Dividends are nice, but dividends would stay small if the company itself stays small (because it's constrained from growing.)
(I'm not equipped to evaluate whether or not that point is true, especially in the case of any specific company. Just trying to point out that the argument you're making here kind of begs the question.)
Look at utilities and regional banks, which are usually priced based on return on assets or operating margins.
Growth oriented companies have advantages and disadvantages. Microsoft is a great example -- they have a business that's a monopoly cash cow, but they also need to hit high growth rates to prosper. They squandered a decade trying to both grow and milk the cow, and are now growing again, while breaking and eventually losing parts of the legacy business.
That is basically what you are doing when you leave money on the table. Opportunity costs are still costs.
For about 7 years, I was collecting an effective 10% dividend while getting significant capital appreciation as well.
Likewise, as part of my diversified retirement portfolio, I have a portion in boring dividend paying stocks that generate moderate returns and don't get punished as severely during bad market conditions.