Yes, that’s are correct interpretation. However, please note XIRR will fluctuate little bit, depending upon the price of the stock. But for a good company with positive cash flow, price fluctuation and hence XIRR should not huge swings.

In short term (2 yrs) to intermediate term (5yrs), price of stock has a significant contribution. But over time, the price of stock will have lower and lower contribution. Because your dividends keep increasing.

Best Wishes,