N

NABL N-able Inc.

Our software platform is designed to provide end-to-end coverage across the IT environment, delivering comprehensive protection and efficient performance.

Owner earnings 2019–2025 $20M$74M$15M$59M$76M$62M$75M

Retained capital Retained $43M of earnings over 2019–2025; annual owner earnings grew $35M, $0.82 per $1 retained.

Balance sheet Heavy net debt, $282M

NAMS NewAmsterdam Pharma Company N.V.

We are a late-stage biopharmaceutical company whose mission is to improve patient care in populations with cardiometabolic diseases where currently approved therapies have not been adequate or well tolerated.

Owner earnings 2022–2025 $10M($141M)($159M)($148M)

Retained capital not read

Balance sheet Net cash, debt-free, +$636M

NAMSW NewAmsterdam Pharma Company N.V.

We are a late-stage biopharmaceutical company whose mission is to improve patient care in populations with cardiometabolic diseases where currently approved therapies have not been adequate or well tolerated.

Owner earnings 2022–2025 $10M($141M)($159M)($148M)

Retained capital not read

Balance sheet Net cash, debt-free, +$636M

NATH Nathan's Famous Inc.

We are a leading branded licensor, wholesaler and retailer of products marketed under our Nathan's Famous brand, including our popular Nathan's World Famous Beef Hot Dogs.

Owner earnings 2017–2026 $9M$18M$11M$11M$11M$16M$19M$20M$25M$18M

Retained capital Retained $101M of earnings over 2017–2026; annual owner earnings grew $8M, $0.08 per $1 retained.

Balance sheet Modest net debt, $24M · buybacks at an average near $50.48 · dividend paid 5 of 10 yrs, cut at least once

NATL NCR Atleos Corporation

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2021–2025 $369M$216M$247M$257M$239M

Retained capital Retained $349M of earnings over 2021–2025; annual owner earnings fell $30M, $-0.09 per $1 retained.

Balance sheet Heavy net debt, $2.3B

NATR Nature's Sunshine Products Inc.

We are a natural health and wellness company primarily engaged in the manufacturing and direct selling of nutritional and personal care products.

Owner earnings 2016–2025 ($1M)$5M$17M$3M$33M$28M($7M)$31M$14M$29M

Retained capital Retained $5M of earnings over 2016–2025; annual owner earnings grew $18M.

Balance sheet Net cash, debt-free, +$94M · buybacks at an average near $14.71 · dividend paid 3 of 10 yrs, cut at least once

NAVI 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

NAVN Navan Inc.

Navan is a global AI-powered business travel and expense platform.

Owner earnings 2024–2026 ($167M)($51M)$33M

Retained capital not read

Balance sheet Net cash, +$616M

NBBK NB 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 1 of 4 yrs, never cut

NBHC National Bank Holdings 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

NBIX Neurocrine

Neurocrine Biosciences is a neuroscience-focused, biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs.

Owner earnings 2016–2025 ($108M)($97M)$97M$140M$220M$246M$323M$372M$572M$757M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $603M, $0.59 per $1 retained.

Balance sheet Net cash, debt-free, +$713M

NBR Nabors Industries

Nabors owns and operates one of the world's largest land-based drilling rig fleets and is a provider of offshore platform rigs in the United States and numerous international markets.

Owner earnings 2016–2025 $136M($512M)($133M)$257M$154M$195M$128M$97M$14M($23M)

Retained capital Paid out $4.7B more than it earned over 2016–2025; annual owner earnings grew $199M.

Balance sheet Heavy net debt, $70.4B · buybacks at an average near $155 · dividend paid 7 of 10 yrs, cut at least once

NBTB NBT 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 · buybacks at an average near $32.66 · dividend paid 10 of 10 yrs, never cut

NC NACCO Industries Inc.

We operate under three reportable business segments: Utility Coal Mining, Contract Mining and Minerals and Royalties.

Owner earnings 2016–2025 $84M$26M$40M$37M($21M)$52M$41M$25M($2M)$26M

Retained capital Retained $195M of earnings over 2016–2025; annual owner earnings fell $34M, $-0.17 per $1 retained.

Balance sheet Meaningful net debt, $85M · dividend paid 10 of 10 yrs, cut at least once

NCLH Norwegian Cruise Line Holdings Ltd.

We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands.

Owner earnings 2016–2025 $818M$1.1B$1.5B$1.2B($3.3B)($3.2B)($600M)$1.1B$839M$928M

Retained capital Paid out $7.1B more than it earned over 2016–2025; annual owner earnings fell $172M.

Balance sheet Heavy net debt, $14.8B

NCMI National CineMedia Inc.

National CineMedia is the largest cinema advertising platform in the U.S.

Owner earnings 2016–2025 $121M$127M$136M$130M$47M($101M)($50M)($10M)$55M$3M

Retained capital Retained $360M of earnings over 2016–2025; annual owner earnings fell $112M, $-0.31 per $1 retained.

Balance sheet Net cash, +$23M · buybacks at an average near $5.32 · dividend paid 10 of 10 yrs, cut at least once

NCNO nCino

The nCino Platform combines industry, customer, and process data with advanced analytics and AI—including explainable AI, predictive capabilities, and generative AI—to deliver intelligent solutions that drive real business outcomes.

Owner earnings 2020–2026 ($15M)$5M($25M)($34M)$54M$53M$83M

Retained capital Paid out $420M more than it earned over 2020–2026; annual owner earnings grew $75M.

Balance sheet Heavy net debt, $125M · buybacks at an average near $25.20

NDAQ Nasdaq Inc.

