P

P Everpure Inc.

Everpure is a global technology company providing an integrated storage and data management platform.

Owner earnings 2017–2026 ($65M)$8M$94M$102M$131M$344M$680M$565M$639M$743M

Retained capital Paid out $2.2B more than it earned over 2017–2026; annual owner earnings grew $637M.

Balance sheet Net cash, +$99M

PAA Plains All American Pipeline L.P. Common

Plains All American owns the pipelines, storage tanks, and gathering systems that move crude oil and natural gas liquids from where they come out of the ground to refineries, export docks, and trading hubs. Alongside the assets, it buys and resells barrels, aggregating supply across the network. It is a master limited partnership, and it is paid mainly to move and store other people's oil — a toll collected on volume.

Owner earnings 2016–2025 $219M$2.0B$2.1B$1.9B$776M$1.7B$2.0B$2.3B$2.0B$2.3B

Retained capital Retained $8.1B of earnings over 2016–2025; annual owner earnings grew $788M, $0.10 per $1 retained.

Balance sheet Heavy net debt, $10.9B

PACB Pacific Biosciences of California Inc.

We are a premier life science technology company that designs, develops, and manufactures advanced sequencing solutions that enable scientists and clinical researchers to improve their understanding of the genome and ultimately, resolve genetically complex problems.

Owner earnings 2016–2025 ($76M)($78M)($68M)($81M)$18M($117M)($273M)($268M)($212M)($114M)

Retained capital not read

Balance sheet Net debt against an operating loss, $617M

PACK Ranpak Holdings Corp

Ranpak Holdings Corp is a leading provider of Protective Packaging Solutions products and end-of-line automation solutions for e-commerce and industrial supply chains.

Owner earnings 2017–2025 $19M$17M$32M($200K)($44M)($3M)$13M($4M)

Retained capital Paid out $137M more than it earned over 2017–2025; annual owner earnings fell $20M.

Balance sheet Net debt against an operating loss, $337M

PACS PACS Group Inc.

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

Owner earnings 2022–2025 $70M$38M$327M$349M

Retained capital Retained $336M of earnings over 2022–2025; annual owner earnings grew $93M, $0.28 per $1 retained.

Balance sheet Modest net debt, $52M · dividend paid 3 of 4 yrs, cut at least once

PAG Penske Automotive

Penske runs franchised auto dealerships. It sells new and used vehicles — mostly passenger cars, and also commercial trucks — and earns alongside each sale by servicing and repairing the vehicles, selling parts, and arranging financing and insurance for buyers. The franchises that let it sell new vehicles are granted by the manufacturers whose brands it carries.

Owner earnings 2016–2025 $282M$528M$511M$409M$1.1B$1.2B$1.3B$1.0B$1.1B$803M

Retained capital Retained $4.2B of earnings over 2016–2025; annual owner earnings grew $518M, $0.12 per $1 retained.

Balance sheet Modest net debt, $2.1B · dividend paid 10 of 10 yrs, cut at least once

PAGP Plains GP Holdings L.P. Class A

A midstream energy business, paid to move and store hydrocarbons under contract.

Owner earnings 2016–2025 $203M$2.0B$2.1B$1.9B$772M$1.7B$1.9B$2.3B$2.0B$2.3B

Retained capital Retained $241M of earnings over 2016–2025; annual owner earnings grew $792M, $3.28 per $1 retained.

Balance sheet Heavy net debt, $10.9B

PAHC Phibro Animal Health Corporation

Phibro Animal Health Corporation is a leading global diversified animal health and mineral nutrition company.

Owner earnings 2016–2025 $14M$78M$51M$17M$25M$19M($5M)($21M)$46M$42M

Retained capital Retained $305M of earnings over 2016–2025; annual owner earnings fell $25M, $-0.08 per $1 retained.

Balance sheet Meaningful net debt, $235M · dividend paid 10 of 10 yrs, never cut

PALI Palisade Bio Inc.

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

Owner earnings 2015–2024 ($19M)($16M)($13M)($8M)($5M)($13M)($11M)($12M)

Retained capital not read

Balance sheet Net cash, +$133M

PANL Pangaea Logistics Solutions Ltd.

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 $19M$29M$40M$44M$21M$62M$134M$54M$66M$49M

Retained capital Retained $193M of earnings over 2016–2025; annual owner earnings grew $27M, $0.14 per $1 retained.

Balance sheet Meaningful net debt, $147M · dividend paid 10 of 10 yrs, cut at least once

PANW Palo Alto Networks Inc.

Palo Alto Networks, Inc. is a global cybersecurity provider and our vision is a world where each day is safer and more secure than the one before.

Owner earnings 2016–2025 $616M$809M$926M$924M$821M$1.4B$1.8B$2.6B$3.1B$3.5B

Retained capital Paid out $2.6B more than it earned over 2016–2025; annual owner earnings grew $2.3B.

Balance sheet Net cash, +$912M · buybacks at an average near $112

PAR PAR Technology Corporation

PAR is a leading foodservice technology company providing omnichannel cloud-based software and hardware solutions to the restaurant industry in three major restaurant categories quick service, fast casual, and table service and to the retail industry, including convenience and fuel retailers.

Owner earnings 2017–2025 ($4M)($8M)($19M)($22M)($55M)($44M)($22M)($26M)($30M)

Retained capital not read

Balance sheet Net debt against an operating loss, $314M

PARA Paramount Skydance Corp

We are a leading global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide.

Owner earnings 2015–2024 $1.2B$1.5B$2.1B$3.1B$885M$2.0B$599M($139M)$147M$489M

Retained capital Retained $633M of earnings over 2015–2024; annual owner earnings fell $1.4B.

Balance sheet Net debt against an operating loss, $15.2B · buybacks at an average near $55.96 · dividend paid 10 of 10 yrs, cut at least once

PARR Par Pacific Holdings

We operate in logistically complex, niche markets and, as such, each of our refineries has unique cost advantages and disadvantages as compared to their respective relevant market indices.

Owner earnings 2016–2025 ($48M)$75M$42M$22M($101M)($57M)$400M$497M($52M)$296M

Retained capital Retained $700M of earnings over 2016–2025; annual owner earnings grew $224M, $0.32 per $1 retained.

Balance sheet Modest net debt, $639M · buybacks at an average near $25.01

PATH UiPath

Revenue is Subscription services (59%), License (38%) and Professional services and other (3%).

Owner earnings 2020–2026 ($368M)$27M($64M)($29M)$292M$306M$352M

Retained capital Paid out $2.3B more than it earned over 2020–2026; annual owner earnings grew $451M.

Balance sheet Net cash, debt-free, +$1.5B · buybacks at an average near $11.48

PATK Patrick Industries Inc.

Patrick is a leading component solutions provider for the recreational vehicle, marine, powersports, manufactured housing and various industrial markets including single and multi-family housing, hospitality, institutional and commercial markets.

Owner earnings 2016–2025 $82M$77M$166M$165M$128M$187M$332M$350M$251M$246M

Retained capital Retained $859M of earnings over 2016–2025; annual owner earnings grew $174M, $0.20 per $1 retained.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $57.42 · dividend paid 7 of 10 yrs, never cut

PAY Paymentus Holdings Inc.

We are a leading provider of cloud-based bill payment technology and solutions.

Owner earnings 2019–2025 $16M$35M$19M$19M$68M$63M$162M

Retained capital Retained $170M of earnings over 2019–2025; annual owner earnings grew $74M, $0.44 per $1 retained.

Balance sheet Net cash, debt-free, +$321M

PAYC Paycom Software

We are a leading provider of a comprehensive, cloud-based HCM solution delivered as Software-as-a-Service.

Owner earnings 2016–2025 $85M$111M$155M$182M$174M$252M$272M$371M$388M$503M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $304M, $0.27 per $1 retained.

