Commercial Services & Supplies

7911 TOPPAN Holdings

Revenue is Information and Communication (51%), Living and Industry (40%) and Electronics (10%).

Owner earnings 2017–2026 ¥36.2B¥11.6B¥9.6B¥36.2B¥20.3B¥22.2B¥40.7B¥75.4B(¥11.7B)¥6.9B

Retained capital Retained ¥331.0B of earnings over 2017–2026; annual owner earnings grew ¥4.4B, ¥0.01 per ¥1 retained.

Balance sheet Modest net debt, ¥108.6B · dividend paid 10 of 10 yrs, cut at least once

7912 Dai Nippon Printing

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥21.9B¥16.0B¥31.4B¥54.0B¥10.7B¥28.4B(¥12.3B)¥13.1B¥75.6B(¥19.7B)

Retained capital Retained ¥89.6B of earnings over 2017–2026; annual owner earnings fell ¥51M, ¥-0.00 per ¥1 retained.

Balance sheet Modest net debt, ¥34.0B · dividend paid 10 of 10 yrs, cut at least once

9735 Secom

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥125.1B¥73.3B¥95.1B¥117.2B¥134.1B¥111.8B¥96.6B¥84.5B¥90.3B¥133.1B

Retained capital Retained ¥393.9B of earnings over 2017–2026; annual owner earnings grew ¥4.8B, ¥0.01 per ¥1 retained.

Balance sheet Net cash, +¥384.5B · dividend paid 10 of 10 yrs, never cut

ABM ABM Industries Incorporated

Revenue is led by B&I (47%) and M&D (19%), with 3 more segments behind.

Owner earnings 2017–2025 ($52M)$270M$203M$420M$280M($30M)$191M$167M$155M

Retained capital Retained $189M of earnings over 2017–2025; annual owner earnings grew $31M, $0.16 per $1 retained.

Balance sheet Heavy net debt, $1.5B · buybacks at an average near $43.69 · dividend paid 9 of 9 yrs, never cut

ACCO Acco Brands Corporation

ACCO Brands is a leading global consumer, technology and business branded products company, providing well-known brands and innovative product solutions used in schools, homes and at work.

Owner earnings 2016–2022 $149M$174M$161M$171M$104M$138M$60M

Retained capital Retained $248M of earnings over 2016–2022; annual owner earnings fell $60M, $-0.24 per $1 retained.

Balance sheet Heavy net debt, $777M · buybacks at an average near $9.55 · dividend paid 5 of 7 yrs, never cut

ADT ADT Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2016–2025 $539M$1.5B$1.7B$1.7B$1.2B$1.5B$1.7B$1.5B$1.7B$1.7B

Retained capital Paid out $4.9B more than it earned over 2016–2025; annual owner earnings grew $417M.

Balance sheet Heavy net debt, $7.6B · buybacks at an average near $6.24 · dividend paid 9 of 10 yrs, cut at least once

ADV Advantage Solutions Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2018–2025 $79M$99M$315M$95M$92M$208M$85M$55M

Retained capital Paid out $3.4B more than it earned over 2018–2025; annual owner earnings fell $48M.

Balance sheet Net debt against an operating loss, $1.4B

AHG Akso Health Group ADS

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 $8M$87M($2M)($58M)($9M)$1M($13M)

Retained capital Paid out $186M more than it earned over 2017–2026; annual owner earnings fell $38M.

Balance sheet Net cash, debt-free, +$171K · dividend paid 1 of 7 yrs, never cut

AKAM Akamai

Akamai offers solutions designed to protect our customers from threats and attacks, along with full-stack compute solutions to build and deliver high-performance, low-latency applications across our uniquely distributed architecture and edge network.

Owner earnings 2016–2025 $691M$547M$791M$699M$701M$1.1B$1.0B$891M$1.1B$1.0B

Retained capital Paid out $598M more than it earned over 2016–2025; annual owner earnings grew $334M.

Balance sheet Heavy net debt, $2.9B

ALIT Alight Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2022–2025 $155M$246M$131M$250M

Retained capital Paid out $4.1B more than it earned over 2022–2025; annual owner earnings grew $32M.

Balance sheet Net debt against an operating loss, $1.7B · dividend paid 2 of 4 yrs, never cut

ALLE Allegion

Allegion plc is a leading global provider of security products and solutions that keep people and assets safe and secure in the places they live, learn, work and connect.

Owner earnings 2016–2025 $335M$298M$409M$423M$443M$443M$396M$516M$583M$686M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $248M, $0.14 per $1 retained.

Balance sheet Modest net debt, $1.6B · buybacks at an average near $82.72 · dividend paid 10 of 10 yrs, never cut

AMTM Amentum Holdings Inc.

Amentum Holdings Inc. is a global advanced engineering and technology solutions provider to a broad base of U.S. and allied government agencies, and customers in international and commercial markets.

Owner earnings 2022–2025 $108M$55M$36M$516M

Retained capital Paid out $414M more than it earned over 2022–2025; annual owner earnings grew $136M.

Balance sheet Heavy net debt, $3.5B

ANDG Andersen Group Inc.

We are a leading provider of independent tax, valuation and financial advisory services to individuals and family offices, businesses and institutional clients in the United States.

Owner earnings 2023–2025 $113M$144M$174M

Retained capital not read

Balance sheet Net debt against an operating loss, $100M

APG APi Group Corporation

We are a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services with a substantial recurring revenue base and over 500 locations worldwide.

Owner earnings 2018–2025 $38M$139M$458M$127M$191M$428M$536M$663M

Retained capital Retained $465M of earnings over 2018–2025; annual owner earnings grew $331M, $0.71 per $1 retained.

Balance sheet Meaningful net debt, $1.9B · buybacks at an average near $22.14

ARLO Arlo Technologies Inc.

Revenue is Subscriptions and services (60%) and Products (40%).

Owner earnings 2016–2024 ($35M)($43M)($23M)$3M($50M)($25M)($48M)$35M$49M

Retained capital not read

Balance sheet Net cash, debt-free, +$146M

AZZ AZZ Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2018–2026 $47M$86M$110M$65M$62M$34M$149M$168M$445M

Retained capital Retained $462M of earnings over 2018–2026; annual owner earnings grew $173M, $0.37 per $1 retained.

