Lennox International

Lennox International is a leading North American maker of heating, ventilation, air conditioning and refrigeration equipment, serving residential and commercial customers. With well-known brands and an extensive distribution and dealer network, it benefits from a large installed base that drives recurring replacement demand and steady aftermarket sales. The company has raised its dividend for close to three decades, funded by strong margins and consistent cash flow, though the yield stays low because the stock trades at a premium valuation. A large share of capital is also returned through buybacks. A high score reflects the reliability and long runway of its dividend growth, supported by the defensive, replacement-driven nature of the HVAC market.