C

CAAP Corporacion America Airports SA

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 $166M($57M)$181M($30M)($8M)$100M$294M$347M$393M$449M

Retained capital Retained $398M of earnings over 2016–2025; annual owner earnings grew $300M, $0.75 per $1 retained.

Balance sheet Modest net debt, $502M · dividend paid 4 of 10 yrs, cut at least once

CAAS China Automotive Systems, Inc.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2023–2025 $2M($10M)$97M

Retained capital not read

Balance sheet Net cash, +$177M

CAE CAE Inc.

Revenue is Civil Aviation (58%) and Defense and Security (42%).

Owner earnings 2017–2025 C$342MC$283MC$279MC$262MC$259MC$146MC$140MC$237MC$540M

Retained capital Retained C$1.3B of earnings over 2017–2025; annual owner earnings grew C$5M, C$0.00 per C$1 retained.

Balance sheet Meaningful net debt, C$2.8B · dividend paid 4 of 9 yrs, cut at least once

CAMT Camtek Ltd.

A precision-instruments business, selling measurement and electronic gear into labs and production lines.

Owner earnings 2016–2025 ($19M)($487K)$15M$23M$23M$58M$54M$74M$112M$127M

Retained capital Retained $469M of earnings over 2016–2025; annual owner earnings grew $106M, $0.23 per $1 retained.

Balance sheet Net cash, +$253M

CAN Canaan Inc.

Revenue is Products (78%) and Mining (21%).

Owner earnings 2019–2025 ($41M)$6M$197M($200M)($127M)($219M)($296M)

Retained capital not read

Balance sheet Net cash, +$38M

CANG Cango 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 2016–2024 CN¥82MCN¥586MCN¥178MCN¥412M(CN¥627M)(CN¥413M)(CN¥572M)CN¥1.0B(CN¥311M)

Retained capital Paid out CN¥627M more than it earned over 2016–2024; annual owner earnings fell CN¥235M.

Balance sheet Net cash, +CN¥2.5B · dividend paid 6 of 9 yrs, never cut

CBAT CBAK Energy Technology 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 2016–2025 ($15M)$5M$6M($24M)($8M)($8M)$7M$37M$32M$39M

Retained capital Paid out $16M more than it earned over 2016–2025; annual owner earnings grew $37M.

Balance sheet Net cash, +$28M

CCEP Coca-Cola Europacific Partners plc

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2016–2025 €911M€1.1B€1.3B€1.4B€1.1B€1.8B€2.4B€2.1B€2.3B€2.2B

Retained capital Retained €3.3B of earnings over 2016–2025; annual owner earnings grew €1.1B, €0.33 per €1 retained.

Balance sheet Meaningful net debt, €9.3B · dividend paid 10 of 10 yrs, cut at least once

CCG Cheche Group Inc.

An insurance broker, paid a commission to place coverage without bearing the risk itself.

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

CCJ Cameco Corporation

Revenue is led by WEC (99%) and U3O8 (83%), with 2 more segments behind.

Owner earnings 2016–2025 C$95MC$482MC$612MC$452M(C$21M)C$360MC$161MC$535MC$694MC$1.1B

Retained capital Retained C$269M of earnings over 2016–2025; annual owner earnings grew C$371M, C$1.38 per C$1 retained.

Balance sheet Net cash, +C$119M · dividend paid 10 of 10 yrs, cut at least once

CCM Concord Medical Services Holdings Ltd

Revenue is Hospital (82%) and Network (19%).

Owner earnings 2016–2025 (CN¥157M)(CN¥65M)(CN¥79M)(CN¥240M)(CN¥285M)(CN¥424M)(CN¥305M)(CN¥359M)(CN¥483M)(CN¥258M)

Retained capital not read

Balance sheet Net debt against an operating loss, CN¥2.7B

CCU Compania Cervecerias Unidas S.A.

CCU is a Chilean beverage maker. It brews and sells beer under its own labels and others it makes under license, and it also bottles and sells other drinks such as soft drinks, water, wine, and spirits, some of these through partnerships. It earns its money by turning raw materials and packaging into branded drinks and selling them to retailers and stores, in Chile and in other countries where it operates.

