P

PAAS Pan American Silver Corp.

Our principal products are silver and gold, although we also produce and sell zinc, lead, and copper.

Owner earnings 2016–2025 $99M$82M$11M$76M$284M$149M($243M)$71M$401M$1.0B

Retained capital Retained $465M of earnings over 2016–2025; annual owner earnings grew $433M, $0.93 per $1 retained.

Balance sheet Net cash, +$610M · dividend paid 10 of 10 yrs, cut at least once

PAC Pacific Airport 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 not read

Retained capital not read

Balance sheet Net cash, +MX$2.4B

PAGS PagSeguro Digital Ltd. Class A

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

Owner earnings 2015–2024 R$44MR$75MR$446M(R$1.8B)R$360MR$1.8BR$129MR$2.5BR$3.0B(R$4.5B)

Retained capital Retained R$8.6B of earnings over 2015–2024; annual owner earnings grew R$129M, R$0.02 per R$1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 2 of 10 yrs, never cut

PAM Pampa Energia S.A.

Pampa Energia S.A. is the fifth-largest gas producer with 9% of the country's gas output and the third-largest shale gas producer with 10% market share.

Owner earnings 2017–2024 ($46M)$155M$376M$569M$523M$203M($183M)($12M)

Retained capital Retained $2.3B of earnings over 2017–2024; annual owner earnings fell $159M, $-0.07 per $1 retained.

Balance sheet Meaningful net debt, $1.3B · dividend paid 6 of 8 yrs, cut at least once

PAX Patria Investments Limited Class A

An asset manager, paid a fee on the money it runs for other people.

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 7 of 7 yrs, cut at least once

PBA PEMBINA PIPELINE CORPORATION

Revenue is Marketing & New Ventures (52%), Pipelines (43%) and Facilities (5%).

Owner earnings 2016–2025 C$784MC$1.1BC$1.8BC$2.0BC$1.6BC$2.0BC$2.3BC$2.0BC$2.3BC$2.5B

Retained capital Retained C$5.0B of earnings over 2016–2025; annual owner earnings grew C$1.0B, C$0.20 per C$1 retained.

Balance sheet Meaningful net debt, C$11.0B · dividend paid 5 of 10 yrs, never cut

PBK PowerBank Corporation

PowerBank Corporation provides solar energy solutions by developing, permitting, designing and building BTM solar power generation and transmission or distribution electricity grid connected community solar gardens and utility scale solar farms.

Owner earnings 2023–2024 C$2MC$8M

Retained capital not read

Balance sheet Net debt against an operating loss, C$45M

PBR Petroleo Brasileiro S.A. Petrobras ADS

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

Owner earnings 2015–2024 $14.4B$12.0B$13.5B$14.3B$17.0B$23.0B$31.5B$40.1B$31.1B$23.3B

Retained capital Retained $1.0B of earnings over 2015–2024; annual owner earnings grew $18.2B.

Balance sheet Modest net debt, $4.8B · dividend paid 10 of 10 yrs, never cut

PCLA PicoCELA Inc.

Revenue is led by Products (47%) and Product Related Party (35%), with 2 more lines behind.

Owner earnings 2022–2025 (¥119M)(¥760M)(¥262M)(¥572M)

Retained capital not read

Balance sheet Net cash, +¥263M

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

PDS Precision Drilling Corporation

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

Owner earnings 2016–2025 (C$81M)C$42MC$179MC$128MC$165MC$63MC$53MC$276MC$265MC$149M

Retained capital Paid out C$505M more than it earned over 2016–2025; annual owner earnings grew C$184M.

Balance sheet Modest net debt, C$594M

PERF Perfect Corp. Class A Ordinary Share

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

Owner earnings 2020–2025 $2M$1M($3M)$13M$13M$13M

Retained capital Paid out $370M more than it earned over 2020–2025; annual owner earnings grew $13M.

Balance sheet Net cash, debt-free, +$126M

PERI Perion Network Ltd.

Revenue is Display Advertising (79%) and Search Advertising (21%).

Owner earnings 2016–2025 $29M$34M$31M$44M$22M$70M$121M$155M$67K$38M

Retained capital Retained $215M of earnings over 2016–2025; annual owner earnings grew $33M, $0.15 per $1 retained.

Balance sheet Net cash, +$231M

PFAI Pinnacle Food Group Limited Class A

Revenue is led by Recognized at point of time (61%) and Construction services (22%), with 2 more lines behind.

Owner earnings 2022–2025 ($94K)$59K$5K($4M)

Retained capital not read

Balance sheet Net debt against an operating loss, $79K

PHAR Pharming Group N.V.

Pharming Group is a global biotechnology company that develops and commercializes innovative therapies for rare and ultra-rare diseases with significant unmet need.

Owner earnings 2019–2025 $72M$79M$31M$21M($19M)($3M)$54M

Retained capital Retained $88M of earnings over 2019–2025; annual owner earnings fell $50M, $-0.56 per $1 retained.

Balance sheet Net cash, debt-free, +$145M

PHG KONINKLIJKE PHILIPS NV

Revenue is led by Diagnosis & Treatment (48%) and Connected Care (28%), with 2 more segments behind.

Owner earnings 2016–2025 €810M€1.4B€1.4B€1.3B€2.0B€1.2B(€617M)€1.8B€1.3B€903M

Retained capital Paid out €1.7B more than it earned over 2016–2025; annual owner earnings grew €109M.

