<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg"/></p>
<p><em>圖片來源：Pixabay</em></p>
<p>Dine Brands Global (DIN) 上個月因過度負債、高槓杆和上升的利息支出而削減了股息。另一個原因是該公司在第三季度的業績未能達到預期，主要由於其三大品牌中有兩個出現了負的有機增長。管理層還表示更傾向於股票回購而非分紅。自 2022 年第二季度以來，該公司的股息一直保持不變，但最終在今年被削減。</p>
<p>自 2021 年 4 月初以來，股價大幅下跌。儘管如此，今年股價仍上漲了 14.1%。由於上述擔憂，投資者拋售了這隻分紅股票。根據經濟和商業狀況，可能會再次減少股息。</p>
<h3><strong>Dine Brands Global 概況</strong></h3>
<p>Dine Brands Global, Inc. 的歷史可以追溯到 1958 年，總部位於加利福尼亞州帕薩迪納。它之前被稱為 DineEquity，後來更名。該公司在全球擁有、特許經營和運營約 3500 家餐廳。</p>
<p>該公司通過四個部門運營：特許經營業務、租賃業務、融資業務和公司餐廳業務。三大主要餐飲連鎖店分別是 Applebee’s Neighborhood Grill + Bar（1571 家餐廳）、IHOP（1803 家餐廳）和 Fuzzy’s Taco Shop（109 家餐廳）。</p>
<p>2024 年的總收入為 8.12 億美元，過去 12 個月的收入為 8.67 億美元。</p>
<h3><strong>股息削減公告</strong></h3>
<p>在 11 月 5 日的第三季度財報中，Dine Brands Inc. 宣佈削減股息。公告前，該公司的季度股息率為每股 0.51 美元。現在的股息為每股 0.19 美元，減少了 62.7%。在公告中，公司表示：</p>
<p> “公司正在更新其資本回報框架，以重新分配季度股息，以支持更大規模的股票回購計劃。作為更新後的資本回報框架的一部分，公司承諾在接下來的兩個季度回購 5000 萬美元的股票，今天，董事會宣佈每股普通股的季度現金股息為 0.19 美元。該股息將於 2026 年 1 月 7 日支付給截至 2025 年 12 月 23 日營業結束時的公司股東。這個決定反映了我們對戰略舉措的信心，以及我們認為我們的股票被低估。”</p>
<p>隨後，在第二季度的財報電話會議記錄中，首席財務官表示：</p>
<p> “然而，目前我們認為我們的股價被低估，這代表了一個獨特的機會，可以更積極地進行股票回購，以創造長期的股東價值。因此，董事會決定將我們的股息從每季度每股 0.51 美元削減至每季度每股 0.19 美元，這將基於今天的股價意味着大約 3% 的年股息收益率。這將繼續在我們的同行中產生最高的收益率之一。”</p>
<p>他還表示：</p>
<p> “我想重申，股息削減、增加股票回購和對我們業務的投資是我們為推動股東回報戰略所做的主動調整，以提升股東價值。這表明我們對計劃的信心，以及我們認為股票被低估的主要觀點，確認了董事會與投資者的一致性。隨着我們在業務中持續看到的勢頭，以及來自特許經營者的共識和共同興奮，現在是積極投資我們自己股票的正確時機。”</p>
<h3><strong>變更的影響</strong></h3>
<p>通過將股息削減近 63%，Dine Brands 希望減少其季度和年度股息分配，以回購股票。該公司的收入和淨收入也出現波動。此外，通貨膨脹和更廣泛的經濟不確定性對結果產生了影響。此外，資產負債表槓桿率很高，利息覆蓋率非常低。</p>
<p>自 2022 年第二季度以來，該公司的股息率一直保持不變，因此沒有連續增加的記錄。它不是一隻股息增長股票。結果是，分紅所需的自由現金流（“FCF”）減少，使公司能夠償還債務並回購股票。</p>
<h3><strong>挑戰</strong></h3>
<p>Dine Brands 正面臨一個充滿挑戰的經濟環境。公司的消費者受到通貨膨脹和顯著的就業市場不確定性的壓力。因此，他們通常花費更少，更多地在家用餐。此外，資產負債表槓桿率很高，利息覆蓋率較弱。</p>
<h3><strong>通貨膨脹與消費者</strong></h3>
<p>通貨膨脹影響了 Dine Brands 的輸入成本和消費者。由於收入未能跟上通貨膨脹，顧客的消費減少。該公司在 2025 年第三季度的業績未能達到預期，IHOP 和 Fuzzy Taco 的有機銷售出現下降。此外，該公司的收入已經連續三年下降。</p>
<h3><strong>債務與槓桿</strong></h3>
<p>Dine Brands 是一家槓桿率很高的公司，淨債務超過 14.6 億美元。儘管從絕對值來看不算太多，但淨債務是市場資本化的三倍。它的利息覆蓋率約為 1.84 倍，槓桿比率為 8.2 倍，這兩個指標都很差，可能會降低財務靈活性。</p>
<p>此外，它的信用評級為 B2，屬於投機級或垃圾級。這表明信用評級機構預期存在顯著的信用風險，並且公司在不利條件下脆弱，但它有能力履行其財務承諾。</p>
<h3><strong>股息安全性</strong></h3>
<p>由於收入和每股收益（“EPS”）不穩定，Dine Brands 的股息安全性指標較弱。每股收益波動，2017 年和 2020 年為負。這表明該餐飲公司在維持持續增長方面面臨困難。共識預期 2025 年的每股收益為 4.02 美元，低於去年。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.dividendpower.org/wp-content/uploads/2025/12/DIN-Revenue-and-EPS-History.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.dividendpower.org/wp-content/uploads/2025/12/DIN-Revenue-and-EPS-History.png"/></p>
<p><em>來源：Stock Rover</em></p>
<p>如下面的圖表所示，自 2022 年重新啓動以來，股息收益率一直在上升。到 2025 年初，股息收益率超過了 10%，達到了 10.2% 的峯值。超過 10% 的高值通常與面臨經營和財務困難的公司相關。此外，這一數值遠高於四年平均水平約 4.7%。</p>
<p>在將股息減少約 63% 後，未來的股息收益率現在約為 2.2%。季度股息為每股 0.19 美元。這個股息收益率可能更具可持續性。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.dividendpower.org/wp-content/uploads/2025/12/Fundamentals-Dec-18-2015-Dec-19-2025-for-DIN-Forward-Dividend-Yield.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.dividendpower.org/wp-content/uploads/2025/12/Fundamentals-Dec-18-2015-Dec-19-2025-for-DIN-Forward-Dividend-Yield.png"/></p>
