Macy's is a department-store retailer. It buys apparel, shoes, accessories, cosmetics, and fragrances at wholesale and resells them to ordinary shoppers — mostly women — through its stores and its website, with women's accessories, shoes, cosmetics, and apparel making up the bulk of the sales. It also runs the higher-end Bloomingdale's and Bluemercury banners and owns a meaningful share of the real estate its stores occupy.
Mastercard runs a global payments network that moves money between the banks that issue its branded cards, the merchants that accept them, and the consumers who pay. It does not lend or carry the credit risk; it takes a fee on each transaction routed across its rails and sells value-added services and solutions to the same banks and merchants. Most of its revenue comes from the core network, with the rest from those services.
Mama's Creations Inc. is a leading marketer and manufacturer of fresh deli-prepared foods, found in over 12,000 grocery, mass, club and convenience stores nationally.
Marriott rents out its name. It franchises, manages, and licenses hotels — along with residences and timeshares — under a stable of brands that run from budget to luxury, but it owns or leases almost none of the buildings itself. The real estate and the capital belong to third-party owners; Marriott collects fees for the brand, the reservation system, and the loyalty program, plus reimbursements for costs it lays out on those owners' behalf.
Our healthcare business develops, manufactures and markets a variety of noninvasive patient monitoring technologies, hospital automation and connectivity solutions, and remote monitoring devices.
Mativ Holdings, Inc. is a global leader in specialty materials, solving our customers' most complex challenges by engineering bold, innovative solutions that connect, protect, and purify our world.
We are the leading customer acquisition infrastructure for insurance carriers, supporting $2.2 billion in Transaction Value across our platform from our core verticals of property & casualty insurance, health insurance and life insurance during the year ended December 31, 2025.
We are a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport boats, sterndrive and outboard boats under eight brands—Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes and Cobalt.
Our banks are state banking companies that operate under the laws of the State of Michigan, pursuant to charters issued by the Michigan Department of Insurance and Financial Services.
Owner earningsnot applied to a balance-sheet business
Retained capitalnot applied to a balance-sheet business
Balance sheeta balance-sheet business; the net-cash read is not applied
We are a full-service commercial bank focused on delivering personalized service in an efficient and reliable manner to the small-to medium-sized businesses and individuals in our markets, including many customers in diverse and multi-ethnic communities in growing metropolitan markets in the Eastern U.S., Texas and California.
Owner earningsnot applied to a balance-sheet business
Retained capitalnot applied to a balance-sheet business
Balance sheeta balance-sheet business; the net-cash read is not applied · dividend paid 9 of 9 yrs, never cut
McDonald's sells fast food — burgers, fries, chicken, drinks and breakfast — to ordinary people walking up to a counter or pulling through a drive-thru, in the United States and around the world. Most of its restaurants are run not by the company but by franchisees and licensees, who pay it royalties on their sales and, in many cases, rent on the land and buildings the company owns or leases to them. So it earns money two ways: from the meals it sells at the stores it operates itself, and, as the larger engine, as a brand-and-property landlord collecting a cut off restaurants that other people staff and manage.
We are a leading innovator, designer, manufacturer, and marketer of recreational powerboats sold through our three brands, MasterCraft, Crest, and Balise.
With over 35 years of technology leadership, our broad product portfolio offers a Total System Solution for our customers that can provide a large portion of the silicon requirements in their applications.
With over 35 years of technology leadership, our broad product portfolio offers a Total System Solution for our customers that can provide a large portion of the silicon requirements in their applications.
McKesson is a wholesale distributor that sits between drug makers and the places that dispense medicine. It buys branded and generic pharmaceuticals, plus medical-surgical supplies and laboratory equipment, in bulk and delivers them to retail, hospital, and alternate-site pharmacies and to non-acute care settings in the United States. It earns a thin spread on enormous volume, and sells the customers it supplies a layer of software, purchasing programs, and consulting on top of the goods.
Monarch owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada and the Monarch Casino Resort Spa Black Hawk, a hotel and casino in Black Hawk, Colorado.
