G

G Genpact

Genpact is an agentic and advanced technology solutions company recognized for its deep industry knowledge, process intelligence and last mile expertise.

Owner earnings 2016–2025 $291M$302M$275M$353M$514M$641M$393M$435M$533M$735M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $278M, $0.23 per $1 retained.

Balance sheet Modest net debt, $338M · buybacks at an average near $39.26 · dividend paid 9 of 10 yrs, never cut

GABC German American Bancorp Inc.

Our retail and commercial banking business involves attracting deposits from the general public and using those funds to originate consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, primarily in the Company's local 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 · dividend paid 10 of 10 yrs, never cut

GAP Gap Inc. (The)

Gap Inc. (The) is a house of iconic American brands offering apparel, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands.

Owner earnings 2017–2026 $1.2B$649M$676M$709M($155M)$115M($78M)$1.1B$1.0B$823M

Retained capital Retained $357M of earnings over 2017–2026; annual owner earnings grew $151M.

Balance sheet Net cash, +$1.5B · buybacks at an average near $18.47 · dividend paid 9 of 10 yrs, cut at least once

GATX Gatx Corporation

Revenue is led by Rail North America (68%) and Rail International (22%), with 2 more segments behind.

Owner earnings 2016–2023 $34M($70M)($428M)($297M)($424M)$129M$162M$128M

Retained capital Retained $766M of earnings over 2016–2023; annual owner earnings grew $295M, $0.38 per $1 retained.

Balance sheet Heavy net debt, $11.8B · buybacks at an average near $64.31 · dividend paid 8 of 8 yrs, never cut

GBCI Glacier Bancorp

We provide a full range of banking services to individuals and businesses from 281 locations in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, Nevada, and Texas through our wholly-owned bank subsidiary, Glacier Bank.

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 4 of 4 yrs, cut at least once

GBFH GBank Financial Holdings Inc.

GBank is a Nevada state-chartered bank, with deposits insured by the FDIC.

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

GBLI Global Indemnity Group, LLC

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

GBTG Global Business Travel Group Inc.

Global Business Travel Group, Inc. is a leading technology and services company for travel, expense, and meetings & events.

Owner earnings 2020–2025 ($297M)($556M)($488M)$49M$165M$104M

Retained capital not read

Balance sheet Heavy net debt, $984M

GBX Greenbrier Companies Inc. (The)

We are a leading international supplier of equipment and services to global freight transportation markets.

Owner earnings 2016–2025 $274M$220M$29M($105M)$205M($141M)($252M)($35M)$214M$144M

Retained capital Retained $611M of earnings over 2016–2025; annual owner earnings fell $67M, $-0.11 per $1 retained.

Balance sheet Heavy net debt, $1.4B · buybacks at an average near $30.03 · dividend paid 10 of 10 yrs, never cut

GCBC Greene County 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 10 of 10 yrs, cut at least once

GCMG GCM Grosvenor 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 5 of 8 yrs, never cut

GCO Genesco Inc.

Revenue is led by Journeys Group (61%) and Schuh Group (21%), with 2 more segments behind.

Owner earnings 2017–2026 $71M$86M$180M$87M$134M$197M($208M)$34M$47M$84M

Retained capital Paid out $499M more than it earned over 2017–2026; annual owner earnings fell $58M.

Balance sheet Net cash, +$102M · buybacks at an average near $46.39

GCT GigaCloud Technology Inc

GigaCloud Marketplace is one of the fastest growing large parcel B2B marketplaces with over $1,576.8 million, $1,341.4 million and $794.4 million of GMV transacted in our marketplace in 2025, 2024 and 2023, respectively.

Owner earnings 2021–2025 $8M$49M$131M$150M$183M

Retained capital Retained $411M of earnings over 2021–2025; annual owner earnings grew $92M, $0.22 per $1 retained.

Balance sheet Net cash, debt-free, +$416M

GD General Dynamics Corporation

General Dynamics builds things that are hard to build and slow to replace. It makes business jets sold to companies and individuals, and it makes weapons and systems for governments — warships and submarines, land combat vehicles, weapon systems and munitions, and defense technology products and services. Most of the revenue comes from the defense work, and the single largest buyer of that work is the U.S. government.

Owner earnings 2016–2025 $1.8B$3.4B$2.5B$2.0B$2.9B$3.4B$3.7B$3.8B$3.2B$4.2B

Retained capital Retained $9.1B of earnings over 2016–2025; annual owner earnings grew $1.2B, $0.13 per $1 retained.

Balance sheet Modest net debt, $5.7B · buybacks at an average near $187 · dividend paid 10 of 10 yrs, never cut

GDDY GoDaddy Inc.

GoDaddy is a global leader serving a large market of entrepreneurs, developing and delivering easy-to-use solutions as a one-stop shop provider, backed by proactive, informed and personalized guidance.

Owner earnings 2016–2025 $325M$392M$472M$636M$698M$778M$920M$1.0B$1.3B$1.6B

Retained capital Paid out $2.8B more than it earned over 2016–2025; annual owner earnings grew $884M.

Balance sheet Meaningful net debt, $2.7B · dividend paid 1 of 10 yrs, never cut

GDOT Green DOT Corp

Revenue is B2B Services (67%), Consumer Services (17%) and Money Movement Services (11%).

