<div class="lb-trans"><p>AT&amp;T 第二季度末的净债务为 1,269 亿美元，使其杠杆率接近 2.9 倍。这与一年前的情况相比有所改善，当时其净债务为 1,320 亿美元，杠杆率为 3.1 倍。公司一直在生产不断增长的超额自由现金流（扣除资本投资和股息后），用于偿还债务，仅第二季度就减少了 19 亿美元的债务，过去一年减少了 51 亿美元。</p>
</div><p>The company expects to continue producing excess cash, which should allow it to reach a leverage ratio in the range of 2.5 in the first half of next year. Leverage should continue to decline in the future, especially after the company recently agreed to sell its remaining 70% stake in DirecTV to partner TPG. That deal, which should close in the second half of next year, will bring in an additional $7.6 billion of cash through 2029. The company plans to use those cash payments to strengthen its balance sheet further.</p>
<div class="lb-trans"><p>公司预计将继续产生超额现金，这将使其在明年上半年达到 2.5 左右的杠杆率。未来杠杆率应该会继续下降，尤其是在公司最近同意将其在 DirecTV 的剩余 70% 股权出售给合作伙伴 TPG 后。该交易预计将于明年下半年完成，到 2029 年将带来额外 76 亿美元的现金。公司计划利用这些现金支付进一步加强其资产负债表。</p>
</div><p>With its leverage ratio improving and further enhancement ahead, AT&amp;T's high-yielding dividend is growing more sustainable.</p>
<div class="lb-trans"><p>随着其杠杆率的改善和未来的进一步增强，美国电话电报的高股息变得更加可持续。</p>
</div><h2>Still behind its rival</h2>
<div class="lb-trans"><h2>仍落后于竞争对手</h2>
</div><p>While AT&amp;T hasn't had to cut its dividend again since slashing it following the spinoff of its media business, it also hasn't been able to start increasing its dividend, either. That could change in the coming years, especially as it pulls forward cash through the sell-off of its stake in DirecTV. It could use that cash to further reduce debt, repurchase shares, and increase its dividend.</p>
<div class="lb-trans"><p>自从削减股息后，AT&amp;T 自媒体业务剥离以来并没有再次削减股息，但也没有开始增加股息。这种情况在未来几年可能会发生变化，特别是随着通过出售 DirecTV 股权来提前获取现金。公司可以利用这笔现金进一步减少债务、回购股票和增加股息。</p>
</div><p>In the meantime, AT&amp;T currently offers a bond-like fixed income stream, with its payout yielding around 5%. Contrast that with rival <strong>Verizon</strong>(VZ 0.67%), which has a higher dividend yield of around 6%. Furthermore, Verizon has steadily increased its dividend. It delivered its 18th consecutive annual dividend increase this year, the longest current streak in the U.S. telecom sector. While Verizon's raises have been modest, at less than 2% annually in recent years, it has at least given its investors a raise.</p>
<div class="lb-trans"><p>与竞争对手 <strong>威瑞森</strong>(VZ 0.67%) 相比，AT&amp;T 目前提供类似债券的固定收入流，其股息率约为 5%。威瑞森的股息率约为 6%，比 AT&amp;T 高。此外，威瑞森一直在稳步增加股息。今年，它连续第 18 年增加股息，是美国电信行业目前最长的连续增长纪录。尽管威瑞森的增长幅度较小，近年来每年不到 2%，但至少给了投资者一些回报。</p>
</div><p>Verizon has been able to increase its dividend because it has a stronger financial profile. Its leverage ratio was down to 2.5 at the end of the second half, which is AT&amp;T's target range for the first half of next year. Verizon's leverage ratio should continue to fall over the long term. Its long-term target is to get it down to a range of 1.75 to 2.0, though it plans to start allocating some capital to share repurchases once it's around 2.25. While Verizon's pending $20 billion all-cash deal for Frontier will delay its ability to achieve its targeted leverage ratio, it will have a lower level following that deal than AT&amp;T has right now.</p>
<div class="lb-trans"><p>威瑞森之所以能够增加股息，是因为其财务状况更强。截至下半年末，其杠杆率已降至 2.5，这是 AT&amp;T 明年上半年的目标范围。威瑞森的杠杆率应该会在长期内继续下降。其长期目标是将其降至 1.75 至 2.0 的范围，尽管一旦降至 2.25 左右，计划开始向股票回购分配一些资本。尽管威瑞森即将进行的 200 亿美元全现金收购 Frontier 将延迟其实现目标杠杆率的能力，但在该交易之后，其杠杆率将低于 AT&amp;T 目前的水平。</p>
</div><h2>Not there quite yet</h2>
<div class="lb-trans"><h2>还未完全达到目标</h2>
</div><p>Given its higher yield, steady growth, and lower current leverage level, Verizon is the better option over AT&amp;T for passive income right now. That could change over the next year. If AT&amp;T's improving balance sheet puts it in the position to return more cash to shareholders by starting to increase the dividend and buying back stock, it would become a more attractive option for income investors.</p>
<div class="lb-trans"><p>考虑到其更高的股息率、稳定的增长和较低的当前杠杆水平，威瑞森目前是 passsive income 的更好选择。这种情况可能会在未来一年发生变化。如果 AT&amp;T 的资产负债表改善使其有能力通过开始增加股息和回购股票来向股东返还更多现金，那么它将成为收入投资者更有吸引力的选择。</p>
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美国电话电报 5% 收益的股息终于适合用于被动收入了吗？