Nasdaq is a leading technology platform that powers the world's economies.

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 $32.07 · dividend paid 10 of 10 yrs, never cut

NDSN Nordson Corporation

Nordson is an innovative precision technology company that leverages a scalable growth framework to deliver top tier growth with leading margins and returns.

Owner earnings 2016–2025 $274M$285M$415M$319M$452M$508M$462M$607M$492M$661M

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings grew $262M, $0.14 per $1 retained.

Balance sheet Meaningful net debt, $1.9B · dividend paid 10 of 10 yrs, never cut

NE Noble Corporation plc A

Noble Corporation plc is a leading offshore drilling contractor for the oil and gas industry.

Owner earnings 2020–2025 $124M$107M$273M$227M$432M

Retained capital Paid out $3.8B more than it earned over 2020–2025; annual owner earnings grew $143M.

Balance sheet Meaningful net debt, $1.5B · dividend paid 3 of 5 yrs, never cut

NECB NorthEast Community Bancorp Inc.

The Bank offers a variety of retail deposit products to the general public in the areas surrounding its main office and its branch offices, with interest rates that are competitive with those of similar products offered by other financial institutions operating in its market area.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 6 of 6 yrs, cut at least once

NEE NextEra Energy Inc.

NextEra is an electric utility holding company built from two parts. One is Florida Power & Light, a rate-regulated utility that delivers electricity to homes and businesses in Florida and earns a return, set by state regulators, on the poles, wires, and power plants it is allowed to build into its rate base. The other is its competitive arm, which builds and operates wind, solar, and battery generation and sells the power, much of it under long-term contracts.

Owner earnings 2022–2025 $3.8B$5.4B$7.8B$5.9B

Retained capital Retained $9.2B of earnings over 2022–2025; annual owner earnings grew $715M, $0.08 per $1 retained.

Balance sheet Heavy net debt, $90.2B · dividend paid 4 of 4 yrs, never cut

NEM Newmont Corporation

Newmont digs gold out of mines around the world and sells it, also pulling copper and other metals from the same operations. It does not set the price of what it sells; it takes the going metal price and earns the gap between that and the all-in cost of finding, mining, and processing each ounce.

Owner earnings 2016–2025 $1.7B$1.3B$795M$1.4B$3.6B$2.6B$1.1B$655M$3.8B$7.3B

Retained capital Paid out $658M more than it earned over 2016–2025; annual owner earnings grew $2.7B.

Balance sheet Net cash, +$3.1B · buybacks at an average near $48.06 · dividend paid 10 of 10 yrs, cut at least once

NEO NeoGenomics Inc.

NeoGenomics provides a wide range of oncology diagnostic testing and consultative services including technical laboratory services and professional interpretation of laboratory test results by licensed physicians or molecular experts who specialize in pathology and oncology.

Owner earnings 2016–2025 $14M$4M$30M$3M($28M)($57M)($97M)($31M)($34M)($22M)

Retained capital Paid out $419M more than it earned over 2016–2025; annual owner earnings fell $45M.

Balance sheet Net debt against an operating loss, $379M

NEOG Neogen

Revenue is Food Safety (74%) and Animal Safety (26%).

Owner earnings 2017–2026 $46M$48M$49M$67M$60M$44M($25M)($76M)($46M)$32M

Retained capital Paid out $800M more than it earned over 2017–2026; annual owner earnings fell $78M.

Balance sheet Net debt against an operating loss, $608M

NESR National Energy Services Reunited Corp

National Energy Services Reunited Corp is one of the largest oilfield services providers in the Middle East and North Africa region.

Owner earnings 2023–2025 $109M$124M$121M

Retained capital not read

Balance sheet Modest net debt, $131M

NET Cloudflare Inc.

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

Owner earnings 2017–2025 ($9M)($62M)($68M)($74M)($2M)$21M$140M$253M$413M

Retained capital Paid out $1.1B more than it earned over 2017–2025; annual owner earnings grew $315M.

Balance sheet Net debt against an operating loss, $1.0B

NEU NewMarket Corp

NewMarket Corporation is a holding company and is the parent company of Afton Chemical Corporation, Ethyl Corporation, American Pacific Corporation, Calca Solutions, LLC, NewMarket Services Corporation, and NewMarket Development Corporation.

Owner earnings 2016–2025 $309M$187M$123M$278M$191M$86M$52M$529M$462M$491M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $288M, $0.26 per $1 retained.

Balance sheet Modest net debt, $806M · dividend paid 10 of 10 yrs, never cut

NEWT NewtekOne 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

NEWTG Newtekone, 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

NEWTI Newtekone, 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

NEWTP NewtekOne 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

NFBK Northfield 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, never cut

NFG National Fuel Gas

National Fuel Gas is a diversified energy company engaged principally in the production, gathering, transportation, storage and distribution of natural gas.

Owner earnings 2016–2025 $340M$460M$374M$419M$435M$456M$443M$828M$609M$643M

Retained capital Retained $851M of earnings over 2016–2025; annual owner earnings grew $302M, $0.35 per $1 retained.

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

NFLX Netflix Inc.

Netflix sells a streaming subscription — TV series, films, games, and live programming, in many genres and languages — to paying members around the world. It pays up front to make and license that content, a large and largely fixed bill, then earns it back across the whole base of members who watch. The more members carry the same content bill, the better the economics of each one.

Owner earnings 2016–2025 ($1.5B)($1.9B)($2.8B)($3.0B)$2.3B$184M$1.6B$6.9B$7.0B$9.8B

Retained capital Retained $19.3B of earnings over 2016–2025; annual owner earnings grew $10.0B, $0.52 per $1 retained.

