Owner Scorecard


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Volume two · ADRs

D

22 entries, DAC to DUO · entries 3,047–3,068 of 3,803

Foreign filers on US exchanges. Figures as filed, in each company's home currency.

DAC Danaos Corporation

Revenue is Container Vessel (92%) and Drybulk Vessels (8%).

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$2M

DAO Youdao Inc.

Revenue is led by Online Marketing Services (43%) and Tutoring Services (35%), with 2 more lines behind.

Owner earnings 2017–2025 (CN¥90M)(CN¥107M)(CN¥383M)(CN¥337M)(CN¥1.4B)(CN¥645M)(CN¥456M)(CN¥80M)CN¥30M

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥738M

DAVA Endava plc

For over 25 years, Endava has successfully delivered digital transformations, utilizing a holistic approach that leverages innovative technologies and enhances our clients' systems to create modern value propositions that fuel their competitive edge in the market.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +£68M

DCBO Docebo Inc.

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

Owner earnings 2019–2025 ($5M)$4M($4M)$1M$15M$28M$27M

Retained capital Retained $41M of earnings over 2019–2025; annual owner earnings grew $25M, $0.63 per $1 retained.

Balance sheet Net cash, debt-free, +$74M

DCX Digital Currency X Technology Inc.

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

Owner earnings 2021–2024 ($23M)$11M($45M)($27M)

Retained capital not read

Balance sheet Net debt against an operating loss, $53M

DDI DoubleDown Interactive Co., Ltd.

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

Owner earnings 2019–2025 $76M$100M$96M$51M$24M$148M$137M

Retained capital Retained $261M of earnings over 2019–2025; annual owner earnings grew $12M, $0.05 per $1 retained.

Balance sheet Net cash, debt-free, +$469M · dividend paid 2 of 7 yrs, cut at least once

DDL Dingdong (Cayman) Limited

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

Owner earnings 2019–2025 (CN¥999M)(CN¥2.2B)(CN¥5.9B)(CN¥40M)(CN¥318M)CN¥831MCN¥438M

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥4.0B

DEFT Defi Technologies Inc.

Defi Technologies Inc. is a publicly listed company with its Common Shares listed for trading on Cboe Canada under the symbol "DEFI", on The Nasdaq Stock Market LLC under the symbol "DEFT", and on FSE under the symbol "R9B" and with BDRs representing Common Shares listed for trading on B3 S.A.

Owner earnings FY2025 ($133M)

Retained capital not read

Balance sheet Net cash, debt-free, +$91M

DGNX Diginex Limited

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

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$710K

DHT DHT Holdings 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 2017–2021 $102M$54M$156M$529M$61M

Retained capital Paid out $12M more than it earned over 2017–2021; annual owner earnings grew $145M.

Balance sheet Modest net debt, $310M · dividend paid 5 of 5 yrs, cut at least once

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

DNN DENISON MINES CORP.

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 2023–2025 (C$34M)(C$48M)(C$86M)

Retained capital not read

Balance sheet Net cash, debt-free, +C$539M

DOO BRP Inc.

Revenue is Year Round Products (57%), Seasonal Products (27%) and PA and A OEM Engines and Others (16%).

Owner earnings 2018–2026 C$412MC$384MC$275MC$701MC$496MC$339MC$1.3BC$292MC$915M

Retained capital Retained C$276M of earnings over 2018–2026; annual owner earnings grew C$467M.

Balance sheet Heavy net debt, C$1.9B · dividend paid 9 of 9 yrs, cut at least once

DOX Amdocs

Amdocs is a leading provider of software and services for approximately 400 communications, entertainment and media industry and other service providers in developed countries and emerging markets.

Owner earnings 2015–2024 $652M$490M$503M$326M$715M$530M$698M$619M

Retained capital Paid out $1.2B more than it earned over 2015–2024; annual owner earnings grew $67M.

Balance sheet Modest net debt, $300M · dividend paid 8 of 8 yrs, never cut

DOYU DouYu International Holdings Limited ADS

We operate our platform both on mobile apps and PC portals, through which users can enjoy immersive and interactive games and entertainment livestreaming, access to a wide array of video and graphic contents, and participate in community events and discussions.

Owner earnings 2017–2025 (CN¥405M)(CN¥370M)CN¥797MCN¥649M(CN¥593M)(CN¥74M)(CN¥53M)(CN¥240M)(CN¥53M)

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥1.8B

DPRO Draganfly Inc.

An aerospace and defense contractor, working a multi-year backlog of large programs.

Owner earnings 2021–2025 (C$22M)(C$16M)(C$19M)(C$12M)(C$24M)

Retained capital not read

Balance sheet Net cash, debt-free, +C$90M

DQ DAQO New Energy Corp.

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

Owner earnings 2016–2025 $76M$115M$68M$134M$141M$562M$2.4B$1.5B($642M)($123M)

Retained capital Retained $3.1B of earnings over 2016–2025; annual owner earnings grew $148M, $0.05 per $1 retained.

Balance sheet Net cash, debt-free, +$856M

DRD DRDGOLD Limited

We are a South African gold mining company engaged in surface gold tailings retreatment, including exploration, extraction, processing and smelting.

Owner earnings 2016–2025 R 316M(R 59M)R 108MR 119MR 948MR 1.3BR 1.2BR 1.4BR 1.6BR 3.1B

Retained capital Retained R 4.5B of earnings over 2016–2025; annual owner earnings grew R 1.9B, R 0.43 per R 1 retained.

Balance sheet Net cash, debt-free, +R 1.3B · dividend paid 9 of 10 yrs, cut at least once

DSGX Descartes Systems

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

Owner earnings 2016–2026 $51M$69M$67M$73M$99M$127M$171M$202M$213M$261M

Retained capital Retained $700M of earnings over 2016–2026; annual owner earnings grew $163M, $0.23 per $1 retained.

Balance sheet Net cash, +$327M

DSWL Deswell Industries Inc.

Revenue is Electronic Products (85%) and Injection Molded Plastic Parts (15%).

Owner earnings 2017–2026 ($3M)$4M$1M$13M$3M($2M)$12M$13M$13M$5M

Retained capital Retained $32M of earnings over 2017–2026; annual owner earnings grew $10M, $0.30 per $1 retained.

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

DSX Diana Shipping 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 ($72M)($64M)$77M$47M$11M$72M$116M$41M$80M$46M

Retained capital Paid out $860M more than it earned over 2016–2025; annual owner earnings grew $75M.

Balance sheet Heavy net debt, $425M · dividend paid 5 of 10 yrs, cut at least once

DUO Fangdd Network Group Ltd.

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

The same four lines for every company, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The entries carry no ranking and form no score. What an entry cannot carry — understanding of the business, and a price — is yours.