T

TAC TransAlta Corporation

Revenue is led by Power and other (42%) and Merchant Revenue (37%), with 3 more lines behind.

Owner earnings 2016–2025 C$386MC$288MC$543MC$432MC$216MC$521MC$278MC$843MC$485MC$397M

Retained capital Paid out C$1.0B more than it earned over 2016–2025; annual owner earnings grew C$169M.

Balance sheet Heavy net debt, C$3.4B · dividend paid 10 of 10 yrs, cut at least once

TAK Takeda Pharmaceutical Company Limited

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

Owner earnings 2017–2025 ¥199.7B¥310.8B¥250.8B¥542.7B¥899.7B¥999.9B¥836.5B¥540.9B¥856.4B

Retained capital Paid out ¥696.5B more than it earned over 2017–2025; annual owner earnings grew ¥490.8B.

Balance sheet Heavy net debt, ¥3.58T · dividend paid 9 of 9 yrs, never cut

TAL TAL Education Group

Revenue is Learning Services and Others (65%) and Learning Content Solutions (35%).

Owner earnings 2017–2026 $350M$634M$118M$756M$818M($1.1B)($28M)$282M$352M$533M

Retained capital Paid out $1.5B more than it earned over 2017–2026; annual owner earnings grew $22M.

Balance sheet Net cash, +$2.7B · dividend paid 1 of 10 yrs, cut at least once

TATT TAT Technologies Ltd.

TAT is a leading provider of solutions and services to the commercial and military aerospace and ground defense industries focused mainly on three product areas and services: Thermal Management, Power and Actuation and Maintenance, Repair and Overhaul.

Owner earnings 2016–2025 $2M($1M)($2M)$324K$2M($7M)($9M)($3M)($11M)$10M

Retained capital Retained $13M of earnings over 2016–2025; annual owner earnings fell $888K, $-0.07 per $1 retained.

Balance sheet Net cash, +$40M · dividend paid 2 of 10 yrs, never cut

TBBB BBB Foods Inc. Class A

We are pioneers and leaders of the grocery hard discount model in Mexico and one of the fastest growing retailers in the country as measured by our sales and store growth rates.

Owner earnings 2021–2025 MX$834MMX$1.4BMX$2.2BMX$2.5BMX$3.1B

Retained capital Paid out MX$4.2B more than it earned over 2021–2025; annual owner earnings grew MX$1.1B.

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

TC Token Cat 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 2016–2024 (CN¥54M)(CN¥60M)(CN¥74M)(CN¥175M)(CN¥91M)(CN¥93M)(CN¥110M)(CN¥35M)

Retained capital not read

Balance sheet Net debt against an operating loss, CN¥5M

TCOM Trip.com Group Limited

Revenue is led by Accommodation reservation (42%) and Transportation ticketing (36%), with 3 more lines behind.

Owner earnings 2016–2025 CN¥4.8BCN¥6.6BCN¥6.4BCN¥6.7B(CN¥4.4B)CN¥1.9BCN¥2.1BCN¥21.4BCN¥19.0BCN¥13.6B

Retained capital Retained CN¥57.1B of earnings over 2016–2025; annual owner earnings grew CN¥12.1B, CN¥0.21 per CN¥1 retained.

Balance sheet Net cash, +CN¥41.1B · dividend paid 1 of 10 yrs, never cut

TD Toronto Dominion Bank (The)

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

TECK Teck Resources Ltd

Revenue is Copper (62%) and Zinc (38%).

Owner earnings 2016–2025 C$1.6BC$3.4BC$2.5BC$696M(C$1.6B)C$772MC$3.6BC$199MC$528M(C$359M)

Retained capital Retained C$7.7B of earnings over 2016–2025; annual owner earnings fell C$2.4B, C$-0.31 per C$1 retained.

Balance sheet Net cash, +C$1.1B · dividend paid 10 of 10 yrs, cut at least once

TEN Tsakos Energy Navigation 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 2021–2025 $47M$148M$232M$148M$128M

Retained capital Retained $436M of earnings over 2021–2025; annual owner earnings grew $27M, $0.06 per $1 retained.

Balance sheet Heavy net debt, $1.5B · dividend paid 5 of 5 yrs, cut at least once

TEO Telecom Argentina SA

A telecom carrier, renting access to a network that must be constantly rebuilt.

Owner earnings 2016–2025 ARS 19.8BARS 28.2BARS 5.7BARS 67.3BARS 140.1BARS 342.4BARS 656.2BARS 1.01TARS 609.6BARS 1.03T

Retained capital Paid out ARS 1.10T more than it earned over 2016–2025; annual owner earnings grew ARS 866.7B.

