A

A Agilent Technologies Inc.

Revenue is Agilent CrossLab (42%), Life Sciences and Diagnostics Markets (39%) and Applied Markets (19%).

Owner earnings 2016–2025 $654M$713M$910M$866M$802M$1.3B$1.0B$1.5B$1.5B$1.3B

Retained capital Retained $983M of earnings over 2016–2025; annual owner earnings grew $654M, $0.67 per $1 retained.

Balance sheet Modest net debt, $1.3B · dividend paid 10 of 10 yrs, never cut

AA Alcoa

Revenue is led by Aluminum (66%) and Alumina (29%), with 2 more lines behind.

Owner earnings 2016–2025 ($715M)$819M$49M$307M$41M$530M$342M($440M)$42M$567M

Retained capital Paid out $1.4B more than it earned over 2016–2025; annual owner earnings grew $5M.

Balance sheet Modest net debt, $842M · dividend paid 5 of 10 yrs, never cut

AAL American Airlines Group

American Airlines is one of the large U.S. network carriers. It sells seats to fly people, and space to carry freight, on its own fleet of aircraft and on smaller regional jets flown under its name; the routes fan out through connecting hubs across the country and abroad. Fares are the bulk of the money, and a loyalty program tied to a co-branded credit card adds a second stream the airline gets paid for whether or not the miles are ever flown.

Owner earnings 2016–2025 $4.6B$2.5B$1.1B$1.2B($8.5B)$496M($373M)$1.2B$1.3B$899M

Retained capital Paid out $11.1B more than it earned over 2016–2025; annual owner earnings fell $1.6B.

Balance sheet Heavy net debt, $27.5B · buybacks at an average near $38.99 · dividend paid 5 of 10 yrs, cut at least once

AAMI Acadian Asset Management Inc.

Acadian LLC offers institutional investors across the globe access to a diversified array of systematic investment strategies designed to meet a range of risk and return objectives.

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

AAOI Applied Optoelectronics Inc.

Applied Optoelectronics Inc. is a leading, vertically integrated provider of fiber-optic networking products, primarily for four networking end-markets: internet data center, cable television, telecommunications,, and fiber-to-the-home.

Owner earnings 2016–2025 $8M$17M($58M)($31M)($60M)($20M)($17M)($17M)($113M)($354M)

Retained capital not read

Balance sheet Net cash, +$76M

AAON Aaon, Inc.

AAON is a leader in heating, ventilation, air conditioning, and liquid cooling solutions for commercial and industrial indoor environments.

Owner earnings 2016–2025 $51M$43M$37M$75M$103M$31M$26M$112M$130M($79M)

Retained capital Retained $688M of earnings over 2016–2025; annual owner earnings grew $11M, $0.02 per $1 retained.

Balance sheet Modest net debt, $6M · dividend paid 10 of 10 yrs, never cut

AAP Advance Auto Parts

Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider in North America, serving both professional installers and "do-it-yourself" customers, as well as independently-owned operators.

Owner earnings 2016–2025 $264M$411M$617M$597M$702M$817M$338M$61M($96M)($298M)

Retained capital Paid out $635M more than it earned over 2016–2025; annual owner earnings fell $542M.

Balance sheet Net debt against an operating loss, $289M · dividend paid 10 of 10 yrs, cut at least once

AAPL Apple Inc.

Apple designs and sells consumer hardware — smartphones, personal computers, tablets, and wearables — that runs its own iOS and macOS software, and it sells a range of related digital services to the people who own those devices. The iPhone is its largest source of revenue and services the second, with the other hardware lines behind them. It makes money first by selling the device and then by collecting recurring fees from the software and services that live on it.

Owner earnings 2016–2025 $53.5B$51.8B$64.1B$58.9B$73.4B$93.0B$111.4B$99.6B$108.8B$98.8B

Retained capital Paid out $91.2B more than it earned over 2016–2025; annual owner earnings grew $45.9B.

Balance sheet Modest net debt, $36.0B · buybacks at an average near $99.83 · dividend paid 10 of 10 yrs, never cut

AAT American Assets Trust

Revenue is led by Office (47%) and Retail (22%), 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 10 of 10 yrs, cut at least once

ABAT American Battery Technology Company

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

Owner earnings 2015–2025 ($33K)($199K)($1M)($3M)($28M)($31M)

Retained capital not read

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

ABBV AbbVie Inc.

AbbVie discovers, makes, and sells branded prescription medicines, with leadership positions it claims across immunology, neuroscience, oncology, and aesthetics. Doctors prescribe the drugs to patients, but the bills are paid mostly by insurers, large institutional purchasers, and government health programs. The money comes from medicines protected by patents and priced well above what they cost to manufacture.

Owner earnings 2016–2025 $6.6B$9.4B$13.0B$12.8B$16.8B$22.0B$24.2B$22.1B$18.0B$18.3B

Retained capital Paid out $42.0B more than it earned over 2016–2025; annual owner earnings grew $9.8B.

Balance sheet Meaningful net debt, $59.7B · buybacks at an average near $158 · dividend paid 10 of 10 yrs, never cut

ABCB Ameris Bancorp

We are a financial holding company whose business is conducted primarily through our wholly owned banking subsidiary, Ameris Bank, which provides a full range of banking services to its retail and commercial customers who are primarily concentrated in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina.

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 10 of 10 yrs, never cut

ABCL AbCellera Biologics Inc.

AbCellera is a clinical-stage biotechnology company focused on discovering and developing first-in-class antibody medicines for indications with high unmet medical need.

Owner earnings 2019–2025 ($1M)$13M$186M$207M($121M)($187M)($174M)

Retained capital Paid out $27M more than it earned over 2019–2025; annual owner earnings fell $227M.

Balance sheet Net cash, debt-free, +$129M

ABEO Abeona Therapeutics Inc.

Abeona Therapeutics Inc. is a commercial-stage biopharmaceutical company developing cell and gene therapies for life-threatening diseases.

Owner earnings 2016–2025 ($14M)($24M)($41M)($36M)($69M)($44M)($37M)($79M)

Retained capital not read

Balance sheet Net cash, +$171M

ABG Asbury Automotive Group Inc

Asbury Automotive Group, Inc. is a Fortune 500 company and one of the largest franchised automotive retailers in the United States.

Owner earnings 2016–2023 $112M$234M($30M)$314M$1.1B$627M$245M

Retained capital Retained $2.4B of earnings over 2016–2023; annual owner earnings grew $559M, $0.24 per $1 retained.

Balance sheet Meaningful net debt, $3.2B · buybacks at an average near $6.98

ABM ABM Industries Incorporated

Revenue is led by B&I (47%) and M&D (19%), with 3 more segments behind.

Owner earnings 2017–2025 ($52M)$270M$203M$420M$280M($30M)$191M$167M$155M

Retained capital Retained $189M of earnings over 2017–2025; annual owner earnings grew $31M, $0.16 per $1 retained.

Balance sheet Heavy net debt, $1.5B · buybacks at an average near $43.69 · dividend paid 9 of 9 yrs, never cut

ABNB Airbnb Inc.

We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions.

Owner earnings 2019–2022 $166M($777M)$2.3B$3.4B

Retained capital Paid out $5.2B more than it earned over 2019–2022; annual owner earnings grew $1.1B.

Balance sheet Net cash, +$9.0B · buybacks at an average near $109

ABR Arbor Realty Trust

We are a nationwide real estate investment trust and direct lender, providing loan origination and servicing for commercial real estate assets.

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

ABSI Absci Corporation

We are a clinical-stage biopharmaceutical company using an AI-native approach to develop differentiated antibody therapeutics.

Owner earnings 2020–2025 ($13M)($99M)($98M)($65M)($73M)($94M)

Retained capital not read

Balance sheet Net cash, +$140M

ABT Abbott Laboratories

Abbott sells a broad, mixed line of healthcare products: medical devices, diagnostic tests and the instruments that run them, nutrition for infants and adults, and branded generic medicines marketed mostly outside the United States in emerging markets. The buyers are hospitals, labs, doctors, pharmacies, and ordinary people around the world. It makes its money the way a brand maker does — selling many small, repeat-purchase items under trusted names, often with a device or analyzer that pulls a stream of consumables behind it.

Owner earnings 2016–2025 $2.4B$4.4B$5.2B$5.1B$6.7B$9.0B$8.3B$6.0B$7.2B$8.1B

Retained capital Retained $12.4B of earnings over 2016–2025; annual owner earnings grew $3.1B, $0.25 per $1 retained.

Balance sheet Modest net debt, $4.0B · dividend paid 10 of 10 yrs, never cut

ABTC American Bitcoin 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 2021–2024 ($8M)($11M)($57M)($61M)

Retained capital not read

Balance sheet Net debt against an operating loss, $6M

ABUS Arbutus Biopharma Corporation

Arbutus Biopharma Corporation is a clinical-stage biopharmaceutical company focused on infectious disease.

Owner earnings 2016–2025 ($59M)($51M)($69M)($72M)($52M)($68M)($36M)($87M)($65M)($40M)

Retained capital not read

Balance sheet Net cash, debt-free, +$91M

ABX Abacus Global Management Inc.

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

ABXL Abacus Global Management, Inc.

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

ACA Arcosa Inc. Common Stock

Arcosa, Inc. and its consolidated subsidiaries, headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions with leading brands serving construction, engineered structures, and transportation markets in North America.

Owner earnings 2016–2025 $162M$96M$74M$273M$178M$81M$36M$102M$312M$176M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $86M, $0.07 per $1 retained.

Balance sheet Meaningful net debt, $1.3B · buybacks at an average near $44.95 · dividend paid 8 of 10 yrs, never cut

ACAD ACADIA Pharmaceuticals Inc.

We are a biopharmaceutical company focused on turning scientific promise into meaningful innovation that makes the difference for underserved neurological and rare disease communities around the world.

Owner earnings 2016–2025 ($209M)($219M)($169M)($152M)($138M)($127M)($114M)$17M$157M$109M

Retained capital not read

Balance sheet Net cash, +$178M

ACCO Acco Brands Corporation

ACCO Brands is a leading global consumer, technology and business branded products company, providing well-known brands and innovative product solutions used in schools, homes and at work.

Owner earnings 2016–2022 $149M$174M$161M$171M$104M$138M$60M

Retained capital Retained $248M of earnings over 2016–2022; annual owner earnings fell $60M, $-0.24 per $1 retained.

Balance sheet Heavy net debt, $777M · buybacks at an average near $9.55 · dividend paid 5 of 7 yrs, never cut

ACDC ProFrac Holding Corp.

ProFrac is one of the largest providers of well stimulation services in the United States.

Owner earnings 2020–2025 ($3M)($44M)$148M$287M$112M$20M

Retained capital Paid out $751M more than it earned over 2020–2025; annual owner earnings grew $106M.

Balance sheet Net debt against an operating loss, $997M

ACEL Accel Entertainment Inc.

We are a leading distributed gaming operator in the United States, as well as a developer of brick-and-mortar casinos that serve local gaming markets and horse racing venues.

Owner earnings 2017–2025 $9M$21M$25M($29M)$81M$79M$95M$77M$98M

Retained capital Retained $33M of earnings over 2017–2025; annual owner earnings grew $72M, $2.17 per $1 retained.

Balance sheet Meaningful net debt, $311M · buybacks at an average near $10.54

ACGL Arch Capital

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 · buybacks at an average near $36.91

ACGLN Arch Capital Group Ltd.

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 · buybacks at an average near $36.91

ACGLO Arch Capital Group Ltd.

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 · buybacks at an average near $36.91

ACHC Acadia Healthcare Company Inc.

We are the leading publicly traded pure-play provider of behavioral healthcare services in the U.S.

Owner earnings 2016–2025 $226M$257M$334M$245M$564M$268M$263M$330M($20M)($57M)

Retained capital Paid out $988M more than it earned over 2016–2025; annual owner earnings fell $188M.

Balance sheet Heavy net debt, $2.4B

ACHR Archer Aviation Inc.

We are building a platform to deliver advanced aircraft, technologies and services to customers worldwide across commercial and defense sectors.

Owner earnings 2023–2025 ($278M)($380M)($453M)

Retained capital not read

Balance sheet Net cash, +$941M

ACI Albertsons

Albertsons runs supermarkets across the United States under a collection of regional banners. It sells groceries — packaged non-perishables, fresh food, and the other staples that fill a store — to households who shop in person or order ahead for pickup and delivery, and it fills prescriptions at in-store pharmacy counters. It earns a thin slice on each item and lives on the volume that moves through the registers.

Owner earnings 2017–2026 $438M($502M)$344M$437M$2.3B$1.9B$700M$628M$749M$527M

Retained capital Retained $1.8B of earnings over 2017–2026; annual owner earnings grew $541M, $0.30 per $1 retained.

Balance sheet Heavy net debt, $9.6B · dividend paid 6 of 10 yrs, never cut

ACIC American Coastal Insurance Corporation

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

ACIW ACI Worldwide Inc.