Balance sheet Modest net debt, $477M · buybacks at an average near $43.57 · dividend paid 9 of 9 yrs, cut at least once

BABA Alibaba Group Holding Limited

Alibaba runs China's largest online-commerce marketplaces — Taobao and Tmall, where merchants pay to reach a vast base of consumers — alongside one of China's biggest cloud-computing businesses and a wide spread of logistics, payments and international ventures. The marketplaces are the profit engine; much of the rest is where that profit is spent.

Owner earnings 2017–2020 CN¥77.2BCN¥117.2BCN¥136.2BCN¥155.9B

Retained capital Retained CN¥299.2B of earnings over 2017–2020; annual owner earnings grew CN¥26.3B, CN¥0.09 per CN¥1 retained.

Balance sheet net position not read (debt under-captured)

BCO Brinks Company (The)

The Brink's Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services.

Owner earnings 2016–2025 $78M$122M$209M$204M$199M$310M$297M$500M$204M$436M

Retained capital Paid out $526M more than it earned over 2016–2025; annual owner earnings grew $244M.

Balance sheet Heavy net debt, $2.5B · dividend paid 10 of 10 yrs, never cut

BR Broadridge Financial Solutions Inc.

Broadridge is a global financial technology leader powering investing, corporate governance, and communications.

Owner earnings 2017–2026 $431M$617M$566M$536M$588M$415M$785M$999M$1.1B$1.3B

Retained capital Retained $831M of earnings over 2017–2026; annual owner earnings grew $597M, $0.72 per $1 retained.

Balance sheet Meaningful net debt, $2.9B · buybacks at an average near $130 · dividend paid 10 of 10 yrs, never cut

BRC Brady Corporation

Brady is a global manufacturer and supplier of identification solutions and workplace safety products that identify and protect premises, products and people.

Owner earnings 2017–2025 $129M$121M$138M$114M$178M$84M$190M$225M$154M

Retained capital Retained $488M of earnings over 2017–2025; annual owner earnings grew $60M, $0.12 per $1 retained.

Balance sheet Net cash, +$75M · dividend paid 9 of 9 yrs, never cut

BV BrightView Holdings Inc.

BrightView Holdings, Inc. is a holding company that conducts substantially all of its activity through its direct, wholly-owned operating subsidiary, BrightView Landscapes, LLC and its consolidated subsidiaries.

Owner earnings 2016–2025 $36M$94M$80M$192M$87M($400K)$59M$127M$150M

Retained capital Paid out $121M more than it earned over 2016–2025; annual owner earnings grew $42M.

Balance sheet Heavy net debt, $716M

CART Maplebear Inc.

We enable more than 2,200 retail banners as of December 31, 2025 to grow by providing technology that can accelerate the digital transformation of their entire business both online and in-store.

Owner earnings 2021–2025 ($217M)$253M$543M$623M$910M

Retained capital Paid out $3.2B more than it earned over 2021–2025; annual owner earnings grew $499M.

Balance sheet Net cash, debt-free, +$687M · buybacks at an average near $24.85

CASS Cass Information Systems Inc

Cass Information Systems Inc provides payment and information processing services to large manufacturing, distribution and retail enterprises across the United States.

Owner earnings 2016–2025 $32M$35M$44M$39M$46M$30M$48M$33M$34M$32M

Retained capital Retained $28M of earnings over 2016–2025; annual owner earnings fell $4M, $-0.14 per $1 retained.

Balance sheet Net cash, debt-free, +$758M · buybacks at an average near $44.35 · dividend paid 10 of 10 yrs, never cut

CBZ CBIZ

CBIZ is a leading professional services advisor to middle-market businesses nationwide.

Owner earnings 2016–2025 $70M$65M$91M$84M$135M$122M$117M$130M$111M$176M

Retained capital Retained $179M of earnings over 2016–2025; annual owner earnings grew $64M, $0.36 per $1 retained.

Balance sheet Heavy net debt, $2.0B

CMPR Cimpress plc Ordinary Shares (Ireland)

Cimpress is a strategically focused collection of businesses that specialize in print mass customization, through which we deliver large volumes of individually small-sized customized orders of printed materials and promotional products.

Owner earnings 2017–2026 $83M$131M$261M$288M$227M$165M$77M$296M$209M$183M

Retained capital Paid out $1.0B more than it earned over 2017–2026; annual owner earnings grew $71M.

Balance sheet Heavy net debt, $1.4B · buybacks at an average near $144

CNXC Concentrix Corporation

We are a global technology and services leader that powers exceptional brand experiences and digital operations for more than 2,000 clients across the globe.

Owner earnings 2019–2025 $339M$378M$365M$461M$497M$429M$572M

Retained capital Paid out $409M more than it earned over 2019–2025; annual owner earnings grew $139M.

Balance sheet Net debt against an operating loss, $4.3B · buybacks at an average near $69.11 · dividend paid 5 of 7 yrs, never cut

CPAY Corpay Inc.

Corpay Inc. is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner.

Owner earnings 2016–2025 $649M$610M$822M$1.1B$1.4B$1.1B$603M$1.9B$1.8B$1.3B

Retained capital Paid out $160M more than it earned over 2016–2025; annual owner earnings grew $977M.

Balance sheet Heavy net debt, $10.9B · buybacks at an average near $172

CSGP CoStar Group Inc.

CoStar Group is a leading provider of online real estate marketplaces, information, analytics, and 3D digital twin technology in the property markets.

Owner earnings 2016–2025 $182M$210M$306M$458M$486M$346M$444M$372M$246M$123M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $14M, $0.01 per $1 retained.

Balance sheet Net cash, +$640M · buybacks at an average near $70.42

CSV Carriage Services Inc.

We provide funeral and cemetery services and products on both an "atneed" and "preneed" basis.

Owner earnings 2016–2025 $33M$29M$35M$28M$68M$59M$41M$58M$36M$40M

Retained capital Retained $15M of earnings over 2016–2025; annual owner earnings grew $12M.

Balance sheet Heavy net debt, $396M · buybacks at an average near $20.13 · dividend paid 10 of 10 yrs, never cut

CTAS Cintas

We provide our products and services to over one million businesses of all types, from small service and manufacturing companies to major corporations that employ thousands of people.

