J

J Jacobs Solutions

Jacobs delivers innovative solutions to address the world's most complex challenges and create lasting value for clients, communities and society.

Owner earnings 2016–2025 $612M$498M$386M($457M)$716M$633M$347M$871M$934M$607M

Retained capital Retained $464M of earnings over 2016–2025; annual owner earnings grew $305M.

Balance sheet Modest net debt, $1.0B · dividend paid 10 of 10 yrs, never cut

JACK Jack in the Box

Jack in the Box is a restaurant company that operates and franchises Jack in the Box , one of the nation's largest hamburger chains with 2,136 restaurants across 22 states, and Del Taco , one of the nation's largest Mexican-American quick service restaurants chains with 576 restaurants across 18 states.

Owner earnings 2016–2025 $61M$95M$66M$121M$124M$160M$116M$155M$9M$104M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $15M.

Balance sheet Net debt against an operating loss, $1.7B · buybacks at an average near $87.12 · dividend paid 10 of 10 yrs, cut at least once

JANX Janux Therapeutics Inc.

We are an innovative clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying our proprietary technologies to our Tumor Activated T Cell Engager, Tumor Activated Immunomodulator, and Adaptive Immune Response Modulator platforms.

Owner earnings 2020–2025 ($4M)($17M)($44M)($52M)($44M)($83M)

Retained capital not read

Balance sheet Net cash, debt-free, +$967M

JAZZ Jazz Pharmaceuticals

Jazz Pharmaceuticals plc is a global biopharmaceutical company whose purpose is to innovate to transform the lives of patients and their families.

Owner earnings 2016–2025 $583M$680M$784M$761M$885M$751M$1.2B$1.1B$1.4B$1.3B

Retained capital Retained $104M of earnings over 2016–2025; annual owner earnings grew $565M.

Balance sheet Net debt against an operating loss, $4.0B

JBGS JBG SMITH Properties

JBG SMITH, a Maryland real estate investment trust, owns, operates and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, D.C., most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods.

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

JBHT J.B. Hunt

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

Owner earnings 2016–2025 $493M$472M$652M$599M$595M$667M$1.1B$1.0B$618M$948M

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings grew $319M, $0.17 per $1 retained.

Balance sheet Modest net debt, $1.4B · buybacks at an average near $125 · dividend paid 10 of 10 yrs, never cut

JBI Janus International Group Inc.

We are highly integrated with customers at every phase of a project, including facility planning/design, construction, access control, and the restoration, rebuilding, and replacement of self-storage facilities.

Owner earnings 2020–2025 $95M$55M$80M$196M$134M$114M

Retained capital Retained $374M of earnings over 2020–2025; annual owner earnings grew $72M, $0.19 per $1 retained.

Balance sheet Meaningful net debt, $359M

JBL Jabil Inc.

Jabil is one of the leading providers of engineering, manufacturing, and supply chain solutions.

Owner earnings 2016–2025 $219M($2.2B)($1.9B)$421M$274M$557M$726M$704M$932M$1.2B

Retained capital Paid out $1.7B more than it earned over 2016–2025; annual owner earnings grew $2.2B.

Balance sheet Modest net debt, $952M · buybacks at an average near $144 · dividend paid 10 of 10 yrs, never cut

JBLU JetBlue Airways Corporation

JetBlue is the carrier of choice for the majority of travelers who have been underserved by other airlines.

Owner earnings 2016–2025 $1.2B$955M$731M$924M($1.2B)$1.1B($206M)($221M)($511M)($782M)

Retained capital Paid out $2.5B more than it earned over 2016–2025; annual owner earnings fell $1.5B.

Balance sheet Net debt against an operating loss, $6.4B · buybacks at an average near $18.54

JBSS John B. Sanfilippo & Son Inc.

We are one of the leading processors and distributors of tree nuts and peanuts in the United States, and we also manufacture and distribute a complete portfolio of private brand bars.

Owner earnings 2017–2026 $42M$53M$68M$49M$86M$2M$104M$73M$4M$96M

Retained capital Retained $92M of earnings over 2017–2026; annual owner earnings grew $3M, $0.03 per $1 retained.

Balance sheet Modest net debt, $49M · dividend paid 10 of 10 yrs, cut at least once

JBT JBT Marel

We are a leading and diversified global technology solutions and service provider to high-value segments of the food and beverage industry.

Owner earnings 2016–2025 $30M$67M$114M$72M$218M$174M$58M$19M$195M$238M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $80M, $0.07 per $1 retained.

Balance sheet Heavy net debt, $1.7B · dividend paid 10 of 10 yrs, never cut

JBTM JBT Marel Corporation

We are a leading and diversified global technology solutions and service provider to high-value segments of the food and beverage industry.

Owner earnings 2016–2025 $30M$67M$114M$72M$218M$174M$58M$19M$195M$238M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $80M, $0.07 per $1 retained.

Balance sheet Heavy net debt, $1.7B · dividend paid 10 of 10 yrs, never cut

JCAP Jefferson Capital Inc.

Jefferson Capital, Inc. is a Delaware corporation headquartered in Minneapolis, Minnesota.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $1.7B

JCI Johnson Controls International PLC

Johnson Controls International plc, headquartered in Cork, Ireland, is a global leader in smart, healthy and sustainable buildings, serving a wide range of customers around the globe.

Owner earnings 2015–2025 $465M($389M)$875M$1.2B$2.0B$2.0B$750M$1.4B$1.1B$2.1B

Retained capital Paid out $8.1B more than it earned over 2015–2025; annual owner earnings grew $1.2B.