Balance sheet Net cash, +$341M · dividend paid 3 of 10 yrs, never cut

PAYO Payoneer

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

Owner earnings 2019–2025 ($23M)$5M$13M$73M$151M$169M$207M

Retained capital Paid out $149M more than it earned over 2019–2025; annual owner earnings grew $177M.

Balance sheet Net cash, +$384M · buybacks at an average near $5.81

PAYS Paysign Inc.

We are a vertically integrated provider of prepaid card products and processing services for corporate, consumer and government entities.

Owner earnings 2016–2025 $4M$6M$16M$16M$12M$15M$25M$27M$23M$51M

Retained capital Retained $18M of earnings over 2016–2025; annual owner earnings grew $25M, $1.37 per $1 retained.

Balance sheet Net cash, +$157M

PAYX Paychex Inc.

Paychex offers a full range of integrated HCM solutions from hire to retire, for businesses and their employees, with configurable options designed to meet a wide range of business sizes and complexities.

Owner earnings 2017–2026 $866M$1.1B$1.1B$1.3B$1.1B$1.5B$1.6B$1.7B$1.7B$2.3B

Retained capital Retained $830M of earnings over 2017–2026; annual owner earnings grew $877M.

Balance sheet Modest net debt, $3.4B · buybacks at an average near $57.31 · dividend paid 10 of 10 yrs, never cut

PB Prosperity Bancshares

The Bank provides a wide array of financial products and services to businesses and consumers throughout Texas and Oklahoma.

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

PBF PBF Energy

PBF Energy is an independent oil refiner. It buys crude oil, runs it through its refineries, and sells the refined fuels — gasoline, diesel and the like — to wholesale buyers and fuel distributors, with a single large customer accounting for a meaningful share of sales. Its profit is the spread between what it pays for the crude going in and what the finished products fetch going out.

Owner earnings 2016–2025 $508M$478M$630M$675M($828M)$228M$4.5B$1.0B($348M)($450M)

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings fell $463M, $-0.21 per $1 retained.

Balance sheet Net debt against an operating loss, $1.7B · dividend paid 9 of 10 yrs, cut at least once

PBFS Pioneer 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

PBH Prestige Consumer Healthcare

Revenue is North American OTC Healthcare (84%) and International OTC Healthcare (16%).

Owner earnings 2017–2026 $146M$198M$179M$203M$213M$250M$222M$239M$243M$246M

Retained capital Retained $1.0B of earnings over 2017–2026; annual owner earnings grew $69M, $0.07 per $1 retained.

Balance sheet Meaningful net debt, $930M

PBI Pitney Bowes Inc.

Pitney Bowes Inc. is a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world - including more than 90 percent of the Fortune 500.

Owner earnings 2016–2025 $337M$336M$207M$131M$197M$117M$92M$2M$157M$317M

Retained capital Paid out $499M more than it earned over 2016–2025; annual owner earnings fell $135M.

Balance sheet Heavy net debt, $3.9B · dividend paid 10 of 10 yrs, cut at least once

PBYI Puma Biotechnology Inc

We are a biopharmaceutical company that develops and commercializes innovative products to enhance cancer care and improve treatment outcomes for patients.

Owner earnings 2017–2025 ($173M)($25M)$22M$727K$21M($16M)$27M$39M$42M

Retained capital not read

Balance sheet Net cash, +$75M

PCAR PACCAR Inc.

PACCAR builds heavy trucks — the big rigs that haul freight down the highway — and sells them through dealers to trucking fleets and owner-operators under brands long known in the trade, such as Kenworth, Peterbilt, and DAF. It makes money three ways: building and selling the trucks, supplying the replacement parts those trucks need through years of hard use, and financing the dealers and buyers who purchase them.

Owner earnings 2016–2025 $1.9B$2.4B$2.7B$2.5B$2.7B$1.9B$2.7B$3.8B$4.2B$4.0B

Retained capital Retained $11.1B of earnings over 2016–2025; annual owner earnings grew $1.7B, $0.15 per $1 retained.

Balance sheet net position not read · dividend paid 10 of 10 yrs, cut at least once

PCB PCB Bancorp

The Bank offers a broad range of loans, deposits, and other products and services predominantly to small and middle market businesses 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 $17.30 · dividend paid 10 of 10 yrs, never cut

PCG PG&E Corp.

PG&E is the holding company for Pacific Gas and Electric, a regulated utility that delivers electricity and natural gas to homes and businesses across northern and central California. It owns the poles, wires, substations, power plants and pipelines that carry the energy, and it bills customers for what it delivers. What it may charge is not set by the market but by a state regulator, which approves rates meant to cover its costs and earn an allowed return on the money sunk into that equipment.

Owner earnings 2016–2025 ($1.3B)$336M($1.8B)($1.5B)($26.8B)($5.4B)($5.9B)($5.0B)($2.3B)($3.1B)

Retained capital Paid out $5.8B more than it earned over 2016–2025; annual owner earnings fell $2.5B.

Balance sheet Heavy net debt, $57.5B · dividend paid 3 of 10 yrs, cut at least once

PCOR Procore Technologies

We are the leading global provider of construction management software, and are helping transform one of the oldest, largest, and least digitized industries in the world.

Owner earnings 2019–2025 ($20M)$15M$24M($3M)$82M$177M$282M

Retained capital Paid out $1.3B more than it earned over 2019–2025; annual owner earnings grew $174M.

Balance sheet Net cash, debt-free, +$768M · buybacks at an average near $67.67

PCRX Pacira BioSciences

Pacira BioSciences, Inc. is the holding company for our California operating subsidiary named Pacira Pharmaceuticals, Inc.

Owner earnings 2016–2025 $21M$4M$34M$60M$57M$97M$115M$139M$179M$137M

Retained capital Paid out $113M more than it earned over 2016–2025; annual owner earnings grew $132M.

Balance sheet Heavy net debt, $134M · buybacks at an average near $24.98

PCT PureCycle Technologies Inc.

We are a Florida-based corporation focused on commercializing a patented dissolution recycling technology for polypropylene that physically separates the polymer from other plastics, colors, odors and impurities.

Owner earnings 2023–2025 ($111M)($176M)($172M)

Retained capital not read

Balance sheet Net debt against an operating loss, $90M

PCTTU PureCycle Technologies Inc.

We are a Florida-based corporation focused on commercializing a patented dissolution recycling technology for polypropylene that physically separates the polymer from other plastics, colors, odors and impurities.

Owner earnings 2023–2025 ($111M)($176M)($172M)

Retained capital not read

Balance sheet Net debt against an operating loss, $90M

PCTTW PureCycle Technologies Inc.

We are a Florida-based corporation focused on commercializing a patented dissolution recycling technology for polypropylene that physically separates the polymer from other plastics, colors, odors and impurities.

Owner earnings 2023–2025 ($111M)($176M)($172M)

Retained capital not read

Balance sheet Net debt against an operating loss, $90M

PCTY Paylocity

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

Owner earnings 2017–2026 $41M$76M$104M$96M$115M$137M$261M$367M$405M$497M

Retained capital Retained $437M of earnings over 2017–2026; annual owner earnings grew $349M, $0.80 per $1 retained.

Balance sheet Net cash, +$190M · buybacks at an average near $152

PD PagerDuty

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

Owner earnings 2018–2026 ($13M)($7M)($3M)$6M($9M)$12M$70M$115M$112M

Retained capital Paid out $664M more than it earned over 2018–2026; annual owner earnings grew $106M.

Balance sheet Net cash, +$49M · buybacks at an average near $19.17

PDFS PDF Solutions Inc.

We provide comprehensive data solutions designed to empower organizations across the semiconductor and electronics ecosystems to improve the yield and quality of their products and operational efficiency for increased profitability.

Owner earnings 2016–2025 ($2M)$6M$8M$19M$16M$571K$27M$10M$6M$20M

Retained capital Paid out $129M more than it earned over 2016–2025; annual owner earnings grew $8M.