Owner earnings 2017–2026 $567M$692M$791M$1.1B$1.2B$1.3B$1.3B$1.7B$1.8B$1.9B

Retained capital Retained $1.5B of earnings over 2017–2026; annual owner earnings grew $1.1B, $0.70 per $1 retained.

Balance sheet Modest net debt, $2.3B · dividend paid 10 of 10 yrs, cut at least once

CTEV Claritev Corporation

Claritev Corporation is a technology, data and insights company focused on improving transparency, affordability and quality across the healthcare system.

Owner earnings 2018–2025 $229M$218M$307M$320M$283M$63M($11M)($12M)

Retained capital Paid out $3.2B more than it earned over 2018–2025; annual owner earnings fell $238M.

Balance sheet Heavy net debt, $4.6B

CURR Currenc Group Inc.

We are a leading operator of global money transfer services and airtime trading in Southeast Asia.

Owner earnings 2023–2025 ($16M)$3M$7M

Retained capital not read

Balance sheet Net cash, +$72M

CXW CoreCivic Inc.

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

DASH DoorDash Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2018–2025 ($168M)($499M)$146M$563M$191M$1.6B$2.0B$2.2B

Retained capital Paid out $4.1B more than it earned over 2018–2025; annual owner earnings grew $2.1B.

Balance sheet Net cash, +$1.7B · buybacks at an average near $69.86

DLO DLocal

DLocal is focused on simplifying and redefining the online payments experience in emerging markets.

Owner earnings 2019–2025 $31M$88M$107M$153M$292M($34M)$413M

Retained capital Retained $321M of earnings over 2019–2025; annual owner earnings grew $149M, $0.46 per $1 retained.

Balance sheet Net cash, +$715M · dividend paid 3 of 7 yrs, cut at least once

DLX Deluxe Corporation

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2016–2025 $273M$291M$277M$220M$98M$100M$175M

Retained capital Paid out $280M more than it earned over 2016–2025; annual owner earnings fell $156M.

Balance sheet Heavy net debt, $1.4B · buybacks at an average near $54.57 · dividend paid 7 of 7 yrs, never cut

DVLT Datavault AI Inc.

Datavault AI Inc. is a pioneering technology licensing company that owns a portfolio of patented, secure platforms designed to redefine how data is managed, valued, and monetized in the modern era.

Owner earnings 2017–2025 ($10M)($10M)($11M)($10M)($12M)($18M)($15M)($18M)($24M)

Retained capital not read

Balance sheet Net debt against an operating loss, $8M

EBAY eBay Inc.

EBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all.

Owner earnings 2016–2025 $2.2B$2.5B$2.0B$2.6B$2.0B$2.2B$1.8B$2.0B$2.0B$1.4B

Retained capital Paid out $5.7B more than it earned over 2016–2025; annual owner earnings fell $452M.

Balance sheet Meaningful net debt, $5.9B · buybacks at an average near $49.80 · dividend paid 7 of 10 yrs, never cut

EBF Ennis Inc.

Ennis is primarily a "trade printer" that manufactures a broad range of printed products that are resold throughout the United States through a network of independent distributors.

Owner earnings 2017–2026 $56M$43M$47M$54M$49M$44M$42M$63M$60M$41M

Retained capital Paid out $51M more than it earned over 2017–2026; annual owner earnings grew $6M.

Balance sheet Net cash, +$5M · buybacks at an average near $17.56 · dividend paid 10 of 10 yrs, cut at least once

EEX Emerald Holding Inc.

Emerald is a leading business-to-business event organizer principally in the United States, with expanding operations in the U.K. and international markets.

Owner earnings 2016–2025 $91M$110M$103M$66M($38M)$89M$173M$40M$46M$41M

Retained capital Paid out $771M more than it earned over 2016–2025; annual owner earnings fell $59M.

Balance sheet Heavy net debt, $398M · buybacks at an average near $11.92 · dividend paid 6 of 10 yrs, cut at least once

ETSY Etsy Inc.

Etsy operates two-sided online marketplaces that connect millions of creative entrepreneurs with buyers around the world.

Owner earnings 2016–2025 $25M$65M$198M$199M$678M$640M$673M$693M$738M$678M

Retained capital Paid out $2.2B more than it earned over 2016–2025; annual owner earnings grew $607M.

Balance sheet Heavy net debt, $1.6B · buybacks at an average near $74.21

EXLS ExlService

We deliver business outcomes for our clients at speed and scale, by reinventing their business models through advanced analytics and AI powered digital operations to help them achieve superior customer experience, higher productivity, cost efficiency and business growth.

Owner earnings 2016–2025 $77M$78M$52M$128M$161M$147M$121M$158M$222M$298M

Retained capital Retained $131M of earnings over 2016–2025; annual owner earnings grew $158M, $1.20 per $1 retained.

Balance sheet Net cash, +$30M · buybacks at an average near $28.19

FI Fiserv, Inc.

Fiserv, Inc. is a leading global provider of payments and financial services technology solutions.

Owner earnings 2016–2025 $1.1B$1.2B$1.2B$2.1B$3.2B$2.9B$3.1B$3.8B$5.1B$4.3B

Retained capital Retained $14.3B of earnings over 2016–2025; annual owner earnings grew $3.2B, $0.22 per $1 retained.

Balance sheet Heavy net debt, $28.2B

FICO Fair Isaac

Fair Isaac Corporation is a global analytics software leader.

Owner earnings 2016–2025 $188M$206M$192M$236M$343M$416M$503M$465M$624M$770M

Retained capital Paid out $2.6B more than it earned over 2016–2025; annual owner earnings grew $424M.

Balance sheet Meaningful net debt, $2.9B · dividend paid 2 of 10 yrs, cut at least once

FIS Fidelity National Info

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2016–2025 $1.8B$1.6B$1.9B$2.2B$4.2B$4.5B$3.7B$4.2B$2.1B$2.5B

Retained capital Paid out $37.8B more than it earned over 2016–2025; annual owner earnings grew $1.2B.

Balance sheet Heavy net debt, $9.8B · buybacks at an average near $153 · dividend paid 10 of 10 yrs, cut at least once

FISV Fiserv Inc.

Fiserv, Inc. is a leading global provider of payments and financial services technology solutions.