Balance sheet Modest net debt, $5.4B · buybacks at an average near $64.41

NGL NGL ENERGY PARTNERS LP Common

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

Owner earnings 2017–2026 ($370M)$4M($118M)($92M)$117M$63M$297M$224M$52M$145M

Retained capital Paid out $1.0B more than it earned over 2017–2026; annual owner earnings grew $301M.

Balance sheet Heavy net debt, $3.3B

NGS Natural Gas Services Group Inc.

We are a premier provider of natural gas and electric compression equipment, technology and services to the energy industry.

Owner earnings 2016–2025 $28M$4M$2M$6M$17M$3M$4M($9M)$35M$26M

Retained capital Retained $28M of earnings over 2016–2025; annual owner earnings grew $6M, $0.22 per $1 retained.

Balance sheet Heavy net debt, $230M · dividend paid 1 of 10 yrs, never cut

NGVC Natural Grocers by Vitamin Cottage Inc.

Natural Grocers is an expanding specialty retailer of natural and organic groceries and dietary supplements.

Owner earnings 2016–2025 $3M$11M$19M$7M$40M$28M$12M$36M$36M$24M

Retained capital Retained $85M of earnings over 2016–2025; annual owner earnings grew $21M, $0.24 per $1 retained.

Balance sheet Net cash, debt-free, +$17M · buybacks at an average near $8.51 · dividend paid 6 of 10 yrs, cut at least once

NGVT Ingevity

Ingevity Corporation provides products and technologies that purify, protect, and enhance the world around us.

Owner earnings 2016–2025 $89M$134M$195M$191M$270M$190M$205M$95M$51M$274M

Retained capital Paid out $129M more than it earned over 2016–2025; annual owner earnings grew $600K.

Balance sheet Meaningful net debt, $1.2B · buybacks at an average near $67.75

NHC National HealthCare Corporation

A healthcare-services business, paid to deliver or facilitate care.

Owner earnings 2016–2025 $52M$62M$69M$74M$181M$23M($21M)$83M$80M$149M

Retained capital Retained $349M of earnings over 2016–2025; annual owner earnings grew $43M, $0.12 per $1 retained.

Balance sheet Net cash, +$53M · dividend paid 10 of 10 yrs, never cut

NHI National Health Investors

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 $60.78 · dividend paid 10 of 10 yrs, cut at least once

NHP National Healthcare Properties Inc.

We are a real estate investment trust for U.S. federal income tax purposes.

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 $81.04 · dividend paid 5 of 10 yrs, cut at least once

NHPAP National Healthcare Properties, Inc.

We are a real estate investment trust for U.S. federal income tax purposes.

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 $81.04 · dividend paid 5 of 10 yrs, cut at least once

NHPBP National Healthcare Properties, Inc.

We are a real estate investment trust for U.S. federal income tax purposes.

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 $81.04 · dividend paid 5 of 10 yrs, cut at least once

NI NiSource Inc

NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states.

Owner earnings 2016–2025 $256M$172M($60M)$866M$378M$470M$589M$1.0B$738M$1.2B

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $864M, $0.81 per $1 retained.

Balance sheet Heavy net debt, $15.3B · buybacks at an average near $23.09 · dividend paid 10 of 10 yrs, never cut

NIC Nicolet Bankshares 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 3 of 10 yrs, never cut

NIQ NIQ Global Intelligence plc

Leveraging our strong NIQ brand, long-term client relationships, global scale, proprietary technology and extensive data and insights, we are positioned as a global leader in measuring, analyzing and predicting consumer behavior in the FMCG vertical, T&D and other verticals in which we operate.

Owner earnings 2023–2025 ($36M)$39M$264M

Retained capital not read

Balance sheet Heavy net debt, $3.1B

NJR New Jersey Resources

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

Owner earnings 2016–2025 ($184M)($48M)$61M($287M)($236M)($21M)($96M)($194M)

Retained capital Retained $785M of earnings over 2016–2025; annual owner earnings fell $47M, $-0.06 per $1 retained.

Balance sheet Heavy net debt, $3.2B · dividend paid 8 of 8 yrs, never cut

NKE Nike Inc.

Nike designs and sells athletic footwear, apparel, and equipment under its own brand. Most of the money comes from footwear, with apparel second and equipment a small remainder. It does not run the factories: nearly all the goods are made by independent contractors, mostly overseas, while Nike keeps the design, the marketing, and the name.

Owner earnings 2017–2026 $2.7B$3.9B$4.8B$1.4B$6.0B$4.4B$5.1B$6.6B$3.3B$2.2B

Retained capital Paid out $8.2B more than it earned over 2017–2026; annual owner earnings grew $206M.

Balance sheet Modest net debt, $379M · dividend paid 10 of 10 yrs, never cut

NKTR Nektar Therapeutics

Nektar Therapeutics is a clinical stage, research-based drug discovery biopharmaceutical company focused on discovering and developing innovative medicines in the field of immunotherapy.

Owner earnings 2016–2025 ($123M)($90M)$704M($355M)($321M)($428M)($310M)($193M)($177M)($209M)

Retained capital not read

Balance sheet Net debt against an operating loss, $240M

NLY Annaly Capital Management 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

NMAX Newsmax Inc.

Newsmax Inc. is a holding company that owns 100% of the equity interests of its operating company Newsmax Media, Inc.

