V

VALE VALE S.A.

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 2016–2021 $2.8B$8.6B$10.0B$9.2B$11.6B$21.6B

Retained capital Retained $13.6B of earnings over 2016–2021; annual owner earnings grew $7.0B, $0.51 per $1 retained.

Balance sheet Modest net debt, $5.7B · dividend paid 5 of 6 yrs, never cut

VALN Valneva SE

We are a specialty vaccine company that develops, manufactures, and commercializes prophylactic vaccines for infectious diseases addressing unmet medical needs.

Owner earnings 2019–2025 (€5M)€119M(€15M)(€275M)(€217M)(€81M)(€57M)

Retained capital not read

Balance sheet Net debt against an operating loss, €66M

VBNK VersaBank

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 6 of 6 yrs, cut at least once

VEON VEON Ltd. ADS

Revenue is Telecommunication and infrastructure (83%), Digital financial services (10%) and Other digital (8%).

Owner earnings 2016–2025 $224M$438M$567M$1.4B$1.9B$262M$299M$629M$523M$620M

Retained capital Paid out $139M more than it earned over 2016–2025; annual owner earnings grew $181M.

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

VET Vermilion Energy Inc. Common (Canada)

Vermilion is a global gas producer that seeks to create value through the acquisition, exploration and development of liquids-rich natural gas in Canada and conventional natural gas in Europe while optimizing low-decline oil assets.

Owner earnings 2016–2024 C$509MC$564MC$802MC$787MC$485MC$799MC$1.8BC$1.0BC$932M

Retained capital Paid out C$753M more than it earned over 2016–2024; annual owner earnings grew C$617M.

Balance sheet Net debt against an operating loss, C$1.2B · dividend paid 8 of 9 yrs, cut at least once

VFS VinFast Auto Ltd.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2021–2024 (VND 32.95T)(VND 51.91T)(VND 56.78T)(VND 39.96T)

Retained capital not read

Balance sheet Net debt against an operating loss, VND 66.28T

VFSWW VinFast Auto Ltd.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2021–2024 (VND 32.95T)(VND 51.91T)(VND 56.78T)(VND 39.96T)

Retained capital not read

Balance sheet Net debt against an operating loss, VND 66.28T

VIK Viking Holdings Ltd

We are intently focused on the travel needs of our core demographic of curious, affluent, English-speaking travelers aged 55 years and older, which is an attractive segment of the travel market.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $1.3B

VINP Vinci Compass Investments Ltd. Class A

Vinci Compass is the premier partner for alternative investments and global solutions in Latin America, formed by the combination of Vinci Partners and Compass in 2024.

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

VIOT Viomi Technology Co. Ltd

Revenue is Sale of Home Water Solutions (69%), Sale of Kitchen Appliances and Others (20%) and Sale of Consumables (10%).

Owner earnings 2016–2025 CN¥14MCN¥123MCN¥220MCN¥222MCN¥138MCN¥237M(CN¥324M)(CN¥140M)CN¥687MCN¥113M

Retained capital Retained CN¥415M of earnings over 2016–2025; annual owner earnings grew CN¥101M, CN¥0.24 per CN¥1 retained.

Balance sheet Net cash, +CN¥812M · dividend paid 1 of 10 yrs, cut at least once

VIPS Vipshop Holdings Limited

Revenue is Vip.Com (95%) and Shan Shan Outlets (4%).

Owner earnings 2016–2025 CN¥2.2BCN¥260MCN¥5.0BCN¥11.5BCN¥10.9BCN¥5.6BCN¥9.3BCN¥13.1BCN¥7.7BCN¥5.9B

Retained capital Retained CN¥24.6B of earnings over 2016–2025; annual owner earnings grew CN¥6.4B, CN¥0.26 per CN¥1 retained.

Balance sheet Net cash, +CN¥28.7B · dividend paid 2 of 10 yrs, never cut

VIST Vista Energy S.A.B. de C.V.

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

Owner earnings 2017–2024 $14M($19M)($59M)$210M$455M$436M$521M

Retained capital Retained $937M of earnings over 2017–2024; annual owner earnings grew $492M, $0.52 per $1 retained.

Balance sheet Modest net debt, $637M · dividend paid 1 of 7 yrs, never cut

VIV Telefonica Brasil S.A.

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

Owner earnings 2016–2025 R$4.0BR$4.3BR$3.4BR$8.9BR$11.1BR$8.8BR$9.0BR$10.0BR$10.6BR$11.3B

Retained capital Retained R$8.4B of earnings over 2016–2025; annual owner earnings grew R$6.7B, R$0.80 per R$1 retained.

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

VIVO VivoPower PLC

VivoPower is an award-winning global sustainable energy solutions B Corporation company focused on electric solutions for customized and ruggedized fleet applications, battery and microgrids, solar and critical power technology and services.

Owner earnings 2017–2025 $6M$8M($2M)($5M)($16M)($6M)($6M)$884K($7M)

Retained capital not read

Balance sheet Net debt against an operating loss, $7M

VOD Vodafone Group Plc

Revenue is led by Germany (31%) and Africa (20%), with 3 more segments behind.

Owner earnings 2016–2025 €6.1B€7.9B€8.7B€7.9B€12.2B€11.8B€13.5B€13.1B€12.3B€11.0B

Retained capital Paid out €45.8B more than it earned over 2016–2025; annual owner earnings grew €4.6B.

Balance sheet Net debt against an operating loss, €42.6B · dividend paid 10 of 10 yrs, cut at least once

VOXR Vox Royalty Corp.

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

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$8M

VTEX VTEX Class A

VTEX is the backbone for connected commerce that delivers more efficiency and less maintenance to organizations seeking to make smarter IT investments and modernize their tech stack.

Owner earnings 2019–2025 $239K$10M($54M)($30M)$4M$25M$32M

Retained capital not read

Balance sheet Net cash, debt-free, +$215M

VTMX Vesta Real Estate Corporation, S.A.B. de C.V.

A property business, read on funds from operations and net asset value rather than reported earnings.

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, cut at least once