S

S SentinelOne

We pioneered the world's first purpose-built AI-powered cybersecurity platform for autonomous defense.

Owner earnings 2020–2026 ($45M)($70M)($99M)($198M)($70M)$32M$76M

Retained capital not read

Balance sheet Net cash, debt-free, +$629M

SABR Sabre

Sabre provides global travel solutions for travel suppliers and travel buyers through a business-to-business travel marketplace called Sabre Mosaic Marketplace consisting of our global distribution network and a broad set of solutions that integrate with our distribution platform to add value for travel suppliers and travel buyers.

Owner earnings 2016–2025 $466M$362M$441M$466M($836M)($469M)($346M)($14M)($9M)($192M)

Retained capital Paid out $2.9B more than it earned over 2016–2025; annual owner earnings fell $494M.

Balance sheet Heavy net debt, $3.7B · buybacks at an average near $21.88 · dividend paid 5 of 10 yrs, cut at least once

SAFE Safehold Inc. New Common Stock

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

SAFT Safety Insurance Group Inc.

We are a leading provider of private passenger automobile, commercial automobile, and homeowners insurance in Massachusetts.

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

SAH Sonic Automotive Inc.

We are one of the largest automotive retailers in the United States.

Owner earnings 2016–2025 $139M$74M$50M$78M$190M$205M$279M($158M)($78M)$418M

Retained capital Retained $153M of earnings over 2016–2025; annual owner earnings fell $27M, $-0.18 per $1 retained.

Balance sheet Heavy net debt, $1.6B · dividend paid 10 of 10 yrs, never cut

SAIA Saia, Inc.

Saia, Inc., through its wholly-owned subsidiaries, is a transportation company headquartered in Johns Creek, Georgia.

Owner earnings 2016–2025 $70M$71M$154M$154M$174M$241M$316M$399M$374M$346M

Retained capital Retained $2.1B of earnings over 2016–2025; annual owner earnings grew $275M, $0.13 per $1 retained.

Balance sheet Modest net debt, $152M

SAIC Science Applications International Corporation

Science Applications International Corporation is a leading provider of technical, engineering and mission and enterprise information technology services primarily to the U.S. government.

Owner earnings 2017–2026 $258M$195M$156M$437M$723M$482M$507M$369M$469M$577M

Retained capital Paid out $604M more than it earned over 2017–2026; annual owner earnings grew $269M.

Balance sheet Heavy net debt, $2.3B · dividend paid 10 of 10 yrs, never cut

SAIL SailPoint Inc.

SailPoint Inc. delivers solutions to enable adaptive identity security for the enterprise.

Owner earnings 2024–2026 ($253M)($112M)$65M

Retained capital not read

Balance sheet Net cash, debt-free, +$358M

SAM Boston Beer

Boston Beer produces alcohol beverages, including flavored malt beverages, hard seltzer, beer, hard cider, spirits based ready to drink beverages and distilled spirits at Company-owned breweries and its cidery and under contract arrangements at other production facilities.

Owner earnings 2016–2025 $104M$103M$108M$122M$188M($16M)$109M$201M$173M$216M

Retained capital Paid out $24M more than it earned over 2016–2025; annual owner earnings grew $91M.

Balance sheet Net cash, +$223M · buybacks at an average near $176

SANM Sanmina Corporation

Sanmina Corporation is a leading global provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services.

Owner earnings 2016–2025 $270M$139M$38M$248M$235M$265M$222M$117M$229M$473M

Retained capital Retained $711M of earnings over 2016–2025; annual owner earnings grew $124M, $0.17 per $1 retained.

Balance sheet Net cash, +$626M

SARO StandardAero Inc.

We are the world's largest independent, pure-play provider of aerospace engine aftermarket services for fixed and rotary wing aircraft, serving the commercial, military and business aviation end markets.

Owner earnings 2022–2025 ($14M)$13M($27M)$234M

Retained capital Retained $232M of earnings over 2022–2025; annual owner earnings grew $83M, $0.36 per $1 retained.

Balance sheet Meaningful net debt, $1.9B

SATA Strive, Inc.

Strive is a structured finance company and institutional asset manager focused on disciplined capital allocation and long term value creation.

Owner earnings 2023–2024 ($4M)($22M)

Retained capital not read

Balance sheet Net cash, debt-free, +$67M

SATL Satellogic Inc.

Satellogic is a vertically integrated Earth observation company that designs, manufactures, and operates satellite systems, delivering decision-grade insights at scale to government and commercial customers.

Owner earnings 2023–2025 ($64M)($41M)($34M)

Retained capital not read

Balance sheet Net cash, +$38M

SATLW Satellogic Inc.

Satellogic is a vertically integrated Earth observation company that designs, manufactures, and operates satellite systems, delivering decision-grade insights at scale to government and commercial customers.

Owner earnings 2023–2025 ($64M)($41M)($34M)

Retained capital not read

Balance sheet Net cash, +$38M

SATS EchoStar Corporation

EchoStar Corporation is a holding company that was organized in October 2007 as a corporation under the laws of the State of Nevada.

Owner earnings 2016–2025 $370M$341M$179M$238M$296M$3.4B$2.4B$835M($292M)($1.1B)

Retained capital Paid out $11.4B more than it earned over 2016–2025; annual owner earnings fell $471M.

Balance sheet Net debt against an operating loss, $23.0B · buybacks at an average near $24.04

SBAC SBA Communications Corporation

We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as "towers" or "sites."

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 $207 · dividend paid 7 of 10 yrs, never cut

SBCF Seacoast Banking Corporation of Florida

Seacoast Bank is one of the largest banks headquartered in Florida, with an expanding presence in the state's fastest growing markets, each of which has unique characteristics and opportunities.