Owner earnings 2016–2025 $1.1B$1.2B$1.2B$2.1B$3.2B$2.9B$3.1B$3.8B$5.1B$4.3B

Retained capital Retained $14.3B of earnings over 2016–2025; annual owner earnings grew $3.2B, $0.22 per $1 retained.

Balance sheet Heavy net debt, $28.2B

FLYW Flywire

Flywire is a leading global payments enablement and software company.

Owner earnings 2019–2025 $325K($16M)$16M$4M$75M$98M$99M

Retained capital Paid out $91M more than it earned over 2019–2025; annual owner earnings grew $91M.

Balance sheet Net cash, debt-free, +$355M · buybacks at an average near $3.28

FOUR Shift4 Payments

We are a leading independent provider of software and payment processing solutions in the U.S. and we are expanding our payment processing solutions to international markets.

Owner earnings 2018–2025 $24M($200K)($800K)($5M)$267M$332M$493M$624M

Retained capital Paid out $578M more than it earned over 2018–2025; annual owner earnings grew $475M.

Balance sheet Heavy net debt, $3.6B

FTDR Frontdoor Inc.

Frontdoor is the leading provider of home warranties and new home builder warranties in the United States, as measured by revenue, and operates under the American Home Shield, HSA, OneGuard, Landmark and 2-10 HBW brands.

Owner earnings 2016–2025 $144M$179M$168M$178M$175M$154M$102M$170M$231M$390M

Retained capital Retained $520M of earnings over 2016–2025; annual owner earnings grew $100M, $0.19 per $1 retained.

Balance sheet Modest net debt, $607M · buybacks at an average near $41.62 · dividend paid 3 of 10 yrs, cut at least once

FVRR Fiverr International Ltd.

Revenue is Marketplace Revenue (69%) and Services Revenue (31%).

Owner earnings 2017–2025 ($6M)($52M)($15M)$15M$36M$29M$82M$82M$104M

Retained capital Paid out $330M more than it earned over 2017–2025; annual owner earnings grew $114M.

Balance sheet Net cash, debt-free, +$243M

GEO Geo Group Inc (The) REIT

We specialize in the ownership, leasing and management of secure facilities, processing centers and reentry facilities and the provision of community-based services in the United States, Australia and South Africa.

Owner earnings 2016–2025 ($110M)$233M$148M$221M$333M$213M$198M$205M$164M($59M)

Retained capital Retained $36M of earnings over 2016–2025; annual owner earnings grew $13M.

Balance sheet Heavy net debt, $1.6B · buybacks at an average near $18.43 · dividend paid 6 of 10 yrs, cut at least once

GETY Getty Images Holdings Inc.

Revenue is Creative (57%), Editorial (38%) and Other (6%).

Owner earnings 2020–2025 $104M$140M$104M$76M$61M$6M

Retained capital Paid out $350M more than it earned over 2020–2025; annual owner earnings fell $68M.

Balance sheet Heavy net debt, $1.9B

GPN Global Payments Inc.

We are a leading payments technology company delivering innovative software and services to our customers globally, with worldwide reach spanning North America, Europe, Asia-Pacific and Latin America.

Owner earnings 2016–2025 $501M$330M$893M$1.1B$1.9B$2.3B$1.6B$1.9B$2.4B$2.0B

Retained capital Paid out $4.2B more than it earned over 2016–2025; annual owner earnings grew $1.5B.

Balance sheet Heavy net debt, $13.2B · buybacks at an average near $128 · dividend paid 10 of 10 yrs, never cut

GRAB Grab Holdings Limited

Revenue is Deliveries (53%), Mobility (36%) and Financial services (10%).

Owner earnings 2022–2025 ($856M)$15M$775M($18M)

Retained capital Paid out $2.5B more than it earned over 2022–2025; annual owner earnings grew $279M.

Balance sheet Net cash, +$1.4B

GRABW Grab Holdings Limited

Revenue is Deliveries (53%), Mobility (36%) and Financial services (10%).

Owner earnings 2022–2025 ($856M)$15M$775M($18M)

Retained capital Paid out $2.5B more than it earned over 2022–2025; annual owner earnings grew $279M.

Balance sheet Net cash, +$1.4B

HNI HNI Corporation

HNI is a manufacturer of workplace furnishings and residential building products.

Owner earnings 2016–2025 $154M$60M$123M$152M$173M$65M$13M$188M$174M$209M

Retained capital Paid out $206M more than it earned over 2016–2025; annual owner earnings grew $78M.

Balance sheet Heavy net debt, $1.1B · buybacks at an average near $34.37 · dividend paid 10 of 10 yrs, never cut

HQY HealthEquity

We are a leader and an innovator in providing technology-enabled services that empower consumers to make healthcare saving, spending, and investing decisions.

Owner earnings 2017–2026 $42M$76M$110M$98M$169M$132M$147M$241M$338M$455M

Retained capital Retained $73M of earnings over 2017–2026; annual owner earnings grew $269M, $3.70 per $1 retained.

Balance sheet Modest net debt, $638M · buybacks at an average near $91.17 · no dividend paid

HRB H&R Block

H&R Block provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small business solutions.

Owner earnings 2017–2026 $463M$751M$511M$27M$573M$747M$752M$657M$599M$756M

Retained capital Retained $3.1B of earnings over 2017–2026; annual owner earnings grew $96M, $0.03 per $1 retained.

Balance sheet Modest net debt, $533M · dividend paid 10 of 10 yrs, never cut

IMXI International Money Express Inc.

International Money Express Inc. is a global leading omnichannel money remittance services company focused primarily on the United States of America to Latin America and the Caribbean corridor, which includes Mexico, Central and South America and the Caribbean.

Owner earnings 2018–2025 $15M$46M($5M)$68M$6M$131M$39M$16M

Retained capital Retained $84M of earnings over 2018–2025; annual owner earnings grew $43M, $0.52 per $1 retained.

Balance sheet Modest net debt, $26M · buybacks at an average near $19.80 · no dividend paid

KRKR 36Kr Holdings Inc.

