Dividend Sustainability in the Dow: A Deep Dive into UGI, ONEOK, and HASI

The Dow Jones Industrial Average has long been a barometer for dividend stability, but in today's volatile market, investors must scrutinize not just yields but the durability of those payouts. As we approach the end of 2025, three names-UGI Corporation (UGI), ONEOK (OKE), and HA Sustainable Infrastructure Capital (HASI)-stand out for their high dividend yields. Let's dissect their financial health and growth trajectories to determine whether these payouts are here to stay.

ONEOK: A Midstream Powerhouse with Cautionary Tailwinds

ONEOK's third-quarter 2025 results were a masterclass in operational execution. The company reported net income of $940 million and adjusted EBITDA of $2.12 billion, driven by 17% growth in Rocky Mountain NGL throughput and 6% in Mid-Continent volumes according to Q3 results. These gains were amplified by the EnLink and Medallion acquisitions, which have delivered synergies ahead of expectations. With a forward dividend yield of 5.66% and a recent quarterly payout of $1.03 per share, ONEOK's yield is tempting.

However, the company's 2026 outlook is clouded by commodity price volatility. While organic projects like the Bighorn processing plant and Eiger Express Pipeline aim to bolster long-term earnings, near-term earnings sensitivity remains a risk. For now, ONEOK's disciplined capital management-$1.6 billion in share repurchases and expanded commercial paper capacity-provides a buffer. Investors should monitor how well the company navigates the energy transition.

HASI: High Yield, High Leverage in Sustainable Infrastructure

HA Sustainable Infrastructure's Q3 2025 results were nothing short of explosive. GAAP EPS surged to $0.61 from a $0.17 loss a year ago, while Adjusted EPS hit $0.80, up 54% year-over-year. The company's Managed Assets now stand at $15 billion, and its 13.4% year-to-date Adjusted ROE underscores efficient capital deployment. A $500 million green notes offering in November 2025 further fortifies its balance sheet, enabling investments in high-yield sustainable projects.

Yet, HASI's 4.89% yield comes with caveats. Despite a robust 80.5% net profit margin in Q3 2025, concerns linger about cash flow coverage of dividends and debt obligations. The company's 8–10% compound annual growth guidance through 2027 is ambitious, but its reliance on project refinancing and a $6 billion investment pipeline hinges on execution. For patient investors who can stomach near-term volatility, HASI's focus on green infrastructure aligns with long-term trends.

UGI: A Regulated Utility with Conservative Growth

UGI's fiscal 2025 results were a testament to its regulated utility model. GAAP net income jumped to $678 million, and adjusted net income reached $728 million, with adjusted diluted EPS hitting $3.32-well above guidance. The company's $1.6 billion in liquidity and 3.9x leverage ratio offer a solid foundation for its 3.79% yield according to Morningstar. UGI's 2026 guidance of $2.90–$3.15 in adjusted diluted EPS according to Q4 results reflects confidence in 5–7% EBIT growth, though FY2025 revenue fell short of expectations by $120 million.

UGI's appeal lies in its stability. With a diversified portfolio spanning propane distribution and energy services, it's less exposed to commodity swings than ONEOK. However, its 5–7% long-term EPS growth target according to Q4 results is modest compared to HASI's ambitions. For income-focused investors prioritizing predictability over rapid growth, UGI is a safe harbor.

The Bottom Line: Balancing Yield and Risk

Each of these three stocks offers compelling dividend profiles, but their risks differ. ONEOK's energy exposure demands vigilance in a decarbonizing world, while HASI's high leverage and project-dependent growth require a longer time horizon. UGI, meanwhile, offers the most conservative bet.

For investors seeking a diversified dividend portfolio, a mix of these three could provide both stability and growth. But remember: a high yield alone isn't enough. The key is to ensure the company's financial health can sustain those payouts-especially as 2026 unfolds.