R

RACE Ferrari N.V.

Revenue is Cars and spare parts (84%), Sponsorship, commercial and brand (11%) and Other (4%).

Owner earnings 2016–2025 €830M€474M€633M€954M€481M€930M€1.1B€1.3B€1.4B€1.9B

Retained capital Retained €6.9B of earnings over 2016–2025; annual owner earnings grew €902M, €0.13 per €1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 10 yrs, cut at least once

RADX Radiopharm Theranostics Limited

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

Owner earnings FY2023 ($23M)

Retained capital not read

Balance sheet Net cash, debt-free, +$29M

RCI Rogers Communication 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 C$1.6BC$1.4BC$2.1BC$1.7BC$2.0BC$1.4BC$1.2BC$1.6BC$2.2B

Retained capital Retained C$10.3B of earnings over 2016–2025; annual owner earnings fell C$52M, C$-0.01 per C$1 retained.

Balance sheet Meaningful net debt, C$38.5B · dividend paid 9 of 9 yrs, cut at least once

RCT RedCloud Holdings plc

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

Owner earnings 2023–2025 ($22M)($35M)($37M)

Retained capital not read

Balance sheet Net cash, debt-free, +$479K

RDCM Radcom Ltd.

Revenue is Products (52%) and Services (48%).

Owner earnings 2016–2025 $9M($11M)($3M)$6M($477K)$2M$6M$4M$11M$14M

Retained capital Retained $7M of earnings over 2016–2025; annual owner earnings grew $11M, $1.70 per $1 retained.

Balance sheet Net cash, debt-free, +$110M

RDWR Radware Ltd.

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 $29M$24M$40M$45M$55M$66M$23M($9M)$66M$42M

Retained capital Paid out $243M more than it earned over 2016–2025; annual owner earnings grew $2M.

Balance sheet Net cash, debt-free, +$105M

RDY Dr. Reddy's Laboratories Ltd

Dr. Reddy's makes medicines — in large part generic copies of drugs whose patents have lapsed, along with the active ingredients that go into them. It sells through wholesalers, pharmacy chains, and group purchasing organizations, with the United States a major market and India both its home market and its low-cost manufacturing base. The money comes from making a pill cheaply and selling it for more, with research, plant, and regulatory costs sitting in between.

Owner earnings 2016–2025 ₹29.2B₹9.2B₹8.7B₹21.7B₹25.0B₹26.0B₹13.4B₹47.6B₹29.0B₹29.4B

Retained capital Retained ₹214.9B of earnings over 2016–2025; annual owner earnings grew ₹19.6B, ₹0.09 per ₹1 retained.

Balance sheet Net cash, +₹12.0B · dividend paid 10 of 10 yrs, cut at least once

REAX The Real Brokerage Inc.

Revenue is led by North American Brokerage (99%) and One Real Mortgage (0%), with 2 more segments behind.

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 1 of 5 yrs, never cut

RELX RELX PLC PLC

Revenue is led by Risk (36%) and Scientific Technical and Medical (28%), with 3 more segments behind.

Owner earnings 2016–2025 £1.7B£1.9B£1.9B£2.0B£1.6B£2.0B£2.4B£2.4B£2.6B£2.8B

Retained capital Retained £3.8B of earnings over 2016–2025; annual owner earnings grew £783M, £0.21 per £1 retained.

Balance sheet Meaningful net debt, £6.3B · dividend paid 10 of 10 yrs, never cut

RERE ATRenew Inc.

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

Owner earnings 2019–2025 (CN¥514M)(CN¥451M)(CN¥1.1B)CN¥820MCN¥159MCN¥583M(CN¥559M)

Retained capital not read

Balance sheet Net cash, +CN¥1.8B

RIO Rio Tinto Plc

Revenue is led by Iron Ore (49%) and Aluminium, alumina and bauxite (27%), with 5 more lines behind.

