A stable company that pays out their profits as dividends is reasonably valued at some x*profits. A company that reinvests these profits in things which invest

A stable company that pays out their profits as dividends is reasonably valued at some x*profits. A company that reinvests these profits in things which investors believe will result in growth is valued x*future_profits, which is much larger - so if the leadership of a 'growth company' would announce that they're now a 'stable company' just paying out dividends, they would destroy most of the stock value of their investors, and would be considered an absolute failure of that leadership, since everyone involved has a strong incentive to replace them with someone who can make it (at least in the eyes of public) a 'growth company' again, doubling or tripling its value for the same revenue.