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

GDRX GoodRx Holdings Inc.

Revenue is led by Prescription transactions revenue (68%) and Pharma Direct Revenue (19%), with 2 more lines behind.

Owner earnings 2018–2025 $44M$82M$111M$174M$143M$137M$183M$164M

Retained capital Paid out $2.1B more than it earned over 2018–2025; annual owner earnings grew $82M.

Balance sheet Meaningful net debt, $226M · dividend paid 1 of 8 yrs, never cut

GDYN Grid Dynamics Holdings Inc.

Grid Dynamics Holdings Inc. is an Enterprise Artificial Intelligence transformation partner for the Fortune 1000.

Owner earnings 2018–2025 $9M$10M$4M$13M$26M$33M$18M$25M

Retained capital Paid out $145M more than it earned over 2018–2025; annual owner earnings grew $18M.

Balance sheet Net cash, debt-free, +$342M · buybacks at an average near $9.99 · dividend paid 1 of 8 yrs, cut at least once

GE GE Aerospace

GE Aerospace designs and builds the jet engines that power commercial airliners and military aircraft, selling them to airframe makers, airlines, and governments. The engine itself is mostly the entry ticket: the larger share of the money comes from servicing those engines over service lives that run for decades — spare parts, overhauls, and long-term maintenance on the fleet already in the air.

Owner earnings 2016–2025 ($6.0B)($88M)($1.6B)$6.5B$2.0B$2.2B$5.1B$4.3B$3.7B$7.7B

Retained capital Paid out $69.7B more than it earned over 2016–2025; annual owner earnings grew $7.8B.

Balance sheet Heavy net debt, $123.8B · buybacks at an average near $216 · dividend paid 10 of 10 yrs, cut at least once

GEF Greif

We are a leading global producer of industrial packaging products and services with operations in over 35 countries.

Owner earnings 2016–2024 $201M$208M$113M$233M$323M$255M$481M$436M$170M

Retained capital Retained $978M of earnings over 2016–2024; annual owner earnings grew $188M, $0.19 per $1 retained.

Balance sheet Modest net debt, $658M · buybacks at an average near $416 · dividend paid 9 of 9 yrs

GEGGL Great Elm Group, Inc.

Revenue is led by Management Fees (43%) and Incentive Fees (25%), with 5 more lines behind.

Owner earnings 2020–2023 $13M($19M)$29M($2M)

Retained capital Paid out $7M more than it earned over 2020–2023; annual owner earnings fell $5M.

Balance sheet Net debt against an operating loss, $4M

GEHC GE Healthcare Technologies Inc.

GE Healthcare Technologies Inc. is a leading global healthcare solutions provider of advanced medical technology, pharmaceutical diagnostics, and AI, cloud and software solutions that help clinicians tackle the world's most complex diseases.

Owner earnings 2021–2025 $1.4B$1.8B$1.7B$1.6B$1.5B

Retained capital Retained $9.4B of earnings over 2021–2025; annual owner earnings fell $41M, $-0.00 per $1 retained.

Balance sheet Modest net debt, $5.5B · buybacks at an average near $71.43 · dividend paid 3 of 5 yrs, never cut

GEL Genesis Energy

We provide an integrated suite of services to crude oil and natural gas producers, refiners, and industrial and commercial enterprises.

Owner earnings 2016–2025 ($180M)$73M$195M$219M$153M$37M($90M)($99M)($195M)$66M

Retained capital Paid out $608M more than it earned over 2016–2025; annual owner earnings fell $105M.

Balance sheet Heavy net debt, $3.4B · buybacks at an average near $9.08

GEMI Gemini Space Station Inc.

Gemini is a trusted cryptocurrency platform building secure financial infrastructure for the next generation of money and markets, providing access for individuals and institutions to a financial future that is more open, fair, and secure.

Owner earnings 2023–2025 ($208M)($110M)($220M)

Retained capital not read

Balance sheet Net cash, debt-free, +$252M

GEN Gen Digital

Gen helps people protect what matters most — their data, identity, privacy, reputation and financials — through award-winning cyber-security, online privacy, identity protection and financial wellness solutions used by nearly 500 million users in more than 150 countries.

Owner earnings 2017–2026 ($279M)$808M$1.3B($950M)$700M$968M$751M$2.0B$1.2B$1.5B

Retained capital Paid out $5.0B more than it earned over 2017–2026; annual owner earnings grew $985M.

Balance sheet Meaningful net debt, $7.8B · buybacks at an average near $22.88 · dividend paid 10 of 10 yrs, cut at least once

GENVR Gen Digital Inc. Contingent Value Rights

Gen helps people protect what matters most — their data, identity, privacy, reputation and financials — through award-winning cyber-security, online privacy, identity protection and financial wellness solutions used by nearly 500 million users in more than 150 countries.

Owner earnings 2017–2026 ($279M)$808M$1.3B($950M)$700M$968M$751M$2.0B$1.2B$1.5B

Retained capital Paid out $5.0B more than it earned over 2017–2026; annual owner earnings grew $985M.