Balance sheet Heavy net debt, $25M · buybacks at an average near $15.93

PDLB Ponce Financial Group Inc.

Ponce Bank is a national bank headquartered in the Bronx, New York.

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 $5.55

PDM Piedmont Realty Trust 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

PDYN Palladyne AI Corp.

We are a U.S.-based technology company developing and offering embodied AI software and collaborative autonomy solutions, advanced avionics, UAVs, advanced UAV engineering services and precision-manufactured components for defense and commercial/industrial markets.

Owner earnings 2020–2025 ($18M)($47M)($67M)($77M)($23M)($28M)

Retained capital not read

Balance sheet Net cash, +$46M

PEB Pebblebrook Hotel Trust

Revenue is Room (62%), Food and beverage (26%) and Other (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 · dividend paid 8 of 8 yrs, cut at least once

PEBO Peoples 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 $17.75 · dividend paid 10 of 10 yrs, never cut

PECO Phillips Edison

Phillips Edison is one of the nation's largest owners and operators of omni-channel grocery-anchored shopping centers.

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

PEG Public Service Enterprise Group Incorporated

Revenue is led by Electric Distribution (40%) and Gas Distribution (20%), with 2 more lines behind.

Owner earnings 2016–2025 $1.8B$1.3B$1.8B$2.1B$1.8B$520M$403M$2.7B$951M$2.0B

Retained capital Retained $3.6B of earnings over 2016–2025; annual owner earnings grew $266M, $0.07 per $1 retained.

Balance sheet Heavy net debt, $22.4B · buybacks at an average near $67.57 · dividend paid 10 of 10 yrs, never cut

PEGA Pegasystems

We develop, market, license, host, and support enterprise software that helps organizations optimize decisions and processes in real-time so they can deliver outcomes that transform their business.

Owner earnings 2016–2025 $21M$144M$92M($53M)($26M)$29M$4M$201M$338M$491M

Retained capital Paid out $730M more than it earned over 2016–2025; annual owner earnings grew $257M.

Balance sheet Net cash, debt-free, +$426M · dividend paid 10 of 10 yrs, never cut

PEN Penumbra

Penumbra, the world's leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia.

Owner earnings 2016–2025 ($15M)$9M$23M$19M($46M)($7M)($75M)$82M$147M$221M

Retained capital Retained $244M of earnings over 2016–2025; annual owner earnings grew $145M, $0.59 per $1 retained.

Balance sheet Net cash, debt-free, +$187M · buybacks at an average near $194

PENG Penguin Solutions Inc.

Penguin Solutions is an end-to-end technology company solving complex challenges in computing, memory and LED solutions.

Owner earnings 2016–2025 $1M($20M)$42M$136M$55M$137M$85M$65M$58M$100M

Retained capital Paid out $190M more than it earned over 2016–2025; annual owner earnings grew $66M.

Balance sheet Modest net debt, $8M

PENN PENN Entertainment Inc.

Revenue is led by Gaming (77%) and Other (13%), with 2 more lines behind.

Owner earnings 2016–2025 $311M$379M$260M$513M$202M$652M$615M$96M($123M)$61M

Retained capital Paid out $2.2B more than it earned over 2016–2025; annual owner earnings fell $305M.

Balance sheet Net debt against an operating loss, $2.2B · buybacks at an average near $25.14

PEP PepsiCo Inc.

PepsiCo sells snacks and drinks: chips and other convenient foods under names like Lay's, Doritos, Cheetos and Fritos, and beverages such as Pepsi-Cola and Gatorade. It makes these goods and moves them to retailers through its own operations, authorized bottlers and contract manufacturers, and the shopper buys them by the bag or the bottle. The money comes from selling a great many low-priced items, over and over, the world around.

Owner earnings 2016–2025 $8.3B$7.7B$7.0B$7.2B$8.1B$8.9B$8.0B$10.5B$9.3B$8.6B

Retained capital Retained $7.0B of earnings over 2016–2025; annual owner earnings grew $1.8B.

Balance sheet Meaningful net debt, $39.7B · dividend paid 10 of 10 yrs, never cut

PFE Pfizer Inc.

Pfizer is a drugmaker. It discovers, manufactures, and sells branded prescription medicines and vaccines, moving them to patients mainly through wholesalers and pharmacy chains. Nearly all of its money comes from selling those products, with a thin slice from royalties on medicines others sell.

Owner earnings 2016–2025 $14.4B$14.8B$13.8B$10.5B$12.2B$29.9B$26.0B$4.8B$9.8B$9.1B

Retained capital Retained $17.4B of earnings over 2016–2025; annual owner earnings fell $6.5B, $-0.37 per $1 retained.

Balance sheet Heavy net debt, $51.0B · buybacks at an average near $38.31 · dividend paid 10 of 10 yrs, never cut

PFG Principal Financial

Principal Financial is a leader in global financial services offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and workplace benefits and protection solutions through our diverse family of financial services companies.

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

PFGC Performance Food

Performance Food Group Company, through its subsidiaries, markets and distributes more than 250,000 food and food-related products to customers across North America, from our 155 distribution centers to over 300,000 customer locations in the food-away-from-home industry.

Owner earnings 2017–2026 $62M$227M$178M$466M($124M)$61M$562M$767M$704M$1.0B

Retained capital Retained $1.9B of earnings over 2017–2026; annual owner earnings grew $678M, $0.36 per $1 retained.

Balance sheet Heavy net debt, $5.0B

PFH Prudential Financial, Inc.

We offer a wide array of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management.

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

PFIS Peoples Financial Services 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 · dividend paid 10 of 10 yrs, never cut

PFS Provident Financial Services Inc

Provident Financial Services Inc is a Delaware corporation which became the holding company for Provident Bank on January 15, 2003, following the completion of the Bank's conversion to a New Jersey-chartered capital stock savings bank.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

PFSI PennyMac Financial Services Inc.

We are a specialty financial services firm with a comprehensive mortgage platform and integrated business primarily focused on the production and servicing of U.S. residential mortgage loans.

Owner earnings 2016–2025 ($944M)($890M)$559M($2.3B)($6.2B)$2.6B$6.0B($1.6B)($4.5B)($1.7B)

Retained capital not read

Balance sheet Meaningful net debt, $5.5B

PG Procter & Gamble Co.

Procter & Gamble makes and sells branded household and personal care products — the everyday goods people use to clean, groom, and care for themselves and their homes. It sells through retailers into many countries around the world, and earns its money on the steady, repeat purchase of those branded staples rather than on any single sale. The economics turn on moving a great many small, familiar items, day after day, at a price above what they cost to make.

Owner earnings 2017–2026 $9.4B$12.0B$11.9B$14.3B$15.6B$13.6B$13.8B$16.5B$15.0B$16.4B

Retained capital Paid out $22.2B more than it earned over 2017–2026; annual owner earnings grew $4.9B.

Balance sheet Modest net debt, $19.4B · dividend paid 10 of 10 yrs, never cut

PGC Peapack-Gladstone Financial Corporation

Revenue is Banking (77%) and Wealth Management Division (23%).

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 $30.46 · dividend paid 10 of 10 yrs, never cut

PGEN Precigen Inc.

We are a commercial-stage biopharmaceutical company specializing in the advancement of innovative precision medicines to improve the lives of patients.

Owner earnings 2016–2025 ($81M)($150M)($166M)($174M)($85M)($63M)($70M)($68M)($77M)($90M)

Retained capital not read

Balance sheet Net debt against an operating loss, $39M

PGNY Progyny

Progyny is a global leader in women's health and family building solutions.

Owner earnings 2017–2025 ($10M)$2M($4M)$35M$25M$79M$187M$176M$205M

Retained capital Paid out $86M more than it earned over 2017–2025; annual owner earnings grew $193M.

Balance sheet Net cash, debt-free, +$112M

PGR Progressive Corp.

