O

O Realty Income Corp.

Revenue is Retail (75%), Industrial (15%) and Other (4%).

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

OABI OmniAb Inc.

We provide our partners both integrated end-to-end capabilities and highly customizable offerings, which address critical industry challenges and provide optimized discovery solutions.

Owner earnings 2021–2025 ($10M)($21M)$703K($42M)($37M)

Retained capital not read

Balance sheet Net cash, debt-free, +$26M

OBK Origin 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 $34.30 · dividend paid 10 of 10 yrs, cut at least once

OBT Orange County Bancorp Inc.

We offer a full suite of financial products, including checking, savings and money market accounts, certificates of deposit and treasury management 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 6 of 6 yrs, never cut

OC Owens Corning Inc Common Stock New

Owens Corning is a building products leader committed to building a sustainable future through material innovation.

Owner earnings 2016–2025 $570M$679M$266M$590M$828M$1.1B$1.3B$1.2B$1.2B$962M

Retained capital Paid out $876M more than it earned over 2016–2025; annual owner earnings grew $628M.

Balance sheet Heavy net debt, $4.4B · dividend paid 10 of 10 yrs, never cut

OCFC OceanFirst Financial Corp.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $19.83 · dividend paid 10 of 10 yrs, never cut

OCGN Ocugen Inc.

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

Owner earnings 2017–2025 ($23M)($12M)($17M)($15M)($49M)($65M)($73M)($46M)($57M)

Retained capital not read

Balance sheet Net debt against an operating loss, $10M

OCUL Ocular Therapeutix Inc.

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

Owner earnings 2016–2025 ($35M)($52M)($51M)($80M)($54M)($67M)($62M)($73M)($136M)($209M)

Retained capital not read

Balance sheet Net cash, +$666M

ODC Oil-Dri Corporation Of America

Oil-Dri is a leader in developing, manufacturing and/or marketing sorbent products.

Owner earnings 2018–2025 ($4M)$12M$28M($541K)($4M)$34M$41M$58M

Retained capital Retained $95M of earnings over 2018–2025; annual owner earnings grew $33M, $0.35 per $1 retained.

Balance sheet Modest net debt, $25M · dividend paid 8 of 8 yrs, never cut

ODFL Old Dominion Freight Line Inc.

We are one of the largest North American less-than-truckload motor carriers.

Owner earnings 2016–2025 $376M$331M$670M$730M$708M$953M$1.4B$1.2B$1.3B$955M

Retained capital Retained $2.6B of earnings over 2016–2025; annual owner earnings grew $713M, $0.28 per $1 retained.

Balance sheet Modest net debt, $143M · dividend paid 9 of 10 yrs, never cut

ODYS Odysight.ai Inc.

We specialize in predictive maintenance and condition-based monitoring, utilizing advanced AI-driven sensor visualization solutions, using video analytics and algorithms.

Owner earnings 2019–2025 ($2M)($4M)($6M)($6M)($10M)($8M)($14M)

Retained capital not read

Balance sheet Net cash, +$26M

OEC Orion S.A.

We currently operate 14 wholly owned production facilities, excluding the under-construction facility at La Porte, Texas, in Europe, North and South America, South Africa, and Asia, and one jointly-owned production facility at Dortmund, Germany.

Owner earnings 2017–2025 $49M$11M$135M$29M$41M($25M)$233M$0$55M

Retained capital Retained $311M of earnings over 2017–2025; annual owner earnings grew $31M, $0.10 per $1 retained.

Balance sheet Heavy net debt, $919M · dividend paid 8 of 9 yrs, cut at least once

OFG OFG Bancorp

OFG provides comprehensive banking and financial services and solutions to its clients through the Bank and various other subsidiaries, including commercial, consumer, auto, and mortgage lending, financial planning, insurance sales, investment advisory and security brokerage services, as well as corporate 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

OFIX Orthofix Medical Inc. Common Stock (DE)

Orthofix is a global medical technology company headquartered in Lewisville, Texas.