<p><em>來源：Stock Rover</em></p>
<p>現在年度股息需要約 1100 萬美元（每年 0.76 美元的股息 x 1450 萬股），相比 2024 年的 3130 萬美元。較低的股息率將改善派息比率，之前在某些年份為負，並在 2025 年減息前超過 100%，表明收益未能覆蓋股息。</p>
<p>此外，過去三年中有兩年的自由現金流為負，未能覆蓋股息。我們預計年度現金流需求的差異將使 Dine Brands 能夠償還債務。儘管如此，管理層表示他們專注於回購股票，這可能不是資金的最佳使用方式。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.dividendpower.org/wp-content/uploads/2025/12/Fundamentals-Dec-18-2015-Dec-19-2025-for-DIN-Payout-Ratio.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.dividendpower.org/wp-content/uploads/2025/12/Fundamentals-Dec-18-2015-Dec-19-2025-for-DIN-Payout-Ratio.png"/></p>
<p><em>來源：Stock Rover</em></p>
<p>儘管現在股息更安全，但由於信用評級較低，仍然不是完全安全。持續的通貨膨脹、不確定的消費者和疲軟的經濟都是股息的風險。因此，我們認為 Dine Brands 面臨再次減息的風險。</p>
<h3><strong>關於 Dine Brands 減息的最終思考</strong></h3>
<p>過多的債務、高槓杆、上升的利息支出和疲弱的現金流影響了 Dine Brands。此外，通貨膨脹和不確定的消費者需求導致 IHOP 和 Fuzzy Taco 的業績不穩定，儘管 Applebee’s 最近有所回升。綜合影響導致股息安全指標下降。因此，Dine Brands 減息。然而，我們仍然認為該公司面臨未來再次減息的風險。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>2025 年秋季值得購買的三隻頂級股息股票</p>
<p>分析道瓊斯減息：原因、影響和前景</p>
<p>2025 年加拿大股息貴族：分析、表現和見解</p>

<p>Dine Brands Global (DIN) 因過度負債、高槓杆和上升的利息支出而將其股息削減了 62.7%。該公司未能達到第三季度的預期，並更傾向於股票回購而非分紅。股息率從每股 0.51 美元降低至 0.19 美元。該公司計劃在接下來的兩個季度內回購 5000 萬美元的股票。Dine Brands 面臨通貨膨脹、經濟不確定性和高槓杆的挑戰。該公司在全球運營 3500 家餐廳，包括 Applebee’s、IHOP 和 Fuzzy’s Taco Shop</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>圖片來源：Pixabay</em></p>
</div><p>Dine Brands Global (DIN) cut its dividend last month due to excessive debt, high leverage, and rising interest expense. Another contributor was the company’s miss of third-quarter estimates due to negative organic growth in two of its three brands. Management has also indicated a preference for share buybacks over dividend distributions. The firm’s dividend has been constant since the second quarter of 2022, and it was eventually cut this year.</p>
<div class="lb-trans"><p>Dine Brands Global (DIN) 上個月因過度負債、高槓杆和上升的利息支出而削減了股息。另一個原因是該公司在第三季度的業績未能達到預期，主要由於其三大品牌中有兩個出現了負的有機增長。管理層還表示更傾向於股票回購而非分紅。自 2022 年第二季度以來，該公司的股息一直保持不變，但最終在今年被削減。</p>
</div><p>The share price has fallen dramatically since early April 2021. That said, it has gained 14.1% this year. Investors sold this dividend stock due to the previously-mentioned concerns. Depending on economic and business conditions, another dividend reduction may occur.</p>
<div class="lb-trans"><p>自 2021 年 4 月初以來，股價大幅下跌。儘管如此，今年股價仍上漲了 14.1%。由於上述擔憂，投資者拋售了這隻分紅股票。根據經濟和商業狀況，可能會再次減少股息。</p>
</div><h3><strong>Overview of Dine Brands Global</strong></h3>
<div class="lb-trans"><h3><strong>Dine Brands Global 概況</strong></h3>
</div><p>Dine Brands Global, Inc. traces its history to 1958 and is headquartered in Pasadena, CA. It was previously known as DineEquity before changing its name. It owns, franchises, and operates approximately 3,500 restaurants worldwide.</p>