Owner earnings 2024–2025 ($50M)($107M)

Retained capital not read

Balance sheet Net cash, debt-free, +$20M

NMIH NMI Holdings 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 · buybacks at an average near $29.24

NMRK Newmark Group Inc.

Newmark is a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers.

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 1 of 10 yrs, cut at least once

NN NextNav Inc.

We are the market leader in delivering resilient, next generation, complementary positioning, navigation and timing solutions designed to overcome the limitations and vulnerabilities of existing space-based Global Navigation Satellite Systems, including the Global Positioning System.

Owner earnings 2020–2025 ($29M)($49M)($40M)($38M)($38M)($51M)

Retained capital not read

Balance sheet Net debt against an operating loss, $14M

NNAVW NextNav Inc.

We are the market leader in delivering resilient, next generation, complementary positioning, navigation and timing solutions designed to overcome the limitations and vulnerabilities of existing space-based Global Navigation Satellite Systems, including the Global Positioning System.

Owner earnings 2020–2025 ($29M)($49M)($40M)($38M)($38M)($51M)

Retained capital not read

Balance sheet Net debt against an operating loss, $14M

NNDM Nano Dimension Ltd.

We innovate and provide industrial manufacturing solutions for design-to-manufacturing of electronics and mechanical parts.

Owner earnings 2023–2025 ($71M)($21M)($71M)

Retained capital not read

Balance sheet Net cash, debt-free, +$205M

NNN NNN REIT

NNN is a fully integrated real estate investment trust formed in 1984.

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

NOC Northrop Grumman Corporation

Northrop Grumman builds aircraft, space systems, missile and weapons systems, and the electronics, sensors, and software that go inside them, along with the services to sustain them. It sells these principally to the U.S. government — the Pentagon and other agencies — with the rest going to allied governments abroad. It earns its money by winning and delivering on long-cycle contracts to design, produce, and support this equipment.

Owner earnings 2016–2025 $2.4B$2.1B$3.0B$3.0B$2.9B$2.2B$1.5B$2.5B$3.0B$3.3B

Retained capital Retained $11.0B of earnings over 2016–2025; annual owner earnings grew $447M, $0.04 per $1 retained.

Balance sheet Meaningful net debt, $11.3B · buybacks at an average near $355 · dividend paid 10 of 10 yrs, never cut

NODK NI Holdings 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 · buybacks at an average near $15.35 · dividend paid 2 of 10 yrs, cut at least once

NOG Northern Oil and Gas

We are an independent energy company engaged as a non-operator in the acquisition, exploration, development and production of oil and natural gas properties in the United States, primarily in the Williston Basin, the Permian Basin, the Appalachian Basin and the Uinta Basin.

Owner earnings 2016–2025 $102M$73M$244M$339M$331M$396M$927M$1.2B$1.4B$1.5B

Retained capital Retained $353M of earnings over 2016–2025; annual owner earnings grew $1.2B, $3.47 per $1 retained.

Balance sheet Heavy net debt, $2.4B · buybacks at an average near $9.83 · dividend paid 5 of 10 yrs, never cut

NOV NOV Inc.

NOV Inc. is a leading independent equipment and technology provider to the global energy industry.

Owner earnings 2016–2025 $676M$640M$277M$481M$700M$90M($393M)($140M)$953M$876M

Retained capital Paid out $11.1B more than it earned over 2016–2025; annual owner earnings grew $32M.

Balance sheet Meaningful net debt, $1.2B · dividend paid 10 of 10 yrs, cut at least once

NOVT Novanta Inc.

Novanta Inc. is a leading global supplier of core technology solutions that give medical, life science, and advanced industrial original equipment manufacturers a competitive advantage.

Owner earnings 2016–2025 $39M$54M$75M$53M$130M$75M$71M$100M$141M$48M

Retained capital Retained $459M of earnings over 2016–2025; annual owner earnings grew $40M, $0.09 per $1 retained.

Balance sheet Net cash, +$130M · buybacks at an average near $26.43

NOVTU Novanta Inc. Tangible Equity

Novanta Inc. is a leading global supplier of core technology solutions that give medical, life science, and advanced industrial original equipment manufacturers a competitive advantage.

Owner earnings 2016–2025 $39M$54M$75M$53M$130M$75M$71M$100M$141M$48M

Retained capital Retained $459M of earnings over 2016–2025; annual owner earnings grew $40M, $0.09 per $1 retained.

Balance sheet Net cash, +$130M · buybacks at an average near $26.43

NOW ServiceNow Inc.

ServiceNow sells cloud-based software that runs the routine work inside large organizations — automating the workflows, approvals, and hand-offs that move between departments, with applications layered on a single platform. Customers are public and private institutions that pay a recurring subscription for access rather than buying the software outright. The company writes the code once and rents it to many, which is why most of the sales dollar falls through as gross profit; the platform itself is the product.

Owner earnings 2016–2025 $76M$529M$661M$971M$1.4B$1.8B$2.3B$2.7B$3.7B$4.6B

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings grew $3.2B, $1.29 per $1 retained.

Balance sheet Net cash, +$2.2B · buybacks at an average near $164

NP Neptune Insurance Holdings Inc.

Neptune was founded to solve the inefficiencies and poor product-market fit we saw in the traditional flood insurance market, which we believe represents a significant and underpenetrated opportunity.

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

NPB Northpointe Bancshares 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

NPCE Neuropace Inc.

We are a medical device company focused on transforming the lives of people living with epilepsy by reducing or eliminating the occurrence of debilitating seizures.