Progressive sells insurance to ordinary people, mostly car insurance with some home and property coverage, sold both straight to the customer and through agents. It collects premiums up front, pays claims later, and invests the money it holds in between. So it earns two ways: the underwriting spread between premiums taken in and claims and costs paid out, and the income on the pile of customer money it gets to hold while it waits to pay.

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

PGY Pagaya Technologies Ltd.

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

Owner earnings 2021–2025 $49M($46M)($42M)$30M$225M

Retained capital Paid out $842M more than it earned over 2021–2025; annual owner earnings grew $84M.

Balance sheet Modest net debt, $124M

PH Parker-Hannifin Corporation

Parker is a global leader in motion and control technologies.

Owner earnings 2016–2025 $1.1B$1.1B$1.3B$1.5B$1.8B$2.4B$2.2B$2.6B$3.0B$3.3B

Retained capital Retained $6.3B of earnings over 2016–2025; annual owner earnings grew $1.8B, $0.29 per $1 retained.

Balance sheet Modest net debt, $7.0B · buybacks at an average near $278 · dividend paid 10 of 10 yrs, never cut

PHAT Phathom Pharmaceuticals Inc.

We are a commercial-stage biopharmaceutical company focused on commercializing and developing novel treatments for gastrointestinal, or GI, diseases.

Owner earnings 2022–2025 ($147M)($138M)($267M)($167M)

Retained capital not read

Balance sheet Net debt against an operating loss, $79M

PHIN PHINIA Inc.

PHINIA Inc. is a leader in the development, design and manufacture of integrated components and systems that are designed to optimize performance, increase efficiency and reduce emissions in combustion and hybrid propulsion for commercial vehicles and industrial applications, light commercial vehicles and light passenger vehicles.

Owner earnings 2021–2025 $1M$196M$100M$203M$188M

Retained capital Retained $592M of earnings over 2021–2025; annual owner earnings grew $65M, $0.11 per $1 retained.

Balance sheet Meaningful net debt, $609M · dividend paid 3 of 5 yrs, never cut

PHM PulteGroup 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 $29M$631M$1.4B$1.0B$1.7B$931M$598M$2.1B$1.6B$1.7B

Retained capital Retained $8.0B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.14 per $1 retained.

Balance sheet Net cash, +$350M · dividend paid 10 of 10 yrs, never cut

PHR Phreesia Inc.

Phreesia provides an integrated software, payments, and engagement platform designed to address three foundational challenges in healthcare delivery: access to care, affordability of care, and patient health outcomes.

Owner earnings 2018–2026 ($18M)($7M)($6M)($8M)($93M)($95M)($38M)$24M$68M

Retained capital not read

Balance sheet Net debt against an operating loss, $26M

PHUN Phunware Inc.

Phunware Inc. is a technology company specializing in mobile application software and services and mobile-app advertising.

Owner earnings 2018–2023 ($7M)($6M)($11M)($23M)($28M)($18M)

Retained capital not read

Balance sheet Net cash, +$96M

PI Impinj Inc.

We design and sell a platform that enables that wireless item-to-cloud connectivity and with which we and our partners innovate IoT solutions.

Owner earnings 2016–2025 ($13M)($40M)($18M)$2M($20M)$2M($5M)($63M)$115M$46M

Retained capital Paid out $218M more than it earned over 2016–2025; annual owner earnings grew $56M.

Balance sheet Net debt against an operating loss, $106M

PII Polaris Inc.

We design, engineer, manufacture and market powersports vehicles which include: off-road vehicles, including all-terrain vehicles and side-by-side vehicles; military and commercial ORVs; snowmobiles; moto-roadsters; quadricycles; and boats.

Owner earnings 2016–2025 $380M$401M$252M$404M$814M$77M$276M$667M$7M$558M

Retained capital Paid out $1.2B more than it earned over 2016–2025; annual owner earnings grew $66M.

Balance sheet Net debt against an operating loss, $1.9B · buybacks at an average near $105 · dividend paid 10 of 10 yrs, never cut

PINE Alpine Income Property Trust Inc.

Alpine Income Property Trust Inc. operates in two primary business segments: income properties and commercial loans and investments.

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 $16.29 · dividend paid 5 of 5 yrs, never cut

PINS Pinterest Inc.

Pinterest is an AI-powered visual search and discovery platform, positioned at the intersection of search, social, and commerce.

Owner earnings 2017–2025 ($119M)($83M)($33M)$11M$744M$440M$605M$940M$1.3B

Retained capital Paid out $1.2B more than it earned over 2017–2025; annual owner earnings grew $1.0B.

Balance sheet Net cash, debt-free, +$969M · buybacks at an average near $30.79

PIPR Piper Sandler

Piper Sandler Companies is an investment bank and institutional securities firm, serving the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States and internationally.

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

PJT PJT Partners

PJT Partners is a premier, global, advisory-focused investment bank that was built from the ground up to be different.

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 $49.90 · dividend paid 10 of 10 yrs

PK Park Hotels & Resorts

We are one of the largest publicly-traded lodging real estate investment trusts with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value.

Owner earnings 2016–2025 $172M$468M$266M$259M($524M)($191M)$241M$218M$202M$102M

Retained capital Paid out $1.9B more than it earned over 2016–2025; annual owner earnings fell $128M.

Balance sheet Net debt against an operating loss, $3.6B · dividend paid 9 of 10 yrs, cut at least once

PKBK Parke Bancorp Inc.

The Bank is a full-service commercial bank and is chartered by the New Jersey Department of Banking and insured by the Federal Deposit Insurance Corporation.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $21.49 · dividend paid 10 of 10 yrs, never cut

PKE Park Aerospace Corp.

An aerospace and defense contractor, working a multi-year backlog of large programs.

Owner earnings 2017–2026 $13M$3M$6M$4M$12M$7M$5M$4M$4M$9M

Retained capital Paid out $85M more than it earned over 2017–2026; annual owner earnings fell $2M.

Balance sheet Net cash, +$17M · buybacks at an average near $12.79 · dividend paid 10 of 10 yrs, cut at least once

PKG Packaging Corporation of America

Packaging Corporation of America is the third largest producer of containerboard products and a leading producer of uncoated freesheet paper in North America.

Owner earnings 2016–2025 $533M$513M$769M$808M$612M$677M$1.0B$845M$666M$905M

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings grew $200M, $0.07 per $1 retained.

Balance sheet Meaningful net debt, $3.4B · buybacks at an average near $50.47 · dividend paid 10 of 10 yrs, never cut

PKOH Park-Ohio Holdings Corp.

Revenue is Supply Technologies (47%), Engineered Products (29%) and Assembly Components (24%).

Owner earnings 2016–2025 $44M$19M$10M$24M$49M($66M)($54M)$25M$4M$2M

Retained capital Retained $82M of earnings over 2016–2025; annual owner earnings fell $14M, $-0.17 per $1 retained.

Balance sheet Heavy net debt, $591M · buybacks at an average near $17.69 · dividend paid 10 of 10 yrs, cut at least once

PL Planet Labs PBC

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 2020–2026 ($50M)($30M)($53M)($84M)($89M)($59M)$93M

Retained capital not read

Balance sheet Net cash, debt-free, +$229M

PLAB Photronics

Photronics is one of the world's leading manufacturers of photomasks, which are high precision photographic quartz or glass plates containing microscopic images of electronic circuits.

Owner earnings 2016–2025 $72M$5M$38M($11M)$72M$42M$195M$222M$179M$171M

Retained capital Retained $504M of earnings over 2016–2025; annual owner earnings grew $152M, $0.30 per $1 retained.

Balance sheet Net cash, +$394M

PLAG Planet Green Holdings Corp.

Planet Green is engaged in a number of diverse business activities, including consumer products, chemical products and online advertising.

Owner earnings 2016–2025 ($30M)($674K)($15M)($6M)($4M)($2M)($5M)$811K($2M)

Retained capital not read

Balance sheet Net debt against an operating loss, $5M

PLAY Dave & Buster's Entertainment Inc.