Owner earnings 2015–2024 CLP 137.9BCLP 106.5BCLP 170.0BCLP 336.0BCLP 137.3BCLP 163.7BCLP 169.2B(CLP 80.6B)CLP 169.7BCLP 134.6B

Retained capital Retained CLP 393.2B of earnings over 2015–2024; annual owner earnings fell CLP 63.6B, CLP -0.16 per CLP 1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, never cut

CDLR Cadeler A/S

Cadeler Group is a leading offshore wind installation vessel contractor.

Owner earnings 2021–2025 €30M€28M€63M€91M€391M

Retained capital Retained €397M of earnings over 2021–2025; annual owner earnings grew €141M, €0.36 per €1 retained.

Balance sheet Heavy net debt, €1.3B

CDRO Codere Online Luxembourg S.A.

Revenue is Online casino wagering (58%) and Online sports betting (42%).

Owner earnings 2019–2024 (€1M)€3M(€6M)(€43M)(€12M)€4M

Retained capital not read

Balance sheet Net cash, debt-free, +€40M

CEPU Central Puerto S.A.

Central Puerto is a private-sector electricity generator in Argentina. It owns and runs power plants and sells the electricity and generation capacity they produce. Much of the output goes to the country's state-controlled wholesale-market administrator under a regulated remuneration scheme, with some sold under negotiated contracts priced in U.S. dollars.

Owner earnings 2015–2024 ARS 1.1BARS 2.0BARS 3.8BARS 5.4BARS 20.6BARS 46.1BARS 125.3BARS 354.6BARS 252.1BARS 147.1B

Retained capital Retained ARS 481.8B of earnings over 2015–2024; annual owner earnings grew ARS 249.0B, ARS 0.52 per ARS 1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

CGEN Compugen Ltd.

We are a clinical-stage therapeutic discovery and development company utilizing Unigen , our AI/ML powered computational discovery platform, to identify novel drug targets and to develop therapeutics in the field of cancer immunotherapy.

Owner earnings 2016–2025 ($21M)($31M)($13M)($28M)($28M)($23M)($35M)($36M)$49M$31M

Retained capital not read

Balance sheet Net cash, debt-free, +$100M

CGNT Cognyte Software Ltd.

Revenue is Software service (47%), Products (40%) and Professional service and other (13%).

Owner earnings 2019–2026 $44M$53M$57M($9M)($45M)$28M$36M$30M

Retained capital Paid out $74M more than it earned over 2019–2026; annual owner earnings fell $20M.

Balance sheet Net cash, debt-free, +$117M

CHA Chagee Holdings Limited

A restaurant business, earning on traffic through its doors and the returns on each new unit.

Owner earnings 2023–2025 CN¥1.9BCN¥2.8BCN¥1.5B

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥7.7B

CHKP Check Point Software Technologies Ltd.

Our solutions deliver leading protection across infrastructure, to make sure organizations are protected from AI-driven attacks.

Owner earnings 2016–2025 $938M$1.1B$1.1B$1.1B$1.1B$1.2B$1.1B$1.0B$1.0B$1.2B

Retained capital Paid out $3.9B more than it earned over 2016–2025; annual owner earnings grew $20M.

Balance sheet Net cash, debt-free, +$2.5B

CHT Chunghwa Telecom Co. Ltd.

Revenue is led by Consumer Business (61%) and Enterprise Business (33%), with 2 more segments behind.

Owner earnings 2015–2024 NT$51.2BNT$41.4BNT$44.1BNT$37.8BNT$48.3BNT$50.9BNT$39.5BNT$44.4BNT$43.8BNT$50.5B

Retained capital Retained NT$5.7B of earnings over 2015–2024; annual owner earnings grew NT$663M.

Balance sheet Net cash, +NT$57.8B · dividend paid 10 of 10 yrs, cut at least once

CIG Comp En De Mn Cemig ADS

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2015–2024 R$2.9BR$1.1BR$497MR$931MR$2.0BR$8.5BR$3.5BR$6.4BR$5.6BR$4.8B

Retained capital Retained R$20.9B of earnings over 2015–2024; annual owner earnings grew R$4.1B, R$0.20 per R$1 retained.