Balance sheet Heavy net debt, ARS 4.64T · dividend paid 8 of 10 yrs, cut at least once

TFII TFI International Inc.

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2019–2025 $227M$468M$587M$621M$652M$670M$705M

Retained capital Retained $1.0B of earnings over 2019–2025; annual owner earnings grew $248M, $0.24 per $1 retained.

Balance sheet Meaningful net debt, $2.1B · dividend paid 7 of 7 yrs, never cut

TFPM Triple Flag Precious Metals Corp.

Triple Flag, formed in 2016, is a precious-metals-focused streaming and royalty company offering bespoke financing solutions to the metals and mining industry.

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 5 of 5 yrs, never cut

TGB Taseko Mines Ltd.

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

Owner earnings 2016–2021 C$15MC$163MC$23M(C$8M)C$86MC$147M

Retained capital Paid out C$73M more than it earned over 2016–2021; annual owner earnings grew C$8M.

Balance sheet Heavy net debt, C$521M

TGS Transportadora de Gas del Sur SA TGS

Transportadora de Gas del Sur owns and runs a pipeline network that moves natural gas across southern Argentina, carrying it from the producing basins to the distribution companies and large industrial users that burn it. It earns most of its keep as a regulated carrier, paid a tariff to ship gas it does not own. Alongside that, it takes a cut of the gas stream to strip out and sell natural gas liquids — products such as propane and butane — a separate, commodity-priced trade.

Owner earnings 2015–2024 ARS 206MARS 3.1BARS 5.6BARS 22.1BARS 20.1BARS 65.7BARS 125.3BARS 107.4BARS 280.8BARS 354.5B

Retained capital Retained ARS 757.7B of earnings over 2015–2024; annual owner earnings grew ARS 244.6B, ARS 0.32 per ARS 1 retained.

Balance sheet Modest net debt, ARS 520.1B · dividend paid 5 of 10 yrs, cut at least once

THCH TH International Limited

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

Owner earnings 2020–2025 (CN¥174M)(CN¥319M)(CN¥406M)(CN¥335M)(CN¥143M)(CN¥78M)

Retained capital not read

Balance sheet Net cash, +CN¥478M

TIGO Millicom International Cellular S.A.

A telecom carrier, renting access to a network that must be constantly rebuilt.

Owner earnings 2016–2025 $159M$170M$160M$65M$199M$216M$484M$409M$1.1B$1.1B

Retained capital Retained $3M of earnings over 2016–2025; annual owner earnings grew $689M.

Balance sheet Meaningful net debt, $5.2B · dividend paid 5 of 10 yrs, cut at least once

TIGR UP FINTECH HOLDING LIMITED

We are a leading integrated financial technology platform providing cross-market, multi-product investment experience for investors around the world.

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

TIMB TIM S.A.

A telecom carrier, renting access to a network that must be constantly rebuilt.

Owner earnings 2018–2025 R$2.3BR$3.2BR$8.5BR$4.6BR$4.4BR$7.9BR$7.8BR$8.9B

Retained capital Retained R$7.9B of earnings over 2018–2025; annual owner earnings grew R$3.5B, R$0.45 per R$1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 8 yrs, never cut

TJGC TJGC Group Limited

Revenue is led by Offline advertising and web banner (50%) and Online advertising (38%), with 2 more lines behind.

Owner earnings 2025–2026 (HK$27M)(HK$29M)

Retained capital not read

Balance sheet Net debt against an operating loss, HK$16M

TK Teekay Corporation Ltd.

Revenue is Tankers (87%) and Marine Services and Other (13%).

Owner earnings 2016–2025 $28M($510M)($512M)$372M$968M$57M$199M$630M$397M$112M

Retained capital Retained $502M of earnings over 2016–2025; annual owner earnings grew $710M, $1.42 per $1 retained.

Balance sheet Net cash, debt-free, +$1.1B · dividend paid 6 of 10 yrs, cut at least once

TLK PT Telekomunikasi Indonesia Tbk

A telecom carrier, renting access to a network that must be constantly rebuilt.

Owner earnings 2015–2024 Rp 25.10TRp 28.68TRp 28.93TRp 24.23TRp 31.76TRp 35.91TRp 38.43TRp 38.34TRp 26.98TRp 35.59T

Retained capital Retained Rp 61.55T of earnings over 2015–2024; annual owner earnings grew Rp 6.07T, Rp 0.10 per Rp 1 retained.

Balance sheet Modest net debt, Rp 1.85T · dividend paid 10 of 10 yrs, cut at least once

TLX Telix Pharmaceuticals Limited

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

Owner earnings 2023–2025 $10M$23M($43M)

Retained capital not read

Balance sheet Heavy net debt, $263M

TM Toyota Motor Corporation

Revenue is Automotive (90%), Financial services (9%) and All other (3%).