ACI develops, markets, installs, and supports a broad line of software solutions that deliver intelligent payments orchestration to banks, merchants, and billers .

Owner earnings 2016–2025 $59M$120M$166M$110M$297M$200M$130M$160M$343M$310M

Retained capital Retained $276M of earnings over 2016–2025; annual owner earnings grew $156M, $0.56 per $1 retained.

Balance sheet Modest net debt, $621M · buybacks at an average near $29.67

ACLS Axcelis Technologies

Axcelis Technologies designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips.

Owner earnings 2016–2025 ($11M)$51M$42M($21M)$62M$141M$205M$144M$129M$107M

Retained capital Retained $733M of earnings over 2016–2025; annual owner earnings grew $99M, $0.14 per $1 retained.

Balance sheet Net cash, +$345M

ACM AECOM

We are a leading global provider of professional infrastructure consulting and advisory services for governments, businesses and organizations throughout the world.

Owner earnings 2017–2025 $610M$661M$677M$215M$568M$577M$590M$708M$685M

Retained capital Paid out $2.0B more than it earned over 2017–2025; annual owner earnings grew $12M.

Balance sheet Modest net debt, $1.2B · dividend paid 4 of 9 yrs, never cut

ACMR ACM Research Inc.

Revenue is Total Single Wafer and Semi-Critical Cleaning Equipment (69%), ECP Front End and Packaging Furnace and Other Technologies (22%) and Advanced Packaging (exclude ECP), Services & Spares (8%).

Owner earnings 2016–2025 ($4M)($8M)$6M$8M($15M)($42M)($67M)($82M)$146M($25M)

Retained capital not read

Balance sheet Net cash, +$579M

ACN Accenture PLC

We serve clients and manage our business through three geographic markets: Americas, EMEA and Asia Pacific.

Owner earnings 2016–2025 $4.2B$4.5B$5.4B$6.0B$7.6B$8.4B$8.8B$9.0B$8.6B$10.9B

Retained capital Paid out $1.8B more than it earned over 2016–2025; annual owner earnings grew $4.8B.

Balance sheet Net cash, +$6.5B · buybacks at an average near $214 · dividend paid 10 of 10 yrs, never cut

ACNB ACNB Corporation

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 · buybacks at an average near $48.54 · dividend paid 10 of 10 yrs, never cut

ACOG Alpha Cognition Inc.

Revenue is Product, net (66%), License (34%) and Licensing (6%).

Owner earnings FY2025 ($20M)

Retained capital not read

Balance sheet Net cash, +$65M

ACRS Aclaris Therapeutics Inc.

We are a clinical-stage biopharmaceutical company focused on discovering and developing novel small and large molecule product candidates for immuno-inflammatory diseases.

Owner earnings 2017–2025 ($55M)($102M)($98M)($39M)($52M)($68M)($79M)($20M)($47M)

Retained capital not read

Balance sheet Net cash, +$9M

ACT Enact Holdings Inc.

We are a leading private mortgage insurance company serving the United States housing finance market since 1981 with a mission to help people buy a house and keep it their home.

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

ACTG Acacia Research Corporation

Acacia Research Corporation is a disciplined value-oriented acquirer and operator of businesses across public and private markets and industries including but not limited to the industrial, energy and technology sectors.

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 · buybacks at an average near $3.89 · dividend paid 4 of 9 yrs, cut at least once

ACVA ACV Auctions Inc.

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

Owner earnings 2019–2025 ($74M)$7M$83M($78M)($20M)$61M$69M

Retained capital Paid out $520M more than it earned over 2019–2025; annual owner earnings grew $31M.

Balance sheet Net cash, +$81M

AD Array Digital Infrastructure Inc.

Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services.

Owner earnings 2016–2025 $58M$4M$197M$74M$248M$78M$230M$826M$864M$174M

Retained capital Paid out $1.4B more than it earned over 2016–2025; annual owner earnings grew $535M.

Balance sheet Net debt against an operating loss, $561M · dividend paid 1 of 10 yrs, never cut

ADAM Adamas Trust Inc.

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

ADAMI Adamas Trust, Inc.

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

ADAML Adamas Trust, Inc.

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

ADAMM Adamas Trust, Inc.

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

ADAMN Adamas Trust, Inc.

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

ADAMZ Adamas Trust, Inc.

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

ADBE Adobe Inc.

Adobe sells software that people use to make and manage digital content. Most of its money comes from Digital Media — the programs designers and everyday users rely on to create images, video and documents, including the Acrobat software behind the PDF — sold mostly by subscription. A smaller part, Digital Experience, sells businesses the tools to deliver and manage personalized experiences for their own customers.

Owner earnings 2016–2025 $2.0B$2.7B$3.8B$4.0B$5.3B$6.9B$7.4B$6.9B$7.9B$9.9B

Retained capital Paid out $4.3B more than it earned over 2016–2025; annual owner earnings grew $5.4B.

Balance sheet Net cash, +$385M · buybacks at an average near $355

ADC Agree Realty

Agree Realty is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants.

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, never cut

ADCT ADC Therapeutics SA

ADC Therapeutics is a commercial-stage global pioneer in the field of antibody drug conjugates, transforming treatment for patients through our focused portfolio with ZYNLONTA, a CD19-directed ADC.

Owner earnings 2022–2025 ($139M)($122M)($125M)($141M)

Retained capital not read

Balance sheet Net cash, +$146M

ADEA Adeia Inc.

We have spent decades investing in advanced research and development to create market-leading technologies for the entertainment, media, consumer electronics, and semiconductor industries.

Owner earnings 2018–2025 $132M$160M$420M$221M$170M$149M$211M$156M

Retained capital Paid out $513M more than it earned over 2018–2025; annual owner earnings fell $66M.

Balance sheet Modest net debt, $282M · buybacks at an average near $12.23 · dividend paid 8 of 8 yrs, cut at least once

ADI Analog Devices Inc.

Analog Devices Inc. is a global semiconductor leader dedicated to solving our customers' most complex engineering challenges.

Owner earnings 2016–2025 $1.2B$950M$2.2B$2.0B$1.8B$2.5B$4.2B$4.5B$3.5B$4.4B

Retained capital Paid out $6.8B more than it earned over 2016–2025; annual owner earnings grew $2.7B.

Balance sheet Modest net debt, $4.5B · dividend paid 10 of 10 yrs, never cut

ADM Archer-Daniels-Midland Company

Archer-Daniels-Midland Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities.

Owner earnings 2016–2025 ($7.4B)($7.0B)($5.6B)($6.3B)($3.2B)$5.4B$2.5B$3.4B$1.6B$4.2B

Retained capital not read

Balance sheet Meaningful net debt, $6.6B

ADMA ADMA Biologics Inc

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

Owner earnings 2016–2025 ($18M)($39M)($65M)($79M)($105M)($117M)($66M)$4M$110M$42M

Retained capital not read

Balance sheet Modest net debt, $12M

ADNT Adient plc Ordinary Shares

Adient plc is a global leader in the automotive seating supply industry with leading market positions in the Americas, Europe and Asia and maintains longstanding relationships with the largest global automotive original equipment manufacturers.

Owner earnings 2016–2025 ($1.5B)$169M$143M($160M)($80M)$0$47M$415M$277M$204M

Retained capital Paid out $3.1B more than it earned over 2016–2025; annual owner earnings grew $685M.

Balance sheet Net debt against an operating loss, $1.4B · buybacks at an average near $28.26 · dividend paid 3 of 10 yrs, cut at least once

ADP Automatic Data Processing Inc.

We are a global leader in HR and payroll solutions, serving over 1.1 million clients and paying over 42 million workers in over 140 countries and territories.

Owner earnings 2017–2026 $1.9B$2.3B$2.5B$2.9B$2.9B$2.9B$4.0B$3.9B$4.8B$5.2B

Retained capital Paid out $784M more than it earned over 2017–2026; annual owner earnings grew $2.4B.

Balance sheet Modest net debt, $772M · buybacks at an average near $176 · dividend paid 10 of 10 yrs, never cut

ADPT Adaptive Biotechnologies Corporation

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

Owner earnings 2017–2025 ($37M)($39M)$194M($168M)($254M)($200M)($167M)($99M)($49M)

Retained capital not read

Balance sheet Net debt against an operating loss, $61M

ADSK Autodesk Inc.

We are a global leader in 3D design, engineering and entertainment technology solutions, spanning architecture, engineering, construction, product design, manufacturing, media, and entertainment.

Owner earnings 2017–2026 $94M($50M)$310M$1.4B$1.3B$1.5B$2.0B$1.3B$1.6B$2.4B

Retained capital Paid out $3.2B more than it earned over 2017–2026; annual owner earnings grew $1.6B.

Balance sheet Net cash, +$97M · buybacks at an average near $251 · no dividend paid

ADT ADT Inc.

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

Owner earnings 2016–2025 $539M$1.5B$1.7B$1.7B$1.2B$1.5B$1.7B$1.5B$1.7B$1.7B

Retained capital Paid out $4.9B more than it earned over 2016–2025; annual owner earnings grew $417M.

Balance sheet Heavy net debt, $7.6B · buybacks at an average near $6.24 · dividend paid 9 of 10 yrs, cut at least once

ADTN ADTRAN Holdings Inc.

Revenue is Network Solutions (83%) and Services and Support (17%).

Owner earnings 2016–2025 $28M($57M)$47M($12M)($23M)($3M)($61M)($79M)$69M$98M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings grew $23M.

Balance sheet Net debt against an operating loss, $97M · dividend paid 8 of 10 yrs, cut at least once

ADUS Addus HomeCare

Addus has been providing home care services since 1979.

Owner earnings 2016–2025 ($2M)$49M$28M$7M$103M$35M$97M$103M$110M$104M

Retained capital Retained $422M of earnings over 2016–2025; annual owner earnings grew $81M, $0.19 per $1 retained.

Balance sheet Modest net debt, $122M

ADV Advantage Solutions Inc.

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

Owner earnings 2018–2025 $79M$99M$315M$95M$92M$208M$85M$55M

Retained capital Paid out $3.4B more than it earned over 2018–2025; annual owner earnings fell $48M.

Balance sheet Net debt against an operating loss, $1.4B

AEBI Aebi Schmidt Holding AG Common Stock

Aebi Schmidt Holdings AG is a leading global manufacturer of specialty vehicles.

Owner earnings 2023–2025 $18M$55M($5M)

Retained capital not read

Balance sheet Heavy net debt, $496M

AEE Ameren Corporation

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2016–2025 $1.3B$1.2B$1.2B$1.2B$574M$442M$890M$1.1B$1.2B$1.7B

Retained capital Retained $3.9B of earnings over 2016–2025; annual owner earnings grew $119M, $0.03 per $1 retained.

Balance sheet Heavy net debt, $19.2B · dividend paid 10 of 10 yrs, never cut

AEHR Aehr Test Systems

We are a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package level, and have installed thousands of systems worldwide.

Owner earnings 2017–2026 ($5M)($2M)($6M)($2M)($3M)$1M$10M$1M($10M)($5M)

Retained capital not read

Balance sheet Net cash, debt-free, +$116M

AEIS Advanced Energy Industries Inc.

Advanced Energy provides highly engineered, critical, precision power conversion, measurement, and control solutions to our global customers.

Owner earnings 2016–2025 $112M$174M$138M$23M$165M$111M$125M$148M$74M$171M

Retained capital Retained $887M of earnings over 2016–2025; annual owner earnings fell $10M, $-0.01 per $1 retained.

Balance sheet Meaningful net debt, $344M · buybacks at an average near $72.27 · dividend paid 5 of 10 yrs, never cut

AEO American Eagle

American Eagle is a leading global specialty retailer with a portfolio of beloved apparel brands.

Owner earnings 2017–2026 $204M$225M$268M$205M$75M$133M$146M$406M$254M$195M

Retained capital Retained $428M of earnings over 2017–2026; annual owner earnings grew $53M, $0.12 per $1 retained.

Balance sheet Net cash, debt-free, +$239M · dividend paid 10 of 10 yrs, cut at least once

AEP American Electric Power Company Inc.

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2016–2025 ($259M)($1.4B)($1.1B)($1.8B)($2.4B)($1.8B)$2.2B$2.1B$3.7B$3.6B

Retained capital Retained $7.0B of earnings over 2016–2025; annual owner earnings grew $4.0B, $0.58 per $1 retained.

Balance sheet Heavy net debt, $46.9B · dividend paid 10 of 10 yrs, never cut

AES AES 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 2016–2025 $1.7B$1.3B$1.3B$1.4B$1.7B$846M$1.4B$1.7B$1.5B$3.1B

Retained capital Paid out $2.9B more than it earned over 2016–2025; annual owner earnings grew $628M.

Balance sheet net position not read (debt under-captured) · buybacks at an average near $9.08 · dividend paid 10 of 10 yrs, never cut

AESI Atlas Energy Solutions Inc.