Balance sheet Meaningful net debt, $7.8B · buybacks at an average near $22.88 · dividend paid 10 of 10 yrs, cut at least once

GEO Geo Group Inc (The) REIT

We specialize in the ownership, leasing and management of secure facilities, processing centers and reentry facilities and the provision of community-based services in the United States, Australia and South Africa.

Owner earnings 2016–2025 ($110M)$233M$148M$221M$333M$213M$198M$205M$164M($59M)

Retained capital Retained $36M of earnings over 2016–2025; annual owner earnings grew $13M.

Balance sheet Heavy net debt, $1.6B · buybacks at an average near $18.43 · dividend paid 6 of 10 yrs, cut at least once

GES Guess

Revenue is led by Europe (51%) and Americas Retail (25%), with 3 more segments behind.

Owner earnings 2016–2025 $96M$2M$85M$13M$136M$190M$68M$108M$256M$53M

Retained capital Paid out $802M more than it earned over 2016–2025; annual owner earnings grew $78M.

Balance sheet Modest net debt, $72M · dividend paid 10 of 10 yrs, cut at least once

GETY Getty Images Holdings Inc.

Revenue is Creative (57%), Editorial (38%) and Other (6%).

Owner earnings 2020–2025 $104M$140M$104M$76M$61M$6M

Retained capital Paid out $350M more than it earned over 2020–2025; annual owner earnings fell $68M.

Balance sheet Heavy net debt, $1.9B

GEV GE Vernova Inc.

GE Vernova is the power business carved out of General Electric. It makes the heavy equipment that generates electricity and moves it — gas turbines, steam and nuclear equipment, the grid and electrification hardware that carries power to where it is used, and wind turbines. The customers are utilities, governments, and power producers, and the sales are large, long-cycle projects. Much of the lasting profit comes not from the first sale of a turbine but from the multi-decade contracts to service and supply parts for the machines already installed.

Owner earnings 2022–2025 ($627M)$442M$1.7B$3.7B

Retained capital Paid out $372M more than it earned over 2022–2025; annual owner earnings grew $1.4B.

Balance sheet Net cash, debt-free, +$8.8B · buybacks at an average near $404 · dividend paid 1 of 4 yrs, never cut

GEVO Gevo Inc.

Revenue is GevoND (85%), GevoRNG (11%) and Gevo (4%).

Owner earnings 2016–2025 ($26M)($23M)($18M)($27M)($26M)($53M)($52M)($73M)($76M)($44M)

Retained capital not read

Balance sheet Net debt against an operating loss, $84M

GFF Griffon Corporation

Griffon Corporation is a diversified management and holding company that conducts business through wholly-owned subsidiaries.

Owner earnings 2016–2025 $34M$14M$8M$55M$66M$33M$17M$389M$342M$318M

Retained capital Paid out $770M more than it earned over 2016–2025; annual owner earnings grew $331M.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $54.43 · dividend paid 10 of 10 yrs, cut at least once

GGG Graco Inc.

Graco Inc. is a multi-national manufacturing company.

Owner earnings 2016–2025 $234M$298M$314M$370M$339M$398M$311M$577M$515M$638M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $295M, $0.25 per $1 retained.

Balance sheet Net cash, +$622M · dividend paid 10 of 10 yrs, never cut

GH Guardant Health Inc.

Revenue is Oncology (70%), Biopharma and data (21%) and Screening (8%).

Owner earnings 2016–2025 ($38M)($77M)($79M)($59M)($120M)($231M)($345M)($345M)($275M)($233M)

Retained capital not read

Balance sheet Net debt against an operating loss, $1.1B

GHC Graham Holdings Company

Graham Holdings Company is a diversified holding company whose operations include educational services, television broadcasting, manufacturing, healthcare, automotive dealerships and other businesses.

Owner earnings 2016–2025 $195M$208M$230M$106M$141M$131M$153M$166M$324M$275M

Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $44M, $0.02 per $1 retained.

Balance sheet Meaningful net debt, $614M · dividend paid 10 of 10 yrs, never cut

GHM Graham Corporation

Graham Corporation is a global leader in the design and manufacture of mission critical fluid, power, heat transfer, vacuum, and advanced mixing technologies for the Defense, Energy & Process, and Space industries.

Owner earnings 2017–2026 $12M$6M$6M($1M)($4M)($5M)$10M$23M$18M$8M

Retained capital Paid out $5M more than it earned over 2017–2026; annual owner earnings grew $8M.

Balance sheet Modest net debt, $6M · dividend paid 6 of 10 yrs, cut at least once

GIC Global Industrial Company

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 ($60M)$43M($27M)$64M$66M$46M$46M$108M$47M$75M

Retained capital Paid out $14M more than it earned over 2016–2025; annual owner earnings grew $91M.

Balance sheet Net cash, +$67M · buybacks at an average near $26.71 · dividend paid 10 of 10 yrs, cut at least once

GIII G-III Apparel

G-III is a global leader in fashion with expertise in design, sourcing, distribution and marketing, which enables us to fuel growth across a portfolio of over 30 globally recognized owned and licensed brands, anchored by our key owned brands DKNY, Donna Karan, Karl Lagerfeld and Vilebrequin.

Owner earnings 2017–2026 $81M$45M$75M$171M$59M$168M($126M)$563M$289M$264M

Retained capital Retained $684M of earnings over 2017–2026; annual owner earnings grew $305M, $0.45 per $1 retained.