Owner earnings 2016–2020 ¥3.18T¥2.34T¥2.93T¥2.31T¥990.7B

Retained capital Retained ¥7.75T of earnings over 2016–2020; annual owner earnings fell ¥739.5B, ¥-0.10 per ¥1 retained.

Balance sheet Meaningful net debt, ¥12.51T · dividend paid 5 of 5 yrs, cut at least once

TME Tencent Music Entertainment Group

Revenue is Online Music Services (77%) and Social Entertainment Services and Others (23%).

Owner earnings 2016–2024 CN¥832MCN¥2.4BCN¥5.5BCN¥6.1BCN¥4.8BCN¥5.1BCN¥7.4BCN¥7.2BCN¥10.0B

Retained capital Retained CN¥18.2B of earnings over 2016–2024; annual owner earnings grew CN¥5.3B, CN¥0.29 per CN¥1 retained.

Balance sheet Net cash, debt-free, +CN¥13.2B · dividend paid 1 of 9 yrs, never cut

TNK Teekay Tankers Ltd.

Our primary business is to own and operate crude oil and product tankers, and we employ a chartering strategy that seeks to capture upside opportunities in the tanker spot market while using fixed-rate time charters to reduce downside risks.

Owner earnings 2016–2025 $197M$76M($13M)$106M$332M($129M)$200M$631M$401M$219M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $331M, $0.32 per $1 retained.

Balance sheet Net cash, debt-free, +$831M · dividend paid 6 of 10 yrs, cut at least once

TORO Toro 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 2021–2025 ($116M)$41M($16M)$11M($73M)

Retained capital Retained $216M of earnings over 2021–2025; annual owner earnings grew $4M, $0.02 per $1 retained.

Balance sheet Net cash, debt-free, +$87M

TOUR Tuniu Corporation

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2016–2025 (CN¥2.3B)(CN¥484M)CN¥201M(CN¥208M)(CN¥1.3B)(CN¥241M)(CN¥149M)CN¥223MCN¥90M(CN¥114M)

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥1.1B

TOYO TOYO Co. Ltd

Revenue is Third Parties (60%) and Related Parties (40%).

Owner earnings 2023–2025 ($15M)$23M$96M

Retained capital not read

Balance sheet Modest net debt, $13M

TRI Thomson Reuters Corporation

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 2017–2025 $1.5B$2.0B$548M$1.6B$1.6B$1.8B$2.2B$2.3B$2.5B

Retained capital Retained $5.4B of earnings over 2017–2025; annual owner earnings grew $1.0B, $0.19 per $1 retained.

Balance sheet Modest net debt, $1.5B · dividend paid 9 of 9 yrs, never cut

TRMD TORM plc

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 $52M($5M)($44M)$61M$114M($83M)$383M$656M$635M$284M

Retained capital Retained $542M of earnings over 2016–2025; annual owner earnings grew $524M, $0.97 per $1 retained.

Balance sheet Meaningful net debt, $765M · dividend paid 7 of 10 yrs, cut at least once

TROO TROOPS Inc. Ordinary Shares

TROOPS, Inc. is a conglomerate group of various businesses with its headquarters based in Hong Kong.

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

TRP TC Energy Corporation

Revenue is led by U.S. Natural Gas Pipelines (47%) and Canadian Natural Gas Pipelines (38%), with 2 more segments behind.

Owner earnings 2016–2025 C$62M(C$2.2B)(C$2.9B)(C$393M)(C$1.8B)(C$244M)(C$2.6B)(C$5.0B)(C$208M)C$2.1B

Retained capital Retained C$6.2B of earnings over 2016–2025; annual owner earnings grew C$597M, C$0.10 per C$1 retained.

Balance sheet Heavy net debt, C$37.9B · dividend paid 10 of 10 yrs, cut at least once

TRSG Tungray Technologies Inc

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

Owner earnings 2021–2025 $6M$3M$408K($1M)($4M)

Retained capital Retained $4M of earnings over 2021–2025; annual owner earnings fell $5M, $-1.29 per $1 retained.

Balance sheet Net cash, debt-free, +$7M · dividend paid 3 of 5 yrs, cut at least once

TRVG trivago N.V.

We offer to our advertisers the ability to submit bids to participate in our marketplace.

Owner earnings 2016–2025 €26M(€16M)(€16M)€66M€2M€29M€62M€24M€17M€3M

Retained capital Paid out €812M more than it earned over 2016–2025; annual owner earnings grew €17M.

Balance sheet Net cash, debt-free, +€202M · dividend paid 1 of 10 yrs, never cut

TRX TRX Gold Corporation

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

Owner earnings 2019–2025 ($4M)($7M)($8M)$3M$16M$13M$12M

Retained capital Paid out $38M more than it earned over 2019–2025; annual owner earnings grew $20M.