<div class="lb-trans"><p>Dine Brands Global, Inc. 的歷史可以追溯到 1958 年，總部位於加利福尼亞州帕薩迪納。它之前被稱為 DineEquity，後來更名。該公司在全球擁有、特許經營和運營約 3500 家餐廳。</p>
</div><p>The firm operates through four segments: Franchise operations, Rental operations, Financing operations, and Company restaurant operations. The three main restaurant chains are Applebee’s Neighborhood Grill + Bar (1,571 restaurants), IHOP (1,803 restaurants), and Fuzzy’s Taco Shop (109 restaurants).</p>
<div class="lb-trans"><p>該公司通過四個部門運營：特許經營業務、租賃業務、融資業務和公司餐廳業務。三大主要餐飲連鎖店分別是 Applebee’s Neighborhood Grill + Bar（1571 家餐廳）、IHOP（1803 家餐廳）和 Fuzzy’s Taco Shop（109 家餐廳）。</p>
</div><p>Total revenue was $812 million in 2024 and $867 million in the last twelve months.</p>
<div class="lb-trans"><p>2024 年的總收入為 8.12 億美元，過去 12 個月的收入為 8.67 億美元。</p>
</div><h3><strong>Dividend Cut Announcement</strong></h3>
<div class="lb-trans"><h3><strong>股息削減公告</strong></h3>
</div><p>During its third-quarter earnings results on Wednesday, Nov. 5, Dine Brands Inc. cut its dividend. The company’s quarterly dividend rate was $0.51 per share before the announcement. The dividend is now $0.19 per common share, a 62.7% reduction. In the announcement, the company stated the following:</p>
<div class="lb-trans"><p>在 11 月 5 日的第三季度財報中，Dine Brands Inc. 宣佈削減股息。公告前，該公司的季度股息率為每股 0.51 美元。現在的股息為每股 0.19 美元，減少了 62.7%。在公告中，公司表示：</p>
</div><blockquote>
<p>“The Company is updating its capital return framework to re-allocate its quarterly dividend in support of a larger share repurchase program. As part of the updated capital return framework, the Company is committed to repurchase $50 million of shares over the next two quarters and today, the Board of Directors declared a quarterly cash dividend of $0.19 per share of common stock. The dividend will be payable on January 7, 2026, to the Company’s stockholders of record at the close of business on December 23, 2025. This decision reflects our confidence in our strategic initiatives and our belief that our shares are undervalued.”</p>
</blockquote>
<div class="lb-trans"><p> “公司正在更新其資本回報框架，以重新分配季度股息，以支持更大規模的股票回購計劃。作為更新後的資本回報框架的一部分，公司承諾在接下來的兩個季度回購 5000 萬美元的股票，今天，董事會宣佈每股普通股的季度現金股息為 0.19 美元。該股息將於 2026 年 1 月 7 日支付給截至 2025 年 12 月 23 日營業結束時的公司股東。這個決定反映了我們對戰略舉措的信心，以及我們認為我們的股票被低估。”</p>
</div><p>Later, in the second quarter earnings call transcript, the CFO stated:</p>
<div class="lb-trans"><p>隨後，在第二季度的財報電話會議記錄中，首席財務官表示：</p>
</div><blockquote>
<p>“Current time, however, we believe our stock price is currently undervalued, which represents a unique opportunity to be more aggressive with share repurchases to create long-term shareholder value. As a result, the Board has declared the reduction of our dividend from $0.51 per share per quarter to $0.19 per share per quarter, which would imply an annual dividend yield of approximately 3% based on today’s stock price. This will continue to generate one of the highest yields amongst our peers.”</p>
</blockquote>
<div class="lb-trans"><p> “然而，目前我們認為我們的股價被低估，這代表了一個獨特的機會，可以更積極地進行股票回購，以創造長期的股東價值。因此，董事會決定將我們的股息從每季度每股 0.51 美元削減至每季度每股 0.19 美元，這將基於今天的股價意味着大約 3% 的年股息收益率。這將繼續在我們的同行中產生最高的收益率之一。”</p>
