Long-term investing brings significant returns but also comes with risk. In the stock market, “long term” refers to five years or more. We are talking about a decade or two. 20 years is a long time during which many companies complete the entire business cycle from expansion to maturity to decline. How can you be sure to invest in dividend stocks for two decades?
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Finding dividend stocks to hold for the next two decades
To identify long-term stocks, you have to look at the businesses and determine which goods or services will be relevant after 20 years. The most common answers you will get are energy and utility, real estate, banking, and agriculture.
You have energy companies and banks that are 80 to 100 years old and still running strong. They have seen wars and recessions. It is not that they are recession-proof. Many banks and utilities got acquired, dissolved, or liquidated. Thus, blindly investing in any banking or real estate stock is also not a good idea.
Within this sector, some of the safest bets are the market leaders or the ones with strong balance sheets. By that, we mean that the management is managing the company’s debt within its long-term target range. The next thing to look for is stable management. If the chief executive officer or financial officer leaves suddenly without a reason, be careful with that stock. Most companies that saw unexpected management changes lost their valuation, as their financial statements didn’t show the true picture.
Between September and December 2025, goeasy saw management changes, and in March 2026, it reported accounting mistakes. A similar scenario unfolded with Dye & Durham and Algonquin Power & Utilities.
Dividend stocks you will feel confident holding for two decades
I looked at the above parametres and found two stocks that have relevant low-risk businesses that can generate cash flows for decades to come.
Granite REIT
Granite REIT (TSX:GRT.UN) has 145 logistics, warehouse, and industrial properties in North America and Europe. The management keeps recycling capital, disposing of the low-income properties, and acquiring high-income ones. In the first quarter of 2026, it disposed of five properties that produced $3.5 million in revenue and acquired eight properties that produced $4.5 million in revenue. This active property management shows the management’s decision-making is in favour of enhancing value for shareholders.
Of the 145 properties, six are in the development stage. Granite’s largest tenant, Magna International, occupies 20% of the leasable area and contributes 27% to its revenue. The REIT’s second-largest tenant is Amazon, which occupies 4% of its leasable area and contributes 3.7% to its revenue.
Granite has been paying and growing dividends for the last 13 years. Over the years, it has strengthened its balance sheet compared to real estate peers. Its debt makes up for 33% of its investment assets, and earnings before interest, taxes, depreciation, and amortization (EBITDA) are five times its interest, which means it can easily pay interest. Its total debt is 7.1 times its EBITDA, which means the REIT could pay off its debt in seven years if it allocates all its operating profit to debt repayment. This ratio is lower than the peer average of 9.5 times.
A better financial discipline and conservative debt approach make Granite an ideal stock to hold for two decades. You know the management won’t take unnecessary risks and will prioritize stable and sustainable growth.
TC Energy stock
TC Energy (TSX:TRP) stock has spun off its liquid pipeline business, which was its growth bottleneck. The company’s Keystone pipeline faced several oil leak incidents and rejection for an expansion project. After the spin-off, it only has gas pipelines, and all are being constructed within budget and on time.
TC Energy managed to bring online $8.3 billion worth of projects 15% under budget in 2025. The year 2026 will see revenue flow in from these projects. As the energy sector transitions to cleaner energy, natural gas will replace oil in many areas, making gas pipelines relevant for the next two decades. TC Energy already has a 26-year dividend-growth history. It could continue growing dividends for another two decades.