MongoDB is the developer data platform company whose mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data.
We are a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis, a serious liver disease with high unmet medical need that can lead to cirrhosis, liver failure, liver cancer, need for liver transplantation and premature mortality.
Medline Inc. is the largest provider of medical-surgical products and supply chain solutions serving all points of care, based on total net sales of med-surg products.
Mondelez makes and sells packaged snacks — chiefly biscuits and chocolate under brands like Oreo, Ritz, LU, Cadbury and Tate's — to the retailers that stock their shelves around the world, who in turn sell them to shoppers. It earns its money the way any branded-food maker does: buy commodities like cocoa, wheat and dairy, turn them into branded packages, and sell each one for more than it cost to make. The bulk of sales come from Europe and North America, with the rest of the world behind.
Medtronic makes medical devices and therapies — the equipment surgeons and physicians implant in patients or use to treat them. It sells mainly to hospitals and clinics, and gets paid when a device is bought and used in a procedure. The patient needs the treatment, but the customer writing the check is the health system, often buying through a purchasing group.
Mayville Engineering Company Inc. is a leading U.S.-based, vertically integrated, value-added manufacturing partner providing a full suite of manufacturing solutions from concept to production, including design, prototyping and tooling, fabrication, aluminum extrusion, coating, assembly and aftermarket components.
We are a leading global supplier of custom engineered solutions with sales, engineering, and manufacturing locations in North America, Europe, the Middle East, and Asia.
MetLife is a life insurer and one of the largest providers of group, workplace benefits — life, dental, disability, vision — that employers buy to cover their people, alongside individual protection and institutional retirement and annuity products. It collects premiums and deposits up front, invests that money while the obligations sit on its books, and aims to earn more on those investments than it must pay out, plus fees for administering the benefits, taking in more than its claims and costs.
Owner earningsnot applied to a balance-sheet business
Retained capitalnot applied to a balance-sheet business
Balance sheeta balance-sheet business; the net-cash read is not applied
Meta runs a set of apps — Facebook, Instagram, WhatsApp, Messenger — that let people connect, share, and find and build communities. The apps cost the user nothing; the money comes from selling advertisers the attention of those users, matched to them by what the company has learned about them. A small, separate arm builds virtual-reality headsets and AI glasses, but the audience and the advertising it carries are nearly the whole business.
We are a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth elements and critical minerals in Wyoming.
We are a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth elements and critical minerals in Wyoming.
Mistras Group, Inc. is a global leader in technology-enabled industrial asset integrity and laboratory testing solutions, serving critical industries including oil & gas, aerospace & defense, power & utilities, manufacturing, and civil infrastructure.
McGrath RentCorp is a diversified business-to-business rental company with three rental divisions: relocatable modular buildings, portable storage containers and electronic test equipment.
We are a vertically integrated, clinical-stage genetic medicines company with a broad pipeline of late-stage clinical programs, including radiation-induced xerostomia, Parkinson's disease and AIPL1-associated retinal dystrophy.
We are a leading multi-brand platform of subscription businesses that provides premium financial research, software, education, and tools for self-directed investors.
MarketAxess operates leading electronic trading platforms delivering greater trading efficiency, a diversified pool of liquidity and significant cost savings to approximately 2,100 institutional investor and broker-dealer clients across the global fixed-income and other markets.
Owner earningsnot applied to a balance-sheet business
Retained capitalnot applied to a balance-sheet business
Balance sheeta balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut
We are a global leader in the design and manufacture of life sciences tools and critical quality control solutions for regulated applications in the pharmaceutical, healthcare and medical device industries.
Miller Industries, Inc. is The World's Largest Manufacturer of Towing and Recovery Equipment , with executive offices in Ooltewah, Tennessee, domestic manufacturing operations in Tennessee and Pennsylvania, and foreign manufacturing operations in France, the United Kingdom and, most recently, Italy.
We are a scaled global medical technology company that develops, manufactures, and markets a comprehensive suite of solutions for the management of diabetes.