Balance sheet Heavy net debt, $9.8B · dividend paid 10 of 10 yrs, never cut

JEF Jefferies Financial Group

Jefferies Financial Group is a U.S.-headquartered global investment banking and capital markets 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 · buybacks at an average near $21.44 · dividend paid 6 of 6 yrs, never cut

JHG Janus Henderson Group plc

Janus Henderson Group plc is an independent global asset manager, specializing in investment management across all major asset classes.

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

JHX James Hardie Industries plc.

James Hardie Industries plc is a leading provider of exterior home and outdoor living solutions, serving the new home construction, repair and remodel and outdoor living markets.

Owner earnings 2024–2026 $729M$587M$206M

Retained capital not read

Balance sheet Heavy net debt, $4.3B

JJSF J&J Snack Foods

We are the largest manufacturer of soft pretzels in the United States.

Owner earnings 2016–2025 $73M$83M$77M$90M$34M$48M($27M)$109M$99M$82M

Retained capital Retained $217M of earnings over 2016–2025; annual owner earnings grew $20M, $0.09 per $1 retained.

Balance sheet Net cash, +$92M · buybacks at an average near $122 · dividend paid 10 of 10 yrs, never cut

JKHY Jack Henry

Jack Henry & Associates, Inc. is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve.

Owner earnings 2016–2025 $310M$315M$372M$378M$457M$439M$470M$342M$522M$588M

Retained capital Retained $828M of earnings over 2016–2025; annual owner earnings grew $152M, $0.18 per $1 retained.

Balance sheet Modest net debt, $173M · buybacks at an average near $123 · dividend paid 10 of 10 yrs, never cut

JLL Jones Lang LaSalle Incorporated

Revenue is led by Real Estate Management Services (77%) and Leasing Advisory (12%), 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

JNJ Johnson & Johnson

Johnson & Johnson researches, makes and sells a broad range of healthcare products worldwide. One half of the business, Innovative Medicine, discovers and sells patent-protected prescription drugs; the other half, MedTech, makes the devices and instruments that surgeons and hospitals use. The customers are patients and doctors, but the bills are paid by the hospitals, insurers and governments standing behind them.

Owner earnings 2016–2025 $15.5B$17.8B$18.5B$19.9B$20.2B$19.8B$17.2B$18.2B$19.8B$19.7B

Retained capital Retained $17.6B of earnings over 2016–2025; annual owner earnings grew $2.0B.

Balance sheet Modest net debt, $21.3B · dividend paid 10 of 10 yrs, never cut

JNPR Juniper Networks

Juniper Networks delivers reliable and secure networking technology to our customers, including network operators, telecommunication and cloud providers, enterprise IT teams, lines of businesses and network users such as individual devices, machines, applications, microservices and data stores.

Owner earnings 2016–2024 $912M$1.1B$714M$419M$512M$590M($8M)$713M$673M

Retained capital Paid out $2.7B more than it earned over 2016–2024; annual owner earnings fell $452M.

Balance sheet Modest net debt, $564M · dividend paid 9 of 9 yrs, never cut

JOBY Joby Aviation Inc.

Revenue is Passenger (65%) and Other (35%).

Owner earnings 2021–2025 ($212M)($260M)($344M)($477M)($550M)

Retained capital not read

Balance sheet Net cash, debt-free, +$1.4B

JOE St. Joe Company (The)

Our operations span residential, hospitality, and commercial segments, offering a comprehensive range of real estate activities and lifestyle amenities.

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 10 yrs, never cut

JOUT Johnson Outdoors Inc.

Johnson Outdoors is a leading global manufacturer and marketer of branded seasonal, outdoor recreation products used primarily for fishing from a boat, diving, paddling, hiking and camping.

Owner earnings 2016–2025 $32M$35M$50M$29M$46M$45M($76M)$25M$19M$40M

Retained capital Retained $193M of earnings over 2016–2025; annual owner earnings fell $11M, $-0.06 per $1 retained.

Balance sheet Net cash, debt-free, +$176M · dividend paid 10 of 10 yrs, never cut

JPM JPMorgan Chase & Co.

JPMorgan Chase is a money-center bank. Under the Chase brand it takes deposits and makes loans to millions of consumers and small businesses, predominantly in the United States; under the J.P. Morgan brand it serves the world's prominent corporate, institutional, and government clients with investment banking, commercial banking, trading, transaction processing, and asset management. It earns its keep two ways: the spread between what it pays for deposits and funding and what it collects on loans and securities, and the fees it charges for advising, underwriting, moving money, and managing 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

JRVR James River Group Holdings Inc.

James River Group Holdings, Inc. owns and operates a group of specialty property and casualty insurance companies focused on underwriting small and middle market casualty risks within the U.S. excess and surplus lines market.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 7 yrs, cut at least once

JSM Navient Corporation

Revenue is Government Services (68%) and Healthcare Services (32%).

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

JWN Nordstrom

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

Owner earnings 2016–2025 $1.4B$812M$669M$642M$301M($733M)$199M$473M$52M$751M

Retained capital Paid out $2.6B more than it earned over 2016–2025; annual owner earnings fell $531M.

Balance sheet Meaningful net debt, $1.8B · buybacks at an average near $51.76 · dividend paid 9 of 10 yrs, cut at least once

JXN Jackson Financial Inc.

Jackson Financial Inc. is a financial services company focused on helping Americans in the United States secure their financial futures.

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