So Cheap It’s Silly – 2 Dividend Stocks I’d Buy Twice If I Could

There are moments in every investor’s life when you stumble across a stock that makes you do a double take. You check the numbers, rub your eyes, recheck the dividend yield, look at the price chart, squint at the P/E ratio, and ask yourself, “Am I missing something?”

Sometimes, the market just offers you a gift. Maybe the stock’s been unfairly beaten down by sentiment, maybe Wall Street is snoozing through a transformation story, or maybe it’s just a plain old mispricing in a sea of overbought hype.

Today, I’m going to talk about two dividend stocks so ridiculously undervalued, it’s borderline comedic. They’re not just cheap—they’re so cheap it’s silly. If I were allowed to, I’d buy them twice. Heck, I’d buy them with both hands, my dog’s paws, and my neighbor’s retirement account (with consent, of course).

But before we dive in, let’s set the table with the basics: what makes a dividend stock worth a second look?

What Makes a Dividend Stock “Buy Twice” Material?

For me, there are a few golden rules:

Sustainable Dividend – High yield is meaningless without safety. I want cash flows and payout ratios that whisper sweet nothings of dependability.
Undervaluation – A stock trading at a 40% discount to intrinsic value? Yes, please.
Growth Catalyst – Either it’s a turnaround story, a misunderstood growth engine, or a rock-solid company temporarily caught in a storm.
Moat + Management – I want a business that has competitive protection and management who know how to drive shareholder value without torching cash.

With that said, let’s talk about two dividend stocks that check all the boxes—and then some.

🥇 1. VF Corporation (Ticker: VFC) – Dividend Phoenix in the Ashes

Let’s be honest: VF Corporation is a mess right now. This is the company behind iconic brands like Vans, The North Face, Timberland, and Dickies. But in recent years, it’s been a case study in how to destroy shareholder value with poor acquisitions, supply chain disasters, and strategic confusion that made Sears look focused.

The result? The stock cratered from $90 to under $14.

But here’s the thing: the selloff is now so absurdly overdone, it smells like opportunity.

Why It’s So Cheap It’s Silly:

Current Price: ~$13.50
Forward Dividend Yield: ~7.5%
Forward P/E: ~8x
Price-to-Sales: 0.4x (a garage sale multiple)
Brands still have power – The North Face is not going out of style, and Vans has cyclical teen popularity that comes back around faster than TikTok trends.

The Turnaround Play

New CEO Bracken Darrell (ex-Logitech) is taking a wrecking ball to the bloated cost structure and prioritizing operational efficiency. He’s cutting SG&A, rethinking supply chain contracts, and refocusing on the brands with the highest ROI.

VF has also sold off non-core assets and is refinancing debt—not sexy, but absolutely necessary. The dividend was cut in 2023, but that’s actually good news. Why? Because:

The new dividend is sustainable, even in a low-growth scenario.

At 7.5%, you’re being paid to wait for a turnaround that—if it works—could easily double or triple your investment over five years.

The Bottom Line

This is one of those “blood in the streets” moments. Everyone hates VFC right now. But if the turnaround even half works, you’re looking at a company that could deliver 15–20% annual returns just from re-rating and dividend income.

It’s not a momentum darling. It’s not an AI stock. It’s just dirt-cheap, misunderstood, and offering a 7.5% yield for your patience. I’ve bought it once—and if I could, I’d buy it again tomorrow.

🥈 2. 3M (Ticker: MMM) – Legal Overhang, Legendary Income

Next up: the big, boring, lawsuit-laden industrial dinosaur that Wall Street has left for dead.

3M is the ultimate “everyone hates it” stock.

This is a company that’s been around since 1902, invented Scotch tape, Post-it Notes, and about 60,000 other useful things. Yet all anyone can talk about are:

The earplug lawsuits
The PFAS water contamination liabilities
The restructuring
The dividend cut

And sure, those are real issues. But here’s what’s not being discussed nearly enough:

3M is still a cash-printing monster.