Atlas Energy Solutions Inc. is a leading proppant producer, logistics, and distributed power solutions provider, primarily serving the Permian Basin of West Texas and New Mexico.

Owner earnings 2021–2025 $2M$179M$259M$158M($31M)

Retained capital Retained $336M of earnings over 2021–2025; annual owner earnings fell $18M, $-0.05 per $1 retained.

Balance sheet Net debt against an operating loss, $579M

AEVA Aeva Technologies Inc.

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

Owner earnings 2019–2025 ($17M)($22M)($83M)($113M)($123M)($112M)($120M)

Retained capital not read

Balance sheet Net cash, +$25M

AFG American Financial Group

American Financial Group is an insurance holding company.

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

AFGB American Financial Group, Inc.

American Financial Group, Inc. is an insurance holding company.

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

AFGC American Financial Group, Inc.

American Financial Group, Inc. is an insurance holding company.

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

AFGD American Financial Group, Inc.

American Financial Group, Inc. is an insurance holding company.

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

AFGE American Financial Group, Inc.

American Financial Group, Inc. is an insurance holding company.

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

AFL AFLAC Incorporated

AFLAC Incorporated develops relevant supplemental health insurance products offering financial protection from the rising out-of-pocket expenses associated with medical events that are not covered by the insureds' primary coverage.

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

AFRM Affirm Holdings

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

Owner earnings 2019–2025 ($93M)($81M)($213M)($215M)($109M)$291M$602M

Retained capital Paid out $3.1B more than it earned over 2019–2025; annual owner earnings grew $390M.

Balance sheet Net debt against an operating loss, $6.3B

AGCO Agco Corp /de

AGCO is a global leader in agricultural machinery and precision agriculture technologies.

Owner earnings 2016–2025 $169M$374M$393M$485M$684M$390M$629M$873M$439M$740M

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $372M, $0.23 per $1 retained.

Balance sheet Meaningful net debt, $1.6B · dividend paid 10 of 10 yrs, cut at least once

AGIO Agios Pharmaceuticals Inc.

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

Owner earnings 2016–2025 $29M($290M)($311M)($383M)($305M)($413M)($314M)($297M)($392M)($377M)

Retained capital not read

Balance sheet Net cash, debt-free, +$89M

AGL agilon health inc.

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

Owner earnings 2019–2025 ($107M)($55M)($155M)($146M)($172M)($71M)($119M)

Retained capital not read

Balance sheet Net cash, +$139M

AGM Federal Agricultural Mortgage Corporation

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

AGNC AGNC Investment Corp.

We are a leading provider of private capital to the U.S. housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the U.S.

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

AGNCL AGNC Investment Corp.

We are a leading provider of private capital to the U.S. housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the U.S.

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

AGNCM AGNC Investment Corp.

We are a leading provider of private capital to the U.S. housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the U.S.

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

AGNCN AGNC Investment Corp.

We are a leading provider of private capital to the U.S. housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the U.S.

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

AGNCO AGNC Investment Corp.

We are a leading provider of private capital to the U.S. housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the U.S.

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

AGNCP AGNC Investment Corp.

We are a leading provider of private capital to the U.S. housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the U.S.

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

AGNCZ AGNC Investment Corp.

We are a leading provider of private capital to the U.S. housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the U.S.

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

AGNT AGNT Inc.

AGNT Inc. operates its business through three reportable segments: North American Realty, International Realty, and Other Affiliated Services.

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 · buybacks at an average near $15.66 · dividend paid 5 of 10 yrs, never cut

AGO Assured Guaranty

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

AGX Argan 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 2017–2026 $256M($77M)($117M)$49M$174M$27M($33M)$114M$165M$412M

Retained capital Retained $194M of earnings over 2017–2026; annual owner earnings grew $210M, $1.08 per $1 retained.

Balance sheet Net cash, debt-free, +$491M · buybacks at an average near $41.72 · dividend paid 10 of 10 yrs, cut at least once

AGYS Agilysys

Agilysys operates across the Americas, Europe, the Middle East, Africa, Asia-Pacific, and India with headquarters located in Alpharetta, GA.

Owner earnings 2017–2026 $1M$4M$5M$8M$27M$27M$33M$44M$52M$68M

Retained capital Retained $81M of earnings over 2017–2026; annual owner earnings grew $52M, $0.64 per $1 retained.

Balance sheet Net cash, debt-free, +$117M

AHCO AdaptHealth Corp.

AdaptHealth Corp. and subsidiaries is a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services.

Owner earnings 2018–2025 $58M$39M$156M$72M($18M)$143M$236M$219M

Retained capital Paid out $657M more than it earned over 2018–2025; annual owner earnings grew $115M.

Balance sheet Heavy net debt, $1.6B

AHR American Healthcare REIT Inc.

Revenue is ISHC (78%) and SHOP (15%).

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 · buybacks at an average near $29.91 · dividend paid 6 of 6 yrs, never cut

AHRT AH Realty Trust Inc.

We are a self-managed REIT with over four decades of experience managing high-quality properties located primarily in the Mid-Atlantic and Southeastern United States.

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

AI C3.ai Inc.

We provide our customers and partners with an antidote to AI vendor lock-in.

Owner earnings 2019–2026 ($35M)($63M)($39M)($90M)($122M)($75M)($44M)($192M)

Retained capital not read

Balance sheet Net cash, debt-free, +$575M

AIG American International Group

AIG is a property-casualty insurer. It sells policies — mostly to businesses, with some to individuals — that promise to pay when an insured thing goes wrong, from a damaged building to a lawsuit. It takes premiums in up front, invests that money while it waits for claims to come due, and aims to keep more in premiums than it pays out in losses and the cost of running the business.

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 · buybacks at an average near $56.94 · dividend paid 8 of 8 yrs, never cut

AII American Integrity Insurance Group Inc.

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

AIN Albany International Corporation

Albany International Corp. is a global leader in advanced textiles and materials processing specializing in designing and manufacturing high-performance engineered fabrics and composite components and assemblies that serve industries such as paper, industrial manufacturing, and aerospace.

Owner earnings 2016–2025 $10M($21M)$51M$133M$99M$165M$59M$64M$138M$83M

Retained capital Retained $185M of earnings over 2016–2025; annual owner earnings grew $82M, $0.44 per $1 retained.

Balance sheet Net debt against an operating loss, $343M · buybacks at an average near $28.76 · dividend paid 10 of 10 yrs, never cut

AIOT PowerFleet Inc.

We are a global provider of Artificial Intelligence-of-Things solutions providing valuable connected business intelligence for managing high-value enterprise and mid-market assets that improve operational efficiencies.

Owner earnings 2017–2026 $4M($2M)($8M)$6M($8M)($3M)$933K($23M)$9M

Retained capital Paid out $131M more than it earned over 2017–2026; annual owner earnings fell $2M.

Balance sheet Heavy net debt, $199M

AIP Arteris Inc.

We are a leading provider of semiconductor system IP, including interconnect and other intellectual property technology.

Owner earnings 2020–2025 $2M($2M)($8M)($17M)($1M)$5M

Retained capital not read

Balance sheet Net cash, debt-free, +$34M

AIR AAR Corp.

We offer a broad line of products and services to commercial and government aerospace customers and operate globally in over 20 countries.

Owner earnings 2017–2026 ($3M)$42M$50M($60M)$94M$58M($6M)$14M$1M$62M

Retained capital Retained $338M of earnings over 2017–2026; annual owner earnings fell $4M, $-0.01 per $1 retained.

Balance sheet Meaningful net debt, $884M · buybacks at an average near $43.75 · dividend paid 5 of 10 yrs, cut at least once

AIRS AirSculpt Technologies Inc.

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

Owner earnings 2019–2025 $499K$10M$20M$16M$14M($3M)$692K

Retained capital Paid out $46M more than it earned over 2019–2025; annual owner earnings fell $6M.

Balance sheet Net debt against an operating loss, $48M · dividend paid 3 of 7 yrs, cut at least once

AIT Applied Industrial

We are a leading distributor and technical solutions provider of industrial motion, power, control, and automation technologies.

Owner earnings 2017–2026 $148M$130M$162M$277M$226M$169M$317M$347M$465M$461M

Retained capital Retained $1.2B of earnings over 2017–2026; annual owner earnings grew $278M, $0.23 per $1 retained.

Balance sheet Modest net debt, $445M · dividend paid 10 of 10 yrs, never cut

AIV Apartment Investment and Management Company

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 · buybacks at an average near $7.48 · dividend paid 6 of 10 yrs, cut at least once

AIZ Assurant

We are a premier global protection company that partners with the world's leading brands to safeguard and service connected devices, homes and automobiles.

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 · buybacks at an average near $124 · dividend paid 10 of 10 yrs, never cut

AIZN Assurant, Inc.

We are a premier global protection company that partners with the world's leading brands to safeguard and service connected devices, homes and automobiles.

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 · buybacks at an average near $124 · dividend paid 10 of 10 yrs, never cut

AJG Arthur J. Gallagher & Co.

Arthur J. Gallagher & Co. are engaged in providing insurance brokerage, reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals 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 · dividend paid 10 of 10 yrs, never cut

AKAM Akamai

Akamai offers solutions designed to protect our customers from threats and attacks, along with full-stack compute solutions to build and deliver high-performance, low-latency applications across our uniquely distributed architecture and edge network.

Owner earnings 2016–2025 $691M$547M$791M$699M$701M$1.1B$1.0B$891M$1.1B$1.0B

Retained capital Paid out $598M more than it earned over 2016–2025; annual owner earnings grew $334M.

Balance sheet Heavy net debt, $2.9B

AKBA Akebia Therapeutics Inc.

We are a fully integrated biopharmaceutical company with two commercial products for patients impacted by kidney disease.

Owner earnings 2016–2025 $58M($57M)($98M)($260M)($111M)($253M)($73M)($23M)($41M)$68M

Retained capital not read

Balance sheet Net cash, +$137M

AKR Acadia Realty Trust

Acadia Realty Trust is a fully-integrated, Maryland-formed equity REIT focused on the ownership, acquisition, development, and management of high-quality retail properties located primarily in high-barrier-to-entry, supply-constrained, densely populated metropolitan areas in the United States.

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

AL Air Lease

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

Owner earnings 2016–2025 $809M$882M$967M$1.1B$929M$1.1B$1.2B$1.4B$1.3B$1.5B

Retained capital Retained $4.4B of earnings over 2016–2025; annual owner earnings grew $524M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $19.3B · buybacks at an average near $37.54 · dividend paid 10 of 10 yrs, never cut

ALAB Astera Labs Inc.

Astera Labs is a global semiconductor company that provides hardware and software solutions for AI and cloud infrastructure applications to solve data, memory, and networking bottlenecks.

Owner earnings 2022–2025 ($40M)($14M)$134M$312M

Retained capital Retained $50M of earnings over 2022–2025; annual owner earnings grew $117M, $2.37 per $1 retained.

Balance sheet Net cash, debt-free, +$168M

ALB Albemarle Corporation

Albemarle is a world leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health.

Owner earnings 2016–2025 $539M$107M$345M$506M$567M$90M$1.6B$897M$99M$692M

Retained capital Retained $2.6B of earnings over 2016–2025; annual owner earnings grew $232M, $0.09 per $1 retained.

Balance sheet Net debt against an operating loss, $2.2B · dividend paid 10 of 10 yrs, never cut

ALE ALLETE

Revenue is Regulated Operations (81%), Corporate and Other (13%) and ALLETE Clean Energy (6%).

Owner earnings 2015–2024 $170M$139M$194M$226M$45M$82M$32M$800K$314M$186M

Retained capital Retained $509M of earnings over 2015–2024; annual owner earnings fell $1M, $-0.00 per $1 retained.

Balance sheet Heavy net debt, $1.8B · dividend paid 10 of 10 yrs, never cut

ALG Alamo Group Inc.

Alamo Group Inc. is a leader in the manufacture and sale of high-quality, purpose-built industrial and vegetation management equipment.

Owner earnings 2016–2025 $66M$57M$26K$74M$166M$24M($9M)$107M$185M$147M

Retained capital Retained $728M of earnings over 2016–2025; annual owner earnings grew $105M, $0.14 per $1 retained.

Balance sheet Net cash, +$104M · buybacks at an average near $14.72 · dividend paid 10 of 10 yrs, never cut

ALGM Allegro MicroSystems

Allegro MicroSystems is a global leader in the design, development, and marketing of sensor integrated circuits and application-specific power ICs that enable the sensing, motion control, and power management functions of complex electromechanical or power conversion systems.

Owner earnings 2020–2026 $36M$80M$108M$142M$110M$22M$125M

Retained capital Paid out $827M more than it earned over 2020–2026; annual owner earnings grew $11M.

Balance sheet Heavy net debt, $119M · dividend paid 1 of 7 yrs, cut at least once

ALGN Align Technology

A medical-device business, placing equipment that pulls consumables and service behind it.