Balance sheet Meaningful net debt, €4.2B · dividend paid 10 of 10 yrs, cut at least once

PHI PLDT Inc. Sponsored ADR

Revenue is Fixed Line (52%) and Wireless (48%).

Owner earnings 2015–2024 PHP 38.2BPHP 6.7BPHP 19.5BPHP 13.9BPHP 29.7BPHP 37.6BPHP 39.9B(PHP 17.6B)PHP 27.3BPHP 16.1B

Retained capital Retained PHP 11.5B of earnings over 2015–2024; annual owner earnings fell PHP 12.9B.

Balance sheet Heavy net debt, PHP 258.2B · dividend paid 10 of 10 yrs, cut at least once

PHOE Phoenix Asia 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 2023–2025 ($80K)$1M

Retained capital not read

Balance sheet Net cash, debt-free, +$893K

PKX POSCO HOLDINGS INC.

POSCO Holdings is a South Korean holding company whose principal business is steelmaking, carried on through its operating subsidiary. It takes iron ore and coal and turns them into steel, which it sells by the ton to industrial buyers at home and for export. Its earnings come from the spread between what those raw materials cost and what the finished steel fetches.

Owner earnings 2015–2024 ₩5.04T₩2.95T₩3.32T₩3.73T₩3.49T₩5.53T₩3.19T₩2.50T₩2.34T₩2.68T

Retained capital Retained ₩13.11T of earnings over 2015–2024; annual owner earnings fell ₩1.26T, ₩-0.10 per ₩1 retained.

Balance sheet Meaningful net debt, ₩4.57T · dividend paid 10 of 10 yrs, cut at least once

PLBL Polibeli Group Ltd

Revenue is led by Household appliances (32%) and Skincare products (16%), with 8 more lines behind.

Owner earnings 2023–2025 ($5M)($6M)($7M)

Retained capital not read

Balance sheet Net debt against an operating loss, $36K

PLGO Pelagos Insurance Capital Limited

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, 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

PLUT Plutus Financial Group Limited

Revenue is Securities Related Services (38%), Asset Management Services (36%) and Money Lending (26%).

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

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

PN Skycorp Solar Group 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 2023–2025 $246K$1M$2M

Retained capital not read

Balance sheet Net cash, debt-free, +$9M

POET POET Technologies Inc.

POET is on the forefront of providing scalable solutions for current and future AI systems.

Owner earnings 2016–2025 ($11M)($9M)($13M)($10M)($11M)($12M)($15M)($17M)($30M)($33M)

Retained capital not read

Balance sheet Net cash, +$310M

PONY Pony AI Inc.

Revenue is Virtual Driver Operation and Other Related Services (45%), Products (37%) and Engineering Solution Services (18%).

Owner earnings 2022–2025 ($167M)($121M)($122M)($172M)

Retained capital not read

Balance sheet Net cash, debt-free, +$1.2B

PRE Prenetics Global Limited

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

Owner earnings 2020–2024 ($4M)$9M$10M($14M)($30M)

Retained capital not read

Balance sheet Net cash, debt-free, +$52M

PRQR ProQR Therapeutics N.V.

We are a clinical-stage biotechnology company advancing a pipeline of RNA editing therapeutics based on our proprietary Axiomer RNA-editing platform.

Owner earnings 2016–2025 (€35M)(€35M)(€29M)(€45M)(€48M)(€26M)(€69M)€20M(€38M)(€54M)

Retained capital not read

Balance sheet Net cash, +€83M

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

PSIG PS International Group Ltd.

We are a renowned air freight and end-to-end supply chain solution providers in Hong Kong, with a focus on providing cross border logistics services.

Owner earnings 2022–2025 $935K$7M($6M)

Retained capital not read

Balance sheet Net cash, +$11M

PSNY Polestar Automotive Holding UK PLC

Polestar is a pure play, premium electric car brand headquartered in Sweden, designing performance cars engineered to excite consumers and drive change.

Owner earnings 2020–2024 ($107M)($349M)($1.1B)($2.0B)($1.0B)

Retained capital not read

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

PSNYW Polestar Automotive Holding UK PLC

Polestar is a pure play, premium electric car brand headquartered in Sweden, designing performance cars engineered to excite consumers and drive change.

Owner earnings 2020–2024 ($107M)($349M)($1.1B)($2.0B)($1.0B)

Retained capital not read

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

PSO Pearson Plc

Revenue is led by Assessments and Qualifications (45%) and Higher Education (22%), with 3 more segments behind.

Owner earnings 2016–2021 £322M£216M£392M£314M£336M£262M

Retained capital Paid out £2.0B more than it earned over 2016–2021; annual owner earnings fell £6M.

Balance sheet Meaningful net debt, £1.1B · dividend paid 6 of 6 yrs, cut at least once

PTLE PTL LTD

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

Owner earnings not read

Retained capital not read

Balance sheet net position not read

PUK Prudential Public Limited Company

A life insurer, collecting premiums for decades and earning a spread on the reserves it invests until claims fall due.

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 9 of 9 yrs, cut at least once

PXS Pyxis Tankers 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 2019–2024 $5M($14M)($6M)$5M$16M$12M

Retained capital Retained $32M of earnings over 2019–2024; annual owner earnings grew $16M, $0.49 per $1 retained.

Balance sheet Heavy net debt, $34M · dividend paid 1 of 6 yrs, never cut