Owner earnings 2016–2025 $5.5B$9.4B$7.8B$10.5B$11.6B$20.6B$15.7B$14.7B$15.0B$16.2B

Retained capital Retained $25.1B of earnings over 2016–2025; annual owner earnings grew $7.8B, $0.31 per $1 retained.

Balance sheet Modest net debt, $12.5B · dividend paid 10 of 10 yrs, cut at least once

RITR Reitar Logtech Holdings Limited

Revenue is Construction and engineering services (96%) and Asset management and professional consultancy services (4%).

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

RLX RLX Technology Inc.

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

Owner earnings 2018–2025 (CN¥1M)CN¥336MCN¥2.6BCN¥1.8BCN¥448MCN¥170MCN¥844MCN¥1.1B

Retained capital Retained CN¥2.7B of earnings over 2018–2025; annual owner earnings fell CN¥274M, CN¥-0.10 per CN¥1 retained.

Balance sheet Net cash, debt-free, +CN¥7.7B · dividend paid 4 of 8 yrs, never cut

RNW ReNew Energy Global plc

Revenue is Power (84%), Sale Of Solar Modules and Related Products (14%) and Transmission Line Projects (2%).

Owner earnings 2019–2025 ₹20.5B₹23.8B₹20.1B₹28.6B₹49.7B₹51.3B₹46.9B

Retained capital Paid out ₹21.5B more than it earned over 2019–2025; annual owner earnings grew ₹27.8B.

Balance sheet Heavy net debt, ₹682.3B

ROMA Roma Green Finance Limited

ROMA, through its subsidiaries are mainly engaged in the provision of environmental, social and governance, corporate governance and risk management as well as sustainability and climate change related advisory services.

Owner earnings 2022–2026 HK$26KHK$540K(HK$25M)(HK$20M)

Retained capital not read

Balance sheet Net cash, debt-free, +HK$7M

RSKD Riskified Ltd.

Our AI-powered fraud management and risk intelligence platform is designed to help our merchants maximize revenue and profit to allow them to provide superior online shopping experiences for consumers.

Owner earnings 2019–2025 $3M($5M)($22M)($30M)$6M$39M$33M

Retained capital Paid out $692M more than it earned over 2019–2025; annual owner earnings grew $34M.

Balance sheet Net cash, debt-free, +$293M

RTO Rentokil Initial plc

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

Owner earnings 2020–2024 £418M£435M£447M£570M£507M

Retained capital Retained £678M of earnings over 2020–2024; annual owner earnings grew £75M, £0.11 per £1 retained.

Balance sheet Meaningful net debt, £1.6B · dividend paid 4 of 5 yrs, cut at least once

RY Royal Bank Of Canada

As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries.

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

RYAAY Ryanair Holdings plc

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

Owner earnings 2018–2025 €1.7B€1.1B€748M(€2.7B)€1.2B€3.0B€2.1B€2.2B

Retained capital Retained €2.5B of earnings over 2018–2025; annual owner earnings grew €1.2B, €0.49 per €1 retained.

Balance sheet Net cash, +€2.2B · dividend paid 5 of 8 yrs, cut at least once

RYET Ruanyun Edai Technology Inc.

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

Owner earnings 2024–2026 ($804K)($2M)($9M)

Retained capital not read

Balance sheet net position not read

RYOJ rYojbaba Co. Ltd.

We provide labor and corporate consulting services to foster constructive employment relationships between companies and their employees.

Owner earnings 2023–2025 $319K$681K$688K

Retained capital not read

Balance sheet Net cash, +$2M

RZLV Rezolve AI PLC

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

Owner earnings 2023–2025 ($13M)($22M)($63M)

Retained capital not read

Balance sheet Net cash, +$24M

RZLVW Rezolve AI PLC

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

Owner earnings 2023–2025 ($13M)($22M)($63M)

Retained capital not read

Balance sheet Net cash, +$24M