Owner earnings 2020–2025 ($22M)($25M)($37M)($20M)($18M)($11M)

Retained capital not read

Balance sheet Net cash, +$2M

NPK National Presto Industries 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 2016–2025 $59M$17M$70M$6M$38M$32M$8M$44M($61M)($36M)

Retained capital Retained $39M of earnings over 2016–2025; annual owner earnings fell $67M, $-1.72 per $1 retained.

Balance sheet Net cash, debt-free, +$4M · dividend paid 10 of 10 yrs, cut at least once

NPKI NPK International Inc.

NPK International Inc. is a temporary worksite access solutions company that manufactures, sells, and rents recyclable composite matting products, along with a full suite of services, including planning, logistics, and site restoration.

Owner earnings 2016–2025 ($27M)$7M$18M$27M$40M($25M)($53M)$71M$11M$47M

Retained capital Paid out $365M more than it earned over 2016–2025; annual owner earnings grew $44M.

Balance sheet Meaningful net debt, $173M · buybacks at an average near $5.66

NPO EnPro Industries

Enpro Inc. is a leading-edge industrial technology company focused on critical applications across a diverse group of growing end markets including semiconductor, industrial process, commercial vehicle, sustainable power generation, aerospace, food and biopharmaceuticals, photonics and life sciences.

Owner earnings 2016–2025 $29M$5M$177M$109M$29M$109M$77M$175M$134M$159M

Retained capital Retained $920M of earnings over 2016–2025; annual owner earnings grew $86M, $0.09 per $1 retained.

Balance sheet Meaningful net debt, $541M · buybacks at an average near $62.33 · dividend paid 10 of 10 yrs, never cut

NRC NRC Health

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 $23M$24M$34M$36M$37M$41M$30M$32M$29M$19M

Retained capital Paid out $16M more than it earned over 2016–2025; annual owner earnings fell $209K.

Balance sheet Meaningful net debt, $72M · buybacks at an average near $25.85 · dividend paid 10 of 10 yrs, cut at least once

NRDS NerdWallet Inc.

NerdWallet Inc. provides consumers and small and mid-sized businesses with trusted guidance across a broad range of finance topics through a digital platform that integrates independent editorial content, comparison tools, data-driven product marketplaces, and access to regulated financial services offered through our subsidiaries.

Owner earnings 2019–2025 $31M$14M$5M$20M$71M$71M$130M

Retained capital Paid out $126M more than it earned over 2019–2025; annual owner earnings grew $74M.

Balance sheet Net cash, debt-free, +$98M

NRG NRG Energy

NRG Energy is a competitive power company in the United States: it owns a fleet of electricity-generating plants and it sells electricity and natural gas directly to homes and businesses in deregulated retail markets, where customers choose their own supplier. So it earns its keep two ways — generating power and selling it into wholesale markets, and signing up retail customers to capture the spread between what it pays to source energy and what it charges them. It is capital-intensive and carries debt against its plants.

Owner earnings 2016–2025 $1.4B$1.4B$989M$1.2B$1.6B$224M($7M)($819M)$1.8B$766M

Retained capital Paid out $1.8B more than it earned over 2016–2025; annual owner earnings fell $643M.

Balance sheet Heavy net debt, $11.9B · buybacks at an average near $50.53 · dividend paid 10 of 10 yrs, cut at least once

NRGV Energy Vault Holdings Inc.

Energy Vault delivers a diversified portfolio of energy storage solutions to third parties, including proprietary gravity, battery, and green hydrogen-based technologies, supported by our technology-agnostic energy management software and integration capabilities.

Owner earnings 2021–2025 ($22M)($26M)($94M)($57M)($9M)

Retained capital not read

Balance sheet Net debt against an operating loss, $41M

NRIM Northrim BanCorp Inc

Revenue is Community Banking (72%), Home Mortgage Lending (17%) and Specialty Finance (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 · buybacks at an average near $9.24 · dividend paid 10 of 10 yrs, never cut

NRIX Nurix Therapeutics Inc.

We are a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of targeted protein degradation medicines, the next frontier in innovative drug design aimed at improving treatment options for patients with cancer and inflammatory diseases.

Owner earnings 2019–2025 ($1M)($2M)($87M)($165M)($90M)($182M)($258M)

Retained capital not read

Balance sheet Net cash, debt-free, +$247M

NRP Natural Resource Partners LP

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 $108M$127M$189M$89M$122M$267M$311M$248M$166M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $100M, $0.10 per $1 retained.

Balance sheet Heavy net debt, $837M · dividend paid 1 of 9 yrs, never cut

NSA National Storage Affiliates

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 $37.07 · dividend paid 10 of 10 yrs, cut at least once

NSC Norfolk Southern Corporation

Norfolk Southern Corporation is an Atlanta, Georgia-based company that owns a major freight railroad, Norfolk Southern Railway Company.

Owner earnings 2016–2025 $2.0B$2.2B$2.6B$2.8B$2.5B$2.8B$3.0B$1.9B$2.7B$3.0B

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $243M.

Balance sheet Meaningful net debt, $15.6B · buybacks at an average near $189 · dividend paid 10 of 10 yrs, never cut

NSIT Insight Enterprises

Revenue is North America (81%), EMEA (16%) and APAC (3%).

Owner earnings 2016–2025 $84M($326M)$275M$82M$331M$112M$41M$580M$586M$279M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $471M, $0.47 per $1 retained.

Balance sheet Meaningful net debt, $1.0B · buybacks at an average near $94.76

NSP Insperity 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 $129M$195M$162M$176M$315M$227M$317M$158M$482M($309M)

Retained capital Paid out $81M more than it earned over 2016–2025; annual owner earnings fell $51M.

