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OBE Obsidian Energy Ltd.

Obsidian Energy is an intermediate-sized oil and gas producer with a well-balanced portfolio of high-quality assets based in Western Canada.

Owner earnings 2016–2025 (C$219M)(C$16M)(C$69M)(C$26M)C$22MC$58MC$142MC$60MC$19M(C$59M)

Retained capital Paid out C$1.6B more than it earned over 2016–2025; annual owner earnings grew C$108M.

Balance sheet Meaningful net debt, C$179M

ODD ODDITY Tech Ltd.

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

Owner earnings 2021–2025 $8M$37M$85M$134M$84M

Retained capital Retained $159M of earnings over 2021–2025; annual owner earnings grew $58M, $0.36 per $1 retained.

Balance sheet Net cash, +$409M

ODV Osisko Development Corp.

The Corporation is a Canadian-based gold development company focused on the acquisition, exploration and development of precious metals resource properties in continental North America.

Owner earnings 2021–2025 (C$89M)(C$80M)(C$61M)(C$89M)(C$121M)

Retained capital not read

Balance sheet Net cash, +C$284M

ODVWZ Osisko Development Corp.

The Corporation is a Canadian-based gold development company focused on the acquisition, exploration and development of precious metals resource properties in continental North America.

Owner earnings 2021–2025 (C$89M)(C$80M)(C$61M)(C$89M)(C$121M)

Retained capital not read

Balance sheet Net cash, +C$284M

OIO OIO Group

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 2022–2024 $1M$5M($3M)

Retained capital not read

Balance sheet Net cash, +$29K

OMAB Central North Airport Group

As operator of the 13 airports under our concessions, we charge fees to airlines, passengers and other users for the use of the airports' facilities.

Owner earnings 2015–2024 MX$1.9BMX$2.3BMX$2.7BMX$3.5BMX$3.7BMX$1.1BMX$4.3BMX$4.7BMX$5.9BMX$5.9B

Retained capital Retained MX$6.4B of earnings over 2015–2024; annual owner earnings grew MX$3.2B, MX$0.50 per MX$1 retained.

Balance sheet Modest net debt, MX$9.6B · dividend paid 8 of 10 yrs, cut at least once

OMSE OMS Energy Technologies Inc.

We are a growth-oriented manufacturer of surface wellhead systems, or SWS, and oil country tubular goods, or OCTG products used in the oil and gas industry.

Owner earnings 2023–2025 $28M$38M

Retained capital not read

Balance sheet Net cash, +$66M

ONEG OneConstruction Group 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 2023–2026 ($2M)($7M)($5M)$1M

Retained capital not read

Balance sheet Net cash, debt-free, +$2M

ONON On Holding AG

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

Owner earnings 2019–2025 (CHF 11M)(CHF 26M)(CHF 8M)(CHF 273M)CHF 189MCHF 450MCHF 287M

Retained capital Retained CHF 384M of earnings over 2019–2025; annual owner earnings grew CHF 323M, CHF 0.84 per CHF 1 retained.

Balance sheet Net cash, debt-free, +CHF 1.1B

OPRA Opera Limited

Revenue is Advertising (64%) and Query (35%).

Owner earnings 2017–2025 $8M$31M($53M)$91M$26M$53M$81M$89M$112M

Retained capital Retained $221M of earnings over 2017–2025; annual owner earnings grew $99M, $0.45 per $1 retained.

Balance sheet Net cash, +$402M · dividend paid 3 of 9 yrs, never cut

ORLA Orla Mining Ltd.

Orla is a Canadian company listed on the Toronto Stock Exchange under the symbol "OLA" and on the NYSE American LLC under the symbol "ORLA".

Owner earnings 2019–2025 ($19M)($18M)($25M)$90M$57M$159M$768M

Retained capital Retained $138M of earnings over 2019–2025; annual owner earnings grew $349M, $2.52 per $1 retained.

Balance sheet Net cash, +$88M

OTLY Oatly Group AB

We are the world's original and largest oatmilk company.

Owner earnings 2019–2025 ($47M)($57M)($241M)($318M)($218M)($154M)($36M)

Retained capital not read

Balance sheet Net debt against an operating loss, $123M