Owner earnings 2016–2025 $43M$24M$36M$13M$59M$690K($33M)($106M)($9M)($1M)

Retained capital Paid out $494M more than it earned over 2016–2025; annual owner earnings fell $73M.

Balance sheet Net debt against an operating loss, $75M · buybacks at an average near $41.06

OGE OGE Energy

OGE Energy is a holding company whose primary investment provides electricity in Oklahoma and western Arkansas.

Owner earnings 2016–2025 $322M$501M$630M$327M$322M($646M)$492M$726M$273M$577M

Retained capital Retained $1.3B of earnings over 2016–2025; annual owner earnings grew $41M, $0.03 per $1 retained.

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

OGN Organon

Organon is a global healthcare company with a mission to deliver impactful medicines and solutions for a healthier every day.

Owner earnings 2019–2025 $2.9B$2.0B$2.0B$662M$548M$764M$538M

Retained capital Retained $8.6B of earnings over 2019–2025; annual owner earnings fell $1.7B, $-0.20 per $1 retained.

Balance sheet Heavy net debt, $8.1B · dividend paid 5 of 7 yrs, cut at least once

OGS ONE Gas

We are the largest natural gas distributor in Oklahoma and Kansas and the third largest in Texas, in terms of customers.

Owner earnings 2016–2025 ($18M)($103M)$73M($107M)($107M)($2.0B)$961M$273M($335M)($128M)

Retained capital Retained $774M of earnings over 2016–2025; annual owner earnings fell $47M, $-0.06 per $1 retained.

Balance sheet Heavy net debt, $3.0B · dividend paid 10 of 10 yrs, never cut

OHI Omega Healthcare

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, never cut

OI O-I Glass Inc.

It competes in the glass container segment of the rigid packaging market and is the leading glass container manufacturer in most of the countries where it has manufacturing facilities.

Owner earnings 2016–2025 $297M$280M$255M($21M)$146M$289M($385M)$130M($128M)$168M

Retained capital Retained $450M of earnings over 2016–2025; annual owner earnings fell $221M, $-0.49 per $1 retained.

Balance sheet Heavy net debt, $4.4B · buybacks at an average near $16.57 · dividend paid 2 of 10 yrs, cut at least once

OII Oceaneering International

Oceaneering International is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace and manufacturing industries.

Owner earnings 2016–2025 $227M$43M($73M)$10M$76M$175M$40M$109M$96M$208M

Retained capital Paid out $396M more than it earned over 2016–2025; annual owner earnings grew $72M.

Balance sheet Net cash, +$196M · buybacks at an average near $22.88 · dividend paid 1 of 10 yrs, cut at least once

OIS Oil States International Inc.

Oil States International, Inc., through its subsidiaries, is a global provider of manufactured products and services to customers in the energy, military and industrial sectors.

Owner earnings 2016–2025 $120M$60M$15M$81M$120M($10M)$13M$26M$8M$74M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings fell $29M.

Balance sheet Net debt against an operating loss, $1.1B · buybacks at an average near $7.08

OKE ONEOK Inc.

ONEOK runs midstream plumbing for the oil and gas business: a pipeline network spanning tens of thousands of miles that gathers, processes, fractionates, transports, stores, and exports natural gas, natural gas liquids, refined products, and crude oil. It does not drill or sell the molecules; it charges producers, refiners, and shippers fees to move and treat what they pull out of the ground. The customer is the energy industry, and the product is the toll for using the pipes and plants.

Owner earnings 2016–2025 $962M$909M$1.8B$1.5B$1.3B$1.8B$2.3B$3.7B$3.8B$4.1B

Retained capital Retained $38M of earnings over 2016–2025; annual owner earnings grew $2.6B.

Balance sheet Heavy net debt, $31.9B · dividend paid 10 of 10 yrs, never cut

OKTA Okta Inc.