Balance sheet Net cash, +$313M · buybacks at an average near $143 · dividend paid 10 of 10 yrs, cut at least once

NSPR InspireMD Inc.

We are a medical device company specializing in the development and commercialization of products for the treatment of carotid artery disease and other vascular conditions.

Owner earnings 2015–2025 ($12M)($8M)($8M)($10M)($9M)($13M)($16M)($17M)($23M)($37M)

Retained capital not read

Balance sheet Net cash, +$49M

NSSC NAPCO Security Technologies Inc.

NAPCO is one of the leading manufacturers and designers of high-tech electronic security devices, cellular communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions.

Owner earnings 2017–2025 $2M$7M$8M$9M$22M$7M$23M$44M$51M

Retained capital Retained $115M of earnings over 2017–2025; annual owner earnings grew $34M, $0.30 per $1 retained.

Balance sheet Net cash, +$95M · buybacks at an average near $28.75 · dividend paid 3 of 9 yrs, never cut

NTAP NetApp Inc.

Revenue is All-flash revenues (60%) and Hybrid-flash and other revenues (30%).

Owner earnings 2017–2026 $811M$1.3B$1.2B$936M$1.2B$1.1B$926M$1.5B$1.3B$1.9B

Retained capital Paid out $4.4B more than it earned over 2017–2026; annual owner earnings grew $475M.

Balance sheet Net cash, +$1.1B · buybacks at an average near $57.46 · dividend paid 10 of 10 yrs, never cut

NTCT NetScout Systems Inc.

NetScout is an industry leader with over four decades of experience in providing enterprise network observability, carrier service assurance, cybersecurity, and Distributed Denial-of-Service, protection solutions.

Owner earnings 2017–2026 $197M$207M$126M$205M$202M$286M$146M$52M$212M$285M

Retained capital Paid out $1.4B more than it earned over 2017–2026; annual owner earnings grew $7M.

Balance sheet Net cash, debt-free, +$668M

NTGR NETGEAR Inc.

We are a global provider of networking technologies for businesses, homes, and service providers.

Owner earnings 2016–2025 $108M$77M($115M)($705K)$171M($14M)($19M)$51M$156M($19M)

Retained capital Paid out $424M more than it earned over 2016–2025; annual owner earnings grew $39M.

Balance sheet Net cash, debt-free, +$323M · buybacks at an average near $32.70

NTLA Intellia Therapeutics Inc.

Intellia Therapeutics Inc. is a leading biopharmaceutical company focused on revolutionizing medicine leveraging CRISPR gene editing and other core technologies.

Owner earnings 2016–2025 $35M($68M)($66M)($110M)($53M)($232M)($341M)($403M)($355M)($396M)

Retained capital not read

Balance sheet Net cash, debt-free, +$450M

NTNX Nutanix

Nutanix is a hybrid multicloud computing leader, offering organizations a unified software platform for running applications and AI and managing data anywhere.

Owner earnings 2016–2025 ($23M)($24M)$30M($35M)($249M)($158M)$18M$207M$598M$750M

Retained capital Paid out $4.9B more than it earned over 2016–2025; annual owner earnings grew $524M.

Balance sheet Meaningful net debt, $574M

NTRA Natera Inc.

We are a diagnostics company with proprietary molecular and bioinformatics technology that we are applying to change disease management worldwide.

Owner earnings 2016–2025 ($80M)($105M)($74M)($68M)($191M)($346M)($448M)($271M)$105M$174M

Retained capital not read

Balance sheet Net cash, +$793M

NTRS Northern Trust Corporation

Northern Trust Corporation is a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals.

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 $98.81 · dividend paid 10 of 10 yrs, cut at least once

NTRSO Northern Trust Corporation

Northern Trust Corporation is a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals.

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 $98.81 · dividend paid 10 of 10 yrs, cut at least once

NTSK Netskope Inc.

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

Owner earnings 2024–2026 ($198M)($144M)$15M

Retained capital not read

Balance sheet Net cash, +$437M

NTST NetSTREIT Corp.

We are an internally managed real estate company that acquires, owns, and manages a diversified portfolio of single-tenant commercial retail properties, subject to long-term net leases with high-credit-quality tenants 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 · dividend paid 6 of 7 yrs, never cut

NUAI New Era Energy & Digital Inc.

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

Owner earnings 2023–2025 ($6M)($6M)($13M)

Retained capital not read

Balance sheet Net debt against an operating loss, $49M

NUE Nucor Corporation

Nucor makes steel and steel products — sheet, bar, and a range of other forms — and sells them to the businesses that build and manufacture things. It melts scrap metal in electric-arc furnaces rather than smelting iron ore, the mini-mill way of making steel. Most of its sheet goes out under contract; the rest is sold at whatever the market will pay that day.

Owner earnings 2016–2025 $1.1B$607M$1.8B$2.2B$2.0B$5.5B$9.2B$6.2B$2.9B$2.0B

Retained capital Retained $12.4B of earnings over 2016–2025; annual owner earnings grew $2.5B, $0.20 per $1 retained.

Balance sheet Modest net debt, $4.2B · dividend paid 10 of 10 yrs, never cut

NUS Nu Skin

Nu Skin Enterprises, Inc. develops and distributes a comprehensive line of premium-quality beauty and wellness solutions in nearly 50 markets worldwide.

Owner earnings 2016–2025 $225M$242M$132M$112M$315M$73M$49M$60M$70M$46M

Retained capital Paid out $334M more than it earned over 2016–2025; annual owner earnings fell $141M.