Dave & Buster's Entertainment Inc. is the owner and operator of 243 venues in North America that offer premier entertainment and dining experiences for both adults and families under the Dave & Buster's and Main Event brands.

Owner earnings 2017–2026 $143M$162M$219M$156M($132M)$191M$275M$156M$74M$11M

Retained capital Paid out $576M more than it earned over 2017–2026; annual owner earnings fell $94M.

Balance sheet Heavy net debt, $1.5B · buybacks at an average near $56.42 · dividend paid 3 of 10 yrs, cut at least once

PLD Prologis Inc.

Prologis, Inc. is a self-administered and self-managed REIT and is the sole general partner of Prologis, L.P. through which it holds substantially all of its assets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

PLMR Palomar Holdings Inc.

We are a specialty insurance company that provides property and casualty insurance products to individuals and businesses.

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 $69.16

PLNT Planet Fitness

Revenue is Corporate-owned clubs (41%), Franchise (35%) and Equipment (23%).

Owner earnings 2016–2025 $93M$93M$144M$160M($21M)$135M$140M$194M$189M$255M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $103M.

Balance sheet Heavy net debt, $2.0B · dividend paid 1 of 10 yrs

PLOW Douglas Dynamics Inc.

Douglas Dynamics Inc. is North America's premier manufacturer and upfitter of commercial work truck attachments and equipment.

Owner earnings 2016–2025 $60M$59M$48M$66M$39M$49M$28M$3M$33M$64M

Retained capital Retained $30M of earnings over 2016–2025; annual owner earnings fell $22M.

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

PLPC Preformed Line Products Company

Revenue is led by PLP-USA (47%) and EMEA (20%), with 2 more segments behind.

Owner earnings 2016–2025 $14M$23M$13M$13M$28M$15M$10M$89M$53M$50M

Retained capital Retained $278M of earnings over 2016–2025; annual owner earnings grew $47M, $0.17 per $1 retained.

Balance sheet Net cash, +$44M · buybacks at an average near $8.47 · dividend paid 10 of 10 yrs, never cut

PLSE Pulse Biosciences Inc Common Stock (DE)

A medical-device business, placing equipment that pulls consumables and service behind it.

Owner earnings 2020–2025 ($36M)($55M)($47M)($33M)($36M)($54M)

Retained capital not read

Balance sheet Net cash, debt-free, +$81M

PLTK Playtika Holding Corp.

We are one of the world's leading operators of mobile games creating fun, innovative experiences that entertain and engage our users.

Owner earnings 2018–2025 $435M$468M$480M$504M$448M$483M$449M$531M

Retained capital Paid out $1.5B more than it earned over 2018–2025; annual owner earnings grew $27M.

Balance sheet Net debt against an operating loss, $1.7B · dividend paid 4 of 8 yrs, cut at least once

PLTR Palantir Technologies Inc.

Our software platforms provide the critical infrastructure needed to integrate our customers' data and operations and run their software in virtually any environment.

Owner earnings 2018–2025 ($52M)($178M)($309M)$321M$201M$697M$1.1B$2.1B

Retained capital Paid out $1.1B more than it earned over 2018–2025; annual owner earnings grew $1.5B.

Balance sheet Net cash, debt-free, +$7.2B

PLUG Plug Power Inc.

Plug intends to deliver its hydrogen solutions directly to its customers, and through joint venture partners into multiple environments, including material handling, supply chain and logistics, e-mobility, stationary power generation and industrial applications.

Owner earnings 2016–2025 ($31M)($64M)($63M)($59M)($170M)($379M)($859M)($1.2B)($790M)($573M)

Retained capital not read

Balance sheet Net debt against an operating loss, $62M

PLUR Pluri Inc.

We are a biotechnology company, leveraging our proprietary cell expansion platform to develop scalable, cell-based solutions across the healthcare, food, and agriculture sectors.

Owner earnings 2014–2025 ($21M)($21M)($20M)($22M)($30M)($27M)($37M)($23M)($18M)($19M)

Retained capital not read

Balance sheet Net debt against an operating loss, $18M

PLUS ePlus inc.

EPlus inc. is a leading provider of technology solutions across the IT spectrum spanning AI, cloud, data center, security, networking, and collaboration, to domestic and foreign organizations across all industry segments.

Owner earnings 2024–2026 $241M$297M($121M)

Retained capital not read

Balance sheet Net cash, +$372M

PLX Protalix BioTherapeutics Inc. (DE)

We are a commercial stage biopharmaceutical company focused on the discovery, development, production and commercialization of innovative therapeutics for rare diseases with significant unmet needs.

Owner earnings 2016–2025 ($33M)($11M)($8M)($20M)($27M)($11M)($26M)($2M)$7M($14M)

Retained capital not read

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

PLXS Plexus Corp.

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

Owner earnings 2014–2025 $41M$133M$19M$63M$160M$85M($89M)$96M$341M$154M

Retained capital Retained $394M of earnings over 2014–2025; annual owner earnings grew $133M, $0.34 per $1 retained.

Balance sheet Net cash, +$18M

PM Philip Morris International Inc

Philip Morris International sells cigarettes and smoke-free nicotine products — heat-not-burn devices and their consumables, nicotine pouches, and e-vapor — to adult smokers across markets outside the United States, led by Europe and a swath of emerging regions. It is a consumer-brand business: it makes a packaged good people buy by habit and brand name, and the profit comes from charging more for that pack than it costs to make and ship. The company has put years and a great deal of money into shifting that portfolio away from burning tobacco toward smoke-free alternatives.

Owner earnings 2016–2025 $7.3B$8.0B$8.5B$9.2B$9.2B$11.2B$9.7B$7.9B$10.8B$10.7B

Retained capital Retained $5.1B of earnings over 2016–2025; annual owner earnings grew $1.8B.

Balance sheet Meaningful net debt, $43.8B · dividend paid 10 of 10 yrs, never cut

PNC PNC Financial Services Group Inc. (The)

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

PNFP Pinnacle Financial Partners

Pinnacle Financial provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution.

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

PNM PNM Resources

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

Owner earnings 2016–2025 $166M$255M$153M$202M$171M$228M$226M$197M$85M$101M

Retained capital Retained $179M of earnings over 2016–2025; annual owner earnings fell $63M, $-0.35 per $1 retained.

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

PNR Pentair plc. Ordinary Share

Pentair is an S&P 500 company focused on smart, sustainable water solutions that help our planet and people thrive.

Owner earnings 2016–2025 $818M$581M$391M$295M$527M$553M$309M$560M$692M$746M

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings grew $69M, $0.04 per $1 retained.

Balance sheet Modest net debt, $1.5B · buybacks at an average near $53.03 · dividend paid 10 of 10 yrs, cut at least once

PNTG The Pennant Group Inc. Common Stock

The Pennant Group, Inc. is a leading provider of high-quality healthcare services to patients, residents, and clients of all ages, including the growing senior population, in the United States.

Owner earnings 2017–2025 $14M$20M$6M$46M($23M)$4M$28M$33M$40M

Retained capital Retained $107M of earnings over 2017–2025; annual owner earnings grew $20M, $0.19 per $1 retained.

Balance sheet Meaningful net debt, $157M · dividend paid 1 of 9 yrs, cut at least once

PNW Pinnacle West

Pinnacle West is an investor-owned electric utility holding company based in Phoenix, Arizona with consolidated assets of approximately $30 billion.

Owner earnings 2016–2025 $458M$507M$626M$293M$280M$141M$424M$354M$654M$835M

Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $84M, $0.05 per $1 retained.

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

PODD Insulet Corporation

Insulet Corporation is primarily engaged in the development, manufacture, and sale of its proprietary continuous insulin delivery systems for people with insulin-dependent diabetes.

Owner earnings 2016–2025 $2M$27M$20M$71M$29M($126M)$56M$70M$349M$479M

Retained capital Retained $800M of earnings over 2016–2025; annual owner earnings grew $283M, $0.35 per $1 retained.