Owner earnings 2016–2025 $224M$401M$500M$668M$569M$1.1B$443M$608M$623M$491M

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $199M, $0.09 per $1 retained.

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

ALGT Allegiant Travel Company

We are a leisure travel company focused on providing travel and leisure services and products to residents of under-served cities in the United States.

Owner earnings 2016–2025 $243M$269M$227M$286M$58M$357M$106M$200M$38M$141M

Retained capital Retained $64M of earnings over 2016–2025; annual owner earnings fell $120M, $-1.88 per $1 retained.

Balance sheet Heavy net debt, $1.0B · buybacks at an average near $133 · dividend paid 7 of 10 yrs, cut at least once

ALH Alliance Laundry Holdings Inc.

Revenue is North America (74%) and International (26%).

Owner earnings 2023–2025 $176M$102M$158M

Retained capital not read

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

ALHC Alignment Healthcare

For the 2025 plan year, Alignment offered Medicare Advantage plans in 45 markets across California, North Carolina, Nevada, Arizona and Texas.

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

ALIT Alight Inc.

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

Owner earnings 2022–2025 $155M$246M$131M$250M

Retained capital Paid out $4.1B more than it earned over 2022–2025; annual owner earnings grew $32M.

Balance sheet Net debt against an operating loss, $1.7B · dividend paid 2 of 4 yrs, never cut

ALK Alaska Air

Alaska is the fourth largest global carrier in the United States, and the fifth largest provider of air transportation, offering unparalleled guest service, connectivity, and schedules from hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego, and San Francisco.

Owner earnings 2016–2025 $1.0B$1.2B$797M$1.3B($456M)$738M$1.0B$599M$1.2B$940M

Retained capital Retained $802M of earnings over 2016–2025; annual owner earnings fell $109M, $-0.14 per $1 retained.

Balance sheet Heavy net debt, $4.7B · buybacks at an average near $57.60 · dividend paid 5 of 10 yrs, cut at least once

ALKS Alkermes

Alkermes plc is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience.

Owner earnings 2016–2025 ($107M)($32M)$30M($19M)$41M$74M($17M)$353M$406M$494M

Retained capital Paid out $255M more than it earned over 2016–2025; annual owner earnings grew $454M.

Balance sheet Net cash, +$98M · buybacks at an average near $25.35

ALKT Alkami Technology Inc.

Alkami is a cloud-based digital sales and service platform provider.

Owner earnings 2019–2025 ($41M)($40M)($30M)($39M)($19M)$17M$41M

Retained capital not read

Balance sheet Net debt against an operating loss, $273M

ALL Allstate Corp.

Allstate sells insurance — it collects premiums up front in exchange for a promise to pay claims later, mostly to households protecting cars and homes, alongside commercial coverage and some life and annuity lines. It reaches buyers through its own exclusive agents, independent agents, and a direct channel, and it also earns commissions placing other carriers' property-casualty, life, annuity, and lender-placed products. The money is made two ways: an underwriting profit when premiums collected exceed claims and expenses paid, and investment income earned on the premiums it holds before claims come 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 · buybacks at an average near $106 · dividend paid 10 of 10 yrs, never cut

ALLE Allegion

Allegion plc is a leading global provider of security products and solutions that keep people and assets safe and secure in the places they live, learn, work and connect.

Owner earnings 2016–2025 $335M$298M$409M$423M$443M$443M$396M$516M$583M$686M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $248M, $0.14 per $1 retained.

Balance sheet Modest net debt, $1.6B · buybacks at an average near $82.72 · dividend paid 10 of 10 yrs, never cut

ALLO Allogene Therapeutics Inc.

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

Owner earnings 2019–2025 ($188M)($181M)($206M)($226M)($239M)($201M)($150M)

Retained capital not read

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

ALLY Ally Financial Inc.

Ally Financial Inc. is a financial-services company with $196.0 billion in assets as of December 31, 2025.

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

ALMS Alumis Inc.

Revenue is License (72%) and Collaboration (28%).

Owner earnings FY2025 ($370M)

Retained capital not read

Balance sheet Net cash, debt-free, +$309M

ALMU Aeluma Inc.

Aeluma has pioneered a technique to manufacture devices using compound semiconductor materials on large-diameter substrates that are commonly used to manufacture mass-market microelectronics.

Owner earnings 2023–2025 ($4M)($4M)($1M)

Retained capital not read

Balance sheet Net cash, +$3M

ALNT Allient Inc.

We are a global company that designs, manufactures and sells precision and specialty controlled motion components and systems used in a broad range of industries.

Owner earnings 2016–2025 $9M$19M$3M$20M$15M$12M($10M)$33M$32M$50M

Retained capital Retained $150M of earnings over 2016–2025; annual owner earnings grew $28M, $0.19 per $1 retained.

Balance sheet Meaningful net debt, $140M · dividend paid 10 of 10 yrs, never cut

ALNY Alnylam

Alnylam is a global commercial-stage biopharmaceutical company developing novel therapeutics based on ribonucleic acid interference, or RNAi.

Owner earnings 2016–2025 ($323M)($396M)($578M)($296M)($650M)($689M)($586M)$42M($43M)$465M

Retained capital not read

Balance sheet Net cash, +$649M

ALOY REalloys 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 2016–2024 ($869K)($704K)($495K)($713K)$142K($692K)($4M)($3M)($706K)

Retained capital not read

Balance sheet Net debt against an operating loss, $5M

ALRM Alarm.com

Alarm.com is the leading platform for intelligently connected properties.

Owner earnings 2016–2025 $16M$47M$50M$28M$86M$92M$28M$128M$196M$137M

Retained capital Retained $411M of earnings over 2016–2025; annual owner earnings grew $116M, $0.28 per $1 retained.

Balance sheet Net cash, +$471M · buybacks at an average near $55.08 · no dividend paid

ALRS Alerus Financial Corporation

Alerus Financial Corporation is a diversified financial services company headquartered in Grand Forks, North Dakota.

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 · buybacks at an average near $18.62 · dividend paid 9 of 9 yrs, never cut

ALSN Allison Transmission Holdings Inc.

Allison Transmission Holdings, Inc. is a global leader in high-performance mobility and work solutions built for the needs of the modern industrial world.

Owner earnings 2016–2025 $520M$567M$760M$766M$446M$531M$548M$659M$690M$719M

Retained capital Retained $415M of earnings over 2016–2025; annual owner earnings grew $74M.

Balance sheet Modest net debt, $1.4B · dividend paid 10 of 10 yrs, never cut

ALT Altimmune Inc.

Altimmune, Inc. is a late clinical-stage biopharmaceutical company developing novel therapies for serious liver diseases.

Owner earnings 2011–2025 ($8M)($20M)($10M)($10M)($35M)($90M)($63M)($76M)($68M)

Retained capital not read

Balance sheet Net cash, +$239M

ALTI AlTi Global Inc.

AlTi combines the breadth of a global firm with the service offering of a family office to deliver solutions designed to meet the full complexity of wealth and capital.

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

ALTO Alto Ingredients Inc.

We are a leading producer and distributor of specialty alcohols, renewable fuels and essential ingredients in the United States.

Owner earnings 2016–2025 $18M$16M($14M)($35M)$65M$10M($32M)($8M)($15M)$9M

Retained capital Paid out $272M more than it earned over 2016–2025; annual owner earnings fell $11M.

Balance sheet Heavy net debt, $56M · buybacks at an average near $2.46

ALV Autoliv Inc.

Autoliv Inc. is a leading developer, manufacturer, and supplier of passive safety systems to the automotive industry with a broad range of product offerings.

Owner earnings 2016–2025 $485M$510M$194M$290M$505M$296M$350M$604M$672M$716M

Retained capital Retained $2.4B of earnings over 2016–2025; annual owner earnings grew $268M, $0.11 per $1 retained.

Balance sheet Modest net debt, $1.3B · dividend paid 10 of 10 yrs, cut at least once

ALX Alexander's Inc.

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

AM Antero Midstream Corporation

Revenue is Natural Gas Gathering Transportation Marketing and Processing Affiliate (83%) and Natural Gas Water Handling and Treatment Affiliate (23%).

Owner earnings 2019–2024 $527M$645M$568M$779M$774M

Retained capital Paid out $1.9B more than it earned over 2019–2024; annual owner earnings grew $127M.

Balance sheet Heavy net debt, $3.0B · buybacks at an average near $5,482 · dividend paid 5 of 5 yrs, cut at least once

AMAL Amalgamated Financial Corp.

We are a full-service commercial bank offering a complete suite of commercial and retail banking products, investment management and trust and custody services, and lending services.

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 · buybacks at an average near $44.33 · dividend paid 8 of 8 yrs, never cut

AMAT Applied Materials Inc.

Applied Materials sells the machines that make semiconductor chips. Its customers are the foundries, the logic makers and the memory makers who buy these systems to deposit, etch, shape and inspect the microscopic layers on a silicon wafer, and who then pay Applied to service, supply parts for and upgrade that equipment across its long working life in the fab. It earns on the tools it ships and on the recurring service and parts tied to the large installed base sitting in customers' production lines.

Owner earnings 2016–2025 $2.3B$3.4B$3.3B$2.8B$3.4B$5.0B$5.0B$8.2B$8.3B$7.5B

Retained capital Retained $7.6B of earnings over 2016–2025; annual owner earnings grew $5.0B, $0.65 per $1 retained.

Balance sheet Net cash, +$2.1B · buybacks at an average near $71.78 · dividend paid 10 of 10 yrs, never cut

AMBA Ambarella

Ambarella is a leading developer of low-power system-on-a-chip, or SoC, semiconductors and software for edge and physical artificial intelligence applications and intelligent automation.

Owner earnings 2017–2026 $111M$82M$22M$38M$29M$29M$29M$7M$23M$58M

Retained capital Paid out $689M more than it earned over 2017–2026; annual owner earnings fell $42M.

Balance sheet Net cash, debt-free, +$191M · buybacks at an average near $43.87

AMBQ Ambiq Micro Inc.

We are a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute especially at the edge.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$140M

AMC AMC Entertainment Holdings Inc.

We are the world's largest theatrical exhibition company and an industry leader in innovation and operational excellence.

Owner earnings 2016–2025 $164M($89M)($53M)$61M($1.3B)($707M)($831M)($441M)($296M)($366M)

Retained capital not read

Balance sheet Net debt against an operating loss, $3.6B

AMCR Amcor

Amcor is the global leader in consumer packaging and dispensing solutions for nutrition, health, beauty and wellness categories.

Owner earnings 2017–2026 $530M$506M$444M$984M$993M$999M$735M$829M$810M$1.2B

Retained capital Paid out $2.0B more than it earned over 2017–2026; annual owner earnings grew $463M.

Balance sheet Heavy net debt, $12.8B · dividend paid 10 of 10 yrs, cut at least once

AMCX AMC Global Media Inc.

Through our AMC Studios in-house studio, production and distribution operation, we own and control a significant portion of the original scripted series that we deliver to viewers on our linear and streaming platforms.

Owner earnings 2016–2025 $435M$306M$517M$392M$702M$101M$138M$169M$331M$272M

Retained capital Retained $759M of earnings over 2016–2025; annual owner earnings fell $162M, $-0.21 per $1 retained.

Balance sheet Heavy net debt, $1.2B

AMD Advanced Micro Devices

AMD designs high-performance computer chips — the processors and graphics engines, including semi-custom and adaptive system-on-chip parts, that sit at the center of data centers, AI systems, personal computers, game consoles and embedded devices. It sells these designs, together with networking and software, to the cloud operators, equipment makers and device builders who assemble the machines. It does not own the factories; the chips are made by outside foundries, so AMD earns its keep on the gap between what a chip design fetches and what it costs to develop and have built.

Owner earnings 2016–2025 $4M($65M)($60M)$351M$854M$3.2B$3.1B$1.1B$2.6B$7.2B

Retained capital Retained $5.3B of earnings over 2016–2025; annual owner earnings grew $3.7B, $0.69 per $1 retained.

Balance sheet Net cash, +$7.3B · buybacks at an average near $107

AME AMETEK Inc.

AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with operations in North America, Europe, Asia and South America.

Owner earnings 2016–2025 $694M$758M$843M$1.0B$1.2B$1.0B$1.0B$1.6B$1.7B$1.7B

Retained capital Retained $6.5B of earnings over 2016–2025; annual owner earnings grew $892M, $0.14 per $1 retained.

Balance sheet Modest net debt, $1.8B · buybacks at an average near $91.02 · dividend paid 10 of 10 yrs, never cut

AMED Amedisys

Amedisys, Inc. is a leading healthcare services company committed to helping our patients age in place by providing clinically excellent care and support in the home.

Owner earnings 2022–2024 $127M$132M$215M

Retained capital not read

Balance sheet Modest net debt, $74M

AMG Affiliated Managers Group Inc.

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 9 of 10 yrs, cut at least once

AMGN Amgen Inc.

