H

HAFN Hafnia Limited

Revenue is led by Revenue from voyage charter (63%) and External vessels in disponent owner pools (33%), with 3 more lines behind.

Owner earnings 2022–2024 $562M$876M$981M

Retained capital not read

Balance sheet Modest net debt, $713M

HBM Hudbay Minerals Inc.

Revenue is Peru (53%), Manitoba (34%) and British Columbia (14%).

Owner earnings 2016–2025 $282M$290M$289M$52M($122M)$33M$179M$196M$319M$241M

Retained capital Retained $196M of earnings over 2016–2025; annual owner earnings fell $35M, $-0.18 per $1 retained.

Balance sheet Net cash, +$33M · dividend paid 10 of 10 yrs, cut at least once

HCM HUTCHMED (China) Limited

Revenue is Oncology/Immunology (52%) and Other Ventures (48%).

Owner earnings 2016–2025 ($12M)($12M)($36M)($86M)($68M)($211M)($277M)$211M($12M)($79M)

Retained capital not read

Balance sheet Net cash, +$1.3B

HDB HDFC Bank Limited

HDFC Bank is an Indian bank. It gathers deposits from retail and corporate customers, lends that money back out as retail and business loans, and keeps the spread between what it pays savers and what it charges borrowers. Around that lending it sells related financial services — insurance, asset management, and stock brokerage through its subsidiaries — for fee income.

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

HDL SUPER HI INTERNATIONAL HOLDING LTD.

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

Owner earnings 2022–2024 $8M$81M$85M

Retained capital not read

Balance sheet Net cash, debt-free, +$255M

HEPS D-Market Electronic Services & Trading

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

Owner earnings 2019–2024 TRY 310MTRY 852M(TRY 692M)(TRY 199M)TRY 5.6BTRY 3.7B

Retained capital Paid out TRY 12.9B more than it earned over 2019–2024; annual owner earnings grew TRY 2.9B.

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

HERE Here Group Limited

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

Owner earnings 2021–2025 CN¥74MCN¥268MCN¥230MCN¥279MCN¥181M

Retained capital Retained CN¥6M of earnings over 2021–2025; annual owner earnings grew CN¥39M.

Balance sheet Net cash, debt-free, +CN¥1.0B · dividend paid 1 of 5 yrs, never cut

HIMX Himax Technologies Inc.

We are a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies.

Owner earnings 2016–2025 $77M$13M($16M)($17M)$97M$381M$71M$129M$103M$120M

Retained capital Retained $416M of earnings over 2016–2025; annual owner earnings grew $93M, $0.22 per $1 retained.

Balance sheet Net cash, +$74M · dividend paid 9 of 10 yrs, cut at least once

HITI High Tide Inc.

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

Owner earnings 2020–2025 C$7M(C$13M)(C$3M)C$15MC$27MC$14M

Retained capital Paid out C$212M more than it earned over 2020–2025; annual owner earnings grew C$22M.

Balance sheet Net cash, +C$20M · dividend paid 5 of 6 yrs, cut at least once

HLN Haleon plc

Revenue is EMEA & LatAm (42%), North America (35%) and Asia Pacific (23%).

Owner earnings 2020–2025 £1.2B£1.2B£1.9B£1.9B£2.1B£2.3B

Retained capital Paid out £56M more than it earned over 2020–2025; annual owner earnings grew £660M.

Balance sheet Meaningful net debt, £6.4B · dividend paid 6 of 6 yrs, cut at least once

HLP Hongli Group Inc.

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2020–2025 $2M$135K($3M)$583K($447K)$661K

Retained capital Retained $9M of earnings over 2020–2025; annual owner earnings grew $292K, $0.03 per $1 retained.

Balance sheet Heavy net debt, $11M

HMC Honda Motor Company Ltd.

Honda builds and sells automobiles and motorcycles, along with power equipment built around small engines, to buyers around the world. Most of its money comes from making and selling those machines; a financial-services arm adds to the take by lending people the money to buy them. It is, at bottom, a maker of engine-powered products with a loan book attached.

Owner earnings 2016–2025 ¥755.8B¥390.9B¥572.1B¥355.2B¥609.2B¥754.0B¥1.41T¥1.65T¥398.6B(¥218.7B)

Retained capital Retained ¥4.77T of earnings over 2016–2025; annual owner earnings grew ¥38.4B, ¥0.01 per ¥1 retained.