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

Owner earnings 2017–2026 ($45M)($29M)$9M$47M$119M$91M$74M$504M$742M$875M

Retained capital Paid out $2.6B more than it earned over 2017–2026; annual owner earnings grew $728M.

Balance sheet Net cash, debt-free, +$858M · buybacks at an average near $83.41

OLED Universal Display Corporation

Revenue is Material sales (54%), Royalty and license fees (42%) and Contract research services (3%).

Owner earnings 2016–2025 $76M$128M$113M$181M$134M$171M$102M$127M$228M$182M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $73M, $0.06 per $1 retained.

Balance sheet Net cash, +$601M · buybacks at an average near $114 · dividend paid 9 of 10 yrs, cut at least once

OLLI Ollie's Bargain

Ollie's Bargain Outlet Holdings, Inc. and subsidiaries is a leading off-price retailer of brand name household products.

Owner earnings 2017–2026 $57M$84M$112M$88M$339M$20M$86M$220M$183M$241M

Retained capital Retained $1.1B of earnings over 2017–2026; annual owner earnings grew $130M, $0.12 per $1 retained.

Balance sheet Net cash, +$55M · no dividend paid

OLN Olin

We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition.

Owner earnings 2016–2025 $325M$355M$523M$232M$134M$1.5B$1.7B$738M$308M$248M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $31M.

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

OLP One Liberty Properties Inc.

We are a self-administered and self-managed real estate investment trust, also known as a REIT.

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

OLPX Olaplex Holdings Inc.

OLAPLEX has evolved from a handful of products capable of treating severely damaged hair to a broader range designed to provide healthy hair from root to tip.

Owner earnings 2020–2025 $129M$199M$255M$177M$142M$58M

Retained capital Retained $106M of earnings over 2020–2025; annual owner earnings fell $68M, $-0.65 per $1 retained.

Balance sheet Heavy net debt, $34M · dividend paid 1 of 6 yrs, cut at least once

OMC Omnicom

Omnicom's agencies integrate data, creativity, and technology to deliver coordinated marketing, communications, and commerce solutions.

Owner earnings 2016–2025 $1.8B$1.9B$1.5B$1.8B$1.6B$1.3B$848M$1.3B$1.6B$2.8B

Retained capital Retained $483M of earnings over 2016–2025; annual owner earnings grew $181M.

Balance sheet Heavy net debt, $2.9B · dividend paid 10 of 10 yrs, never cut

OMCL Omnicell

Omnicell is focused on helping its customers define and deliver a cost-effective medication management strategy designed to equip and empower pharmacists and nurses to focus on patient care rather than administrative tasks, and to drive improved clinical, operational, and financial outcomes across all care settings.

Owner earnings 2016–2025 $36M$9M$80M$129M$163M$203M$30M$140M$151M$87M

Retained capital Retained $66M of earnings over 2016–2025; annual owner earnings grew $84M, $1.26 per $1 retained.

Balance sheet Net cash, +$29M

OMDA Omada Health Inc.

We differentiate through our human-led, technology-enabled care model, which combines proactive Care Teams with data-driven tools to deliver personalized support at scale.

Owner earnings 2023–2025 ($50M)($35M)$17M

Retained capital not read

Balance sheet Net cash, debt-free, +$222M

OMF OneMain Holdings 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

ON ON Semiconductor Corporation

We offer intelligent power and intelligent sensing solutions that drive electrification, energy efficiency, safety, and automation in automotive, industrial, and other end-markets, including AI data center.

Owner earnings 2016–2025 $370M$707M$759M$160M$501M$1.3B$2.1B$1.4B$1.2B$1.4B

Retained capital Retained $5.5B of earnings over 2016–2025; annual owner earnings grew $721M, $0.13 per $1 retained.