Balance sheet Net cash, +$402M · buybacks at an average near $22.96 · dividend paid 1 of 10 yrs, never cut

GILD Gilead Sciences Inc.

Gilead is a biopharmaceutical company that discovers, develops, and sells prescription medicines, anchored in antiviral drugs — above all treatments for HIV, many sold as single-tablet, fixed-dose regimens — alongside a portfolio of other therapies. It reaches patients through a small set of wholesale distributors that resell to pharmacies, hospitals, and government health programs, so its named customers are few though the prescribers are many. The money is made on patent-protected drugs that cost little to make against what they fetch, which is what puts the gross margin where the record below shows it.

Owner earnings 2016–2025 $16.3B$11.3B$7.5B$8.3B$7.5B$10.8B$8.3B$7.4B$10.3B$9.5B

Retained capital Paid out $3.5B more than it earned over 2016–2025; annual owner earnings fell $2.6B.

Balance sheet Meaningful net debt, $25.9B · buybacks at an average near $71.94 · dividend paid 10 of 10 yrs, never cut

GIS General Mills Inc.

We are a leading global manufacturer and marketer of branded consumer foods with more than 100 brands in 100 countries across six continents.

Owner earnings 2017–2026 $1.7B$2.2B$2.3B$3.2B$2.5B$2.7B$2.2B$2.7B$2.3B$1.6B

Retained capital Paid out $926M more than it earned over 2017–2026; annual owner earnings grew $150M.

Balance sheet Heavy net debt, $13.0B · buybacks at an average near $65.32 · dividend paid 10 of 10 yrs, never cut

GKOS Glaukos Corporation

Glaukos is an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal disease.

Owner earnings 2016–2025 $8M$20M$13M($5M)($30M)($5M)($63M)($78M)($68M)($22M)

Retained capital not read

Balance sheet Net debt against an operating loss, $192M

GL Globe Life Inc.

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

GLIBA Liberty Capital Corp/nv

Revenue is led by Business Revenue, Data (48%) and Consumer Revenue, Data (23%), with 5 more lines behind.

Owner earnings 2024–2025 $31M$122M

Retained capital not read

Balance sheet Net debt against an operating loss, $567M

GLIBK Liberty Capital Corp/nv

Revenue is led by Business Revenue, Data (48%) and Consumer Revenue, Data (23%), with 5 more lines behind.

Owner earnings 2024–2025 $31M$122M

Retained capital not read

Balance sheet Net debt against an operating loss, $567M

GLOO Gloo Holdings Inc.

Revenue is led by Platform Solutions (40%) and Advertising (28%), with 3 more lines behind.

Owner earnings 2024–2026 ($42M)($47M)($82M)

Retained capital not read

Balance sheet Net cash, +$22M

GLP Global Partners LP Common

We are one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores, primarily in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania and Maryland and Virginia.

Owner earnings 2016–2025 ($191M)$299M$100M$12M$236M($51M)$373M$424M($72M)$193M

Retained capital Retained $850M of earnings over 2016–2025; annual owner earnings grew $113M, $0.13 per $1 retained.

Balance sheet Heavy net debt, $1.2B

GLPI Gaming and Leisure Properties 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 · dividend paid 10 of 10 yrs, cut at least once

GLRE Greenlight Capital Re 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

GLUE Monte Rosa Therapeutics Inc.

We are a clinical-stage biotechnology company developing a portfolio of novel and proprietary molecular glue degraders, or MGDs.

Owner earnings 2023–2025 ($50M)$38M($27M)

Retained capital not read

Balance sheet Net cash, debt-free, +$130M

GLW Corning Incorporated

Corning's markets include optical communications, display, mobile consumer electronics, automotive, life sciences, semiconductors and solar.

Owner earnings 2018–2025 $1.7B$641M$803M$1.8B$1.0B$615M$974M$1.4B

Retained capital Paid out $2.6B more than it earned over 2018–2025; annual owner earnings fell $54M.

Balance sheet Meaningful net debt, $6.9B · buybacks at an average near $30.32 · dividend paid 8 of 8 yrs, never cut

GLXY Galaxy Digital Inc.

Galaxy is a global financial services and infrastructure company focused on digital assets and HPC.

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

GM General Motors Company

General Motors designs and builds cars, trucks, and SUVs and sells them, mostly through independent dealers, to retail buyers and fleets. It also runs a financing arm that lends to those buyers and to the dealers who stock its vehicles, so it earns money both on the metal it ships and on the loans that move it. Making vehicles takes heavy plant, tooling, and engineering spending, which must be earned back sale by sale.

Owner earnings 2016–2025 $8.2B$8.9B$6.5B$7.4B$11.4B$7.7B$6.8B$10.0B$9.3B$17.6B

Retained capital Retained $19.2B of earnings over 2016–2025; annual owner earnings grew $4.4B, $0.23 per $1 retained.

Balance sheet Heavy net debt, $110.6B · buybacks at an average near $35.82 · dividend paid 10 of 10 yrs, cut at least once

GME GameStop Corp.

GameStop Corp. offers games, collectibles, and entertainment products through its stores and ecommerce platforms.