Balance sheet Modest net debt, R$10.0B · dividend paid 7 of 10 yrs, cut at least once

CIGI Colliers International Group Inc.

Colliers is one of the world's largest commercial real estate services providers offering a full range of commercial real estate services in the United States, Canada, Australia, the United Kingdom, Germany, New Zealand, China and several other countries in Asia, Europe and Latin America.

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, never cut

CLBT Cellebrite DI Ltd.

Revenue is led by Subscription Services (70%) and Term-Licenses (20%), with 2 more lines behind.

Owner earnings 2019–2025 $12M$60M$31M$14M$97M$124M$160M

Retained capital Paid out $226M more than it earned over 2019–2025; annual owner earnings grew $92M.

Balance sheet Net cash, debt-free, +$276M · dividend paid 3 of 7 yrs, cut at least once

CLLS Cellectis S.A.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 ($35M)($55M)($71M)($76M)($90M)($112M)($90M)($25M)$20M($42M)

Retained capital not read

Balance sheet Net cash, debt-free, +$73M

CLPS CLPS Incorporation

We are a global information technology, consulting and solutions service provider focused on delivering services primarily to global institutions, including banking, wealth management, e-commerce, and automotive areas both in China and globally.

Owner earnings 2016–2025 $4M$562K($5M)($98K)$6M($3M)$2M$9M$8M($4M)

Retained capital Paid out $4M more than it earned over 2016–2025; annual owner earnings grew $4M.

Balance sheet Net cash, +$29M · dividend paid 7 of 10 yrs, cut at least once

CM Canadian Imperial Bank of Commerce

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

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

CMBT CMB.TECH NV

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 FY2019 $231M

Retained capital not read

Balance sheet Meaningful net debt, $1.3B

CMCL Caledonia Mining Corporation Plc

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2015–2024 $4M$20M$21M$14M$14M$26M$23M$32M$283K$26M

Retained capital Retained $52M of earnings over 2015–2024; annual owner earnings grew $5M, $0.10 per $1 retained.

Balance sheet Net cash, +$2M · dividend paid 10 of 10 yrs, cut at least once

CMCM Cheetah Mobile Inc.

Revenue is Internet Business (53%) and AI and Others (47%).

Owner earnings 2016–2017 CN¥347MCN¥606M

Retained capital not read

Balance sheet Net cash, +CN¥1.4B

CMDB Costamare Bulkers Holdings Limited

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 not read

Retained capital not read

Balance sheet Net cash, +$56M

CMRE COSTAMARE INC.

We are an international owner and operator of containerships.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, $976M

CNCK Coincheck Group N.V.

Coincheck runs a cryptocurrency exchange in Japan, where retail customers buy and sell digital tokens through its Marketplace platform. It earns its keep chiefly on the trading itself — the spread and fees collected each time a customer transacts — so what it takes in tracks how much its users trade. Customer cash is held in trust accounts kept apart from the company's own funds, as Japanese rules require.

Owner earnings 2023–2025 (¥3.9B)¥3.6B(¥2.1B)

Retained capital not read

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

CNI Canadian National Railway Company

A freight railroad, hauling goods across a heavy fixed-cost network it alone owns.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, C$20.9B

CNQ Canadian Natural Resources Limited

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2016–2021 (C$700M)C$2.7BC$5.9BC$8.8BC$4.7BC$14.5B

Retained capital Retained C$3.9B of earnings over 2016–2021; annual owner earnings grew C$6.7B, C$1.70 per C$1 retained.

Balance sheet Modest net debt, C$15.5B · dividend paid 6 of 6 yrs, never cut

COE 51Talk Online Education Group

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 $2M$3M$2M$56M$101M($105M)($46M)$460K$6M$11M

Retained capital Paid out $287M more than it earned over 2016–2025; annual owner earnings grew $4M.

Balance sheet Net cash, +$141M

CPA Copa Holdings S.A.

An airline, a high-fixed-cost business selling a perishable seat.

Owner earnings 2016–2025 $506M$726M$424M$722M($39M)$300M$504M$739M$666M$785M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $178M, $0.12 per $1 retained.

Balance sheet Modest net debt, $592M · dividend paid 8 of 10 yrs, cut at least once

CPAC Cementos Pacasmayo S.A.A.