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

TS Tenaris S.A.

Revenue is Tubes (95%) and Other (5%).

Owner earnings 2016–2025 $77M($580M)$261M$1.2B$1.3B($120M)$789M$3.8B$2.2B$2.0B

Retained capital Retained $4.9B of earnings over 2016–2025; annual owner earnings grew $2.7B, $0.55 per $1 retained.

Balance sheet Net cash, +$2.9B · dividend paid 10 of 10 yrs, cut at least once

TSAT TELESAT CORPORATION

Telesat is a leading global satellite operator, providing its customers with mission -critical communications services since the start of the satellite communications industry in the 1960s.

Owner earnings 2019–2025 C$367MC$355MC$262MC$207MC$127M(C$2M)(C$74M)

Retained capital Retained C$415M of earnings over 2019–2025; annual owner earnings fell C$311M, C$-0.75 per C$1 retained.

Balance sheet Net debt against an operating loss, C$3.0B · dividend paid 3 of 7 yrs, cut at least once

TSEM Tower Semiconductor Ltd.

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

Owner earnings 2016–2025 $110M$168M$103M$100M$36M$107M$237M$419M$182M$92M

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $104M, $0.05 per $1 retained.

Balance sheet Net cash, +$977M

TSM Taiwan Semiconductor Manufacturing Company Limited

TSMC is the world's largest contract chip manufacturer — a foundry that builds the chips other companies design but do not make themselves, from Apple's processors to Nvidia's AI accelerators and much of the rest of the leading edge. It owns the fabrication; its customers own the designs and the brands.

Owner earnings 2015–2024 NT$272.4BNT$319.7BNT$329.5BNT$258.4BNT$333.7BNT$498.1BNT$698.0BNT$1.18TNT$719.0BNT$1.17T

Retained capital Retained NT$3.42T of earnings over 2015–2024; annual owner earnings grew NT$717.4B, NT$0.21 per NT$1 retained.

Balance sheet Net cash, +NT$2.04T · dividend paid 10 of 10 yrs, never cut

TTAM Titan America SA

Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services operating primarily in Florida, the New York and New Jersey Metropolitan area, Virginia, North Carolina and South Carolina.

Owner earnings 2022–2025 $53M$110M$113M$135M

Retained capital Retained $399M of earnings over 2022–2025; annual owner earnings grew $27M, $0.07 per $1 retained.

Balance sheet Modest net debt, $179M · dividend paid 2 of 4 yrs, cut at least once

TTE TotalEnergies SE

Revenue is led by Refining & Chemicals (43%) and Marketing & Services (39%), with 3 more segments behind.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $27.1B

TU Telus Corporation

Revenue is led by Mobile (45%) and Fixed (31%), with 2 more segments behind.

Owner earnings 2016–2025 C$861MC$1.5BC$1.7BC$1.2BC$1.9BC$1.2BC$1.5BC$1.9BC$2.2BC$2.1B

Retained capital Retained C$1.1B of earnings over 2016–2025; annual owner earnings grew C$742M.

Balance sheet Heavy net debt, C$25.7B · dividend paid 10 of 10 yrs, cut at least once

TUYA Tuya Inc.

Revenue is PaaS (72%), Smart solution (14%) and Saas and Others (14%).

Owner earnings 2019–2025 ($57M)($51M)($129M)($71M)$35M$79M$80M

Retained capital not read

Balance sheet Net cash, debt-free, +$952M

TV Grupo Televisa S.A.B.

Revenue is Residential (69%), Satellite (24%) and Enterprise (7%).

Owner earnings 2015–2024 MX$5.8BMX$8.7BMX$8.3BMX$15.2BMX$8.2BMX$13.0BMX$6.1B(MX$4.8B)MX$493MMX$23.5B

Retained capital Retained MX$47.8B of earnings over 2015–2024; annual owner earnings fell MX$1.2B, MX$-0.03 per MX$1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 9 of 10 yrs, never cut

TWG Top Wealth Group Holding Limited

We are one of the major suppliers of caviar in Hong Kong.

Owner earnings 2021–2022 $61K($53K)

Retained capital not read

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

TX Ternium S.A. Ternium S.A.

Revenue is led by Hot rolled (41%) and Coated (34%), with 3 more lines behind.

Owner earnings 2016–2025 $664M($26M)$1.2B$987M$1.2B$2.2B$2.2B$1.8B$1.2B$1.5B

Retained capital Retained $7.3B of earnings over 2016–2025; annual owner earnings grew $891M, $0.12 per $1 retained.

Balance sheet Net cash, +$712M · dividend paid 9 of 10 yrs, cut at least once