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2017–2025 (CN¥12M)(CN¥62M)(CN¥164M)(CN¥19M)CN¥193M(CN¥6M)(CN¥128M)(CN¥33M)CN¥19M

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥104M

KSPI Joint Stock Company Kaspi.kz

Kaspi.kz runs a consumer "super-app" in Kazakhstan that bundles three businesses on one account: a payments network that moves money between people and merchants, an online marketplace that connects shoppers with sellers, and a fintech arm that takes deposits and lends to individuals. It earns money from payment and transaction fees, from merchant commissions on the marketplace, and from the spread on consumer loans funded largely by customer deposits. The same customer who pays a bill, shops, and borrows does all of it inside one app, so the three pieces feed each other.

Owner earnings 2021–2025 KZT 58.3BKZT 1.00TKZT 1.08TKZT 553.1BKZT 595.4B

Retained capital Retained KZT 2.07T of earnings over 2021–2025; annual owner earnings grew KZT 28.6B, KZT 0.01 per KZT 1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 4 of 5 yrs, cut at least once

LQDT Liquidity Services Inc.

Liquidity Services Inc. is the leading global provider of e-commerce marketplaces and software solutions powering the circular economy.

Owner earnings 2017–2025 ($37M)($4M)($12M)$12M$60M$37M$42M$61M$59M

Retained capital Paid out $21M more than it earned over 2017–2025; annual owner earnings grew $72M.

Balance sheet Net cash, +$154M · buybacks at an average near $21.54

LYFT Lyft Inc.

Lyft Inc. operates as a global mobility platform offering a mix of rideshare, taxis, private hire vehicles, executive chauffeur services, car sharing, bikes and scooters.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$784M

MA Mastercard Incorporated

Mastercard runs a global payments network that moves money between the banks that issue its branded cards, the merchants that accept them, and the consumers who pay. It does not lend or carry the credit risk; it takes a fee on each transaction routed across its rails and sells value-added services and solutions to the same banks and merchants. Most of its revenue comes from the core network, with the rest from those services.

Owner earnings 2016–2025 $4.4B$5.4B$5.9B$7.8B$6.9B$9.1B$10.8B$11.6B$14.3B$17.2B

Retained capital Paid out $309M more than it earned over 2016–2025; annual owner earnings grew $9.1B.

Balance sheet Modest net debt, $8.4B · dividend paid 10 of 10 yrs, never cut

MATW Matthews International Corporation

Revenue is Memorialization (54%), Brand Solutions (23%) and Industrial Technologies (23%).

Owner earnings 2017–2025 $104M$104M$93M$146M$128M$66M$29M$34M($59M)

Retained capital Paid out $486M more than it earned over 2017–2025; annual owner earnings fell $100M.

Balance sheet Heavy net debt, $908M · buybacks at an average near $34.56 · dividend paid 9 of 9 yrs, never cut

MAX MediaAlpha Inc.

We are the leading customer acquisition infrastructure for insurance carriers, supporting $2.2 billion in Transaction Value across our platform from our core verticals of property & casualty insurance, health insurance and life insurance during the year ended December 31, 2025.

Owner earnings 2018–2025 $22M$22M$51M$28M$28M$20M$46M$65M

Retained capital Paid out $30M more than it earned over 2018–2025; annual owner earnings grew $12M.

Balance sheet Heavy net debt, $107M

MELI MercadoLibre Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2016–2025 $161M$228M$185M$378M$1.1B$761M$2.5B$4.6B$7.3B$11.3B

Retained capital Retained $4.3B of earnings over 2016–2025; annual owner earnings grew $7.6B, $1.76 per $1 retained.

Balance sheet Modest net debt, $2.9B · dividend paid 3 of 10 yrs, cut at least once

MLKN MillerKnoll Inc.

MillerKnoll is a collective of dynamic brands that comes together to design the world we live in.

Owner earnings 2017–2026 $143M$96M$131M$153M$273M($107M)$80M$274M$102M$78M

Retained capital Paid out $139M more than it earned over 2017–2026; annual owner earnings grew $28M.

Balance sheet Heavy net debt, $1.2B · buybacks at an average near $27.83 · dividend paid 10 of 10 yrs, cut at least once

MMS Maximus

Maximus is a leading provider of tech-enabled services to government agencies.

Owner earnings 2018–2025 $290M$304M$204M$481M$248M$260M$481M$388M

Retained capital Retained $565M of earnings over 2018–2025; annual owner earnings grew $110M, $0.19 per $1 retained.

Balance sheet Meaningful net debt, $1.1B · buybacks at an average near $70.42 · dividend paid 8 of 8 yrs, never cut

MNY MoneyHero Limited

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2021–2024 ($15M)($15M)($17M)($25M)

Retained capital not read

Balance sheet Net cash, +$34M

MSCI MSCI Inc.

Revenue is led by Index (57%) and Analytics (23%), with 2 more segments behind.

Owner earnings 2016–2025 $410M$371M$583M$680M$789M$923M$1.1B$1.2B$1.5B$1.6B

Retained capital Paid out $4.2B more than it earned over 2016–2025; annual owner earnings grew $966M.

Balance sheet Meaningful net debt, $5.7B · buybacks at an average near $78.00 · dividend paid 10 of 10 yrs, never cut

NUTX Nutex Health Inc.

Nutex Health Inc. is a physician-led, healthcare services and operations company with 26 hospital facilities in 12 states, and a primary care-centric, risk-bearing population health management division.

Owner earnings 2018–2025 ($480K)($4M)$81M$173M$36M($8M)$21M$246M

Retained capital Paid out $122M more than it earned over 2018–2025; annual owner earnings grew $61M.

Balance sheet Net cash, +$143M

PAY Paymentus Holdings Inc.

We are a leading provider of cloud-based bill payment technology and solutions.

Owner earnings 2019–2025 $16M$35M$19M$19M$68M$63M$162M

Retained capital Retained $170M of earnings over 2019–2025; annual owner earnings grew $74M, $0.44 per $1 retained.

Balance sheet Net cash, debt-free, +$321M

PAYO Payoneer

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2019–2025 ($23M)$5M$13M$73M$151M$169M$207M

Retained capital Paid out $149M more than it earned over 2019–2025; annual owner earnings grew $177M.

Balance sheet Net cash, +$384M · buybacks at an average near $5.81

PAYS Paysign Inc.

We are a vertically integrated provider of prepaid card products and processing services for corporate, consumer and government entities.

Owner earnings 2016–2025 $4M$6M$16M$16M$12M$15M$25M$27M$23M$51M

Retained capital Retained $18M of earnings over 2016–2025; annual owner earnings grew $25M, $1.37 per $1 retained.