Balance sheet Heavy net debt, $798M · buybacks at an average near $43.37

ONB Old National Bancorp

Old National Bancorp is the sixth largest Midwestern-headquartered bank by asset size with consolidated assets of $72.2 billion at December 31, 2025, and ranks among the top 25 banking companies headquartered in the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

ONBPO Old National Bancorp

Old National Bancorp is the sixth largest Midwestern-headquartered bank by asset size with consolidated assets of $72.2 billion at December 31, 2025, and ranks among the top 25 banking companies headquartered in the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

ONBPP Old National Bancorp

Old National Bancorp is the sixth largest Midwestern-headquartered bank by asset size with consolidated assets of $72.2 billion at December 31, 2025, and ranks among the top 25 banking companies headquartered in the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

ONC BeOne Medicines Ltd.

We are a leading global oncology company discovering and developing innovative treatments that are more accessible to cancer patients worldwide.

Owner earnings 2016–2025 ($91M)$8M($558M)($769M)($1.3B)($1.3B)($1.6B)($1.2B)($312M)$986M

Retained capital not read

Balance sheet Net cash, +$3.5B

ONDS Ondas Inc.

Revenue is Product revenue (68%), Service revenue (20%) and Development revenue (12%).

Owner earnings 2018–2025 ($9M)($15M)($8M)($18M)($41M)($34M)($34M)($40M)

Retained capital not read

Balance sheet Net cash, +$535M

ONIT Onity Group Inc.

We are a financial services company that services and originates both forward and reverse mortgage loans, through our primary brands, PHH Mortgage and Liberty Reverse Mortgage.

Owner earnings 2016–2025 $388M$400M$264M$150M$257M($472M)$168M$8M($575M)($751M)

Retained capital not read

Balance sheet Heavy net debt, $2.5B

ONMD OneMedNet Corp

OneMedNet is a global provider of clinical imaging innovation and curator of regulatory-grade Imaging Real World Data.

Owner earnings 2022–2025 ($5M)($5M)($7M)($8M)

Retained capital not read

Balance sheet Net debt against an operating loss, $915K

ONT Onterris Inc.

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

Owner earnings 2018–2025 ($7M)$12M($6M)$31M$11M$26M$902K$91M

Retained capital Paid out $323M more than it earned over 2018–2025; annual owner earnings grew $40M.

Balance sheet Heavy net debt, $277M · dividend paid 6 of 8 yrs, cut at least once

ONTO Onto Innovation

Our products are primarily used by silicon wafer manufacturers, semiconductor integrated circuit fabricators, and advanced packaging manufacturers operating in the semiconductor market.

Owner earnings 2016–2025 $42M$60M$30M$11M$102M$163M$127M$160M$233M$307M

Retained capital Retained $932M of earnings over 2016–2025; annual owner earnings grew $189M, $0.20 per $1 retained.

Balance sheet Net cash, debt-free, +$346M · buybacks at an average near $46.59

OOMA Ooma Inc.

Ooma provides leading communications services and related technologies that bring unique features, ease of use, and affordability to business and residential customers through our smart software-as-a-service and unified communications platforms.

Owner earnings 2017–2026 ($1M)$1M($6M)($10M)$1M$4M$5M$8M$22M$23M

Retained capital Paid out $85M more than it earned over 2017–2026; annual owner earnings grew $20M.

Balance sheet Heavy net debt, $31M

OPAL OPAL Fuels Inc.

OPAL Fuels Inc. is a vertically integrated leader in the capture and conversion of biogas into low carbon intensity renewable natural gas and Renewable Power.

Owner earnings 2021–2025 $8M($14M)$24M$14M$14M

Retained capital Retained $11M of earnings over 2021–2025; annual owner earnings grew $11M, $1.03 per $1 retained.

Balance sheet Heavy net debt, $337M

OPCH Option Care Health Inc.

Option Care Health Inc. is the largest independent provider of home and alternate site infusion services through its national network of 196 locations in 43 states.

Owner earnings 2017–2025 $13M($2M)$11M$101M$183M$232M$329M$288M$217M

Retained capital Retained $78M of earnings over 2017–2025; annual owner earnings grew $271M.