Balance sheet Net cash, +$16M · dividend paid 10 of 10 yrs, cut at least once

NUTX Nutex Health Inc.

Nutex Health Inc. is a physician-led, healthcare services and operations company with 26 hospital facilities in 12 states, and a primary care-centric, risk-bearing population health management division.

Owner earnings 2018–2025 ($480K)($4M)$81M$173M$36M($8M)$21M$246M

Retained capital Paid out $122M more than it earned over 2018–2025; annual owner earnings grew $61M.

Balance sheet Net cash, +$143M

NUVB Nuvation Bio Inc.

We are a global oncology company focused on tackling some of the toughest challenges in cancer treatment with the goal of developing therapies that create a profound, positive impact on patients' lives.

Owner earnings 2023–2025 ($68M)($130M)($175M)

Retained capital not read

Balance sheet Net cash, +$482M

NVAX Novavax Inc.

Revenue is Nuvaxovid sales (56%), Licensing, royalties, and other (39%) and Supply sales (5%).

Owner earnings 2016–2025 ($266M)($149M)($186M)($138M)($47M)$310M($445M)($755M)($100M)($250M)

Retained capital not read

Balance sheet Net cash, +$491M

NVCR NovoCure

We are a global oncology company with a proprietary platform technology called Tumor Treating Fields, which are electric fields that exert physical forces to kill cancer cells.

Owner earnings 2016–2025 ($113M)($41M)($9M)$16M$90M$73M$20M($84M)($38M)($64M)

Retained capital not read

Balance sheet Net debt against an operating loss, $101M

NVDA NVIDIA Corp.

NVIDIA designs the chips — graphics processing units — that have become the workhorse for artificial intelligence and other heavy computing, and it sells them mostly to the operators of large data centers, alongside networking gear, systems, and the software that ties it all together. It does not own the factories; it designs the parts and pays outside foundries to make them, so the bulk of its money comes from compute and networking, with smaller lines behind. Wrapped around the silicon is CUDA, a software platform that runs on its GPUs and on which a great many developers build their work.

Owner earnings 2022–2026 $8.1B$3.8B$27.0B$62.2B$99.9B

Retained capital Retained $140.5B of earnings over 2022–2026; annual owner earnings grew $50.1B, $0.36 per $1 retained.

Balance sheet Net cash, +$2.1B · buybacks at an average near $65.20 · dividend paid 5 of 5 yrs, never cut

NVEC NVE Corporation

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

Owner earnings 2017–2026 $12M$15M$14M$16M$13M$12M$18M$18M$13M$14M

Retained capital Paid out $42M more than it earned over 2017–2026; annual owner earnings grew $2M.

Balance sheet Net cash, debt-free, +$20M · buybacks at an average near $47.38 · dividend paid 10 of 10 yrs, never cut

NVEE NV5 Global

NV5 Global is a provider of technology, conformity assessment, consulting solutions, and software applications to public and private sector clients in the infrastructure, utility services, construction, real estate, environmental, and geospatial markets, operating nationwide and abroad.

Owner earnings 2016–2024 $14M$15M$33M$37M$86M$88M$78M$45M$40M

Retained capital Retained $276M of earnings over 2016–2024; annual owner earnings grew $34M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $228M

NVR NVR 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 2016–2025 $371M$550M$703M$844M$909M$1.2B$1.9B$1.5B$1.4B$1.1B

Retained capital Retained $311M of earnings over 2016–2025; annual owner earnings grew $770M.

Balance sheet Net cash, +$1.4B · buybacks at an average near $4,516

NVST Envista Holdings

Envista is a global family of more than 30 trusted dental brands, including Nobel Biocare, Ormco, DEXIS, and Kerr, united by a shared purpose: to partner with professionals to improve lives.

Owner earnings 2017–2025 $310M$328M$320M$236M$307M$107M$218M$303M$230M

Retained capital Retained $195M of earnings over 2017–2025; annual owner earnings fell $69M, $-0.36 per $1 retained.

Balance sheet Modest net debt, $237M

NVT nVent Electric

NVent is a leading global provider of electrical connection and protection solutions.

Owner earnings 2016–2025 $330M$378M$304M$298M$304M$334M$354M$484M$592M$405M

Retained capital Retained $1.5B of earnings over 2016–2025; annual owner earnings grew $156M, $0.11 per $1 retained.

Balance sheet Meaningful net debt, $1.3B · buybacks at an average near $35.22 · dividend paid 8 of 10 yrs, never cut

NVTS Navitas Semiconductor Corporation

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

Owner earnings 2020–2025 ($21M)($42M)($45M)($44M)($62M)($44M)

Retained capital not read

Balance sheet Net cash, debt-free, +$237M

NWBI Northwest Bancshares Inc.

Northwest Bank is a community-oriented financial institution offering personal and commercial banking solutions, investment management and trust 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 · dividend paid 10 of 10 yrs, never cut

NWE NorthWestern Energy

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

Owner earnings 2021–2025 ($214M)($208M)($78M)($143M)($130M)

Retained capital Retained $227M of earnings over 2021–2025; annual owner earnings grew $50M, $0.22 per $1 retained.

Balance sheet Heavy net debt, $3.3B · dividend paid 5 of 5 yrs, never cut

NWFL Norwood Financial Corp.

The Bank offers a wide variety of personal and business credit services and trust and investment products and real estate settlement services to the consumers, businesses, nonprofit organizations, and municipalities in each of the communities that the Bank serves.