Balance sheet Net cash, +$157M

PBI Pitney Bowes Inc.

Pitney Bowes Inc. is a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world - including more than 90 percent of the Fortune 500.

Owner earnings 2016–2025 $337M$336M$207M$131M$197M$117M$92M$2M$157M$317M

Retained capital Paid out $499M more than it earned over 2016–2025; annual owner earnings fell $135M.

Balance sheet Heavy net debt, $3.9B · dividend paid 10 of 10 yrs, cut at least once

PDD PDD Holdings Inc.

PDD Holdings runs online marketplaces — Pinduoduo in China and Temu abroad — that connect a large base of small merchants and manufacturers directly to bargain-hunting shoppers. It does not own the goods: merchants list and ship them, while PDD supplies the storefront, the traffic, and a fun, interactive, group-buying way to shop. It earns its keep from those merchants, chiefly by selling them online marketing and advertising and by taking a cut of transactions.

Owner earnings 2016–2020 CN¥879MCN¥9.7BCN¥7.7BCN¥14.8BCN¥28.2B

Retained capital Paid out CN¥25.2B more than it earned over 2016–2020; annual owner earnings grew CN¥10.8B.

Balance sheet Net cash, debt-free, +CN¥422.3B

PHR Phreesia Inc.

Phreesia provides an integrated software, payments, and engagement platform designed to address three foundational challenges in healthcare delivery: access to care, affordability of care, and patient health outcomes.

Owner earnings 2018–2026 ($18M)($7M)($6M)($8M)($93M)($95M)($38M)$24M$68M

Retained capital not read

Balance sheet Net debt against an operating loss, $26M

PMEC Primech Holdings Ltd.

Revenue is Facilities cleaning services (79%), Stewarding services (11%) and Cleaning services for commercial office tenants (10%).

Owner earnings 2023–2025 ($5M)($10M)$6M

Retained capital not read

Balance sheet Net debt against an operating loss, $3M

POWWP Outdoor Holding Company

Outdoor Holding Company began its operations in 2017 as a producer of high-performance ammunition and premium components.

Owner earnings 2017–2026 ($4M)($10M)($6M)($22M)($17M)$34M$30M($8M)($2M)

Retained capital Paid out $179M more than it earned over 2017–2026; annual owner earnings grew $13M.

Balance sheet Net cash, +$58M

PRTH Priority Technology Holdings Inc.

Priority operates at scale across three primary business segments: Merchant Solutions, Payables and Treasury Solutions and is presently serving approximately 1.8 million customer accounts processing approximately $150.0 billion in annual transaction activity while administering approximately $1.7 billion dollars in account balances.

Owner earnings 2016–2025 $18M$30M$21M$962K$5M($342K)$52M$60M$64M$75M

Retained capital Paid out $183M more than it earned over 2016–2025; annual owner earnings grew $43M.

Balance sheet Heavy net debt, $962M · buybacks at an average near $6.23 · dividend paid 7 of 10 yrs, cut at least once

PSFE Paysafe Limited

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2019–2025 $279M$404M$256M$233M$221M$238M$224M

Retained capital Paid out $2.4B more than it earned over 2019–2025; annual owner earnings fell $85M.

Balance sheet Heavy net debt, $2.3B

PYPL PayPal Holdings Inc.

PayPal runs a payments network that lets people and merchants send, receive, and accept money online and in person, mainly through its PayPal and Venmo wallets. It sits between the two sides of a transaction and takes a fee when money moves. Its customers are spread across consumers and sellers in many countries, so a large share of what it earns comes from outside the United States.

Owner earnings 2016–2025 $2.5B$1.9B$4.7B$3.4B$5.4B$4.9B$5.1B$4.2B$6.8B$5.6B

Retained capital Paid out $1.2B more than it earned over 2016–2025; annual owner earnings grew $2.5B.

Balance sheet Net cash, +$435M · buybacks at an average near $85.59 · dividend paid 1 of 10 yrs, never cut

QH Quhuo Limited American Depository Shares

Revenue is On-demand delivery solution services (92%) and Others (8%).

Owner earnings 2018–2025 CN¥19MCN¥14MCN¥8M(CN¥36M)CN¥70M(CN¥97M)(CN¥16M)(CN¥39M)

Retained capital not read

Balance sheet Net cash, +CN¥96M

QUAD Quad Graphics Inc

Quad is a marketing experience company that simplifies the complexities of marketing, removing friction from wherever it occurs along the marketing journey.

Owner earnings 2016–2025 $248M$258M$164M$45M$129M$87M$94M$77M$56M$51M

Retained capital Paid out $516M more than it earned over 2016–2025; annual owner earnings fell $162M.

Balance sheet Heavy net debt, $1.1B · dividend paid 10 of 10 yrs, cut at least once

RBA RB Global Inc.

Revenue is led by Buyer Revenue (49%) and Inventory sales revenue (24%), with 2 more lines behind.

Owner earnings 2016–2025 $159M$137M$127M$319M$244M$308M$431M$316M$765M$719M

Retained capital Retained $621M of earnings over 2016–2025; annual owner earnings grew $459M, $0.74 per $1 retained.

Balance sheet Meaningful net debt, $2.6B · buybacks at an average near $31.34 · dividend paid 10 of 10 yrs, cut at least once

RDWR Radware Ltd.

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2016–2025 $29M$24M$40M$45M$55M$66M$23M($9M)$66M$42M

Retained capital Paid out $243M more than it earned over 2016–2025; annual owner earnings grew $2M.

Balance sheet Net cash, debt-free, +$105M

RELX RELX PLC PLC

Revenue is led by Risk (36%) and Scientific Technical and Medical (28%), with 3 more segments behind.

Owner earnings 2016–2025 £1.7B£1.9B£1.9B£2.0B£1.6B£2.0B£2.4B£2.4B£2.6B£2.8B

Retained capital Retained £3.8B of earnings over 2016–2025; annual owner earnings grew £783M, £0.21 per £1 retained.

Balance sheet Meaningful net debt, £6.3B · dividend paid 10 of 10 yrs, never cut

RELY Remitly Global Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2019–2025 $6M($116M)($20M)($112M)$64M$106M$296M

Retained capital Paid out $355M more than it earned over 2019–2025; annual owner earnings grew $199M.

