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Revenues are not all created equal - the quality of revenue can significantly differ between companies. One indicator for stronger or weaker sales is “accounts receivable,” the measure of sales earned but not yet received.

Accounts receivable is part of the reported revenue figure, but accounts receivable is not guaranteed to be repaid - some defaults may occur. Therefore, when receivables make up a large portion of revenue, it reflects lower quality revenue.

We ran a screen on dividend stocks with yields above 2% and sustainable payout ratios below 50% for those with strong receivable trends relative to revenue; specifically, increases in quarterly revenue y/y outpacing changes in quarterly accounts receivable. We also screened for quarterly accounts receivable becoming a smaller portion of current assets y/y.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.‬

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. (To access a complete analysis of this list's recent performance, click here.)

Do you think these companies have strong sales trends? Use this list as a starting point for your own analysis.

List sorted by difference between growth in revenue and receivables.

1. Marathon Oil Corporation (MRO): Operates as an international energy company with operations in the United States, Canada, Africa, the Middle East, and Europe. Market cap of $19.94B. Dividend yield at 2.12%, payout ratio at 34.31%. MRQ revenue has increased 28.56% ($3,799M vs. $2,955M y/y) while MRQ accounts receivable has decreased 68.22% ($1,721M vs. $5,416M y/y). Accounts receivable/current assets has decreased from 46.69% to 24.06%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has gained 35.62% over the last year.

2. Brookfield Properties Corporation (BPO): A publicly owned real estate investment firm. Market cap of $7.78B. Dividend yield at 3.62%, payout ratio at 12.90%. MRQ revenue has increased 52.32% ($492M vs. $323M y/y) while MRQ accounts receivable has decreased 11.26% ($1,182M vs. $1,332M y/y). Accounts receivable/current assets has decreased from 73.11% to 65.30%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has lost 5.96% over the last year.

3. NYSE Euronext, Inc. (NYX): Operates securities exchanges. Market cap of $7.14B. Dividend yield at 4.40%, payout ratio at 48.77%. MRQ revenue has increased 19.81% ($1,258M vs. $1,050M y/y) while MRQ accounts receivable has decreased 25.23% ($489M vs. $654M y/y). Accounts receivable/current assets has decreased from 50.62% to 43.54%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has lost 5.71% over the last year.

4. Cameco Corp. (CCJ): Operates as a uranium producer, supplier of conversion services, and fuel manufacturer. Market cap of $7.30B. Dividend yield at 2.13%, payout ratio at 37.33%. MRQ revenue has increased 25.62% ($526.95M vs. $419.48M y/y) while MRQ accounts receivable has decreased 18.27% ($362.91M vs. $444.06M y/y). Accounts receivable/current assets has decreased from 18.50% to 14.82%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has lost 51.02% over the last year.

5. Cresud SA Comercial Industrial Financiera Y Agropecuria Cres (CRESY): Engages in the production of basic agricultural commodities in Brazil and other Latin American countries. Market cap of $566.81M. Dividend yield at 2.67%, payout ratio at 42.66%. MRQ revenue has increased 47.52% ($1,000.86M vs. $678.46M y/y) while MRQ accounts receivable has increased 5.75% ($684.27M vs. $647.07M y/y). Accounts receivable/current assets has decreased from 44.52% to 30.20%, comparing 3 months ending 2011-06-30 to 3 months ending 2010-06-30. The stock has lost 37.64% over the last year.

6. Invesco Ltd. (IVZ): Provides its services to individuals, typically high-net-worth individuals. Market cap of $9.37B. Dividend yield at 2.36%, payout ratio at 30.83%. MRQ revenue has increased 4.69% ($997.8M vs. $953.1M y/y) while MRQ accounts receivable has decreased 29.66% ($1,126.3M vs. $1,601.2M y/y). Accounts receivable/current assets has decreased from 35.89% to 28.28%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has had a good month, gaining 10.36%.

7. Methanex Corp. (MEOH): Engages in the production, marketing, and sale of methanol. Market cap of $2.14B. Dividend yield at 2.93%, payout ratio at 36.85%. MRQ revenue has increased 39.23% ($669.7M vs. $481M y/y) while MRQ accounts receivable has increased 5.84% ($336.65M vs. $318.07M y/y). Accounts receivable/current assets has decreased from 44.43% to 38.53%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has lost 20.74% over the last year.

8. Freeport-McMoRan Copper & Gold Inc. (FCX): Engages in the exploration, mining, and production of mineral resources. Market cap of $37.66B. Dividend yield at 2.52%, payout ratio at 34.67%. MRQ revenue has increased 0.83% ($5,195M vs. $5,152M y/y) while MRQ accounts receivable has decreased 31.63% ($1,446M vs. $2,115M y/y). Accounts receivable/current assets has decreased from 23.30% to 13.50%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has lost 28.14% over the last year.

9. MOCON Inc. (MOCO): Develops, manufactures, markets, and services measurement, analytical, and monitoring products to detect, measure, and analyze gases and other chemical compounds; and provides related consulting services. Market cap of $85.64M. Dividend yield at 2.53%, payout ratio at 37.54%. MRQ revenue has increased 22.06% ($9.46M vs. $7.75M y/y) while MRQ accounts receivable has decreased 6.65% ($4.63M vs. $4.96M y/y). Accounts receivable/current assets has decreased from 26.16% to 22.01%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has gained 30.47% over the last year.

10. Innophos Holdings Inc (IPHS): Produces and sells specialty phosphates primarily in North America. Market cap of $1.08B. Dividend yield at 2.01%, payout ratio at 23.97%. MRQ revenue has increased 19.60% ($202.1M vs. $168.98M y/y) while MRQ accounts receivable has decreased 2.57% ($85.56M vs. $87.82M y/y). Accounts receivable/current assets has decreased from 26.71% to 21.60%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has had a good month, gaining 11.59%.