Amgen is one of the original biotechnology companies. It discovers, makes and sells patent-protected prescription medicines — biologic drugs grown in living cells, alongside some conventional pills — for serious conditions, and earns its keep from a portfolio of branded treatments rather than any single product. The medicines move mostly through a handful of large drug wholesalers, who deliver them to pharmacies, hospitals and clinics; the bills are paid largely by insurers and government health programs, not by the patient at the counter.

Owner earnings 2016–2025 $9.6B$10.5B$10.6B$8.5B$9.9B$8.4B$8.8B$7.4B$10.4B$8.1B

Retained capital Paid out $22.3B more than it earned over 2016–2025; annual owner earnings fell $1.6B.

Balance sheet Heavy net debt, $45.5B · buybacks at an average near $197 · dividend paid 10 of 10 yrs, never cut

AMH American Homes 4 Rent

American Homes 4 Rent is an internally managed Maryland real estate investment trust formed on October 19, 2012.

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 10 of 10 yrs, cut at least once

AMKR Amkor Technology

Amkor is the world's largest U.S. headquartered outsourced semiconductor assembly and test service provider and is a global leader in outsourced semiconductor packaging and test services.

Owner earnings 2016–2025 $79M$67M$116M$91M$217M$558M$486M$521M$494M$454M

Retained capital Retained $3.1B of earnings over 2016–2025; annual owner earnings grew $402M, $0.13 per $1 retained.

Balance sheet Net cash, +$535M · dividend paid 5 of 10 yrs, cut at least once

AMN AMN Healthcare Services

Revenue is Nurse and Allied Solutions (60%), Physician and Leadership Solutions (26%) and Technology and Workforce Solutions (14%).

Owner earnings 2016–2025 $112M$134M$192M$190M$219M$252M$578M$268M$240M$234M

Retained capital Retained $181M of earnings over 2016–2025; annual owner earnings grew $101M, $0.56 per $1 retained.

Balance sheet Net debt against an operating loss, $733M · buybacks at an average near $89.06

AMP Ameriprise Financial Inc.

Ameriprise Financial, Inc. is a diversified financial services company with a more than 130-year history of providing solutions to help clients confidently achieve their financial objectives.

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 10 of 10 yrs, never cut

AMPH Amphastar Pharmaceuticals Inc.

We are a biopharmaceutical company focusing on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products, as well as active pharmaceutical ingredient, or API products.

Owner earnings 2016–2025 $17M$33M$32M$35M$48M$88M$77M$158M$172M$121M

Retained capital Retained $206M of earnings over 2016–2025; annual owner earnings grew $123M, $0.60 per $1 retained.

Balance sheet Meaningful net debt, $337M

AMPL Amplitude Inc.

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

Owner earnings 2019–2025 ($17M)($11M)($33M)($9M)$24M$17M$28M

Retained capital Paid out $531M more than it earned over 2019–2025; annual owner earnings grew $44M.

Balance sheet Net cash, debt-free, +$192M · buybacks at an average near $13.91

AMPX Amprius Technologies Inc.

Amprius Technologies, Inc. develops, manufactures and markets lithium-ion batteries for mobility applications, including aviation, ground and marine vehicles.

Owner earnings 2021–2025 ($9M)($15M)($27M)($37M)($36M)

Retained capital not read

Balance sheet Net cash, debt-free, +$90M

AMR Alpha Metallurgical Resources Inc.

We operate highly productive, cost-competitive coal mines across the CAPP coal basin.

Owner earnings 2017–2025 $242M$77M$34M$60M$92M$1.4B$714M$381M$18M

Retained capital Retained $1.5B of earnings over 2017–2025; annual owner earnings grew $254M, $0.17 per $1 retained.

Balance sheet Net cash, +$402M · dividend paid 5 of 9 yrs, cut at least once

AMRC Ameresco Inc.

Ameresco is a leading energy infrastructure solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition.

Owner earnings 2016–2024 ($55M)($138M)($57M)($203M)($105M)($177M)($344M)($76M)$113M

Retained capital not read

Balance sheet Heavy net debt, $1.4B

AMRN Amarin Corporation plc

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

Owner earnings 2016–2020 ($72M)($33M)($95M)($10M)($22M)

Retained capital not read

Balance sheet Net cash, +$253M

AMRX Amneal Pharmaceuticals Inc.

Amneal Pharmaceuticals Inc. is a diversified, global biopharmaceutical company that develops, manufactures, markets, and distributes a diverse portfolio of essential medicines.

Owner earnings 2016–2025 $86M$192M$186M($45M)$323M$194M$19M$302M$243M$270M

Retained capital Paid out $1.7B more than it earned over 2016–2025; annual owner earnings grew $117M.

Balance sheet Heavy net debt, $2.3B · dividend paid 3 of 10 yrs, cut at least once

AMRZ Amrize Ltd

Amrize Ltd is a building solutions company focused on the North American market, offering customers a broad range of advanced building solutions from foundation to rooftop.

Owner earnings 2023–2025 $1.4B$1.6B$1.4B

Retained capital not read

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

AMSC American Superconductor Corporation

We design, develop, and deploy power control solutions that harmonize an increasingly complex energy system, helping our customers scale without added complexity or size.

Owner earnings 2017–2026 ($12M)($27M)$42M($20M)($10M)($20M)($24M)$1M$26M$18M

Retained capital not read

Balance sheet Net cash, +$135M

AMSF AMERISAFE Inc.

AMERISAFE, Inc. is a specialty provider of workers' compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, services, manufacturing, and maritime.

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 · buybacks at an average near $46.78 · dividend paid 10 of 10 yrs, cut at least once

AMT American Tower Corp.

We are one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate.

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 · buybacks at an average near $179 · dividend paid 10 of 10 yrs, never cut

AMTB Amerant Bancorp Inc.

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 5 of 10 yrs, cut at least once

AMTM Amentum Holdings Inc.

Amentum Holdings Inc. is a global advanced engineering and technology solutions provider to a broad base of U.S. and allied government agencies, and customers in international and commercial markets.

Owner earnings 2022–2025 $108M$55M$36M$516M

Retained capital Paid out $414M more than it earned over 2022–2025; annual owner earnings grew $136M.

Balance sheet Heavy net debt, $3.5B

AMZN Amazon.com Inc.

Amazon sells hundreds of millions of products to consumers — some it stocks and ships itself, the rest offered by independent merchants on its marketplace, across dozens of categories. It also rents computing power, storage, and software to businesses and developers through Amazon Web Services, and sells advertising and Prime subscriptions alongside the store. The money comes from retail markups and the fees sellers pay, and from the cloud arm that serves enterprises.

Owner earnings 2016–2025 $10.5B$6.4B$17.3B$21.7B$40.9B$11.9B$4.8B$32.2B$63.1B$73.8B

Retained capital Retained $240.4B of earnings over 2016–2025; annual owner earnings grew $45.0B, $0.19 per $1 retained.

Balance sheet Net cash, +$54.6B · buybacks at an average near $130

AN AutoNation

AutoNation, Inc., through its subsidiaries, is one of the largest automotive retailers in the United States.

Owner earnings 2016–2025 $272M$227M$110M$500M$1.1B$1.4B$1.3B$314M($14M)($198M)

Retained capital Paid out $382M more than it earned over 2016–2025; annual owner earnings fell $169M.

Balance sheet Meaningful net debt, $3.6B

ANAB AnaptysBio Inc.

We are a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases.

Owner earnings 2016–2025 ($9M)($20M)($49M)($70M)($15M)($47M)($74M)($122M)($136M)$20M

Retained capital not read

Balance sheet Net cash, debt-free, +$238M

ANDE Andersons

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 ($38M)$41M($126M)$183M($152M)($127M)$179M$796M$182M$44M

Retained capital Retained $409M of earnings over 2016–2025; annual owner earnings grew $382M, $0.93 per $1 retained.

Balance sheet Heavy net debt, $525M · buybacks at an average near $35.86 · dividend paid 10 of 10 yrs, never cut

ANDG Andersen Group Inc.

We are a leading provider of independent tax, valuation and financial advisory services to individuals and family offices, businesses and institutional clients in the United States.

Owner earnings 2023–2025 $113M$144M$174M

Retained capital not read

Balance sheet Net debt against an operating loss, $100M

ANET Arista Networks Inc.

Revenue is Products (84%) and Services (16%).

Owner earnings 2016–2025 $153M$616M$479M$947M$720M$966M$448M$2.0B$3.7B$4.3B

Retained capital Retained $9.2B of earnings over 2016–2025; annual owner earnings grew $2.9B, $0.32 per $1 retained.

Balance sheet Net cash, +$1.9B · buybacks at an average near $35.66

ANF Abercrombie & Fitch

Abercrombie & Fitch offers a broad assortment of apparel, personal care products and accessories for men, women and kids, which are sold primarily through its Company-owned stores and digital channels, as well as through various third-party arrangements.

Owner earnings 2018–2026 $181M$201M$98M$303M$181M($167M)$496M$527M$464M

Retained capital Retained $170M of earnings over 2018–2026; annual owner earnings grew $336M, $1.97 per $1 retained.

Balance sheet Net cash, +$485M · buybacks at an average near $1.00 · dividend paid 4 of 9 yrs, cut at least once

ANGO AngioDynamics Inc.

AngioDynamics was founded in Queensbury, N.Y., U.S., in 1988 and began manufacturing and shipping product in the early 1990s.

Owner earnings 2017–2026 $53M$39M$34M($22M)$19M($11M)($4M)($31M)($15M)$508K

Retained capital Paid out $465M more than it earned over 2017–2026; annual owner earnings fell $57M.

Balance sheet Net cash, debt-free, +$54M

ANGX Angel Studios Inc.

We are a media and technology company guided by a community of approximately 2.0 million grassroots Angel Guild members championing values-driven stories.

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, $53M

ANIP ANI Pharmaceuticals Inc.

ANI Pharmaceuticals is a diversified bio-pharmaceutical company.

Owner earnings 2016–2025 $23M$29M$61M$39M$9M$765K($40M)$110M$48M$171M

Retained capital Paid out $52M more than it earned over 2016–2025; annual owner earnings grew $72M.

Balance sheet Modest net debt, $24M · dividend paid 5 of 10 yrs, cut at least once

ANSS Ansys Inc.

For more than 50 years, Ansys software has enabled innovators across industries to push the boundaries of product design by using the predictive power of simulation.

Owner earnings 2015–2024 $360M$354M$409M$463M$455M$512M$526M$607M$692M$752M

Retained capital Retained $2.1B of earnings over 2015–2024; annual owner earnings grew $310M, $0.15 per $1 retained.

Balance sheet Net cash, +$699M · buybacks at an average near $139

AON Aon PLC

Aon plc is a leading global professional services firm.

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 10 of 10 yrs, never cut

AORT Artivion Inc.

Artivion is committed to partnering with surgeons and cardiologists to deliver innovative technologies of unsurpassed quality that restore the health of patients with aortic disease.

Owner earnings 2016–2025 $14M$4M$4M$8M$5M($16M)($16M)$9M$11M$17M

Retained capital Paid out $72M more than it earned over 2016–2025; annual owner earnings grew $5M.

Balance sheet Heavy net debt, $150M

AOS A.O. Smith Corporation

We are the largest manufacturer and marketer of water heaters in North America with a leading share in both the residential and commercial portions of the market.

Owner earnings 2016–2025 $366M$256M$364M$392M$505M$566M$321M$598M$503M$546M

Retained capital Retained $900K of earnings over 2016–2025; annual owner earnings grew $220M.

Balance sheet Net cash, +$38M · buybacks at an average near $60.74 · dividend paid 10 of 10 yrs, never cut

AOSL Alpha and Omega Semiconductor Limited

Revenue is Power discrete (65%), Power IC (33%) and License and development services (2%).

Owner earnings 2012–2025 ($3M)$17M$76M$176M($23M)($11M)($8M)

Retained capital Retained $407M of earnings over 2012–2025; annual owner earnings fell $44M, $-0.11 per $1 retained.

Balance sheet Net cash, +$80M · buybacks at an average near $20.30

APAM Artisan Partners

Artisan is a global multi-asset investment platform focused on providing high value-added active investment strategies in growing asset classes to sophisticated clients 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 · dividend paid 10 of 10 yrs, cut at least once

APD Air Products and Chemicals Inc.

Air Products and Chemicals, Inc. is a world-leading industrial gases company that has built a reputation for its innovation, operational excellence, and commitment to safety and environmental stewardship.

Owner earnings 2016–2025 $1.4B$1.5B$1.6B$1.9B$2.1B$2.0B$1.8B$1.8B$2.2B$1.7B

Retained capital Retained $7.1B of earnings over 2016–2025; annual owner earnings grew $440M, $0.06 per $1 retained.

Balance sheet Net debt against an operating loss, $15.8B · dividend paid 10 of 10 yrs, never cut

APEI American Public Education Inc.

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 $40M$33M$35M$31M$40M$4M$13M$32M$28M$46M

Retained capital Paid out $81M more than it earned over 2016–2025; annual owner earnings fell $668K.