</div><p>He also said:</p>
<div class="lb-trans"><p>他還表示：</p>
</div><blockquote>
<p>“I want to reiterate that the dividend reduction, increased share repurchases and investments into our business are proactive changes we’re making to our shareholder return strategy to drive increased shareholder value. It demonstrates confidence in our plan and our principal view that the stock is undervalued, affirming the Board’s alignment with investors. With the momentum that we continue to see in the business and the alignment and shared excitement from our franchisees, now is the right time to be aggressive in investing in our own stock.”</p>
</blockquote>
<div class="lb-trans"><p> “我想重申，股息削減、增加股票回購和對我們業務的投資是我們為推動股東回報戰略所做的主動調整，以提升股東價值。這表明我們對計劃的信心，以及我們認為股票被低估的主要觀點，確認了董事會與投資者的一致性。隨着我們在業務中持續看到的勢頭，以及來自特許經營者的共識和共同興奮，現在是積極投資我們自己股票的正確時機。”</p>
</div><h3><strong>Effects of the Change</strong></h3>
<div class="lb-trans"><h3><strong>變更的影響</strong></h3>
</div><p>By cutting the dividend by nearly 63%, Dine Brands sought to reduce its quarterly and annual dividend distributions to repurchase shares. The firm’s revenue and net income have also fluctuated. Additionally, inflation and broader economic uncertainty have impacted results. Furthermore, the balance sheet is highly leveraged with very low interest coverage.</p>
<div class="lb-trans"><p>通過將股息削減近 63%，Dine Brands 希望減少其季度和年度股息分配，以回購股票。該公司的收入和淨收入也出現波動。此外，通貨膨脹和更廣泛的經濟不確定性對結果產生了影響。此外，資產負債表槓桿率很高，利息覆蓋率非常低。</p>
</div><p>The company’s dividend rate has been constant since the second quarter of 2022, so it did not have a streak of increases. It was not a dividend growth stock. The result is that less free cash flow (“FCF”) is required for the dividend distribution, allowing the company to pay down debt and repurchase shares.</p>
<div class="lb-trans"><p>自 2022 年第二季度以來，該公司的股息率一直保持不變，因此沒有連續增加的記錄。它不是一隻股息增長股票。結果是，分紅所需的自由現金流（“FCF”）減少，使公司能夠償還債務並回購股票。</p>
</div><h3><strong>Challenges</strong></h3>
<div class="lb-trans"><h3><strong>挑戰</strong></h3>
</div><p>Dine Brands is facing a challenging economic environment. The company’s consumers are under pressure from inflation and significant job-market uncertainty. Hence, they are generally spending less and eating at home more often. Additionally, the balance sheet is highly leveraged, and interest coverage is weak.</p>
<div class="lb-trans"><p>Dine Brands 正面臨一個充滿挑戰的經濟環境。公司的消費者受到通貨膨脹和顯著的就業市場不確定性的壓力。因此，他們通常花費更少，更多地在家用餐。此外，資產負債表槓桿率很高，利息覆蓋率較弱。</p>
</div><h3><strong>Inflation and Consumers</strong></h3>
<div class="lb-trans"><h3><strong>通貨膨脹與消費者</strong></h3>
</div><p>Inflation affects both Dine Brands’ input costs and consumers. Customers are spending less because incomes are not keeping up with inflation. The company missed estimates in the third quarter of 2025 on declines in IHOP and Fuzzy Taco organic sales. Also, the firm’s revenue has declined for three consecutive years.</p>
<div class="lb-trans"><p>通貨膨脹影響了 Dine Brands 的輸入成本和消費者。由於收入未能跟上通貨膨脹，顧客的消費減少。該公司在 2025 年第三季度的業績未能達到預期，IHOP 和 Fuzzy Taco 的有機銷售出現下降。此外，該公司的收入已經連續三年下降。</p>