11. KLA-Tencor Corporation (KLAC): Engages in the design, manufacture, and marketing of process control and yield management solutions for the semiconductor and related nanoelectronics industries. Market cap of $8.17B. Dividend yield at 2.86%, payout ratio at 22.12%. MRQ revenue has increased 16.73% ($796.48M vs. $682.34M y/y) while MRQ accounts receivable has decreased 5.01% ($520.51M vs. $547.96M y/y). Accounts receivable/current assets has decreased from 18.68% to 14.47%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has gained 27.64% over the last year.

12. AZZ Incorporated (AZZ): Manufactures electrical equipment and components for power generation, transmission and distribution, and industrial markets primarily in the United States and Canada. Market cap of $563.64M. Dividend yield at 2.23%, payout ratio at 32.95%. MRQ revenue has increased 15.13% ($114.66M vs. $99.59M y/y) while MRQ accounts receivable has decreased 5.80% ($64.52M vs. $68.49M y/y). Accounts receivable/current assets has decreased from 45.05% to 21.36%, comparing 3 months ending 2011-08-31 to 3 months ending 2010-08-31. The stock has gained 18.78% over the last year.

13. Carnival plc (CUK): Provides cruise vacation services. Market cap of $26.82B. Dividend yield at 2.89%, payout ratio at 8.03%. MRQ revenue has increased 11.73% ($5,058M vs. $4,527M y/y) while MRQ accounts receivable has decreased 9.02% ($353M vs. $388M y/y). Accounts receivable/current assets has decreased from 26.85% to 25.27%, comparing 3 months ending 2011-08-31 to 3 months ending 2010-08-31. The stock has lost 18.74% over the last year.

14. Carnival Corporation (CCL): Operates as a cruise and vacation company. Market cap of $26.39B. Dividend yield at 2.94%, payout ratio at 34.51%. MRQ revenue has increased 11.73% ($5,058M vs. $4,527M y/y) while MRQ accounts receivable has decreased 9.02% ($353M vs. $388M y/y). Accounts receivable/current assets has decreased from 26.85% to 25.27%, comparing 3 months ending 2011-08-31 to 3 months ending 2010-08-31. The stock has lost 20.52% over the last year.

15. Covanta Holding Corporation (CVA): Provides waste and energy services in the Americas, Europe, and Asia. Market cap of $1.98B. Dividend yield at 2.09%, payout ratio at 44.44%. MRQ revenue has increased 7.20% ($432M vs. $403M y/y) while MRQ accounts receivable has decreased 12.07% ($260M vs. $295.7M y/y). Accounts receivable/current assets has decreased from 39.92% to 31.40%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has lost 10.03% over the last year.

16. AstraZeneca PLC (AZN): Develops, and commercializes prescription medicines for cardiovascular, gastrointestinal, infection, neuroscience, oncology, and respiratory and inflammation diseases worldwide. Market cap of $60.01B. Dividend yield at 5.85%, payout ratio at 35.75%. MRQ revenue has increased 3.99% ($8,213M vs. $7,898M y/y) while MRQ accounts receivable has decreased 13.27% ($9,699M vs. $11,183M y/y). Accounts receivable/current assets has decreased from 45.52% to 43.17%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has gained 2.28% over the last year.

17. Molson Coors Brewing Company (TAP): Distributes beer brands. Market cap of $7.50B. Dividend yield at 3.09%, payout ratio at 31.45%. MRQ revenue has increased 9.07% ($954.4M vs. $875M y/y) while MRQ accounts receivable has decreased 6.97% ($723.7M vs. $777.9M y/y). Accounts receivable/current assets has decreased from 41.87% to 36.23%, comparing 13 weeks ending 2011-09-24 to 13 weeks ending 2010-09-25. The stock has lost 13.53% over the last year.

18. Eastman Chemical Co. (EMN): Engages in the manufacture and sale of chemicals, plastics, and fibers in the United States and internationally. Market cap of $5.41B. Dividend yield at 2.81%, payout ratio at 23.69%. MRQ revenue has increased 20.24% ($1,812M vs. $1,507M y/y) while MRQ accounts receivable has increased 5.08% ($806M vs. $767M y/y). Accounts receivable/current assets has decreased from 36.51% to 34.24%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has lost 3.51% over the last year.

19. The Interpublic Group of Companies, Inc. (IPG): Provides advertising and marketing services worldwide. Market cap of $4.42B. Dividend yield at 2.51%, payout ratio at 25.19%. MRQ revenue has increased 11.14% ($1,726.5M vs. $1,553.4M y/y) while MRQ accounts receivable has decreased 3.97% ($3,654.4M vs. $3,805.4M y/y). Accounts receivable/current assets has decreased from 52.02% to 50.55%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. The stock has lost 11.62% over the last year.

20. Kronos Worldwide Inc. (KRO): Engages in the production and marketing of titanium dioxide pigments in North America and Europe. Market cap of $2.12B. Dividend yield at 3.28%, payout ratio at 44.81%. MRQ revenue has increased 45.51% ($548M vs. $376.6M y/y) while MRQ accounts receivable has increased 31.21% ($333.4M vs. $254.1M y/y). Accounts receivable/current assets has decreased from 44.69% to 39.67%, comparing 3 months ending 2011-09-30 to 3 months ending 2010-09-30. It's been a rough couple of days for the stock, losing 6.45% over the last week.

Accounting data sourced from Google Finance; all other data sourced from Finviz.

Source: 20 Dividend Stocks With Strong Receivable Trends