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

NWL Newell Brands

Newell Brands is a leading global consumer goods company with a strong portfolio of well-known brands, including Rubbermaid, Sharpie, Graco, Coleman, Rubbermaid Commercial Products, Yankee Candle, Paper Mate, FoodSaver, Dymo, EXPO, Elmer's, Oster, NUK, Spontex and Campingaz.

Owner earnings 2016–2025 $1.4B$560M$296M$779M$1.2B$595M($584M)$646M$237M$17M

Retained capital Paid out $9.6B more than it earned over 2016–2025; annual owner earnings fell $452M.

Balance sheet Heavy net debt, $4.5B · dividend paid 10 of 10 yrs, cut at least once

NWN Northwest Natural

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

Owner earnings 2016–2025 $145M$126M$84M$95M$42M$47M$31M$154M$62M$104M

Retained capital Retained $53M of earnings over 2016–2025; annual owner earnings fell $11M.

Balance sheet Heavy net debt, $2.4B · dividend paid 10 of 10 yrs, cut at least once

NWPX NWPX Infrastructure Inc.

NWPX Infrastructure, Inc. is a leading manufacturer of water-related infrastructure products, and operates in two segments, Water Transmission Systems, operating as the Northwest Pipe Company brand, and Precast Infrastructure and Engineered Systems, which includes the brands NWPX Geneva and NWPX Park.

Owner earnings 2016–2025 ($773K)($10M)($22M)$34M$42M($19M)$437K$35M$34M$47M

Retained capital Retained $158M of earnings over 2016–2025; annual owner earnings grew $50M, $0.32 per $1 retained.

Balance sheet Modest net debt, $9M

NWS News Corporation

News Corporation is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services to consumers and businesses throughout the world.

Owner earnings 2017–2026 $238M$393M$356M$342M$847M$855M$745M$741M$571M$811M

Retained capital Paid out $3.3B more than it earned over 2017–2026; annual owner earnings grew $379M.

Balance sheet Net cash, +$106M · buybacks at an average near $23.37 · dividend paid 10 of 10 yrs, never cut

NWSA News Corp

News Corporation is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services to consumers and businesses throughout the world.

Owner earnings 2017–2026 $238M$393M$356M$342M$847M$855M$745M$741M$571M$811M

Retained capital Paid out $3.3B more than it earned over 2017–2026; annual owner earnings grew $379M.

Balance sheet Net cash, +$106M · buybacks at an average near $23.37 · dividend paid 10 of 10 yrs, never cut

NX Quanex Building Products Corporation

We currently manufacture and distribute components for original equipment manufacturers in the building products industry, including window, door, solar, refrigeration, custom mixing, building access, and cabinetry markets.

Owner earnings 2016–2025 $50M$45M$78M$71M$75M$55M$65M$110M$52M$102M

Retained capital Paid out $157M more than it earned over 2016–2025; annual owner earnings grew $30M.

Balance sheet Net debt against an operating loss, $628M · buybacks at an average near $18.39 · dividend paid 10 of 10 yrs, never cut

NXDR Nextdoor Holdings Inc.

Nextdoor is the essential neighborhood network connecting over 105 million Verified Neighbors1 to the people, places, and information that matter most in their local communities.

Owner earnings 2020–2025 ($45M)($55M)($64M)($60M)($21M)$6M

Retained capital not read

Balance sheet Net cash, debt-free, +$63M

NXPI NXP Semiconductors N.V.

NXP Semiconductors N.V. is a global semiconductor company and a long-standing supplier in the industry, with over 70 years of innovation and operating history.

Owner earnings 2017–2025 $1.9B$3.8B$1.8B$2.1B$2.3B$2.8B$2.7B$2.1B$2.4B

Retained capital Paid out $4.7B more than it earned over 2017–2025; annual owner earnings fell $112M.

Balance sheet Meaningful net debt, $9.0B · buybacks at an average near $132 · dividend paid 8 of 9 yrs, never cut

NXRT NexPoint Real Estate Finance

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

NXST Nexstar Media Group Inc.

Nexstar owns America's largest local television broadcasting group comprised of top network affiliates, with over 200 owned or partner stations in 116 U.S. markets in 40 states and the District of Columbia reaching over 225 million people.

Owner earnings 2016–2025 $252M$37M$631M$220M$1.0B$1.1B$1.2B$850M$1.1B$743M

Retained capital Retained $520M of earnings over 2016–2025; annual owner earnings grew $593M, $1.14 per $1 retained.

Balance sheet Heavy net debt, $6.1B · dividend paid 10 of 10 yrs, never cut

NXT Nextpower Inc.

We are a leading global provider of solar and energy technology solutions for utility-scale power plants.

Owner earnings 2021–2026 $92M($153M)$104M$425M$642M$532M

Retained capital Retained $708M of earnings over 2021–2026; annual owner earnings grew $519M, $0.73 per $1 retained.

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

NXTT Next Technology Holding Inc.

Next Technology Holding Inc. operates under a "SaaS+AI" model, emphasizing customized and entrusted development projects designed in response to specific market demand.

Owner earnings 2020–2022 $1M($4M)($38M)

Retained capital not read

Balance sheet Net cash, debt-free, +$6M

NYT New York Times Company (The)

Revenue is Subscription (69%), Advertising (20%) and Affiliate, licensing and other (11%).

Owner earnings 2016–2025 $74M$25M$98M$144M$263M$234M$114M$338M$381M$551M

Retained capital Retained $734M of earnings over 2016–2025; annual owner earnings grew $358M, $0.49 per $1 retained.

Balance sheet Net cash, +$211M · buybacks at an average near $40.71 · dividend paid 10 of 10 yrs, never cut