Packaging Corporation of America

Packaging Corporation of America is the third-largest producer of containerboard and corrugated packaging in the United States. Its boxes and shipping materials underpin e-commerce and consumer goods logistics, and a high degree of integration between its mills and box plants gives it firm control over cost and quality throughout the chain. The company has paid and grown its dividend for more than two decades, supported by strong free cash flow and a focus on the resilient packaging market. The yield is moderate but backed by dependable demand and a track record of steady increases. Its high score reflects a well-covered, reliably rising distribution from a disciplined operator in a defensive corner of industrials.