Balance sheet Net cash, +$79M · buybacks at an average near $2.00

APG APi Group Corporation

We are a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services with a substantial recurring revenue base and over 500 locations worldwide.

Owner earnings 2018–2025 $38M$139M$458M$127M$191M$428M$536M$663M

Retained capital Retained $465M of earnings over 2018–2025; annual owner earnings grew $331M, $0.71 per $1 retained.

Balance sheet Meaningful net debt, $1.9B · buybacks at an average near $22.14

APH Amphenol Corporation

Amphenol Corporation is one of the world's largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products and coaxial, high-speed, fiber optic and specialty cable.

Owner earnings 2016–2025 $887M$918M$802M$1.2B$1.3B$1.2B$1.8B$2.2B$2.1B$4.4B

Retained capital Retained $6.8B of earnings over 2016–2025; annual owner earnings grew $2.0B, $0.30 per $1 retained.

Balance sheet Modest net debt, $4.1B · dividend paid 10 of 10 yrs, never cut

APLD Applied Digital Corporation

We design, build, and operate high-performance, sustainably engineered data centers—which we refer to as AI factories—and deliver that capacity to investment-grade hyperscalers and other leading compute customers under long-term lease and hosting arrangements.

Owner earnings 2021–2026 ($84K)($2M)$52M($66M)($250M)$22M

Retained capital Paid out $733M more than it earned over 2021–2026; annual owner earnings fell $114M.

Balance sheet Net debt against an operating loss, $3.4B

APLE Apple Hospitality REIT

Apple Hospitality REIT is one of the largest hospitality REITs in the U.S., in both the number of hotels and guest rooms, with significant geographic and brand diversity.

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 · buybacks at an average near $14.00 · dividend paid 10 of 10 yrs, cut at least once

APO Apollo Global Management

Apollo is an asset manager that runs on two engines. One sells annuities and other retirement-savings products, then invests the money it takes in — much of it lent to companies through its own origination platform, across investment grade and below, in public and private markets. The other manages money for outside investors in credit and private equity, charging fees and a share of the gains.

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

APOG Apogee Enterprises Inc.

We are a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications.

Owner earnings 2017–2026 $56M$74M$36M$56M$116M$79M$58M$161M$90M$95M

Retained capital Retained $50M of earnings over 2017–2026; annual owner earnings grew $60M.

Balance sheet Meaningful net debt, $187M · buybacks at an average near $40.30 · dividend paid 10 of 10 yrs, never cut

APOS Apollo Global Management, Inc.

Revenue is Retirement Services (84%) and Asset Management (16%).

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

APP AppLovin

We provide end-to-end artificial intelligence-powered advertising solutions for businesses to reach, monetize and grow their global audience.

Owner earnings 2019–2024 $195M$220M$360M$412M$1.1B$2.1B

Retained capital Paid out $703M more than it earned over 2019–2024; annual owner earnings grew $929M.

Balance sheet Modest net debt, $1.0B

APPF AppFolio

AppFolio is a technology leader powering the future of real estate.

Owner earnings 2016–2025 $7M$27M$34M$31M$29M$27M$19M$51M$186M$239M

Retained capital Retained $325M of earnings over 2016–2025; annual owner earnings grew $136M, $0.42 per $1 retained.

Balance sheet Net cash, +$60M · buybacks at an average near $87.37

APPN Appian Corporation

Appian Corporation provides process automation technology.

Owner earnings 2016–2025 ($9M)($10M)($33M)($14M)($9M)($60M)($112M)($120M)$3M$60M

Retained capital not read

Balance sheet Heavy net debt, $54M

APPS Digital Turbine Inc.

Digital Turbine, Inc., through its subsidiaries, is a leading independent mobile growth platform that levels up the landscape for advertisers, publishers, carriers, and device original equipment manufacturers.

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

APT Alpha Pro Tech Ltd.

Alpha Pro Tech Ltd. is the parent company of Alpha Pro Tech, Inc. and Alpha ProTech Engineered Products, Inc.

Owner earnings 2017–2025 $3M$1M$2M$18M($1M)$4M$8M$5M$2M

Retained capital Retained $25M of earnings over 2017–2025; annual owner earnings grew $2M, $0.09 per $1 retained.

Balance sheet Net cash, debt-free, +$17M · buybacks at an average near $4.76

APTV Aptiv PLC

Aptiv is a global industrial technology company focused on enabling a more automated, electrified and digitalized future.

Owner earnings 2016–2025 $1.5B$922M$952M$843M$829M$611M$419M$990M$1.6B$1.5B

Retained capital Retained $4.5B of earnings over 2016–2025; annual owner earnings grew $270M, $0.06 per $1 retained.

Balance sheet Heavy net debt, $5.7B · buybacks at an average near $85.17 · dividend paid 5 of 10 yrs, cut at least once

AQST Aquestive Therapeutics Inc.

Aquestive is a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies.

Owner earnings 2017–2025 $4M($15M)($61M)($46M)($34M)($11M)($7M)($36M)($53M)

Retained capital not read

Balance sheet Net cash, +$76M

AR Antero Resources

Revenue is led by Natural gas sales (54%) and Natural Gas Liquids Sales (38%), with 3 more lines behind.

Owner earnings 2016–2025 $630M$1.2B$1.1B$189M($139M)$944M$2.3B$844M$758M$1.4B

Retained capital Paid out $961M more than it earned over 2016–2025; annual owner earnings grew $20M.

Balance sheet Heavy net debt, $4.2B

ARCB ArcBest

ArcBest Corporation is a multibillion-dollar integrated logistics company that leverages technology and a full suite of solutions across multiple modes of transportation to meet our customers' supply chain needs.

Owner earnings 2016–2025 $44M$86M$211M$79M$163M$265M$323M$177M$137M$114M

Retained capital Retained $673M of earnings over 2016–2025; annual owner earnings grew $29M, $0.04 per $1 retained.

Balance sheet Modest net debt, $140M · dividend paid 10 of 10 yrs, never cut

ARCT Arcturus Therapeutics Holdings Inc.

We are a messenger RNA medicines company focused on the development of liver and respiratory rare disease therapeutics.

Owner earnings 2018–2025 ($21M)($7M)($44M)($136M)$30M($21M)($60M)($75M)

Retained capital not read

Balance sheet Net cash, +$130M

ARDT Ardent Health Inc.

Ardent is a provider of healthcare services in the United States, operating in eight growing mid-sized urban markets across six states: Texas, Oklahoma, New Mexico, New Jersey, Idaho, and Kansas.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $390M

ARDX Ardelyx Inc.

We are a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs.

Owner earnings 2015–2025 ($73M)($68M)($71M)($77M)($82M)($154M)($70M)($90M)($46M)($44M)

Retained capital not read

Balance sheet Net debt against an operating loss, $135M

ARE Alexandria Real Estate Equities Inc.

Alexandria has a total market capitalization of $20.75 billion and an asset base in North America that includes 35.9 million RSF of operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction .

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

ARES Ares Management

Revenue is led by Management fees (66%) and Carried interest (21%), with 2 more lines 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

ARHS Arhaus Inc.

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

Owner earnings 2019–2025 $10M$135M$116M$53M$139M$108M$90M

Retained capital Retained $300M of earnings over 2019–2025; annual owner earnings grew $25M, $0.08 per $1 retained.

Balance sheet Net cash, debt-free, +$253M · dividend paid 3 of 7 yrs, cut at least once

ARI Apollo Commercial Real Estate Finance, Inc.

Apollo Commercial Real Estate Finance, Inc. is a corporation that has elected to be taxed as a REIT for U.S. federal income tax purposes and primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments.

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

ARKO ARKO Corp.

ARKO Corp. is one of the largest operators of convenience stores and wholesalers of fuel in the United States, ranked by store count and gallons sold, respectively.

Owner earnings 2019–2025 ($15M)$129M$62M$111M$25M$108M$65M

Retained capital Paid out $7M more than it earned over 2019–2025; annual owner earnings grew $7M.

Balance sheet Heavy net debt, $601M · buybacks at an average near $6.82 · dividend paid 4 of 7 yrs, never cut

ARL American Realty Investors Inc.

American Realty Investors Inc. is a fully integrated externally managed real estate company.

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

ARLO Arlo Technologies Inc.

Revenue is Subscriptions and services (60%) and Products (40%).

Owner earnings 2016–2024 ($35M)($43M)($23M)$3M($50M)($25M)($48M)$35M$49M

Retained capital not read

Balance sheet Net cash, debt-free, +$146M

ARLP Alliance Resource Partners L.P. Common

We are a diversified natural resource company that generates operating and royalty income from the production and marketing of coal to major domestic utilities, industrial users and international customers, as well as royalty income from oil & gas mineral interests located in key producing regions across the United States.

Owner earnings 2016–2025 $612M$411M$461M$209M$280M$309M$516M$556M$518M$388M

Retained capital Retained $3.4B of earnings over 2016–2025; annual owner earnings fell $8M, $-0.00 per $1 retained.

Balance sheet Modest net debt, $380M

ARMK Aramark

Aramark is a leading global provider of food and facilities services to education, healthcare, business & industry, and sports, leisure & corrections clients.

Owner earnings 2016–2025 $355M$500M$423M$481M($242M)$249M$383M$383M$299M$432M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings fell $55M, $-0.05 per $1 retained.

Balance sheet Heavy net debt, $7.6B · dividend paid 10 of 10 yrs, cut at least once

AROC Archrock

We are an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping our customers produce, compress and transport natural gas in a safe and environmentally responsible way.

Owner earnings 2016–2025 $157M($20M)$51M$102M$195M$140M$39M$144M$236M$365M

Retained capital Paid out $243M more than it earned over 2016–2025; annual owner earnings grew $186M.

Balance sheet Heavy net debt, $2.4B · buybacks at an average near $16.08 · dividend paid 10 of 10 yrs, never cut

ARQT Arcutis Biotherapeutics Inc.

We are a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for dermatological diseases with high unmet medical needs.

Owner earnings 2020–2025 ($113M)($175M)($258M)($247M)($112M)($6M)

Retained capital not read

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

ARR ARMOUR Residential REIT Inc.

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

ARRY Array Technologies Inc.

We are a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar photovoltaic sites.

Owner earnings 2018–2025 ($14M)$384M($124M)($267M)$131M$215M$147M$80M

Retained capital Paid out $163M more than it earned over 2018–2025; annual owner earnings grew $65M.

Balance sheet Net debt against an operating loss, $425M

ARTNA Artesian Resources Corporation

Artesian Water, our principal subsidiary, distributes and sells water to residential, commercial, industrial, governmental, municipal and utility customers throughout the State of Delaware.

Owner earnings 2016–2025 $21M$26M$19M$8M$9M$19M$12M$19M$23M$27M

Retained capital Retained $67M of earnings over 2016–2025; annual owner earnings grew $861K, $0.01 per $1 retained.

Balance sheet Heavy net debt, $176M · dividend paid 10 of 10 yrs, never cut

ARVN Arvinas Inc.

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

Owner earnings 2017–2025 $5M($17M)($42M)($93M)$555M($280M)($351M)($261M)($276M)

Retained capital not read

Balance sheet Net cash, +$685M

ARW Arrow Electronics Inc.

Arrow Electronics Inc. distributes electronic components to OEMs and EMS providers through its global components segment and provides enterprise computing solutions to VARs and MSPs through its global ECS segment.

Owner earnings 2016–2025 $195M($29M)$137M$715M$1.2B$336M($112M)$622M$1.0B($37M)

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $440M, $0.25 per $1 retained.

Balance sheet Meaningful net debt, $2.8B

ARWR Arrowhead Pharmaceuticals

Arrowhead Pharmaceuticals develops medicines that treat intractable diseases by silencing the genes that cause them.

Owner earnings 2016–2025 ($68M)($27M)($49M)$170M($100M)$165M($145M)($165M)($480M)$157M

Retained capital not read

Balance sheet Net cash, +$12M

ARX Accelerant Holdings Class A

An insurance broker, paid a commission to place coverage without bearing the risk itself.

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

ASAN Asana

Asana is the system of action for work, built for the Agentic Enterprise.

Owner earnings 2019–2026 ($33M)($42M)($96M)($92M)($165M)($26M)$9M$87M

Retained capital not read

Balance sheet Net cash, +$159M

ASB Associated Banc-Corp

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

ASBA Associated Banc-corp

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

ASGN Everforth, Inc.

Everforth is a leading technology and digital engineering company with six core solution areas: Cloud and Infrastructure, Data and AI, Software Development and Engineering, Customer Experience, Cybersecurity, and Enterprise Platforms.

Owner earnings 2016–2025 $172M$172M$259M$281M$392M$159M$270M$417M$365M$288M

Retained capital Retained $591M of earnings over 2016–2025; annual owner earnings grew $156M, $0.26 per $1 retained.