Balance sheet Meaningful net debt, $928M · buybacks at an average near $29.80

OPEN Opendoor Technologies 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

OPENW Opendoor Technologies Inc Series K

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

OPI Office Properties Income Trust

We are a real estate investment trust, or REIT, formed in 2009 under Maryland law.

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 $88.80 · dividend paid 7 of 7 yrs, cut at least once

OPK OPKO Health Inc.

Revenue is led by Services (61%) and Products (26%), with 2 more lines behind.

Owner earnings 2016–2025 $13M($139M)($137M)($185M)$6M$6M($120M)($44M)($208M)($191M)

Retained capital not read

Balance sheet Net cash, +$18M

OPLN OPENLANE Inc.

OPENLANE is a leading digital marketplace for wholesale used vehicles operating in the United States, Canada and Europe.

Owner earnings 2016–2025 $223M$492M$619M$219M$116M$170M($57M)$185M$240M$337M

Retained capital Paid out $162M more than it earned over 2016–2025; annual owner earnings fell $191M.

Balance sheet Meaningful net debt, $394M · dividend paid 5 of 10 yrs, cut at least once

OPTU Optimum Communications Inc.

Optimum Communications Inc. is one of the largest broadband communications and video services providers in the United States.

Owner earnings 2016–2025 $559M$1.1B$1.4B$1.2B$1.9B$1.6B$453M$122M$149M($119M)

Retained capital Paid out $10.1B more than it earned over 2016–2025; annual owner earnings fell $943M.

Balance sheet Net debt against an operating loss, $25.2B · dividend paid 3 of 10 yrs, cut at least once

OPTX Syntec Optics Holdings Inc.

A precision-instruments business, selling measurement and electronic gear into labs and production lines.

Owner earnings 2022–2025 $687K$871K($2M)$28K

Retained capital Paid out $3M more than it earned over 2022–2025; annual owner earnings fell $220K.

Balance sheet Net debt against an operating loss, $3M

OPY Oppenheimer Holdings Inc.

Oppenheimer provides a comprehensive array of financial services through a network of 924 financial advisors in 88 offices located 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 10 of 10 yrs, cut at least once

ORA Ormat Technologies Inc.

We are a leading vertically integrated company primarily engaged in the geothermal power business.

Owner earnings 2016–2025 $53M$130M$14M$88M$108M$76M$82M$85M$148M$43M

Retained capital Retained $716M of earnings over 2016–2025; annual owner earnings grew $26M, $0.04 per $1 retained.

Balance sheet Heavy net debt, $2.5B · dividend paid 10 of 10 yrs, cut at least once

ORBS Eightco Holdings Inc.

Eightco Holdings Inc. is the largest public market participant in the Worldcoin ecosystem, holding approximately 10% of WLD's circulating supply as of December 31, 2025.

Owner earnings 2024–2025 ($7M)($11M)

Retained capital not read

Balance sheet Net cash, +$49M

ORC Orchid Island Capital Inc.

Orchid Island Capital, Inc. is a specialty finance company that invests in residential mortgage-backed securities.

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

ORCL Oracle Corp.

Oracle sells software that large organizations use to run the core of their operations — databases that store and manage their data, and applications for functions such as finance, human resources, and supply chains. It delivers this software both as licenses customers install and as cloud services Oracle hosts and runs for them, and it earns the rest from support, consulting, and a smaller hardware line. The buyers depend on these systems to keep the business running day to day.

Owner earnings 2017–2026 $13.1B$14.2B$13.3B$11.6B$14.3B$7.6B$14.6B$15.5B$17.0B$24.4B

Retained capital Paid out $44.3B more than it earned over 2017–2026; annual owner earnings grew $5.4B.

Balance sheet Heavy net debt, $98.3B · buybacks at an average near $56.27 · dividend paid 10 of 10 yrs, never cut

ORI Old Republic International

Old Republic International Corporation is a Chicago-based holding company engaged in the business of insurance underwriting and related 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

ORLY O'Reilly Automotive Inc.