Balance sheet Modest net debt, $677M

POOL Pool Corporation

Pool Corporation is the world's largest wholesale distributor of swimming pool supplies, equipment and related leisure products and is one of the leading distributors of irrigation and landscape maintenance products in the United States.

Owner earnings 2016–2025 $145M$151M$87M$265M$376M$285M$454M$857M$622M$323M

Retained capital Retained $632M of earnings over 2016–2025; annual owner earnings grew $473M, $0.75 per $1 retained.

Balance sheet Modest net debt, $1.1B · buybacks at an average near $109 · dividend paid 10 of 10 yrs, never cut

POR Portland General Electric

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

Owner earnings 2016–2025 $241M$252M$248M$137M$113M$128M$257M($38M)$282M$540M

Retained capital Retained $716M of earnings over 2016–2025; annual owner earnings grew $14M, $0.02 per $1 retained.

Balance sheet Heavy net debt, $4.6B · dividend paid 10 of 10 yrs, never cut

POST Post Holdings

We are a consumer packaged goods holding company with businesses operating in the center-of-the-store, refrigerated, foodservice and food ingredient categories.

Owner earnings 2016–2025 $381M$196M$494M$414M$393M$397M$127M$447M$502M$488M

Retained capital Retained $263M of earnings over 2016–2025; annual owner earnings grew $122M, $0.47 per $1 retained.

Balance sheet Heavy net debt, $7.3B · dividend paid 1 of 10 yrs, never cut

POWI Power Integrations

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

Owner earnings 2016–2025 $86M$50M$59M$200M$55M$184M$176M$45M$64M$87M

Retained capital Paid out $146M more than it earned over 2016–2025; annual owner earnings grew $453K.

Balance sheet Net cash, debt-free, +$250M · dividend paid 10 of 10 yrs, never cut

POWL Powell Industries Inc.

Revenue is led by Oil and Gas Service (37%) and Electricity (25%), with 4 more lines behind.

Owner earnings 2016–2025 $72M$33M($33M)$65M$67M($33M)($6M)$175M$102M$161M

Retained capital Retained $299M of earnings over 2016–2025; annual owner earnings grew $122M, $0.41 per $1 retained.

Balance sheet Net cash, +$473M · dividend paid 10 of 10 yrs, never cut

POWWP Outdoor Holding Company

Outdoor Holding Company began its operations in 2017 as a producer of high-performance ammunition and premium components.

Owner earnings 2017–2026 ($4M)($10M)($6M)($22M)($17M)$34M$30M($8M)($2M)

Retained capital Paid out $179M more than it earned over 2017–2026; annual owner earnings grew $13M.

Balance sheet Net cash, +$58M

PPC Pilgrim's Pride Corporation

Pilgrim's Pride Corporation is primarily engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors and foodservice operators.

Owner earnings 2016–2025 $564M$529M$218M$318M$369M($55M)$183M$258M$1.5B$915M

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings grew $465M, $0.19 per $1 retained.

Balance sheet Modest net debt, $2.6B · dividend paid 2 of 10 yrs, cut at least once

PPG PPG Industries Inc.

PPG Industries, Inc. manufactures and distributes a broad range of paints, coatings and specialty products.

Owner earnings 2016–2025 $971M$1.2B$1.1B$1.7B$1.8B$1.2B$477M$1.9B$699M$1.2B

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $174M, $0.13 per $1 retained.

Balance sheet Modest net debt, $5.1B · buybacks at an average near $112 · dividend paid 10 of 10 yrs, never cut

PPL PPL Corporation

PPL, through its regulated utility subsidiaries, delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.

Owner earnings 2016–2025 $2.0B$1.5B$1.7B$1.5B$1.7B$1.2B$549M$504M$1.1B$1.3B

Retained capital Paid out $859M more than it earned over 2016–2025; annual owner earnings fell $754M.

Balance sheet Heavy net debt, $17.8B · dividend paid 10 of 10 yrs, cut at least once

PPLC PPL Corporation Corporate

PPL, through its regulated utility subsidiaries, delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.

Owner earnings 2016–2025 $2.0B$1.5B$1.7B$1.5B$1.7B$1.2B$549M$504M$1.1B$1.3B

Retained capital Paid out $859M more than it earned over 2016–2025; annual owner earnings fell $754M.

Balance sheet Heavy net debt, $17.8B · dividend paid 10 of 10 yrs, cut at least once

PPLI People Incorporated

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

Owner earnings 2018–2025 $315M$157M$94M$29M($223M)$96M$340M$45M

Retained capital Paid out $1.0B more than it earned over 2018–2025; annual owner earnings fell $28M.

Balance sheet Net debt against an operating loss, $466M · buybacks at an average near $44.10

PR Permian Resources

Revenue is Oil sales (84%), NGL sales (13%) and Natural Gas (3%).

Owner earnings 2017–2025 ($176M)$457M$460M$163M$519M$1.4B$2.0B$2.4B$2.5B

Retained capital Retained $1.6B of earnings over 2017–2025; annual owner earnings grew $2.0B, $1.29 per $1 retained.

Balance sheet Meaningful net debt, $3.4B · dividend paid 4 of 9 yrs, cut at least once

PRA ProAssurance Corporation

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 · dividend paid 4 of 4 yrs, cut at least once

PRAA PRA Group 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 $192M$75K$66M$115M$124M$74M$8M($100M)($99M)($90M)

Retained capital Retained $157M of earnings over 2016–2025; annual owner earnings fell $182M, $-1.16 per $1 retained.

Balance sheet Net debt against an operating loss, $3.6B · buybacks at an average near $43.53

PRCH Porch Group Inc.

Porch is a leader in the home software-as-a-service space, serving approximately 24 thousand companies across industries essential to the home-buying process—home inspectors, title companies, mortgage providers, and more.

Owner earnings 2019–2025 ($30M)($49M)($36M)($20M)$33M($32M)$66M

Retained capital not read

Balance sheet Heavy net debt, $336M

PRCT PROCEPT BioRobotics Corporation

We are a surgical robotics company focused on advancing patient care by developing transformative solutions in urology.

Owner earnings 2020–2025 ($49M)($58M)($83M)($112M)($104M)($55M)

Retained capital not read

Balance sheet Net cash, +$235M

PRDO Perdoceo Education Corporation

Perdoceo's accredited academic institutions offer a quality postsecondary education to a diverse student population, with fully online, campus-based and hybrid learning programs.

Owner earnings 2016–2025 $2M($28M)$50M$68M$170M$181M$136M$106M$157M$217M

Retained capital Retained $639M of earnings over 2016–2025; annual owner earnings grew $152M, $0.24 per $1 retained.

Balance sheet Net cash, debt-free, +$111M · buybacks at an average near $18.89 · dividend paid 1 of 10 yrs, never cut

PRG PROG Holdings Inc.

PROG Holdings is a financial technology holding company that provides transparent and competitive payment options to consumers.

Owner earnings 2018–2025 $278M$224M$392M$236M$233M$195M$130M$325M

Retained capital Paid out $13M more than it earned over 2018–2025; annual owner earnings fell $81M.

Balance sheet Modest net debt, $286M · dividend paid 5 of 8 yrs, cut at least once

PRGO Perrigo Company plc

Perrigo is a leading pure-play self-care company with more than a century of providing high-quality health and wellness solutions to meet the evolving needs of consumers.

Owner earnings 2016–2025 $549M$610M$490M$250M$466M$4M$211M$304M$245M$145M

Retained capital Paid out $7.6B more than it earned over 2016–2025; annual owner earnings fell $319M.

Balance sheet Net debt against an operating loss, $3.1B · dividend paid 10 of 10 yrs, never cut

PRGS Progress Software

Revenue is Maintenance and Services (76%) and Software licenses (24%).