Balance sheet Meaningful net debt, ¥4.05T · dividend paid 10 of 10 yrs, cut at least once

HMR Heidmar Maritime Holdings Corp.

Heidmar is a global commercial and technical management company that operates tanker and dry-bulk vessel pools.

Owner earnings 2023–2025 $12M$7M$13M

Retained capital not read

Balance sheet Net cash, debt-free, +$19M

HMY Harmony Gold Mining Company Limited

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

Owner earnings 2017–2025 R 1.3BR 1.3B(R 357M)R 1.1BR 5.3BR 3.2BR 6.5BR 11.0BR 17.8B

Retained capital Retained R 18.8B of earnings over 2017–2025; annual owner earnings grew R 11.0B, R 0.59 per R 1 retained.

Balance sheet Net cash, +R 11.2B · dividend paid 8 of 9 yrs, cut at least once

HPAI Helport AI 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, debt-free, +$152K

HSAI Hesai Group

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2020–2025 (CN¥371M)(CN¥257M)(CN¥750M)(CN¥29M)(CN¥68M)(CN¥7M)

Retained capital not read

Balance sheet Net cash, +CN¥4.4B

HSBC HSBC Holdings plc.

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 · dividend paid 10 of 10 yrs, cut at least once

HSHP Himalaya Shipping 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 not read

Retained capital not read

Balance sheet Heavy net debt, $643M

HTCO High-Trend International Group

We are an international shipping company which has accounted for all our revenues to date.

Owner earnings 2020–2025 $1M$5M

Retained capital not read

Balance sheet Net cash, +$9M

HTHT H World Group Limited

A hotel and lodging business, earning on rooms filled and the brand that fills them.

Owner earnings 2017–2025 CN¥1.6BCN¥2.2BCN¥2.3B(CN¥753M)(CN¥316M)CN¥515MCN¥6.8BCN¥6.6BCN¥7.6B

Retained capital Paid out CN¥4.1B more than it earned over 2017–2025; annual owner earnings grew CN¥5.0B.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 9 yrs, cut at least once

HTLM HomesToLife Ltd

Revenue is Export Sales (93%), Leather Trading (5%) and Retail Sales (2%).

Owner earnings 2022–2025 $2M$19M$176K$13M

Retained capital Retained $24M of earnings over 2022–2025; annual owner earnings grew $4M, $0.15 per $1 retained.

Balance sheet Net cash, debt-free, +$27M · dividend paid 1 of 4 yrs, never cut

HTT High Templar Tech Limited

Revenue is Delivery service Income (59%) and Sales Income (41%).

Owner earnings 2016–2025 CN¥789MCN¥2.8BCN¥3.2BCN¥5.4BCN¥2.2BCN¥444M(CN¥13M)(CN¥213M)(CN¥429M)CN¥570M

Retained capital Retained CN¥5.2B of earnings over 2016–2025; annual owner earnings fell CN¥2.3B, CN¥-0.44 per CN¥1 retained.

Balance sheet Net cash, +CN¥6.0B

HUHU HUHUTECH International Group Inc.

Revenue is System integration projects (78%), Product sales (21%) and Engineering consulting services (1%).

Owner earnings 2022–2025 ($235K)$3M($3M)$3M

Retained capital Paid out $16M more than it earned over 2022–2025; annual owner earnings grew $990K.

Balance sheet Net debt against an operating loss, $2M

HUYA HUYA Inc.

Revenue is Live Streaming (71%) and Game Related Services, Advertising and Others (29%).

Owner earnings 2016–2025 (CN¥420M)CN¥236MCN¥691MCN¥1.9BCN¥1.2BCN¥288M(CN¥444M)(CN¥79M)CN¥54M(CN¥212M)

Retained capital Paid out CN¥7.4B more than it earned over 2016–2025; annual owner earnings fell CN¥247M.

Balance sheet Net cash, debt-free, +CN¥693M · dividend paid 2 of 10 yrs, cut at least once

HYFT MindWalk Holdings Corp.

MindWalk Holdings Corp. is a Bio-Native AI company that applies artificial intelligence proprietary biological pattern analysis and wet-lab capabilities to support therapeutic discovery.

Owner earnings 2020–2025 (C$2M)(C$2M)(C$11M)(C$21M)(C$5M)(C$7M)

Retained capital not read

Balance sheet Net cash, debt-free, +C$14M