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 2015–2024 PEN 217MPEN 147MPEN 179MPEN 123MPEN 127MPEN 284MPEN 85M(PEN 10M)PEN 287MPEN 257M

Retained capital Paid out PEN 355M more than it earned over 2015–2024; annual owner earnings fell PEN 3M.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

CRESY Cresud S.A.C.I.F. y A.

Cresud is an Argentine company that owns and leases farmland in Argentina, where it grows crops and raises cattle and sells the harvest into world commodity markets. Alongside the farming it develops and sells parcels of that land, and it controls a separate business that holds urban real estate. The money comes from selling produce at prices it does not set, from gains booked when land changes hands, and from rents — all earned and reported in Argentine pesos.

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 4 of 4 yrs

CRGO Freightos Limited

Revenue is Subscriptions (61%), Transactional Platforms Fees (34%) and SaaS Related Professional Services (5%).

Owner earnings 2020–2025 ($8M)($18M)($15M)($27M)($12M)($9M)

Retained capital not read

Balance sheet Net cash, debt-free, +$25M

CRNT Ceragon Networks Ltd.

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 $18M$9M$15M($25M)$11M($24M)($15M)$21M$12M$18M

Retained capital Retained $24M of earnings over 2016–2025; annual owner earnings grew $3M, $0.13 per $1 retained.

Balance sheet Net cash, +$29M

CSAN Cosan S.A. ADS

A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.

Owner earnings 2018–2024 R$3.3BR$3.5BR$3.3BR$2.6BR$7.0BR$6.9BR$9.2B

Retained capital Paid out R$11.9B more than it earned over 2018–2024; annual owner earnings grew R$4.3B.

Balance sheet Heavy net debt, R$49.6B · dividend paid 7 of 7 yrs, cut at least once

CSIQ Canadian Solar Inc. Common Shares (ON)

A semiconductor business, riding a brutal capacity cycle on the edge of Moore's Law.

Owner earnings 2016–2025 ($374M)$105M$87M($691M)$682M$378M($1.4B)($808M)

Retained capital Retained $771M of earnings over 2016–2025; annual owner earnings fell $545M, $-0.71 per $1 retained.

Balance sheet Net cash, +$813M

CSTE Caesarstone Ltd.

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 $79M$38M($6M)$59M$28M($11M)($41M)$55M$21M($47M)

Retained capital Paid out $228M more than it earned over 2016–2025; annual owner earnings fell $27M.

Balance sheet Net cash, +$51M · dividend paid 6 of 10 yrs, cut at least once

CTW CTW

A software business, earning high margins on code once it is written.

Owner earnings 2023–2025 $2M$877K($473K)

Retained capital not read

Balance sheet Net cash, debt-free, +$12M

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

CVE Cenovus Energy Inc

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2016–2020 (C$106M)C$1.5BC$832MC$2.2B(C$538M)

Retained capital Paid out C$1.0B more than it earned over 2016–2020; annual owner earnings grew C$69M.

Balance sheet Modest net debt, C$8.3B · dividend paid 5 of 5 yrs, cut at least once

CX Cemex S.A.B. de C.V. Sponsored ADR

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 2017–2024 $1.3B$966M$704M$1.1B$1.1B$613M$1.4B$894M

Retained capital Retained $2.2B of earnings over 2017–2024; annual owner earnings fell $28M, $-0.01 per $1 retained.

Balance sheet Meaningful net debt, $4.5B · dividend paid 2 of 8 yrs, cut at least once

CYD China Yuchai International Limited

Revenue is led by Heavy-duty engines (34%) and Medium-duty engines (27%), with 2 more lines behind.

Owner earnings 2015–2024 CN¥1.3BCN¥1.9BCN¥1.1BCN¥263MCN¥1.1BCN¥831M(CN¥67M)(CN¥550M)CN¥988MCN¥419M

Retained capital Retained CN¥2.4B of earnings over 2015–2024; annual owner earnings fell CN¥1.2B, CN¥-0.49 per CN¥1 retained.

Balance sheet Net cash, +CN¥3.4B · dividend paid 10 of 10 yrs, cut at least once