Balance sheet Net cash, +$387M · buybacks at an average near $16.10

RMNI Rimini Street Inc. (DE)

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2016–2025 ($61M)$28M$21M$19M$41M$65M$32M$10M($42M)$56M

Retained capital Paid out $11M more than it earned over 2016–2025; annual owner earnings grew $12M.

Balance sheet Net cash, +$53M · buybacks at an average near $4.45 · dividend paid 1 of 10 yrs, cut at least once

ROL Rollins

Revenue is Residential Revenue (45%), Commercial Revenue (33%) and Termite and ancillary revenues (21%).

Owner earnings 2016–2025 $193M$211M$272M$292M$413M$375M$435M$496M$580M$650M

Retained capital Retained $564M of earnings over 2016–2025; annual owner earnings grew $350M, $0.62 per $1 retained.

Balance sheet Modest net debt, $386M · dividend paid 10 of 10 yrs, never cut

RPAY Repay Holdings Corporation

We provide integrated payment processing solutions to industry-oriented vertical markets in which businesses or other organizations have specific transaction processing needs.

Owner earnings 2017–2025 $21M$23M$27M$50M$71M$103M$149M$91M

Retained capital Paid out $510M more than it earned over 2017–2025; annual owner earnings grew $90M.

Balance sheet Net debt against an operating loss, $311M

RSKD Riskified Ltd.

Our AI-powered fraud management and risk intelligence platform is designed to help our merchants maximize revenue and profit to allow them to provide superior online shopping experiences for consumers.

Owner earnings 2019–2025 $3M($5M)($22M)($30M)$6M$39M$33M

Retained capital Paid out $692M more than it earned over 2019–2025; annual owner earnings grew $34M.

Balance sheet Net cash, debt-free, +$293M

RTO Rentokil Initial plc

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2020–2024 £418M£435M£447M£570M£507M

Retained capital Retained £678M of earnings over 2020–2024; annual owner earnings grew £75M, £0.11 per £1 retained.

Balance sheet Meaningful net debt, £1.6B · dividend paid 4 of 5 yrs, cut at least once

SCI Service Corporation International

We sell cemetery property and funeral and cemetery merchandise and services at the time of need and on a preneed basis.

Owner earnings 2016–2025 $342M$350M$462M$478M$649M$761M$650M$507M$571M$554M

Retained capital Paid out $236M more than it earned over 2016–2025; annual owner earnings grew $160M.

Balance sheet Heavy net debt, $4.9B · buybacks at an average near $56.55 · dividend paid 10 of 10 yrs, never cut

SEZL Sezzle Inc.

Our platform addresses the shortcomings in legacy payment offerings consumers face by providing a flexible, secure, omnichannel alternative with the structural benefit of "creditizing" traditional debit products.

Owner earnings 2020–2025 ($25M)($73M)$8M($26M)$131M$209M

Retained capital Paid out $21M more than it earned over 2020–2025; annual owner earnings grew $135M.

Balance sheet Modest net debt, $76M

SPPL SIMPPLE LTD.

SIMPPLE LTD. is an advanced technology solution provider in the emerging property-technology space, focused on helping facility owners and managers manage their facilities autonomously.

Owner earnings 2021–2025 (S$373K)S$15K(S$8M)(S$1M)(S$2M)

Retained capital not read

Balance sheet Net cash, debt-free, +S$3M

TC Token Cat Limited

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2016–2024 (CN¥54M)(CN¥60M)(CN¥74M)(CN¥175M)(CN¥91M)(CN¥93M)(CN¥110M)(CN¥35M)

Retained capital not read

Balance sheet Net debt against an operating loss, CN¥5M

TCOM Trip.com Group Limited

Revenue is led by Accommodation reservation (42%) and Transportation ticketing (36%), with 3 more lines behind.

Owner earnings 2016–2025 CN¥4.8BCN¥6.6BCN¥6.4BCN¥6.7B(CN¥4.4B)CN¥1.9BCN¥2.1BCN¥21.4BCN¥19.0BCN¥13.6B

Retained capital Retained CN¥57.1B of earnings over 2016–2025; annual owner earnings grew CN¥12.1B, CN¥0.21 per CN¥1 retained.

Balance sheet Net cash, +CN¥41.1B · dividend paid 1 of 10 yrs, never cut

TIC TIC Solutions Inc.

We are a leading provider of tech-enabled Testing, Inspection, Certification and Compliance, engineering, and geospatial services.

Owner earnings FY2025 $61M

Retained capital not read

Balance sheet Net debt against an operating loss, $1.2B

TNET TriNet Group Inc.

TriNet is a leading provider of HR solutions for SMBs.

Owner earnings 2016–2025 $173M$578M($147M)$426M$537M$209M$487M$530M$272M$298M

Retained capital Paid out $378M more than it earned over 2016–2025; annual owner earnings grew $165M.

Balance sheet Modest net debt, $608M · buybacks at an average near $74.73 · dividend paid 2 of 10 yrs, never cut

UBER Uber Technologies Inc.

Uber runs a set of phone apps that match people who want something moved with the independent drivers and couriers who will move it: a rider to a destination, a meal from a restaurant, freight from a shipper to a carrier. It owns the network and the software, not the cars and not the labor; the drivers are not its employees. It earns its keep by taking a cut of each fare or order that crosses the platform.

Owner earnings 2017–2025 ($1.9B)($2.0B)($4.9B)($3.4B)($743M)$390M$3.4B$6.9B$9.8B

Retained capital Paid out $13.9B more than it earned over 2017–2025; annual owner earnings grew $9.6B.

Balance sheet Modest net debt, $2.9B · buybacks at an average near $79.50

UNF Unifirst Corporation

UniFirst Corporation is one of the leading providers in the supply and servicing of uniform and workwear programs, facility management and service products, as well as first aid and safety supplies and services in North America.

Owner earnings 2016–2025 $109M$110M$117M$162M$170M$106M$14M$95M$135M$143M

Retained capital Retained $834M of earnings over 2016–2025; annual owner earnings grew $12M, $0.01 per $1 retained.