Owner earnings 2017–2026 $394M$322M$231M($493M)$64M($496M)$52M($239M)$130M$597M

Retained capital Paid out $1.9B more than it earned over 2017–2026; annual owner earnings fell $153M.

Balance sheet Net cash, +$4.8B · buybacks at an average near $2.12 · dividend paid 5 of 10 yrs, cut at least once

GMED Globus Medical

Globus is an engineering-driven company with a history of rapidly developing and commercializing advanced products and procedures to address treatment challenges.

Owner earnings 2016–2025 $107M$108M$140M$119M$135M$219M$104M$165M$405M$589M

Retained capital Retained $868M of earnings over 2016–2025; annual owner earnings grew $268M, $0.31 per $1 retained.

Balance sheet Net cash, +$140M · buybacks at an average near $44.38

GNE Genie Energy Ltd.

Revenue is Electricity (82%), Oil and Gas (13%) and Product and Service, Other (5%).

Owner earnings 2016–2024 $15M$7M$19M$16M$23M$68M$80M$62M$70M

Retained capital Retained $138M of earnings over 2016–2024; annual owner earnings grew $57M, $0.41 per $1 retained.

Balance sheet Net cash, +$204M · dividend paid 6 of 9 yrs, cut at least once

GNK Genco Shipping & Trading Limited

We are a New York City-based pure-play drybulk ship owning company focused on the seaborne transportation of commodities globally.

Owner earnings 2016–2025 ($53M)$24M$64M$55M$32M$230M$186M$89M$124M$29M

Retained capital Paid out $492M more than it earned over 2016–2025; annual owner earnings grew $69M.

Balance sheet Heavy net debt, $1.4B · dividend paid 7 of 10 yrs, cut at least once

GNL Global Net Lease

We are an internally managed real estate investment trust for United States federal income tax purposes that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S. and Western and Northern Europe.

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

GNRC Generac

Generac is a leading global designer, manufacturer, and provider of a wide range of energy technology solutions.

Owner earnings 2016–2025 $211M$224M$200M$248M$424M$301M($28M)$393M$605M$268M

Retained capital Retained $1.5B of earnings over 2016–2025; annual owner earnings grew $210M, $0.14 per $1 retained.

Balance sheet Meaningful net debt, $941M · buybacks at an average near $127 · dividend paid 6 of 10 yrs, cut at least once

GNTX Gentex

The Company's largest business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize proprietary electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps.

Owner earnings 2016–2025 $388M$397M$466M$421M$413M$293M$242M$444M$403M$458M

Retained capital Retained $32M of earnings over 2016–2025; annual owner earnings grew $18M.

Balance sheet Net cash, debt-free, +$151M · dividend paid 10 of 10 yrs, never cut

GNW Genworth Financial Inc

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

GO Grocery Outlet

Grocery Outlet is a growth-oriented extreme value retailer of quality, name-brand consumables and fresh products sold primarily through a network of independently operated stores.

Owner earnings 2017–2025 $42M$60M$85M$126M$97M$107M$215M$4M$93M

Retained capital Paid out $70M more than it earned over 2017–2025; annual owner earnings grew $42M.

Balance sheet Net debt against an operating loss, $423M · buybacks at an average near $20.22 · dividend paid 7 of 9 yrs, cut at least once

GOGO Gogo Inc.

Gogo Inc. is the only multi-orbit, multi-band in-flight connectivity provider offering connectivity technology purpose-built for business and military/government aviation.

Owner earnings 2016–2025 ($41M)($85M)($85M)$63M$3M$62M$91M$63M$28M$65M

Retained capital Paid out $494M more than it earned over 2016–2025; annual owner earnings grew $122M.

Balance sheet Heavy net debt, $711M

GOLD Gold.com Inc.

Revenue is Wholesale Sales (79%) and Direct To Consumer (21%).

Owner earnings 2016–2025 ($58M)($11M)$6M($15M)$47M($55M)($92M)($35M)$54M$142M

Retained capital Retained $388M of earnings over 2016–2025; annual owner earnings grew $74M, $0.19 per $1 retained.

Balance sheet Meaningful net debt, $267M · buybacks at an average near $27.85 · dividend paid 8 of 10 yrs, cut at least once

GOLF Acushnet Holdings Corp.

We are the global leader in the design, development, manufacture and distribution of performance driven golf products, and these products are widely recognized for their quality excellence.

Owner earnings 2016–2025 $85M($46M)$131M$101M$240M$277M($109M)$320M$189M$139M

Retained capital Retained $2M of earnings over 2016–2025; annual owner earnings grew $160M.

Balance sheet Meaningful net debt, $893M · buybacks at an average near $52.65 · dividend paid 9 of 10 yrs, never cut

GOOD Gladstone Commercial Corp

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

GOODN Gladstone Commercial Corp

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

GOODO Gladstone Commercial Corp

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

GOOG Alphabet Inc. Class C Capital Stock

Alphabet runs Google. Most of what it earns comes from advertising — selling the attention of people who use Search, YouTube, and the Android and Chrome software that sits on their phones and screens — placed against each other in an auction that advertisers bid into. A smaller part rents out cloud computing and tools to businesses that would rather not build their own.