Marcus & Millichap Inc. is a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services.
Owner earningsnot applied to a balance-sheet business
Retained capitalnot applied to a balance-sheet business
Balance sheeta balance-sheet business; the net-cash read is not applied · buybacks at an average near $33.62 · dividend paid 4 of 10 yrs, cut at least once
3M is a diversified manufacturer that turns coatings, adhesives, abrasives and related materials science into tens of thousands of small products — tapes, films, abrasives, filters, respirators, medical supplies, and consumer staples like Post-it notes and Scotch tape. It sells through industrial distributors, retailers and healthcare channels to customers across factories, hospitals, offices and homes, mostly in modest repeat purchases rather than big-ticket sales. The money comes from making a specialty input that a buyer specifies into a product or process and then keeps reordering.
Merit Medical Systems, Inc. is a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.
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.
Altria sells tobacco to adult smokers in the United States. Most of the money comes from cigarettes, with Marlboro as the centerpiece, and the rest from oral tobacco such as moist snuff and nicotine pouches. It makes its money by owning brands people ask for by name and moving them through wholesale distributors to retailers, at prices set well above what the product costs to make.
We sell customer-centric thermal management solutions in a wide array of commercial, industrial, and building heating, ventilating, air conditioning, and refrigeration markets.
Molina runs health insurance plans for people covered by government programs, chiefly Medicaid, alongside Medicare and the insurance marketplaces. Its paying customers are state Medicaid agencies and the federal government, which hand it a fixed sum for each enrolled member every month to arrange that member's medical care. Molina keeps the difference between those premiums and what it pays doctors and hospitals for the care its members actually use.
Owner earningsnot applied to a balance-sheet business
Retained capitalnot applied to a balance-sheet business
Balance sheeta balance-sheet business; the net-cash read is not applied
Mid Penn's primary business is to supervise and coordinate the business of the Bank and its nonbank subsidiaries, and to provide them with the capital and resources to fulfill their respective missions.
Owner earningsnot applied to a balance-sheet business
Retained capitalnot applied to a balance-sheet business
Balance sheeta balance-sheet business; the net-cash read is not applied · buybacks at an average near $23.71 · dividend paid 10 of 10 yrs, cut at least once
Marathon Petroleum buys crude oil and other feedstocks and runs them through large, complex refineries to make gasoline, diesel, jet fuel and related products, which it sells wholesale and through fuel stations carrying its brand. Around this core it runs a midstream business of pipelines, storage, gathering and processing that moves hydrocarbons for oil and gas producers, plus a smaller renewable diesel operation. The bulk of revenue, and nearly all the swing in profit, comes from refining and marketing.
We are a diversified, large-cap master limited partnership formed by MPC in 2012 that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services.
M-tron Industries, Inc. is engaged in the designing, manufacturing and marketing of highly engineered, high reliability frequency and spectrum control products used to control the frequency or timing of signals in electronic circuits in various applications.
Owner earnings 2021–2025$2M$1M$4M$7M$10M
Retained capitalRetained $23M of earnings over 2021–2025; annual owner earnings grew $4M, $0.18 per $1 retained.
Marqeta's open APIs provide instant access to a highly scalable, cloud-based payment infrastructure that enables customers to embed the payments experience into apps or websites for a personalized user experience.
Mercury Systems is a technology company that delivers mission-critical processing to the edge - where signals and data are collected - to solve the most pressing aerospace and defense challenges.
Merck is a pharmaceutical company. It discovers, makes, and sells prescription medicines — including biologic therapies and vaccines — for human disease, and it sells animal health products as well. It markets these mostly to drug wholesalers and retailers, hospitals, and government agencies, and earns its keep on patent-protected branded drugs that command a price the underlying chemistry does not.
We are one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment.
Maravai LifeSciences Holdings Inc. is a life sciences company providing critical products and services to enable the development of drugs, therapeutics, vaccines, and diagnostics, and support research on human disease.