Owner earnings 2016–2025 $97M$102M$114M$124M$138M$174M$186M$168M$206M$229M

Retained capital Paid out $416M more than it earned over 2016–2025; annual owner earnings grew $97M.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $40.71 · dividend paid 9 of 10 yrs, cut at least once

PRH Prudential Financial, Inc.

We offer a wide array of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management.

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

PRI Primerica

Primerica is a leading provider of financial products and services to middle-income households in the United States and Canada with 151,524 life insurance-licensed sales representatives as of December 31, 2025.

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

PRIM Primoris Services

Primoris Services Corporation is a leading provider of critical infrastructure services operating mainly in the United States and Canada.

Owner earnings 2016–2025 $5M$109M$48M$24M$249M($26M)($11M)$96M$413M$379M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $242M, $0.24 per $1 retained.

Balance sheet Net cash, +$66M · buybacks at an average near $20.01 · dividend paid 10 of 10 yrs, never cut

PRK Park National Corporation

Park's primary business is to own and oversee its subsidiaries, engaged primarily in the business of banking.

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

PRKS United Parks & Resorts Inc.

We are a leading theme park and entertainment company providing experiences that matter and inspiring guests to protect animals and the wild wonders of our world.

Owner earnings 2016–2025 $120M$20M$114M$153M($230M)$374M$412M$351M$317M$163M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $192M.

Balance sheet Heavy net debt, $2.1B · buybacks at an average near $46.10 · dividend paid 3 of 10 yrs, cut at least once

PRLB Proto Labs Inc.

From custom prototyping to end-use production, we support product developers, engineers, and supply chain teams along every phase of their manufacturing journey.

Owner earnings 2016–2025 $60M$63M$96M$85M$74M$21M$40M$45M$69M$60M

Retained capital Retained $6M of earnings over 2016–2025; annual owner earnings fell $15M.

Balance sheet Net cash, +$127M

PRLD Prelude Therapeutics Incorporated

Prelude Therapeutics Incorporated is a precision oncology company built on a foundation of drug discovery excellence to deliver novel precision cancer medicines to underserved patients.

Owner earnings 2024–2025 ($104M)($56M)

Retained capital not read

Balance sheet Net cash, debt-free, +$103M

PRM Perimeter Solutions SA

We are a leading provider of industrial products and services that support critical and complex customer missions across a range of niche applications.

Owner earnings 2019–2025 ($9M)$63M($49M)($9M)$173M$209M

Retained capital Paid out $239M more than it earned over 2019–2025; annual owner earnings grew $122M.

Balance sheet Net debt against an operating loss, $343M · buybacks at an average near $6.09

PRMB Primo Brands

Primo Brands is a leading North American branded beverage company focused on healthy hydration, delivering responsibly sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in every U.S. state and Canada.

Owner earnings 2022–2025 ($150M)$117M$314M$303M

Retained capital Paid out $609M more than it earned over 2022–2025; annual owner earnings grew $151M.

Balance sheet Heavy net debt, $4.8B · buybacks at an average near $40.80 · dividend paid 2 of 4 yrs, never cut

PRME Prime Medicine Inc.

We are a biotechnology company focused on developing a new class of genetic medicines designed to provide durable, and potentially curative, treatment options for patients with diseases driven by defined genetic alterations, acquired cellular dysfunction, or dysregulated gene expression.

Owner earnings 2020–2025 ($6M)($35M)($134M)($170M)($130M)($167M)

Retained capital not read

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

PROF Profound Medical Corp.

We are a commercial-stage medical device company focused on the development and marketing of AI-powered, MRI-guided, incision-free therapies for the ablation of diseased tissue utilizing our platform technologies.

Owner earnings FY2025 ($38M)

Retained capital not read

Balance sheet Net cash, +$53M

PROK ProKidney Corp.

We are a late-clinical-stage biotechnology company pioneering the development of a first-in-class, autologous cell therapy that is intended to preserve kidney function in patients with advanced chronic kidney disease and diabetes.

Owner earnings 2022–2025 ($79M)($94M)($132M)($127M)

Retained capital not read

Balance sheet Net cash, debt-free, +$109M

PRS Prudential Financial, Inc.

We offer a wide array of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management.

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

PRSU Pursuit Attractions and Hospitality Inc.

Revenue is Services (75%) and Products (25%).

Owner earnings 2016–2025 $51M$56M$34M$49M($134M)($96M)$37M$67M$14M$40M

Retained capital Retained $65M of earnings over 2016–2025; annual owner earnings fell $6M, $-0.10 per $1 retained.

Balance sheet Modest net debt, $128M · buybacks at an average near $50.62 · dividend paid 5 of 10 yrs, cut at least once

PRTA Prothena Corporation plc

Prothena Corporation plc is a late-stage clinical biotechnology company with expertise in protein dysregulation with the potential to change the course of devastating neurodegenerative and rare peripheral amyloid diseases.

Owner earnings 2016–2025 ($119M)($135M)($30M)($54M)($81M)$92M($109M)($135M)($150M)($164M)

Retained capital not read

Balance sheet Net cash, debt-free, +$308M

PRTH Priority Technology Holdings Inc.

Priority operates at scale across three primary business segments: Merchant Solutions, Payables and Treasury Solutions and is presently serving approximately 1.8 million customer accounts processing approximately $150.0 billion in annual transaction activity while administering approximately $1.7 billion dollars in account balances.

Owner earnings 2016–2025 $18M$30M$21M$962K$5M($342K)$52M$60M$64M$75M

Retained capital Paid out $183M more than it earned over 2016–2025; annual owner earnings grew $43M.

Balance sheet Heavy net debt, $962M · buybacks at an average near $6.23 · dividend paid 7 of 10 yrs, cut at least once

PRU Prudential Financial Inc.

Prudential Financial is a life insurer and retirement business with a large in-house asset manager, PGIM. It sells individual life insurance and annuities, group benefits to employers, and institutional retirement deals — taking whole corporate pension plans onto its books — with sizable operations abroad, notably in Japan. It earns the spread between what it invests premiums and deposits at and what it owes the insured, plus fees on the money PGIM and its other arms manage for outside investors.

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

PRVA Privia Health Group

Privia Health Group is a technology-driven, national physician-enablement company that collaborates with physician practices, health plans, and health systems to achieve the quadruple aim of better outcomes, lower costs, improved patient experience, and happier and more engaged providers.

Owner earnings 2019–2023 $23M$39M$55M$47M$81M

Retained capital Paid out $134M more than it earned over 2019–2023; annual owner earnings grew $22M.

Balance sheet Net cash, debt-free, +$480M

PSA Public Storage

Public Storage is a Maryland real estate investment trust engaged in the ownership, development, and operation of self-storage facilities and other related operations including tenant reinsurance, third-party self-storage management and bridge lending to third-party self-storage owners.

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

PSIX Power Solutions International Inc.

Revenue is Power Systems (81%), Industrial (16%) and Transportation (3%).

Owner earnings 2016–2025 $28M($13M)($10M)$14M($10M)($63M)($10M)$65M$58M$19M

Retained capital Retained $8M of earnings over 2016–2025; annual owner earnings grew $45M, $5.80 per $1 retained.

Balance sheet Modest net debt, $55M

PSKY Paramount Skydance Corporation

We are a global media and entertainment company with a portfolio that includes Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV and Skydance Media, LLC's animation, interactive/games and sports divisions.

Owner earnings 2023–2024 $147M$489M

Retained capital not read

Balance sheet Net debt against an operating loss, $10.4B

PSMT PriceSmart Inc.

Revenue is Central ‎American ‎Operations (61%), Caribbean Operations (27%) and Colombia Operations (12%).

Owner earnings 2016–2025 $102M$77M$67M$115M$198M$62M$54M$185M$125M$173M

Retained capital Retained $615M of earnings over 2016–2025; annual owner earnings grew $79M, $0.13 per $1 retained.

