Companies pay Dividends out of their accumulated Earnings. Value stocks are normally characterised by low Price Earnings Ratio and high Dividend Yields. Growth stocks, on the contrary, tend to have high Price Earnings Ratio and low Dividend Yields. They tend to plough back their earnings in order to bolster growth. Their Retention ratio, that is, the inverse of Dividend Payout ratio is high. Companies that have a consistent track record of stable or increasing dividend payouts for at least 10 years are called Dividend Aristocrats.