BOSTON (TheStreet) -- Paltry yields from Treasuries aid the thesis for dividend stocks. While stocks' dividend yields are commonly stressed, payout growth is equally, if not more, important because it amplifies long-run returns. Here are the 10 Dow dividend stocks with the fastest three-year dividend growth. Below, they are ordered by dividend growth, from fast to fastest.

10. Travelers ( TRV) is a property and casualty insurer. Third-quarter net income rose 7.5% to $1 billion, but earnings per share climbed 28% to $2.11 due to a smaller float. Revenue inched up 2.4% to $6.5 billion. The operating margin widened from 21% to 23%. Travelers has $5.3 billion of cash and $6.3 billion of debt, equaling a debt-to-equity ratio of 0.2. Its stock trades at a trailing earnings multiple of 7.1, a forward earnings multiple of 9.1, a book value multiple of 0.9 and a cash flow multiple of 7.3, 57%, 17%, 79% and 23% discounts to insurance peer averages.

9. Chevron ( CVX) is an oil and gas company. On Friday, Chevron announced third-quarter adjusted earnings of $1.87, missing analysts' consensus expectation by 13%. It missed the sales consensus by 1.9%. Chevron's stock dropped 1.7% on the report. Still, the world's second-largest energy company is notably cheap relative to comparable investments. Its stock sells for a trailing earnings multiple of 10, a forward earnings multiple of 8.6, a book value multiple of 1.7 and a cash flow multiple of 5.9, 36%, 42%, 62% and 19% discounts to energy peer averages.

8. Exxon Mobil ( XOM) is the world's largest energy company. Third-quarter net income increased 55% to $7.4 billion, but earnings per share gained 47% to $1.44, restrained by a higher share count. Revenue grew 30%. Oil-equivalent production rose 20%. Of the stock's 30 largest institutional holders, 22 increased their stakes in the latest quarter while seven lessened their holdings and one held steady. Exxon Mobil's stock trades at a trailing and forward earnings multiple of 11 and a sales multiple of 1, 25%, 29% and 47% discounts to the oil and gas industry averages.

7. Microsoft ( MSFT) sells software. Fiscal first-quarter profit surged 51% to $5.4 billion, or 62 cents a share, as revenue increased 25% to $16 billion. The operating margin rose from 35% to 44%. Microsoft has $44 billion of cash and $11 billion of debt, equaling a quick ratio of 2.1 and a debt-to-equity ratio of 0.2. Return on equity rose from 33% to 44%, exceeding the industry average of 23% and the S&P 500 average of 23%. Microsoft's stock sells for a forward earnings multiple of 10 and a cash flow multiple of 8.6, 64% and 66% discounts to peer averages.

6. Coca-Cola ( KO) sells beverages, concentrates and syrups. Third-quarter profit expanded 8.4% to $2.1 billion, or 88 cents a share, as revenue ascended 4.7% to $8.4 billion. The operating margin extended from 27% to 29%. Coca-Cola has $13 billion of cash and $13 billion of debt, translating to a quick ratio of 1 and a debt-to-equity ratio of 0.5. Its stock trades at a forward earnings multiple of 16, a book value multiple of 5.1 and a cash flow multiple of 15, on par with beverage industry averages. Still, 16, or 84%, of analysts rate it "buy" and three rank it "hold."

5. Johnson & Johnson ( JNJ) is a pharmaceutical, medical device and consumer products company. Third-quarter profit inched up 2.2% to $3.4 billion, or $1.23 a share, as revenue declined 0.7% to $15 billion. The operating margin narrowed from 28% to 27%. Johnson & Johnson beat analysts' consensus earnings estimate by 7.1%, but narrowly missed their sales target. Its stock sells for a trailing earnings multiple of 13, a forward earnings multiple of 13 and a sales multiple of 2.8, on par with health care industry averages. Roughly 64% of analysts rank it "buy."

4. Procter & Gamble ( PG) is a consumer non-discretionary company, selling beauty, grooming and household care products. Fiscal first-quarter net income dropped 6.8% to $3.1 billion, but earnings per share climbed 5.2% to $1.02, boosted by a smaller float. Revenue inched up 1.6%. The operating margin remained steady at 22%. Procter & Gamble trades at parity with household products peer averages based on trailing earnings, forward earnings, sales and cash flow per share. But, its book value multiple of 2.8 signifies a 66% discount to the industry average.

3. Wal-Mart ( WMT) is the world's largest retailer. It is scheduled to release fiscal third-quarter results Nov. 16. Second-quarter net income rose 3.6% to $2.6 billion and earnings per share rose 9% to 97 cents. Revenue grew 2.8%. The operating margin widened from 5.9% to 6%. Return on equity extended from 20% to 23%, beating the retail average of 18%. Wal-Mart has $10 billion of cash and $49 billion of debt, equaling a debt-to-equity ratio of 0.8. Its stock sells for a forward earnings multiple of 12 and a cash flow multiple of 7.6, on par with peer averages.

2. United Technologies ( UTX) is an aerospace, defense and industrial company. Third-quarter profit stretched 13% to $1.2 billion, or $1.30 a share, as revenue ascended 2.9%. The operating margin rose from 14% to 15%. United Technologies has $5.7 billion of cash and $12 billion of debt, converting to a quick ratio of 0.7 and a debt-to-equity ratio of 0.6. Of researchers following United Technologies, 16, or 73%, advocate purchasing its shares and six recommend holding them. None say to sell. The stock trades at parity with industrial peer averages.

1. IBM ( IBM) is a tech and consulting company. Third-quarter net income rose 12% to $3.6 billion. Earnings per share climbed 18% to $2.82, beating analysts' consensus estimate by 2.6%. Revenue grew 3% to $24 billion. The operating margin advanced from 18% to 19%. Return on equity contracted from 71% to 65%, still exceeding the industry average of 52%. IBM's stock sells for a trailing earnings multiple of 13, a forward earnings multiple of 11, a sales multiple of 1.8 and a cash flow multiple of 9.2, 35%, 36%, 45% and 43% discounts to peer averages.

-- Written by Jake Lynch in Boston.

To see these stocks in action, visit the 10 Dow Stocks With Fastest Dividend Growth Portfolio on Stockpickr.

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