Balance sheet Net cash, +$201M · buybacks at an average near $179 · dividend paid 10 of 10 yrs, never cut

UXIN Uxin Limited ADS

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 (CN¥711M)(CN¥1.9B)(CN¥2.4B)(CN¥1.2B)(CN¥1.1B)(CN¥859M)(CN¥265M)(CN¥275M)(CN¥514M)

Retained capital not read

Balance sheet Net cash, +CN¥333M

V Visa Inc.

Visa runs one of the world's payment networks. It does not lend money or issue cards; it operates the rails that authorize, clear, and settle transactions between the banks that issue cards to shoppers and the banks that sign up the merchants who accept them. For carrying that traffic it collects a small fee on the money that moves, so its revenue tracks the dollars spent across its network rather than any product it sells to the public.

Owner earnings 2016–2025 $5.1B$8.8B$12.2B$12.0B$9.7B$14.5B$17.9B$19.7B$18.7B$21.6B

Retained capital Retained $3.7B of earnings over 2016–2025; annual owner earnings grew $11.3B.

Balance sheet Modest net debt, $8.0B · dividend paid 10 of 10 yrs

VRRM Verra Mobility Corporation

We are a leading provider of smart mobility technology solutions, principally operating throughout the United States, Australia, Europe, and Canada.

Owner earnings 2018–2025 $23M$104M$23M$168M$170M$149M$153M$137M

Retained capital Paid out $338M more than it earned over 2018–2025; annual owner earnings grew $96M.

Balance sheet Heavy net debt, $963M

VSTS Vestis Corporation

Vestis Corporation is a leading provider of uniform rentals and workplace supplies across the United States and Canada.

Owner earnings 2022–2025 $156M$179M$393M$6M

Retained capital Retained $308M of earnings over 2022–2025; annual owner earnings fell $50M, $-0.16 per $1 retained.

Balance sheet Heavy net debt, $1.1B · dividend paid 2 of 4 yrs, never cut

VVX V2X Inc.

V2X Inc. is a leading provider of critical mission solutions primarily to defense customers in 349 locations and 49 countries and territories worldwide.

Owner earnings 2016–2025 $36M$34M$38M$24M$60M$55M$81M$163M$242M$170M

Retained capital Retained $280M of earnings over 2016–2025; annual owner earnings grew $156M, $0.56 per $1 retained.

Balance sheet Meaningful net debt, $729M · buybacks at an average near $53.23

WEX WEX Inc.

WEX is a global commerce platform that provides seamlessly embedded, personalized payments solutions across three business segments: Mobility, Benefits, and Corporate Payments.

Owner earnings 2016–2025 ($203M)$56M$313M$560M$656M($129M)$567M$764M$334M$314M

Retained capital Paid out $594M more than it earned over 2016–2025; annual owner earnings grew $415M.

Balance sheet Net cash, +$1.7B · buybacks at an average near $163

WNS WNS Holdings

WNS provides both industry-specific and cross-industry solutions for our clients.

Owner earnings 2023–2025 $131M$147M$153M

Retained capital not read

Balance sheet Net cash, +$35M

WSE Wise Group plc

Revenue is Cross Border Sevices (66%), Card Services (21%) and Other Services (13%).

Owner earnings 2024–2026 $4.1B$5.7B$7.5B

Retained capital not read

Balance sheet Net cash, +$27.5B

WU Western Union

Western Union Company is a leader in cross-border, cross-currency money movement, payments, and digital financial services, empowering consumers, businesses, financial institutions, and governments with fast, reliable, and convenient ways to send money and make payments around the world.

Owner earnings 2016–2025 $973M$673M$685M$867M$841M$1.0B$550M$760M$369M$505M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings fell $232M.

Balance sheet Meaningful net debt, $2.4B · dividend paid 10 of 10 yrs, never cut

XMTR Xometry Inc.

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2019–2025 ($29M)($25M)($72M)($70M)($41M)($28M)($13M)

Retained capital not read

Balance sheet Net debt against an operating loss, $108M

YELP Yelp Inc

Our platform provides the type of reliable and useful review content that helps consumers make informed spending decisions and confidently transact with local businesses.

Owner earnings 2016–2025 $104M$137M$115M$167M$145M$184M$160M$279M$248M$324M

Retained capital Paid out $1.2B more than it earned over 2016–2025; annual owner earnings grew $165M.

Balance sheet Net cash, +$302M

YOOV Concorde International Group Ltd

Concorde International Group Ltd is an integrated security services provider that combines physical manpower and innovative technology to deliver effective security solutions.

Owner earnings 2023–2024 $384K($844K)

Retained capital not read

Balance sheet Net debt against an operating loss, $4M

YOU Clear Secure Inc.

Clear Secure Inc. is a secure identity company making experiences safer and easier - both digitally and physically.

Owner earnings 2019–2025 $9M($22M)$57M$150M$199M$284M$343M

Retained capital Retained $40M of earnings over 2019–2025; annual owner earnings grew $260M, $6.50 per $1 retained.

Balance sheet Net cash, debt-free, +$86M · dividend paid 3 of 7 yrs, never cut

Z Zillow Group Inc. Class C Capital Stock

We are a diversified, transaction-focused platform that integrates our services across various complicated steps in a consumer's housing journey while equipping real estate professionals with tools and insights to support stronger client service and business growth.

Owner earnings 2016–2025 ($53M)$191M($62M)($679M)$338M($3.3B)$4.4B$219M$285M$235M

Retained capital Paid out $4.4B more than it earned over 2016–2025; annual owner earnings grew $221M.

Balance sheet Net debt against an operating loss, $551M · buybacks at an average near $61.08

ZG Zillow Group Inc.

We are a diversified, transaction-focused platform that integrates our services across various complicated steps in a consumer's housing journey while equipping real estate professionals with tools and insights to support stronger client service and business growth.

Owner earnings 2016–2025 ($53M)$191M($62M)($679M)$338M($3.3B)$4.4B$219M$285M$235M

Retained capital Paid out $4.4B more than it earned over 2016–2025; annual owner earnings grew $221M.

Balance sheet Net debt against an operating loss, $551M · buybacks at an average near $61.08

ZH Zhihu Inc.

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2019–2025 (CN¥720M)(CN¥246M)(CN¥448M)(CN¥1.1B)(CN¥424M)(CN¥283M)(CN¥365M)

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥4.2B