O'Reilly is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories across North America, selling our products to both do-it-yourself and professional service provider customers, our "dual market strategy."

Owner earnings 2016–2025 $1.3B$1.2B$1.5B$1.4B$2.5B$2.9B$2.8B$2.6B$2.6B$2.3B

Retained capital Paid out $3.7B more than it earned over 2016–2025; annual owner earnings grew $1.2B.

Balance sheet Modest net debt, $5.8B · buybacks at an average near $31.68

ORMP Oramed Pharmaceuticals Inc.

We are a pharmaceutical company engaged in the research and development of innovative pharmaceutical solutions with a technology platform that allows for the oral delivery of therapeutic proteins.

Owner earnings 2016–2025 $5M($6M)($15M)($13M)($13M)($22M)($28M)($11M)($9M)

Retained capital not read

Balance sheet Net cash, +$51M

ORN Orion Group Holdings Inc. Common

Orion Group Holdings, Inc. is a leading specialty construction company focused on large-scale, mission-critical, capital projects within the marine and infrastructure sectors.

Owner earnings 2017–2025 $23M$4M($18M)$31M($17M)($5M)$8M($1M)$14M

Retained capital Paid out $124M more than it earned over 2017–2025; annual owner earnings grew $4M.

Balance sheet Meaningful net debt, $54M

ORRF Orrstown Financial Services Inc.

Orrstown Financial Services Inc. provides banking and financial advisory services in south central Pennsylvania, principally in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania, and in Anne Arundel, Baltimore, Harford, Howard and Washington Counties, Maryland, as well as Baltimore City, Maryland.

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 $33.65 · dividend paid 10 of 10 yrs, never cut

OSBC Old Second 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

OSCR Oscar Health

Oscar is a leading healthcare technology company built around a full stack technology platform and a relentless focus on member experience.

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

OSIS OSI Systems Inc. Common Stock (DE)

OSI Systems, Inc. is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications.

Owner earnings 2016–2025 $42M$46M$90M$92M$108M$122M$49M$79M($110M)$74M

Retained capital Retained $195M of earnings over 2016–2025; annual owner earnings fell $45M, $-0.23 per $1 retained.

Balance sheet Modest net debt, $365M · buybacks at an average near $81.51

OSK Oshkosh

Oshkosh Corporation is a global industrial technology company that designs and deploys advanced technologies to empower everyday heroes who build, serve and protect communities around the world.

Owner earnings 2016–2025 $491M$161M$341M$453M$215M$1.1B$494M$440M$350M$618M

Retained capital Retained $2.1B of earnings over 2016–2025; annual owner earnings grew $138M, $0.06 per $1 retained.

Balance sheet Modest net debt, $621M · buybacks at an average near $83.61 · dividend paid 10 of 10 yrs, never cut

OSPN OneSpan Inc.

Revenue is Cybersecurity (73%) and Digital Agreements (27%).

Owner earnings 2016–2025 $26M$15M($2M)$11M$12M($5M)($11M)($17M)$46M$50M

Retained capital Paid out $30M more than it earned over 2016–2025; annual owner earnings grew $14M.

Balance sheet Net cash, debt-free, +$70M · buybacks at an average near $12.86 · dividend paid 1 of 10 yrs, never cut

OSS One Stop Systems Inc.

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

Owner earnings 2017–2025 ($807K)($5M)($11K)($1M)$5M($8M)($1M)($336K)($7M)

Retained capital not read

Balance sheet Net cash, +$28M

OSW OneSpaWorld Holdings Limited

We are the market leader in the highly attractive outsourced maritime health and wellness market, with a market share we estimate exceeds 90%.

Owner earnings 2017–2025 $67M$27M($39M)($38M)$20M$58M$72M$68M

Retained capital Paid out $253M more than it earned over 2017–2025; annual owner earnings grew $47M.