Owner earnings 2016–2025 $32.1B$32.2B$42.0B$47.4B$57.1B$81.4B$78.0B$89.8B$110.0B$143.6B

Retained capital Retained $216.0B of earnings over 2016–2025; annual owner earnings grew $79.0B, $0.37 per $1 retained.

Balance sheet Net cash, +$78.3B · dividend paid 2 of 10 yrs, never cut

GOOGL Alphabet Inc.

Alphabet runs Google. Most of what it earns comes from advertising — selling the attention of people who use Search, YouTube, and the Android and Chrome software that sits on their phones and screens — placed against each other in an auction that advertisers bid into. A smaller part rents out cloud computing and tools to businesses that would rather not build their own.

Owner earnings 2016–2025 $32.1B$32.2B$42.0B$47.4B$57.1B$81.4B$78.0B$89.8B$110.0B$143.6B

Retained capital Retained $216.0B of earnings over 2016–2025; annual owner earnings grew $79.0B, $0.37 per $1 retained.

Balance sheet Net cash, +$78.3B · dividend paid 2 of 10 yrs, never cut

GOOGM Alphabet Inc.

Alphabet is a collection of businesses — the largest of which is Google.

Owner earnings 2016–2025 $32.1B$32.2B$42.0B$47.4B$57.1B$81.4B$78.0B$89.8B$110.0B$143.6B

Retained capital Retained $216.0B of earnings over 2016–2025; annual owner earnings grew $79.0B, $0.37 per $1 retained.

Balance sheet Net cash, +$78.3B · dividend paid 2 of 10 yrs, never cut

GOOGN Alphabet Inc.

Alphabet is a collection of businesses — the largest of which is Google.

Owner earnings 2016–2025 $32.1B$32.2B$42.0B$47.4B$57.1B$81.4B$78.0B$89.8B$110.0B$143.6B

Retained capital Retained $216.0B of earnings over 2016–2025; annual owner earnings grew $79.0B, $0.37 per $1 retained.

Balance sheet Net cash, +$78.3B · dividend paid 2 of 10 yrs, never cut

GPC Genuine Parts Company

Genuine Parts Company is a leading global service provider of automotive and industrial replacement parts and value-added solutions.

Owner earnings 2016–2025 $785M$658M$919M$614M$1.9B$992M$1.1B$1.1B$843M$421M

Retained capital Retained $792M of earnings over 2016–2025; annual owner earnings fell $4M, $-0.01 per $1 retained.

Balance sheet Meaningful net debt, $3.4B · dividend paid 10 of 10 yrs, never cut

GPGI GPGI 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 $72M$80M$73M$84M$96M$122M($23M)

Retained capital Paid out $11M more than it earned over 2019–2025; annual owner earnings fell $10M.

Balance sheet Net debt against an operating loss, $70M · dividend paid 1 of 7 yrs, cut at least once

GPI Group 1 Automotive

Group 1 Automotive runs a chain of franchised car dealerships, selling new and used vehicles in the United States and the United Kingdom. Alongside the vehicle, each store arranges financing and insurance for the buyer and runs parts-and-service bays that repair the cars it sells. The bulk of the revenue comes from putting vehicles in driveways; the service work and the finance desk are the smaller, higher-margin lines.

Owner earnings 2016–2025 $333M$139M$203M$299M$730M$1.2B$492M$87M$471M$564M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $149M, $0.10 per $1 retained.

Balance sheet Heavy net debt, $3.7B · dividend paid 10 of 10 yrs, cut at least once

GPK Graphic Packaging Holding

Graphic Packaging Holding is a leading producer of consumer goods packaging made from renewable or recycled materials.

Owner earnings 2016–2024 ($205M)($433M)($753M)$644M$795M$582M$1.1B$1.1B$806M

Retained capital Retained $1.2B of earnings over 2016–2024; annual owner earnings grew $1.5B, $1.17 per $1 retained.

Balance sheet Heavy net debt, $5.3B · buybacks at an average near $12.79 · dividend paid 9 of 9 yrs, cut at least once

GPN Global Payments Inc.

We are a leading payments technology company delivering innovative software and services to our customers globally, with worldwide reach spanning North America, Europe, Asia-Pacific and Latin America.

Owner earnings 2016–2025 $501M$330M$893M$1.1B$1.9B$2.3B$1.6B$1.9B$2.4B$2.0B

Retained capital Paid out $4.2B more than it earned over 2016–2025; annual owner earnings grew $1.5B.

Balance sheet Heavy net debt, $13.2B · buybacks at an average near $128 · dividend paid 10 of 10 yrs, never cut

GPOR Gulfport Energy

Revenue is Natural gas sales (74%), Oil and Condensate (9%) and Natural gas liquid sales (9%).

Owner earnings 2015–2025 ($16M)$92M$315M$300M$174M($144M)$471M$403M$324M$499M

Retained capital Paid out $3.3B more than it earned over 2015–2025; annual owner earnings grew $278M.

Balance sheet Modest net debt, $786M · buybacks at an average near $82.14

GPRE Green Plains Inc.

Revenue is Ethanol Production (91%) and Agribusiness and Energy Services (9%).

Owner earnings 2016–2025 $43M($227M)($2M)($85M)($12M)($183M)($143M)($52M)($125M)$74M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings grew $28M.

