| The markets have been volatile lately as war rages in the Middle East and oil prices remain elevated (even surging past $100 earlier this week). Mag 7 and software stocks have gotten pounded. It's enough to make some investors nostalgic for just owning quality companies that pay dividends every year. Surely you know Stanley Black & Decker (NYSE: SWK). You probably own some of its tools. Your father and grandfather probably did as well - and maybe even several generations further back. The company has been around since 1843. The stock sports an attractive 4.5% yield, and the company has an impressive 58-year track record of raising its dividend. It is a member of the prestigious Dividend Aristocrats. With everything going on in the world, can this nearly 200-year-old company keep up with the times and ensure its dividends are as reliable as its tools? First, the bad news: Free cash flow slipped last year. Safety Net penalizes a company for lower cash flow (both actual and expected) over one- and three-year periods. In 2025, free cash flow dropped from $753 million to $688 million. This year, free cash flow is forecast to grow to $817 million, but that would still be below 2023's total of $853 million. Free cash flow is expected to continue to grow in 2027 and 2028. The good news is that despite the lower figure last year, free cash flow still covered the dividend. Stanley Black & Decker paid shareholders $501 million in dividends in 2025, which was 73% of its free cash flow. Anything below 75% is within my comfort zone. This year, the payout ratio is projected to fall to 62%, which gives dividend investors even more of a cushion. | 
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