Morgan Stanley is a global investment bank and wealth manager. It advises companies, governments, and institutions on mergers and on raising money, trades stocks, bonds, and other securities for clients, and manages money and runs brokerage accounts for individuals and institutions. It earns advisory and underwriting fees, trading profits, and recurring fees charged on the client assets it oversees.
Owner earningsnot applied to a balance-sheet business
Retained capitalnot applied to a balance-sheet business
Balance sheeta balance-sheet business; the net-cash read is not applied
Our banking subsidiary, Midland States Bank, an Illinois state-chartered bank formed in 1881, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, insurance and financial planning services.
Owner earningsnot applied to a balance-sheet business
Retained capitalnot applied to a balance-sheet business
Balance sheeta balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut
Our banking subsidiary, Midland States Bank, an Illinois state-chartered bank formed in 1881, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, insurance and financial planning services.
Owner earningsnot applied to a balance-sheet business
Retained capitalnot applied to a balance-sheet business
Balance sheeta balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut
Microsoft writes and licenses software for businesses and individuals: the productivity tools people use to write, calculate and communicate, the operating system that runs personal computers, and the server software that runs behind the scenes. It sells much of that software as a subscription and rents computing power and storage from its own datacenters. Buyers range from one person paying for an email account to the largest enterprises running their operations on its cloud.
Revenue is Ticketing and venue license fee revenues (53%), Sponsorship and Signage, Suite and Advertising Commission Revenues (29%) and Food, Beverage and Merchandise Revenues (17%).
Madison Square Garden Sports Corp. owns and operates a portfolio of assets featuring some of the most recognized teams in all of sports, including the New York Knickerbockers of the National Basketball Association and the New York Rangers of the National Hockey League.
Motorola Solutions is a global leader in mission-critical safety and security technologies for public safety, government, including defense, and enterprise customers.
We are an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays.
Materion Corporation, through its wholly owned subsidiaries, is an integrated producer of high-performance advanced engineered materials used in a variety of electrical, electronic, thermal, and structural applications with $1.8 billion in net sales in 2025.
We design, develop and manufacture differentiated semiconductor products and solutions for the Industrial and Defense, Data Center and Telecommunications industries for customers who demand high performance, quality and reliability.
Manitowoc, through its wholly-owned subsidiaries, provides high quality, customer-focused lifting products and services world-wide through its Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment brands and its support-focused subsidiary MGX Equipment Services.
We offer our services under the MasTec and other service marks and we are ranked among the top five contractors within Engineering News-Record's Top 400 Contractors.
Micron makes memory and storage chips — mainly DRAM, the working memory inside computers and phones, and NAND flash, which holds data when the power is off. It sells these to the makers of computers, servers, phones and other electronics, and also under its own Micron and Crucial brands. It earns its money by running its own chip factories, so most of the cost is sunk in the plants and the bits they turn out.
Mueller Water Products is a leading manufacturer and marketer of products and solutions used in the transmission, distribution and measurement of water in North America.
We are a designer and manufacturer of analog and mixed-signal power semiconductor platform solutions for various applications, including industrial, automotive, communication, consumer and computing.
We are a provider of communications systems-on-chip, or SoCs, used in broadband, mobile and wireline infrastructure, data center, and industrial and multi-market applications.
We provide a fully integrated suite of wealth management services on our private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services.
Owner earningsnot applied to a balance-sheet business
Retained capitalnot applied to a balance-sheet business
Balance sheeta balance-sheet business; the net-cash read is not applied
Myriad is a pioneer in DNA based cancer diagnostic testing, and a trusted leader in hereditary cancer testing across eleven of the most commonly occurring cancer types including breast, ovarian, colorectal, prostate, lung and skin.
We are a holding company of specialty electrical construction service providers that was established in 1995 through the merger of long-standing specialty contractors.
Retained capitalRetained $420M of earnings over 2017–2025; annual owner earnings grew $49M, $0.12 per $1 retained.
Balance sheetNet cash, debt-free, +$161M · dividend paid 9 of 9 yrs, never cut
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