Balance sheet Net debt against an operating loss, $184M · buybacks at an average near $12.00 · dividend paid 10 of 10 yrs, cut at least once

GRAL GRAIL Inc. Common Stock

We are an innovative commercial-stage healthcare company focused on shifting the paradigm in early cancer detection at population scale.

Owner earnings 2022–2025 ($578M)($609M)($582M)($300M)

Retained capital not read

Balance sheet Net cash, debt-free, +$250M

GRBK Green Brick Partners Inc.

Green Brick Partners, Inc. is a diversified homebuilding and land development company.

Owner earnings 2016–2025 ($5M)($18M)($43M)($25M)$32M($94M)$89M$210M$22M$208M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $169M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $303M · dividend paid 4 of 10 yrs, never cut

GRC Gorman-Rupp Company (The)

Gorman-Rupp Company (The) designs, manufactures and globally sells pumps and pump systems for use in water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilating and air conditioning, military and other liquid-handling applications.

Owner earnings 2016–2025 $47M$36M$30M$51M$43M$36M($4M)$77M$56M$89M

Retained capital Retained $163M of earnings over 2016–2025; annual owner earnings grew $36M, $0.22 per $1 retained.

Balance sheet Meaningful net debt, $272M · dividend paid 10 of 10 yrs, never cut

GRDN Guardian Pharmacy Services Inc.

We are a leading, highly differentiated pharmacy services company that provides an extensive suite of technology-enabled services designed to help residents of LTCFs adhere to their appropriate drug regimen, which in turn helps reduce the cost of care and improve clinical outcomes.

Owner earnings 2024–2025 $43M$87M

Retained capital not read

Balance sheet Net cash, debt-free, +$66M

GREEL Vulcan Infrastructure and Power Inc.

We are a developer and operator of datacenters and powered assets designed to support energy-intensive computing workloads.

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, $24M

GRMN Garmin Ltd. Common Stock (Switzerland)

Revenue is led by Fitness (33%) and Outdoor (28%), with 3 more segments behind.

Owner earnings 2016–2025 $650M$601M$855M$627M$1.1B$909M$670M$1.2B$1.3B$1.5B

Retained capital Retained $5.1B of earnings over 2016–2025; annual owner earnings grew $637M, $0.12 per $1 retained.

Balance sheet Net cash, debt-free, +$2.3B · buybacks at an average near $46.25 · dividend paid 10 of 10 yrs, cut at least once

GRND Grindr Inc.

Grindr platform offers a variety of location-based social features and functions, including identity expression; connection; and interaction; with trust and safety tools across the experience, and subscriptions for premium features offering further access and control.

Owner earnings 2021–2025 $34M$50M$36M$94M$141M

Retained capital Paid out $537M more than it earned over 2021–2025; annual owner earnings grew $50M.

Balance sheet Meaningful net debt, $309M · buybacks at an average near $17.93

GRNQ Greenpro Capital Corp.

Greenpro Capital Corp. provides financial consulting services and corporate services.

Owner earnings 2016–2025 $484K($4M)($1M)($1M)($2M)($2M)($2M)($2M)($1M)($2M)

Retained capital not read

Balance sheet Net debt against an operating loss, $912K

GRNT Granite Ridge Resources Inc.

Granite Ridge is a scaled energy company which aims to provide shareholders with exposure similar to energy private equity through operated partnerships and traditional non-operated assets.

Owner earnings 2020–2025 $49M$98M$297M$226M$215M$178M

Retained capital Retained $251M of earnings over 2020–2025; annual owner earnings grew $58M, $0.23 per $1 retained.

Balance sheet Heavy net debt, $385M · dividend paid 4 of 6 yrs, never cut

GRPN Groupon Inc.

Groupon is a global scaled two-sided marketplace that connects consumers to merchants.

Owner earnings 2016–2025 $50M$69M$121M$4M($112M)($174M)($172M)($97M)$41M$50M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings fell $82M.

Balance sheet Modest net debt, $47M · buybacks at an average near $3.25

GS Goldman Sachs Group Inc. (The)

Goldman Sachs is a global investment bank. It advises corporations, financial institutions, governments and individuals on raising money, buying and selling companies, and managing their assets, and it makes markets in securities for clients. It earns fees for advice and for managing money, and it earns spreads and trading gains in the markets — money made by moving other people's money.

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

GSAT Globalstar Inc.

Globalstar Inc. provides Mobile Satellite Services, including voice and data communications services to retail, business and governmental customers as well as wholesale satellite capacity services.

Owner earnings 2016–2025 ($572K)$8M($1M)($2M)$17M$126M($3M)$67M$432M$616M

Retained capital Paid out $822M more than it earned over 2016–2025; annual owner earnings grew $370M.

Balance sheet Heavy net debt, $36M · dividend paid 3 of 10 yrs, cut at least once

GSBC Great Southern 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 10 of 10 yrs, cut at least once

GSHD Goosehead Insurance

We are a rapidly growing independent insurance agency, reinventing the traditional approach to distributing personal lines policies throughout 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 · dividend paid 6 of 9 yrs, cut at least once

GT The Goodyear Tire & Rubber Company

Revenue is Americas (59%), Europe, Middle East and Africa (30%) and Asia Pacific (11%).

