Dividend-paying stocks that combine healthy balance sheets with hefty yields can provide investors with steady incomes, cushion against market downturns, and grow investments at a healthy clip.
In July 2026, the top-performing dividend-payers included oil and gas equipment and services company Solstad Offshore SOFF, steel firm Alleima ALLEI, and auto parts firm Nokian Tyres TYRES.
To find the month’s 10 best-performing income-focused stocks, we screened the Morningstar Nordic Index—which measures the performance of the Nordic region’s broad regional markets, targeting the top 97% of stocks by market capitalization—for companies with a forward dividend yield of at least 1.5%, excluding real estate investment trusts.
The Best Nordic Dividend Stocks of July
- Solstad Offshore SOFF
- Alleima ALLEI
- Nokian Tyres TYRES
- Valmet VALMT
- Equinor EQNR
- Hexpol HPOL B
- Billerud BILL
- Hoist Finance HOFI
- Getinge GETI B
- Inwido INWI
How Have Dividend Stocks Performed?
The Morningstar Nordic Dividend Yield Focus Index, which tracks the performance of high-quality, dividend-paying Nordic stocks, rose 7.41% over the past month and 19.92% over the past year.
The overall Nordic stock market, as measured by the Morningstar Nordic Index, has gained 2.11% on the month and 21.32% on the year.
Yields and Metrics for July’s Best-Performing Dividend Stocks
Solstad Offshore
Norwegian oil and gas equipment and services company Solstad Offshore rose 28.26% in July and gained 41.21% over the past 12 months. Trading at NOK 66.90, its stock has a forward dividend yield of 4.26%. Solstad Offshore pays investors a trailing 12-month dividend of NOK 2.89 per share. The stock has a quantitative Morningstar Rating of 4 stars.
Alleima
Swedish steel firm Alleima climbed 27.40% in July and rose 66.55% over the past 12 months. At SEK 113, its stock has a forward dividend yield of 2.21% and a trailing 12-month dividend of SEK 2.50 per share. It has a quantitative Morningstar Rating of 3 stars.
Nokian Tyres
Finnish auto parts firm Nokian Tyres rose 27.23% in July and gained 96.45% over the past 12 months. Trading at €15.35, its stock has a forward dividend yield of 1.64%. Nokian Tyres pays investors a trailing 12-month dividend of €0.25 per share. The stock has a quantitative Morningstar Rating of 3 stars.
Valmet
Finnish specialty industrial machinery firm Valmet climbed 23.67% in July and fell 13.37% over the past 12 months. At €26.66, its stock has a forward dividend yield of 5.17% and a trailing 12-month dividend of €1.35 per share. It has a quantitative Morningstar Rating of 5 stars.
Equinor
Norwegian oil and gas firm Equinor gained 23.25% in July and climbed 49.81% over the past 12 months. The stock’s NOK 380.90 price gives it a forward dividend yield of 3.76%. Equinor pays investors a trailing 12-month dividend of NOK 14.64 per share. With a fair value estimate of NOK 311 per share and no economic moat, the stock is 22% overvalued and has a Morningstar Rating of 2 stars.
Hexpol
Swedish specialty chemicals company Hexpol climbed 22.77% in July and rose 10.01% over the past 12 months. At SEK 88.70, its stock has a forward dividend yield of 4.74% and a trailing 12-month dividend of SEK 4.20 per share. It has a quantitative Morningstar Rating of 5 stars.
Billerud
Swedish paper company Billerud rose 21.33% in July and lost 6.37% over the past 12 months. Trading at SEK 75.95, its stock has a forward dividend yield of 2.63%. Billerud pays investors a trailing 12-month dividend of SEK 2 per share. The stock has a quantitative Morningstar Rating of 3 stars.
Hoist Finance
Swedish credit services firm Hoist Finance gained 20.87% in July and climbed 129.58% over the past 12 months. The stock’s SEK 216 price gives it a forward dividend yield of 1.51%. Hoist Finance pays investors a trailing 12-month dividend of SEK 3.26 per share. The stock has a quantitative Morningstar Rating of 2 stars.
Getinge
Swedish medical devices company Getinge climbed 19.84% in July and rose 25.40% over the past 12 months. At SEK 237.40, its stock has a forward dividend yield of 2.0% and a trailing 12-month dividend of SEK 4.75 per share. The stock, which has no economic moat, is trading near its fair value estimate of SEK 227 per share. It has a Morningstar Rating of 3 stars.
Inwido
Swedish building products and equipment firm Inwido rose 19.53% in July and lost 2.74% over the past 12 months. Trading at SEK 172, its stock has a forward dividend yield of 3.2%. Inwido pays investors a trailing 12-month dividend of SEK 5.50 per share. The stock has a quantitative Morningstar Rating of 3 stars.
What is the Morningstar Nordic Index?
The Morningstar Nordic Index measures the performance of the Nordic region’s broad regional markets, targeting the top 97% of stocks by market capitalization. The index does not incorporate environmental, social, or governance criteria.
What is the Morningstar Nordic Dividend Yield Focus Index?
The Morningstar Nordic Dividend Yield Focus Index captures the performance of a portfolio of high-quality, dividend-paying securities.
It’s a subset of the Morningstar Nordics Index (which represents 97% of the equity market capitalization) that includes only stocks that pay dividends. The stocks are screened for economic moat and financial strength compared to others in their sector. Real estate investment trusts are excluded.
From there, the 25 highest-yielding stocks are included in the index, weighted by the dollar value of the dividends. See the full rulebook here.
The Best Dividend Stock Leaders: More Ideas to Consider
Investors who would like to find more top-performing or cheap dividend stocks can do the following:
- Use our Morningstar Stock Screener tool to find the best dividend stocks according to your specific criteria. You can search for stocks based on their dividend yields, valuation measures like price/earnings ratios, and more.
- Review the full list of dividend stocks included in the Morningstar Nordic Dividend Yield Focus Index index. Those dividend stocks with Morningstar Ratings of 4 or 5 stars are undervalued, according to our metrics.
- When it comes to buying stocks, it’s more than just dividends. Read here how valuations and competitive advantages—known as economic moats—matter when it comes to a stock’s potential for outperformance.
- Read Morningstar’s Guide to Stock Investing to learn how our approach to investing can inform your stock-picking process.
Companies that are not formally covered by a Morningstar analyst are statistically matched to analyst-rated companies, allowing our models to calculate a quantitative star rating.