Balance sheet Net cash, +$128M · dividend paid 10 of 10 yrs, cut at least once

PSN Parsons Corporation

Parsons is a leading provider of the solutions and services required to support the complex security environment, unprecedented global infrastructure demand, and a world of digital transformation impacting our customers.

Owner earnings 2017–2025 $237M$255M$153M$255M$184M$207M$367M$474M$410M

Retained capital Retained $1.1B of earnings over 2017–2025; annual owner earnings grew $202M, $0.19 per $1 retained.

Balance sheet Modest net debt, $771M · buybacks at an average near $57.89 · dividend paid 1 of 9 yrs, cut at least once

PSNL Personalis Inc.

Personalis develops, markets, and sells advanced cancer genomic testing services.

Owner earnings 2017–2025 ($926K)$3M($23M)($46M)($77M)($79M)($67M)($47M)($79M)

Retained capital not read

Balance sheet Net cash, +$235M

PSTG Pure Storage

Revenue is Products (54%) and Services (46%).

Owner earnings 2017–2026 ($65M)$8M$94M$102M$131M$344M$680M$565M$639M$743M

Retained capital Paid out $2.2B more than it earned over 2017–2026; annual owner earnings grew $637M.

Balance sheet Net cash, +$99M

PSTL Postal Realty Trust Inc.

We are an internally managed REIT with a focus on acquiring and managing properties leased primarily to the USPS, ranging from last-mile post offices to industrial facilities.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 7 yrs, never cut

PSX Phillips 66

Phillips 66 buys crude oil and other feedstocks and turns them into fuels — gasoline, diesel, jet fuel — which it sells to wholesalers and through branded service stations. It also moves crude and products through pipelines and terminals, and makes petrochemicals through a joint venture. Most of what it sells is a commodity, priced by the market rather than by the company.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, $18.6B

PTC PTC Inc.

PTC is a global software company headquartered in Boston, Massachusetts.

Owner earnings 2017–2025 $110M$212M$221M$214M$344M$416M$587M$736M$857M

Retained capital Retained $586M of earnings over 2017–2025; annual owner earnings grew $546M, $0.93 per $1 retained.

Balance sheet Modest net debt, $1.0B · buybacks at an average near $119

PTCT PTC Therapeutics Inc.

We are a global biopharmaceutical company dedicated to the discovery, development and commercialization of clinically differentiated medicines for children and adults living with rare disorders.

Owner earnings 2016–2025 ($105M)($13M)($35M)($112M)($212M)($280M)($389M)($187M)($114M)$702M

Retained capital not read

Balance sheet Net cash, +$1.4B

PTEN Patterson-UTI Energy

We operate under three reportable business segments: drilling services, completion services, and drilling products.

Owner earnings 2016–2025 $185M($266M)$89M$349M$133M($71M)$129M$390M$497M$372M

Retained capital Paid out $4.8B more than it earned over 2016–2025; annual owner earnings grew $417M.

Balance sheet Net debt against an operating loss, $803M · dividend paid 10 of 10 yrs, cut at least once

PTGX Protagonist Therapeutics Inc.

Protagonist Therapeutics Inc. is an integrated discovery and development company with a validated technology platform.

Owner earnings 2017–2025 $3M($50M)($42M)($73M)($109M)($109M)($71M)$183M$56M

Retained capital not read

Balance sheet Net cash, +$558M

PTLO Portillo's Inc.

Portillo's serves iconic Chicago street food in high-energy, multichannel restaurants designed to ignite the senses and create memorable dining experiences.

Owner earnings 2019–2025 $21M$37M$20M$36M$46M$71M$43M

Retained capital Retained $42M of earnings over 2019–2025; annual owner earnings grew $27M, $0.66 per $1 retained.

Balance sheet Heavy net debt, $224M

PTON Peloton Interactive Inc.

Peloton is a leading global fitness and wellness company that empowers its Members to live fit, strong, long, and happy by providing fitness and wellness products and services they can use anytime, anywhere.

Owner earnings 2018–2026 $43M($130M)$336M($304M)($2.2B)($470M)($86M)$324M$378M

Retained capital not read

Balance sheet Modest net debt, $133M

PTRN Pattern Group Inc. Series A

Pattern is a global ecommerce acceleration platform that helps consumer brands sell products on global ecommerce marketplaces.

Owner earnings 2023–2025 $27M$56M$79M

Retained capital not read

Balance sheet Net cash, debt-free, +$289M

PUBM PubMatic Inc.

PubMatic Inc. is an independent, artificial intelligence-powered advertising technology company that delivers digital advertising performance.

Owner earnings 2019–2025 $28M$9M$73M$64M$71M$56M$67M

Retained capital Paid out $56M more than it earned over 2019–2025; annual owner earnings grew $28M.

Balance sheet Net cash, debt-free, +$146M

PUMP ProPetro Holding Corp.

We are a leading integrated energy service company, located in Midland, Texas, focused on providing innovative hydraulic fracturing, wireline, and other complementary energy and power generation services to leading upstream oil and gas companies engaged in the E&P of North American oil and natural gas resources.

Owner earnings 2016–2025 ($32M)$54M$305M$310M$39M$11M$172M$155M$112M$45M

Retained capital Paid out $25M more than it earned over 2016–2025; annual owner earnings fell $5M.

Balance sheet Heavy net debt, $30M

PVH PVH Corp.

Revenue is led by EMEA (48%) and Americas (31%), with 2 more segments behind.

Owner earnings 2017–2026 $656M$286M$473M$675M$471M$803M($251M)$725M$582M$538M

Retained capital Paid out $355M more than it earned over 2017–2026; annual owner earnings grew $143M.

Balance sheet Heavy net debt, $1.6B · buybacks at an average near $91.58 · dividend paid 10 of 10 yrs, cut at least once

PWP Perella Weinberg Partners

We are a leading global independent advisory firm that provides strategic and financial advice to clients across the most active industry sectors and international markets.

Owner earnings 2019–2025 ($114M)$80M$233M($28M)$131M$207M$30M

Retained capital Paid out $118M more than it earned over 2019–2025; annual owner earnings grew $56M.

Balance sheet Net cash, debt-free, +$256M · dividend paid 5 of 7 yrs, never cut

PWR Quanta Services Inc.

Quanta Services Inc. is a leading provider of comprehensive infrastructure solutions for the electric and gas utility, power generation, large load center, manufacturing, communications, pipeline and energy industries in the United States, Canada, Australia and select other international markets.

Owner earnings 2016–2025 $178M$188M$156M$265M$856M$327M$840M$1.3B$1.7B$1.8B

Retained capital Retained $3.9B of earnings over 2016–2025; annual owner earnings grew $1.4B, $0.36 per $1 retained.

Balance sheet Meaningful net debt, $5.6B · buybacks at an average near $44.15 · dividend paid 7 of 10 yrs, never cut

PYPL PayPal Holdings Inc.

PayPal runs a payments network that lets people and merchants send, receive, and accept money online and in person, mainly through its PayPal and Venmo wallets. It sits between the two sides of a transaction and takes a fee when money moves. Its customers are spread across consumers and sellers in many countries, so a large share of what it earns comes from outside the United States.

Owner earnings 2016–2025 $2.5B$1.9B$4.7B$3.4B$5.4B$4.9B$5.1B$4.2B$6.8B$5.6B

Retained capital Paid out $1.2B more than it earned over 2016–2025; annual owner earnings grew $2.5B.

Balance sheet Net cash, +$435M · buybacks at an average near $85.59 · dividend paid 1 of 10 yrs, never cut

PZZA Papa John's International Inc.

Papa John's International, Inc., a Delaware corporation, operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants under the trademark "Papa Johns."

Owner earnings 2016–2025 $109M$82M$50M$24M$151M$136M$66M$116M$34M$61M

Retained capital Paid out $669M more than it earned over 2016–2025; annual owner earnings fell $10M.

Balance sheet Heavy net debt, $681M · buybacks at an average near $79.06 · dividend paid 10 of 10 yrs, never cut