Owner earnings 2016–2025 $830M$277M$105M$437M$468M$81M($540M)($18M)($490M)($30M)

Retained capital Paid out $2.3B more than it earned over 2016–2025; annual owner earnings fell $583M.

Balance sheet Meaningful net debt, $5.5B · dividend paid 5 of 10 yrs, cut at least once

GTE Gran Tierra Energy Inc.

We are a company focused on oil and gas exploration and production, with assets in Colombia, Canada and Ecuador.

Owner earnings 2010–2025 $52M$63M$88M($43M)($15M)$95M$217M$1M$5M$37M

Retained capital Paid out $777M more than it earned over 2010–2025; annual owner earnings fell $53M.

Balance sheet Net debt against an operating loss, $625M

GTES Gates Industrial

We are a global manufacturer of innovative, highly engineered power transmission and fluid power solutions.

Owner earnings 2016–2025 $318M$219M$147M$277M$251M$305M$188M$420M$297M$405M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $146M, $0.09 per $1 retained.

Balance sheet Meaningful net debt, $1.4B · buybacks at an average near $14.28

GTLB GitLab Inc.

GitLab is the intelligent orchestration platform for DevSecOps, where software teams and their Artificial Intelligence agents stay in flow to ship software faster.

Owner earnings 2020–2026 ($60M)($74M)($50M)($81M)$33M($67M)$230M

Retained capital not read

Balance sheet Net cash, debt-free, +$230M

GTLS Chart Industries

Chart Industries, Inc. is a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean - clean power, clean water, clean food, and clean industrials, regardless of molecule.

Owner earnings 2016–2025 $153M$11M$52M$98M$135M($74M)$7M$32M$382M$203M

Retained capital Retained $866M of earnings over 2016–2025; annual owner earnings grew $133M, $0.15 per $1 retained.

Balance sheet Heavy net debt, $3.2B

GTM ZoomInfo Technologies Inc

ZoomInfo is a global leader in modern go-to-market software, data, and intelligence for sales, marketing, operations, and recruiting teams.

Owner earnings 2018–2025 $41M$38M$161M$286M$399M$415M$344M$435M

Retained capital Paid out $940M more than it earned over 2018–2025; annual owner earnings grew $318M.

Balance sheet Heavy net debt, $1.1B · buybacks at an average near $12.53

GTN Gray Media Inc.

Our television stations serve 114 full-power television markets that collectively reach approximately 37% of US television households.

Owner earnings 2016–2025 $166M$145M$253M$275M$542M$93M$493M$300M$608M$181M

Retained capital Retained $1.5B of earnings over 2016–2025; annual owner earnings grew $175M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $5.4B · dividend paid 5 of 10 yrs, never cut

GTX Garrett Motion Inc.

Garrett is a cutting-edge technology leader delivering differentiated solutions for emission reduction and energy efficiency.

Owner earnings 2016–2025 $246M$7M$301M$169M($55M)($382M)$284M$382M$317M$341M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $162M, $0.10 per $1 retained.

Balance sheet Meaningful net debt, $1.2B · buybacks at an average near $8.26 · dividend paid 3 of 10 yrs, cut at least once

GTY Getty Realty

Getty Realty is a publicly traded, net lease real estate investment trust specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail 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 · dividend paid 9 of 9 yrs, never cut

GVA Granite Construction

We deliver infrastructure solutions for public and private clients primarily in the United States.

Owner earnings 2016–2025 $9M$79M($25M)$5M$175M($73M)($27M)$91M$320M$331M

Retained capital Paid out $127M more than it earned over 2016–2025; annual owner earnings grew $226M.

Balance sheet Meaningful net debt, $739M · buybacks at an average near $54.34 · dividend paid 10 of 10 yrs, cut at least once

GWRE Guidewire Software

Guidewire is the platform that property and casualty insurers rely on to engage with customers, innovate, and operate more efficiently.

Owner earnings 2016–2025 $93M$133M$131M$71M$92M$93M($47M)$33M$189M$295M

Retained capital Paid out $756M more than it earned over 2016–2025; annual owner earnings grew $53M.

Balance sheet Net cash, +$475M · buybacks at an average near $78.69

GWW W.W. Grainger 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 2017–2025 $820M$818M$821M$926M$764M$1.1B$1.8B$1.8B$1.7B

Retained capital Retained $928M of earnings over 2017–2025; annual owner earnings grew $927M.

Balance sheet Modest net debt, $1.9B · dividend paid 9 of 9 yrs, never cut

GXO GXO Logistics

GXO Logistics, Inc. is the largest pure-play contract logistics provider in the world and a foremost innovator in the industry.

Owner earnings 2019–2025 ($77M)$111M$205M$200M$284M$190M$110M

Retained capital Retained $574M of earnings over 2019–2025; annual owner earnings grew $115M, $0.20 per $1 retained.

Balance sheet Heavy net debt, $2.2B · buybacks at an average near $37.04

GYRE Gyre Therapeutics Inc.

We are a commercial-stage biopharmaceutical company focused on the development and commercialization of small-molecule therapies for the treatment of organ fibrosis and inflammatory diseases.

Owner earnings 2013–2025 ($41M)($6M)($20M)($29M)($84M)$10M$25M($5M)($180K)

Retained capital not read

Balance sheet Net cash, +$52M