Balance sheet Heavy net debt, $1.0B

ASH Ashland

Ashland Inc. is a global additives and specialty ingredients company with a conscious and proactive mindset for sustainability.

Owner earnings 2016–2025 $154M$6M$84M($7M)$94M$361M$80M$124M$325M$36M

Retained capital Paid out $2.1B more than it earned over 2016–2025; annual owner earnings grew $80M.

Balance sheet Net debt against an operating loss, $2.6B · buybacks at an average near $91.13 · dividend paid 10 of 10 yrs, cut at least once

ASIC Ategrity Specialty Insurance Company Holdings

Ategrity Specialty Insurance Company Holdings is a specialty property and casualty insurance holding company dedicated exclusively to the excess and surplus market for small to medium-sized businesses across the United States.

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

ASIX AdvanSix Inc. Common Stock

AdvanSix Inc. is an integrated chemistry company that produces essential materials for diverse end markets.

Owner earnings 2016–2025 $30M$48M$64M($30M)$29M$162M$184M$10M$2M$6M

Retained capital Retained $530M of earnings over 2016–2025; annual owner earnings fell $41M, $-0.08 per $1 retained.

Balance sheet Meaningful net debt, $195M · buybacks at an average near $32.70 · dividend paid 5 of 10 yrs, never cut

ASMB Assembly Biosciences Inc.

We are a biotechnology company developing innovative therapeutics targeting serious viral diseases with the potential to improve the lives of patients worldwide.

Owner earnings 2016–2025 ($35M)$2M($65M)($85M)($63M)($94M)($85M)$22M($51M)($41M)

Retained capital not read

Balance sheet Net cash, +$58M

ASO Academy Sports and Outdoors

We sit in a sweet-spot of consumer demand, offering a broad, value-based assortment of sporting goods and outdoor recreation products, so our customers can participate and have fun, no matter their budget.

Owner earnings 2019–2026 $91M$201M$970M$597M$444M$425M$410M$312M

Retained capital Retained $1.3B of earnings over 2019–2026; annual owner earnings fell $38M, $-0.03 per $1 retained.

Balance sheet Modest net debt, $153M · buybacks at an average near $45.57 · dividend paid 4 of 8 yrs, never cut

ASPI ASP Isotopes Inc.

Revenue is Construction (76%) and Products (24%).

Owner earnings 2022–2025 ($7M)($8M)($17M)($40M)

Retained capital not read

Balance sheet Net cash, +$134M

ASPN Aspen Aerogels Inc.

Aspen Aerogels, Inc. is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel materials used primarily in the energy industrial, sustainable insulation materials, and electric vehicle markets.

Owner earnings 2016–2025 ($10M)($11M)($12M)($3M)($13M)($28M)($104M)($58M)$23M($5M)

Retained capital not read

Balance sheet Net cash, +$42M

ASPS Altisource Portfolio Solutions S.A.

Altisource is an integrated service provider and marketplace for the real estate and mortgage industries.

Owner earnings 2016–2025 $104M$56M$64M$45M($25M)($62M)($46M)($22M)($5M)($5M)

Retained capital Paid out $312M more than it earned over 2016–2025; annual owner earnings fell $85M.

Balance sheet Heavy net debt, $164M

ASST Strive Inc.

Strive is a structured finance company and institutional asset manager focused on disciplined capital allocation and long term value creation.

Owner earnings 2023–2024 ($4M)($22M)

Retained capital not read

Balance sheet Net cash, debt-free, +$67M

ASTE Astec Industries Inc.

We design, engineer, manufacture, market and service equipment and components used primarily in asphalt and concrete road building and related construction activities, as well as other products discussed below.

Owner earnings 2016–2025 $107M$22M($57M)$89M$126M($13M)($102M)$2M$3M$21M

Retained capital Retained $54M of earnings over 2016–2025; annual owner earnings fell $15M, $-0.29 per $1 retained.

Balance sheet Meaningful net debt, $262M · dividend paid 10 of 10 yrs, never cut

ASTH Astrana Health Inc.

Astrana is a leading physician-centric, technology-powered, risk-bearing healthcare company.

Owner earnings 2016–2025 $19M$50M$24M$13M$45M$51M$65M$50M$44M$104M

Retained capital Paid out $15M more than it earned over 2016–2025; annual owner earnings grew $35M.

Balance sheet Heavy net debt, $609M · buybacks at an average near $8.27 · dividend paid 10 of 10 yrs, cut at least once

ASTS AST SpaceMobile Inc.

Revenue is Products (63%) and Services (37%).

Owner earnings 2020–2025 ($24M)($83M)($161M)($203M)($189M)($123M)

Retained capital not read

Balance sheet Net cash, +$2.1B

ASYS Amtech Systems Inc.

We provide equipment, consumables and services for semiconductor device packaging, wafer production and device fabrication.

Owner earnings 2016–2025 ($11M)$33M($15M)($541K)($4M)($9M)$4M($11M)$5M$7M

Retained capital Paid out $56M more than it earned over 2016–2025; annual owner earnings fell $2M.

Balance sheet Net cash, +$17M · buybacks at an average near $5.19

ATAI AtaiBeckley Inc.

AtaiBeckley is a clinical-stage biotechnology company on a mission to create breakthroughs for people with difficult-to-treat mental health conditions.

Owner earnings 2024–2025 ($82M)($104M)

Retained capital not read

Balance sheet Net cash, +$79M

ATEC Alphatec Holdings

We are a medical technology company, headquartered in Carlsbad, California, focused on the design, development, and advancement of technology for better surgical treatment of spine disorders.

Owner earnings 2016–2025 ($19M)($16M)($32M)($41M)($57M)($100M)($125M)($135M)($128M)$3M

Retained capital not read

Balance sheet Net debt against an operating loss, $405M

ATEN A10 Networks Inc.

We are a global provider of secure application and network infrastructure solutions that enable enterprises and service providers to deliver high-performance, reliable, and protected digital services across on-premises, hybrid cloud, and distributed environments.

Owner earnings 2016–2025 $14M$9M($5M)($5M)$52M$45M$59M$34M$78M$70M

Retained capital Paid out $109M more than it earned over 2016–2025; annual owner earnings grew $55M.

Balance sheet Net cash, +$466M · buybacks at an average near $12.36 · dividend paid 5 of 10 yrs, never cut

ATEX Anterix Inc.

Through TowerX, CatalyX, and the Anterix Active Ecosystem, which includes more than 150 technology innovators, we provide customers with a complete and integrated, pathway from spectrum acquisition to network deployment and operation.

Owner earnings 2017–2026 ($28M)($23M)($24M)($28M)($10M)$17M($29M)$42M($29M)$5M

Retained capital not read

Balance sheet Net cash, +$98M

ATHS Athene Holding Ltd

We are a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs.

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

ATI ATI Inc.

ATI produces specialty materials, highly differentiated by our materials science expertise and advanced process technologies.

Owner earnings 2016–2025 ($246M)($100M)$254M$62M$30M($137M)$94M($60M)$256M$446M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $245M.

Balance sheet Meaningful net debt, $1.3B · buybacks at an average near $50.53 · dividend paid 1 of 10 yrs, cut at least once

ATKR Atkore

Revenue is Electrical (70%) and Safety & Infrastructure (30%).

Owner earnings 2017–2025 $97M$107M$175M$215M$508M$702M$692M$399M$296M

Retained capital Retained $1.0B of earnings over 2017–2025; annual owner earnings grew $336M, $0.33 per $1 retained.

Balance sheet Heavy net debt, $297M · dividend paid 2 of 9 yrs, never cut

ATLC Atlanticus Holdings Corporation

Atlanticus is a financial technology company powering more inclusive financial solutions for Everyday Americans.

Owner earnings 2017–2020 ($27M)$42M$100M$212M

Retained capital Retained $81M of earnings over 2017–2020; annual owner earnings grew $80M, $0.99 per $1 retained.

Balance sheet Heavy net debt, $5.2B · buybacks at an average near $6.69

ATLCL Atlanticus Holdings Corp

Atlanticus is a financial technology company powering more inclusive financial solutions for Everyday Americans.

Owner earnings 2017–2020 ($27M)$42M$100M$212M

Retained capital Retained $81M of earnings over 2017–2020; annual owner earnings grew $80M, $0.99 per $1 retained.

Balance sheet Heavy net debt, $5.2B · buybacks at an average near $6.69

ATLCP Atlanticus Holdings Corp

Atlanticus is a financial technology company powering more inclusive financial solutions for Everyday Americans.

Owner earnings 2017–2020 ($27M)$42M$100M$212M

Retained capital Retained $81M of earnings over 2017–2020; annual owner earnings grew $80M, $0.99 per $1 retained.

Balance sheet Heavy net debt, $5.2B · buybacks at an average near $6.69

ATLCZ Atlanticus Holdings Corp

Atlanticus is a financial technology company powering more inclusive financial solutions for Everyday Americans.

Owner earnings 2017–2020 ($27M)$42M$100M$212M

Retained capital Retained $81M of earnings over 2017–2020; annual owner earnings grew $80M, $0.99 per $1 retained.

Balance sheet Heavy net debt, $5.2B · buybacks at an average near $6.69

ATMU Atmus Filtration Technologies Inc.

Atmus is one of the global leaders of filtration products for on-highway commercial vehicles and off-highway agriculture, construction, mining and power generation vehicles and equipment.

Owner earnings 2021–2025 $177M$128M$143M$57M$149M

Retained capital Retained $799M of earnings over 2021–2025; annual owner earnings fell $33M, $-0.04 per $1 retained.

Balance sheet Modest net debt, $334M · buybacks at an average near $40.47 · dividend paid 2 of 5 yrs, never cut

ATNI ATN International Inc.

We provide digital infrastructure and communications services in the United States, primarily in the western US, and Alaska, and internationally, including Bermuda and the Caribbean region.

Owner earnings 2016–2025 $36M$59M$30M$15M$11M($16M)($57M)($52M)$18M$44M

Retained capital Paid out $243M more than it earned over 2016–2025; annual owner earnings fell $38M.

Balance sheet Heavy net debt, $462M · buybacks at an average near $33.79 · dividend paid 10 of 10 yrs, cut at least once

ATO Atmos Energy Corporation

We safely deliver reliable, efficient, and abundant natural gas through regulated sales and transportation arrangements to approximately 3.4 million residential, commercial, public authority, and industrial customers in eight states located primarily in the South.

Owner earnings 2016–2025 $502M$547M$764M$577M$608M($1.6B)$442M$2.9B$1.1B$1.3B

Retained capital Retained $3.7B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.30 per $1 retained.

Balance sheet Heavy net debt, $8.8B · dividend paid 10 of 10 yrs, never cut

ATOM Atomera Incorporated

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

Owner earnings 2016–2025 ($7M)($9M)($10M)($10M)($12M)($13M)($13M)($15M)($13M)($15M)

Retained capital not read

Balance sheet Net cash, +$4M

ATR AptarGroup Inc.

We partner with our customers by providing innovative solutions and end market expertise.

Owner earnings 2016–2025 $196M$168M$102M$272M$324M$129M$245M$327M$367M$300M

Retained capital Retained $791M of earnings over 2016–2025; annual owner earnings grew $175M, $0.22 per $1 retained.

Balance sheet Modest net debt, $889M · buybacks at an average near $6.27 · dividend paid 10 of 10 yrs, never cut

ATRC AtriCure

A medical-device business, placing equipment that pulls consumables and service behind it.

Owner earnings 2016–2025 ($23M)($15M)($10M)($23M)($25M)($21M)($30M)($5M)$745K$48M

Retained capital not read

Balance sheet Net cash, +$99M

ATRO Astronics Corporation

Astronics Corporation is a leading provider of advanced technologies to the global aerospace, defense, and electronics industries.

Owner earnings 2016–2025 $36M$24M$39M$31M$30M($12M)($36M)($32M)$22M$53M

Retained capital Paid out $132M more than it earned over 2016–2025; annual owner earnings fell $18M.

Balance sheet Heavy net debt, $316M

AUB Atlantic Union Bankshares Corporation

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

AUPH Aurinia Pharmaceuticals Inc

Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$80M

AUR Aurora Innovation Inc.

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

Owner earnings 2019–2025 ($99M)($199M)($612M)($523M)($613M)($645M)($612M)

Retained capital not read

Balance sheet Net cash, debt-free, +$221M

AUROW Aurora Innovation Inc.

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

Owner earnings 2019–2025 ($99M)($199M)($612M)($523M)($613M)($645M)($612M)

Retained capital not read

Balance sheet Net cash, debt-free, +$221M

AUTL Autolus Therapeutics PLC

We are an early commercial-stage biopharmaceutical company developing, manufacturing and delivering next-generation T cell therapies and candidates for the treatment of cancer and autoimmune diseases.

Owner earnings 2023–2025 ($152M)($214M)($292M)

Retained capital not read

Balance sheet Net cash, debt-free, +$104M

AVA Avista

Avista Utilities owns and operates approximately 20,000 miles of primary and secondary electric distribution lines providing service to retail customers.