</div><h3><strong>Debt and Leverage</strong></h3>
<div class="lb-trans"><h3><strong>債務與槓桿</strong></h3>
</div><p>Dine Brands is a very leveraged firm with over $1.46 billion in net debt. Although not much in absolute terms, net debt is three times the market capitalization. It has approximately 1.84X interest coverage and a leverage ratio of 8.2X, both of which are poor and are likely to reduce financial flexibility.</p>
<div class="lb-trans"><p>Dine Brands 是一家槓桿率很高的公司，淨債務超過 14.6 億美元。儘管從絕對值來看不算太多，但淨債務是市場資本化的三倍。它的利息覆蓋率約為 1.84 倍，槓桿比率為 8.2 倍，這兩個指標都很差，可能會降低財務靈活性。</p>
</div><p>Moreover, it has a speculative or junk credit rating of B2. This suggests that the credit rating agencies expect significant credit risk and that the company is vulnerable to adverse conditions, but that it has the capacity to meet its financial commitments.</p>
<div class="lb-trans"><p>此外，它的信用評級為 B2，屬於投機級或垃圾級。這表明信用評級機構預期存在顯著的信用風險，並且公司在不利條件下脆弱，但它有能力履行其財務承諾。</p>
</div><h3><strong>Dividend Safety</strong></h3>
<div class="lb-trans"><h3><strong>股息安全性</strong></h3>
</div><p>Dine Brands’ dividend safety metrics were weak because of inconsistent revenue and earnings per share (“EPS”). EPS has fluctuated and was negative in 2017 and 2020. This indicated that the restaurant company was struggling to sustain consistent growth. Consensus estimates indicate $4.02 per share for 2025, down from last year.</p>
<div class="lb-trans"><p>由於收入和每股收益（“EPS”）不穩定，Dine Brands 的股息安全性指標較弱。每股收益波動，2017 年和 2020 年為負。這表明該餐飲公司在維持持續增長方面面臨困難。共識預期 2025 年的每股收益為 4.02 美元，低於去年。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.dividendpower.org/wp-content/uploads/2025/12/DIN-Revenue-and-EPS-History.png" alt="" original-src="https://www.dividendpower.org/wp-content/uploads/2025/12/DIN-Revenue-and-EPS-History.png"/></p>
<p><em>Source: Stock Rover</em></p>
<div class="lb-trans"><p><em>來源：Stock Rover</em></p>
</div><p>As shown in the chart below, the dividend yield has been rising since it was restarted in 2022. The value exceeded 10% in early 2025, peaking at 10.2%. High values over 10% are often associated with companies facing operating and financial difficulties. Also, it was much greater than the four-year average of around 4.7%.</p>
<div class="lb-trans"><p>如下面的圖表所示，自 2022 年重新啓動以來，股息收益率一直在上升。到 2025 年初，股息收益率超過了 10%，達到了 10.2% 的峯值。超過 10% 的高值通常與面臨經營和財務困難的公司相關。此外，這一數值遠高於四年平均水平約 4.7%。</p>
</div><p>After reducing the dividend by approximately 63%, the forward dividend yield is now around 2.2%. The quarterly rate is $0.19 per share. This dividend yield is probably more sustainable.</p>
<div class="lb-trans"><p>在將股息減少約 63% 後，未來的股息收益率現在約為 2.2%。季度股息為每股 0.19 美元。這個股息收益率可能更具可持續性。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.dividendpower.org/wp-content/uploads/2025/12/Fundamentals-Dec-18-2015-Dec-19-2025-for-DIN-Forward-Dividend-Yield.png" alt="" original-src="https://www.dividendpower.org/wp-content/uploads/2025/12/Fundamentals-Dec-18-2015-Dec-19-2025-for-DIN-Forward-Dividend-Yield.png"/></p>