Balance sheet Modest net debt, $73M · dividend paid 3 of 8 yrs, never cut

OTEX Open Text Corporation

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

Owner earnings 2017–2026 $361M$603M$812M$882M$812M$889M$655M$808M$687M$808M

Retained capital Retained $740M of earnings over 2017–2026; annual owner earnings grew $176M, $0.24 per $1 retained.

Balance sheet Heavy net debt, $4.8B · buybacks at an average near $44.85 · dividend paid 10 of 10 yrs, never cut

OTIS Otis Worldwide Corporation Common Stock

Otis is the world's leading elevator and escalator manufacturing, installation, service and modernization company.

Owner earnings 2018–2025 $1.4B$1.3B$1.3B$1.6B$1.4B$1.5B$1.4B$1.4B

Retained capital Retained $2.9B of earnings over 2018–2025; annual owner earnings grew $124M, $0.04 per $1 retained.

Balance sheet Meaningful net debt, $6.7B · buybacks at an average near $84.50 · dividend paid 6 of 8 yrs, never cut

OTTR Otter Tail

Otter Tail Corporation is a holding company which has strategically invested in a portfolio of diversified operations including an electric utility and manufacturing and plastic pipe businesses.

Owner earnings 2016–2025 $90M$101M$69M$107M$130M$140M$297M$307M$346M$268M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $220M, $0.19 per $1 retained.

Balance sheet Modest net debt, $663M · dividend paid 9 of 10 yrs, never cut

OUST Ouster Inc.

Ouster, Inc. is a leader in sensing and perception for Physical Artificial Intelligence.

Owner earnings 2019–2025 ($42M)($46M)($75M)($116M)($141M)($37M)($48M)

Retained capital not read

Balance sheet Net cash, debt-free, +$209M

OUT OUTFRONT Media Inc.

OUTFRONT Media is a real estate investment trust that provides advertising space on out-of-home advertising structures and sites in the United States, enabling advertisers to engage with audiences in high-impact in-real-life moments and environments.

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

OVID Ovid Therapeutics Inc.

Ovid is a biopharmaceutical company that is dedicated to developing small molecule medicines for brain disorders with significant unmet need.

Owner earnings 2020–2025 ($52M)$118M($56M)($46M)($56M)($38M)

Retained capital not read

Balance sheet Net cash, debt-free, +$13M

OVV Ovintiv

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

Owner earnings 2017–2025 $217M$1.0B$906M$159M$1.9B$2.8B$2.3B$1.4B$1.5B

Retained capital Retained $274M of earnings over 2017–2025; annual owner earnings grew $1.0B.

Balance sheet Heavy net debt, $4.9B · buybacks at an average near $39.91 · dividend paid 9 of 9 yrs, never cut

OWL Blue Owl Capital

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 · buybacks at an average near $10.32 · dividend paid 5 of 7 yrs, never cut

OXM Oxford Industries

We operate in a highly competitive apparel market.

Owner earnings 2017–2026 $69M$80M$59M$85M$55M$166M$79M$170M$126M$54M

Retained capital Retained $88M of earnings over 2017–2026; annual owner earnings grew $47M, $0.53 per $1 retained.

Balance sheet Net debt against an operating loss, $112M · buybacks at an average near $65.30 · dividend paid 10 of 10 yrs, cut at least once

OXY Occidental Petroleum Corporation

Occidental Petroleum Corporation is an international energy company recognized for its premier diversified assets, primarily situated in the United States, the Middle East and North Africa.

Owner earnings 2016–2025 $667M$1.3B$3.7B$1.0B$1.4B$7.6B$12.3B$6.6B$5.2B$4.1B

Retained capital Paid out $11.1B more than it earned over 2016–2025; annual owner earnings grew $3.4B.

Balance sheet Heavy net debt, $20.4B · buybacks at an average near $65.02 · dividend paid 10 of 10 yrs, cut at least once