Owner earnings 2016–2025 $193M$235M$175M$192M$107M$35M($129M)$182M$260M$180M

Retained capital Retained $374M of earnings over 2016–2025; annual owner earnings grew $6M, $0.02 per $1 retained.

Balance sheet Heavy net debt, $2.7B · dividend paid 10 of 10 yrs, never cut

AVAH Aveanna Healthcare Holdings Inc.

Aveanna provides its services through three segments: Private Duty Services; Home Health & Hospice; and Medical Solutions.

Owner earnings 2019–2021 ($25M)$101M($27M)

Retained capital not read

Balance sheet Heavy net debt, $1.1B

AVAV AeroVironment Inc.

We are a defense technology provider delivering integrated capabilities across air, land, sea, space, and cyber.

Owner earnings 2017–2026 ($13M)$64M$18M$14M$75M($32M)($3M)($8M)($21M)($141M)

Retained capital Paid out $199M more than it earned over 2017–2026; annual owner earnings fell $79M.

Balance sheet Net debt against an operating loss, $107M

AVB AvalonBay Communities Inc.

We focus on leading metropolitan areas that we believe have offered, and will continue to offer, the opportunity for superior risk-adjusted returns over the long-term on apartment community investments relative to other markets.

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 · buybacks at an average near $150 · dividend paid 10 of 10 yrs, never cut

AVBC Avidia Bancorp Inc.

Avidia Bank is a Massachusetts-chartered stock savings bank, with its main office in Hudson, Massachusetts.

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

AVBH Avidbank Holdings Inc.

We provide competitive deposit products and treasury management solutions with a high-touch, relationship-driven approach, guided by our commitment to being Responsive, Collaborative & Accountable—principles we embody in every client interaction.

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

AVGO Broadcom Inc.

Broadcom designs semiconductors and the infrastructure software that runs alongside them, selling both into the systems that carry communications, run data centers, and power large-organization computing. One half is the chips — a broad range of connectivity and processing parts; the other half is software that large enterprises license to operate and secure what they run. It does not own the factories that etch its chips — it designs, others fabricate — and a handful of very large customers account for a large slice of what it sells.

Owner earnings 2016–2025 $3.0B$6.1B$8.2B$9.3B$11.6B$13.3B$16.3B$17.6B$19.4B$26.9B

Retained capital Paid out $12.5B more than it earned over 2016–2025; annual owner earnings grew $15.5B.

Balance sheet Modest net debt, $50.9B · buybacks at an average near $40.61 · dividend paid 10 of 10 yrs, never cut

AVNS Avanos Medical Inc.

Avanos Medical, Inc. is a medical technology company focused on delivering clinically superior medical device solutions that help patients get back to the things that matter.

Owner earnings 2016–2025 $160M$101M($179M)($111M)($23M)$66M$72M$15M$83M$43M

Retained capital Paid out $469M more than it earned over 2016–2025; annual owner earnings grew $20M.

Balance sheet Net debt against an operating loss, $158M · no dividend paid

AVNT Avient

Our end markets include consumer, packaging, defense, healthcare, industrial, transportation, building and construction, telecommunications and energy.

Owner earnings 2016–2025 $143M$123M$178M$219M$158M$133M$293M$82M$135M$195M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings fell $11M, $-0.01 per $1 retained.

Balance sheet Heavy net debt, $1.4B · buybacks at an average near $28.73 · dividend paid 10 of 10 yrs, never cut

AVO Mission Produce Inc.

Mission Produce, Inc. together with its consolidated subsidiaries, is a global leader in the avocado industry.

Owner earnings 2019–2025 $76M$61M$27M$10M($4M)$61M$54M

Retained capital Retained $154M of earnings over 2019–2025; annual owner earnings fell $17M, $-0.11 per $1 retained.

Balance sheet Modest net debt, $31M · buybacks at an average near $1.00 · dividend paid 2 of 7 yrs, cut at least once

AVPT AvePoint Inc.

AvePoint is a global provider of modern data protection, enabling organizations to secure, govern, and operationalize data at scale across major cloud ecosystems.

Owner earnings 2019–2025 ($3M)$18M$4M($3M)$33M$86M$82M

Retained capital Paid out $273M more than it earned over 2019–2025; annual owner earnings grew $60M.

Balance sheet Net cash, debt-free, +$481M · buybacks at an average near $8.13

AVR Anteris Technologies Global Corp.

Anteris is a structural heart company dedicated to revolutionizing cardiac care by pioneering science-driven and measurable advancements to restore heart valve patients to healthy function.

Owner earnings 2024–2025 ($63M)($80M)

Retained capital not read

Balance sheet Net cash, +$13M

AVT Avnet Inc.

Avnet, Inc. and its consolidated subsidiaries, is a leading global electronic component technology distributor and solutions provider that has served customers' evolving needs for more than a century.

Owner earnings 2017–2026 ($489M)$98M$412M$657M$41M($268M)($802M)$603M$653M($354M)

Retained capital Paid out $150M more than it earned over 2017–2026; annual owner earnings grew $294M.

Balance sheet Heavy net debt, $3.1B · buybacks at an average near $43.94 · dividend paid 10 of 10 yrs, never cut

AVTR Avantor Inc.

We distribute consumables and equipment to laboratories around the world.

Owner earnings 2017–2025 ($193M)$163M$302M$868M$843M$710M$724M$692M$495M

Retained capital Retained $1.6B of earnings over 2017–2025; annual owner earnings grew $546M, $0.33 per $1 retained.

Balance sheet Net debt against an operating loss, $3.6B

AVTX Avalo Therapeutics Inc.

We are a clinical stage biotechnology company fully dedicated to developing IL-1 -based treatments for immune-mediated inflammatory diseases.

Owner earnings 2016–2024 ($15M)$13M($4M)($19M)($41M)($71M)($27M)($31M)($49M)

Retained capital not read

Balance sheet Net cash, +$83M

AVX Avax One Technology Ltd.

Revenue is Bitcoin Mining (74%) and Avalanche Staking (26%).

Owner earnings 2024–2025 ($6M)($16M)

Retained capital not read

Balance sheet Net cash, +$21M

AVY Avery Dennison Corporation

We are a global leader in materials science and digital identification solutions.

Owner earnings 2016–2025 $405M$455M$277M$527M$550M$792M$683M$561M$730M$712M

Retained capital Retained $536M of earnings over 2016–2025; annual owner earnings grew $289M, $0.54 per $1 retained.

Balance sheet Meaningful net debt, $3.5B · buybacks at an average near $90.50 · dividend paid 10 of 10 yrs, never cut

AWI Armstrong World Industries Inc

We manufacture and source products made of numerous materials, including mineral fiber, fiberglass, metal, felt, architectural resin and glass, wood, wood fiber and glass-reinforced-gypsum.

Owner earnings 2016–2025 ($55M)$81M$131M$111M$163M$107M$108M$150M$184M$246M

Retained capital Retained $219M of earnings over 2016–2025; annual owner earnings grew $141M, $0.64 per $1 retained.

Balance sheet Modest net debt, $294M · dividend paid 8 of 10 yrs, never cut

AWK American Water Works Company Inc.

The Company's primary business involves the ownership of utilities that provide water and wastewater services to residential, commercial, industrial, public authority, fire service and sale for resale customers.

Owner earnings 2016–2025 $819M$957M$841M$801M$822M$805M$459M$1.2B$1.3B$1.2B

Retained capital Retained $3.5B of earnings over 2016–2025; annual owner earnings grew $325M, $0.09 per $1 retained.

Balance sheet Heavy net debt, $12.7B · buybacks at an average near $74.07 · dividend paid 10 of 10 yrs, never cut

AWR American States Water

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2017–2025 $106M$96M$81M$85M$76M$76M$25M$155M$182M

Retained capital Retained $375M of earnings over 2017–2025; annual owner earnings grew $26M, $0.07 per $1 retained.

Balance sheet Meaningful net debt, $775M · dividend paid 9 of 9 yrs, never cut

AX Axos Financial Inc.

Axos Financial Inc. is a technology-driven, diversified financial services company with approximately $24.8 billion in assets and approximately $39.4 billion of assets under custody and/or administration at Axos Clearing LLC.

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 · buybacks at an average near $28.25

AXGN Axogen Inc.

We are the leading company focused specifically on the science, development, and commercialization of technologies for peripheral nerve regeneration and repair.

Owner earnings 2016–2025 ($12M)($10M)($19M)($21M)($11M)($16M)($19M)($10M)$1M($3M)

Retained capital not read

Balance sheet Net debt against an operating loss, $9M

AXON Axon Enterprise

Axon Enterprise is a technology company that provides integrated hardware and software solutions.

Owner earnings 2016–2025 $17M$10M$53M$54M$26M$106M$212M$170M$360M$128M

Retained capital Retained $782M of earnings over 2016–2025; annual owner earnings grew $192M, $0.25 per $1 retained.

Balance sheet Net debt against an operating loss, $104M · buybacks at an average near $18.75

AXP American Express Company

American Express is a payments and premium lifestyle brand that both issues cards and runs the network they ride on, so it stands on both sides of a transaction rather than renting someone else's rails. It aims its cards at affluent people and businesses and earns from several places at once: a discount fee charged to the merchants who accept the card, annual card fees, and interest on balances cardmembers carry. It is also a bank holding company, so its lending is supervised and examined like a bank's.

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 · buybacks at an average near $167 · dividend paid 10 of 10 yrs, never cut

AXS Axis Capital Holdings Limited

AXIS is a global specialty underwriter and provider of insurance and reinsurance solutions with operations in Bermuda, the United States, Europe, Singapore, and Canada.

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

AXSM Axsome Therapeutics Inc.

We are a fully integrated biopharmaceutical company focused on developing innovative medicines for people impacted by central nervous system conditions.

Owner earnings 2022–2025 ($117M)($146M)($129M)($94M)

Retained capital not read

Balance sheet Net cash, +$135M

AXTA Axalta Coating Systems

Axalta Coating Systems is a leading global manufacturer, marketer and distributor of high-performance coatings systems and products.

Owner earnings 2016–2025 $423M$415M$353M$461M$427M$437M$143M$437M$436M$453M

Retained capital Retained $943M of earnings over 2016–2025; annual owner earnings grew $45M, $0.05 per $1 retained.

Balance sheet Meaningful net debt, $2.5B

AXTI AXT Inc

AXT is a worldwide materials science company that develops and produces high-performance compound and single element semiconductor substrates, also known as wafers.

Owner earnings 2016–2025 $10M($13M)($37M)($9M)($14M)($33M)($37M)($7M)($18M)($19M)

Retained capital Retained $6M of earnings over 2016–2025; annual owner earnings fell $1M, $-0.20 per $1 retained.

Balance sheet Net cash, +$115M

AYI Acuity

Acuity is a market-leading industrial technology company.

Owner earnings 2016–2025 $325M$269M$308M$442M$450M$365M$260M$511M$555M$533M

Retained capital Retained $964M of earnings over 2016–2025; annual owner earnings grew $232M, $0.24 per $1 retained.

Balance sheet Modest net debt, $474M · buybacks at an average near $152 · dividend paid 10 of 10 yrs, never cut

AZEK The Azek Company Inc.

The Azek Company Inc. is an industry-leading designer and manufacturer of beautiful, low maintenance and environmentally sustainable outdoor living products, including TimberTech decking and railing, Versatex and AZEK Trim, and StruXure pergolas.

Owner earnings 2018–2024 $25M$32M$3M$106M($13M)$274M$147M

Retained capital Paid out $203M more than it earned over 2018–2024; annual owner earnings grew $116M.

Balance sheet Modest net debt, $269M

AZO AutoZone Inc.

AutoZone Inc. is a leading retailer and distributor of automotive replacement parts and accessories in the Americas.

Owner earnings 2016–2025 $1.3B$1.2B$1.7B$1.8B$2.3B$3.1B$2.8B$2.4B$2.5B$2.5B

Retained capital Paid out $3.7B more than it earned over 2016–2025; annual owner earnings grew $1.0B.

Balance sheet Meaningful net debt, $8.7B · buybacks at an average near $1,387

AZTA Azenta Inc.

We are a leading global provider of biological and chemical compound sample exploration and management solutions for the life sciences industry.

Owner earnings 2017–2025 $84M$61M$67M($2M)$97M($520M)($34M)$12M$38M

Retained capital Retained $1.0B of earnings over 2017–2025; annual owner earnings fell $65M, $-0.06 per $1 retained.

Balance sheet Net cash, +$229M · dividend paid 6 of 9 yrs, cut at least once

AZZ AZZ 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 2018–2026 $47M$86M$110M$65M$62M$34M$149M$168M$445M

Retained capital Retained $462M of earnings over 2018–2026; annual owner earnings grew $173M, $0.37 per $1 retained.

Balance sheet Modest net debt, $477M · buybacks at an average near $43.57 · dividend paid 9 of 9 yrs, cut at least once