<p><em>Source: Stock Rover</em></p>
<div class="lb-trans"><p><em>來源：Stock Rover</em></p>
</div><p>The annual dividend now requires about $11 million ($0.76 yearly dividend x 14.5 million shares), compared to $31.3 million in 2024. The lower rate will improve the payout ratio, which was negative in some years and reached over 100% in 2025 before the cut, indicating that earnings were not covering the dividend.</p>
<div class="lb-trans"><p>現在年度股息需要約 1100 萬美元（每年 0.76 美元的股息 x 1450 萬股），相比 2024 年的 3130 萬美元。較低的股息率將改善派息比率，之前在某些年份為負，並在 2025 年減息前超過 100%，表明收益未能覆蓋股息。</p>
</div><p>Additionally, FCF was negative in two of the past three years and did not cover the dividend. We expect the yearly difference in cash flow requirements to allow Dine Brands to pay down debt. That said, management indicated they are focusing on repurchasing shares, which may not be the best use of funds.</p>
<div class="lb-trans"><p>此外，過去三年中有兩年的自由現金流為負，未能覆蓋股息。我們預計年度現金流需求的差異將使 Dine Brands 能夠償還債務。儘管如此，管理層表示他們專注於回購股票，這可能不是資金的最佳使用方式。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.dividendpower.org/wp-content/uploads/2025/12/Fundamentals-Dec-18-2015-Dec-19-2025-for-DIN-Payout-Ratio.png" alt="" original-src="https://www.dividendpower.org/wp-content/uploads/2025/12/Fundamentals-Dec-18-2015-Dec-19-2025-for-DIN-Payout-Ratio.png"/></p>
<p><em>Source: Stock Rover</em></p>
<div class="lb-trans"><p><em>來源：Stock Rover</em></p>
</div><p>Although the dividend is more secure now, it is still not entirely safe, as seen by the weak credit rating. Persistent inflation, an uncertain consumer, and a soft economy are risks to the dividend. Thus, we view Dine Brands as at risk for another dividend reduction.</p>
<div class="lb-trans"><p>儘管現在股息更安全，但由於信用評級較低，仍然不是完全安全。持續的通貨膨脹、不確定的消費者和疲軟的經濟都是股息的風險。因此，我們認為 Dine Brands 面臨再次減息的風險。</p>
</div><h3><strong>Final Thoughts on Dine Brands' Dividend Cut</strong></h3>
<div class="lb-trans"><h3><strong>關於 Dine Brands 減息的最終思考</strong></h3>
</div><p>Too much debt, high leverage, rising interest expense, and weak cash flow have been affecting Dine Brands. Additionally, inflation and uncertain consumer demand have contributed to inconsistent results at IHOP and Fuzzy Taco, despite a recent uptick at Applebee’s. The combined effect resulted in declining dividend safety metrics. As a result, Dine Brands cut its dividend. However, we still view the company as at risk for another future reduction.</p>
<div class="lb-trans"><p>過多的債務、高槓杆、上升的利息支出和疲弱的現金流影響了 Dine Brands。此外，通貨膨脹和不確定的消費者需求導致 IHOP 和 Fuzzy Taco 的業績不穩定，儘管 Applebee’s 最近有所回升。綜合影響導致股息安全指標下降。因此，Dine Brands 減息。然而，我們仍然認為該公司面臨未來再次減息的風險。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>3 Top Dividend Stocks To Buy In The Fall Of 2025</p>
<div class="lb-trans"><p>2025 年秋季值得購買的三隻頂級股息股票</p>
</div><p>Analyzing The Dow Dividend Cut: Causes, Effects, And Outlook</p>
<div class="lb-trans"><p>分析道瓊斯減息：原因、影響和前景</p>
</div><p>2025 Canadian Dividend Aristocrats: Analysis, Performance, And Insights</p>
<div class="lb-trans"><p>2025 年加拿大股息貴族：分析、表現和見解</p>
</div>

Dine Brands 因債務問題削減股息