Current Price: ~$100
Forward Dividend Yield: ~6.5%
Forward P/E: ~11x
Free Cash Flow (FCF): ~$4B in 2024 expected
Spin-off of Health Care unit (Soluant Health) completed, giving focus and clarity

The Lawsuits Aren’t Terminal

Yes, 3M had to cough up ~$6 billion for the earplug settlements and a chunk more for PFAS. But these are manageable costs spread over years, and the company has already taken most of the write-downs.

The worst appears to be priced in. And while Wall Street walks away, value investors are circling like buzzards at a barbecue.

Dividend Sustainability

After the dividend cut in 2024, 3M is now in healthy payout territory. They’re paying out less than 60% of FCF, which is perfectly sustainable. The new lower dividend is not only safer—it’s still yielding over 6%, which is astonishing for a company of this quality and history.

Let me say this plainly:

6.5% yield from a 120-year-old company that’s already taken the legal gut punches and is still breathing? That’s not just cheap—it’s stand-up comedy level cheap.

Undervalued by Every Metric

If 3M were just a ho-hum boring industrial trading at 11x earnings with zero legal issues, it would still be undervalued. Add in the fact that most of the litigation pain is in the rearview mirror? This is a textbook mean reversion bet.

It’s a deep value + high yield + turnaround trifecta.

Why I’d Buy Both Again (If I Could)

Let’s put this simply. If I had no position in VFC or MMM, I’d be salivating to initiate one. But I already bought. So I’m in that classic “kicking myself I didn’t buy more” territory.

So, why would I buy them twice?

Because the margin of safety is so absurdly wide.

Because I’m being paid handsomely to wait (7.5% and 6.5% dividends).

Because both companies are undergoing credible turnarounds with new management and cost discipline.

Because Wall Street is too distracted chasing Nvidia and AI bubble plays to notice the gift sitting in the bargain bin.

And because these are the kinds of stocks where, five years from now, I want to be able to say, “I didn’t just buy the dip—I doubled down.”

The Psychology of Buying Ugly Stocks

Let’s address the elephant in the portfolio: it’s hard to buy hated stocks.

When you buy a name like 3M or VF Corp today, you're going to feel a little dumb. You’re not going to impress anyone at a cocktail party. Your cousin Chad who’s up 300% on Dogecoin probably won’t high-five you.

But you know what feels good?

Opening your brokerage app in three years and seeing you’ve doubled your money.
Collecting high-yield dividends while the market chases low-yield growth that can’t keep up with expectations.
Riding the re-rating wave as Wall Street finally wakes up to value.

Value investing isn’t sexy, but it sure is satisfying.

Risk Check – What Could Go Wrong?

No blog would be complete without acknowledging the risks. After all, “so cheap it’s silly” only pays off if the company survives and improves.

VFC Risks:

Turnaround could fail if consumer sentiment for brands like Vans never returns.
More write-downs or restructuring expenses could pressure margins.
If debt becomes unmanageable, we could see another dividend cut.

3M Risks:

New lawsuits or surprises from state-level PFAS claims.
Reputational damage could drag for years.
If industrial demand slows in a recession, earnings could stagnate longer than expected.

But in both cases, I believe the valuation more than accounts for the downside. You’re not buying perfection—you’re buying a deep discount with a decent shot at recovery.

Final Thoughts: Don’t Wait for the All-Clear

Investors love safety. They want confirmation. They want to see a clean balance sheet, robust growth, a perfect dividend history, and a clear uptrend in the chart.

But by the time all that’s in place, the stock is already up 80%.

Buying value means stepping into the uncertainty—carefully, intelligently, but confidently.

VF Corporation and 3M are not for the faint of heart. But they’re also not speculative biotech moonshots. They’re battered blue chips with real businesses, real cash flows, and real potential for redemption.

And in a market full of sky-high valuations and euphoric sentiment, I’d argue they’re among the most rational bets you can make today.

If the market gives me another shot at loading up on these names, I won’t hesitate. Because some deals are just so cheap, they’re silly.

Disclosure: I hold positions in VFC and MMM. This is not financial advice. Do your own research, consult your cat, and never invest based on blog posts—unless they’re this persuasive.