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

SBET Sharplink 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 2022–2025 ($6M)$571K($23M)($18M)

Retained capital not read

Balance sheet Net cash, +$28M

SBGI Sinclair Inc.

We are a diversified media company with national reach and a strong focus on providing high-quality content on our local television stations and digital platform.

Owner earnings 2021–2025 $247M$694M$143M$14M$115M

Retained capital Retained $1.5B of earnings over 2021–2025; annual owner earnings fell $271M, $-0.18 per $1 retained.

Balance sheet Heavy net debt, $3.6B · buybacks at an average near $17.39 · dividend paid 5 of 5 yrs, never cut

SBH Sally Beauty Holdings

Sally Beauty Holdings, Inc. is a leading international specialty retailer and distributor of professional beauty supplies.

Owner earnings 2016–2025 $203M$254M$286M$213M$316M$308M$57M$159M$145M$173M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings fell $89M, $-0.09 per $1 retained.

Balance sheet Heavy net debt, $1.6B · buybacks at an average near $14.58

SBRA Sabra Health Care REIT

We operate as a self-administered, self-managed REIT that, through our subsidiaries, owns and invests in real estate serving the healthcare industry.

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

SBSI Southside Bancshares Inc.

We are a community-focused financial institution that offers a full range of financial services to individuals, businesses, municipal entities and nonprofit organizations in the communities that we serve.

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 $31.74 · dividend paid 10 of 10 yrs, never cut

SBUX Starbucks Corporation

Starbucks sells coffee, tea, and other drinks, along with food and packaged goods, through stores it runs itself and stores that other operators license to carry its brands. It buys green coffee beans, roasts them, and sells the finished cup for well above what the beans cost. The money arrives as a great many small daily purchases across a wide store base spread across much of the world.

Owner earnings 2016–2025 $3.7B$3.2B$10.6B$3.2B$114M$4.5B$2.6B$4.6B$4.5B$3.0B

Retained capital Paid out $17.6B more than it earned over 2016–2025; annual owner earnings fell $1.8B.

Balance sheet Heavy net debt, $12.6B · buybacks at an average near $62.28 · dividend paid 10 of 10 yrs, never cut

SCCD Sachem Capital 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 6 of 7 yrs, cut at least once

SCCE Sachem Capital 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 6 of 7 yrs, cut at least once

SCCF Sachem Capital 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 6 of 7 yrs, cut at least once

SCCG Sachem Capital 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 6 of 7 yrs, cut at least once

SCCO Southern Copper Corporation

Southern Copper Corporation is one of the largest integrated copper producers in the world.

Owner earnings 2016–2025 $276M$1.3B$1.6B$1.2B$2.2B$3.4B$1.9B$2.6B$3.4B$3.9B

Retained capital Retained $5.7B of earnings over 2016–2025; annual owner earnings grew $2.2B, $0.39 per $1 retained.

Balance sheet Modest net debt, $2.3B · buybacks at an average near $24.41 · dividend paid 10 of 10 yrs, cut at least once

SCHL Scholastic Corporation

Scholastic Corporation is the world's largest publisher and distributor of children's books, a leading provider of print and digital instructional materials for grades pre-kindergarten to grade 12 and a producer of entertaining literary and educational children's media.

Owner earnings 2017–2026 $76M$20M$21M($61M)$24M$184M$87M$96M$72M$3M

Retained capital Paid out $714M more than it earned over 2017–2026; annual owner earnings grew $18M.

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

SCHW Charles Schwab Corporation (The)

Charles Schwab holds the money and investments of individual savers and of the independent financial advisers who manage other people's accounts. It makes money two ways at once: it runs a brokerage and asset manager that earns fees for trading, custody, advice, and funds; and it runs a bank that takes the idle cash sitting in those accounts and earns the spread by lending and investing it. The work splits between serving investors directly and serving the advisers who serve them.

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 $41.82 · dividend paid 10 of 10 yrs, never cut

SCI Service Corporation International

We sell cemetery property and funeral and cemetery merchandise and services at the time of need and on a preneed basis.

Owner earnings 2016–2025 $342M$350M$462M$478M$649M$761M$650M$507M$571M$554M

Retained capital Paid out $236M more than it earned over 2016–2025; annual owner earnings grew $160M.

Balance sheet Heavy net debt, $4.9B · buybacks at an average near $56.55 · dividend paid 10 of 10 yrs, never cut

SCL Stepan

Stepan is one of the leading merchant producers of surfactants in the world.

Owner earnings 2016–2025 $137M$120M$84M$140M$153M($19M)$66M$70M$39M$25M

Retained capital Retained $590M of earnings over 2016–2025; annual owner earnings fell $69M, $-0.12 per $1 retained.

Balance sheet Heavy net debt, $494M · buybacks at an average near $91.41 · dividend paid 10 of 10 yrs, never cut

SCSC ScanSource

ScanSource is a leading technology distributor connecting devices to the cloud and accelerating growth for channel sales partners across hardware, software as a service, connectivity and cloud services.

Owner earnings 2016–2025 $40M$86M$18M($33M)$176M$114M($131M)($46M)$363M$104M

Retained capital Retained $49M of earnings over 2016–2025; annual owner earnings grew $92M, $1.89 per $1 retained.

Balance sheet Modest net debt, $10M

SCVL Shoe Carnival

Shoe Carnival, Inc. is one of the nation's largest omnichannel retailers of footwear and accessories for the family.

Owner earnings 2017–2026 $42M$21M$67M$48M$51M$129M$27M$94M$69M$37M

Retained capital Retained $317M of earnings over 2017–2026; annual owner earnings grew $24M, $0.07 per $1 retained.

Balance sheet Net cash, debt-free, +$131M · buybacks at an average near $16.71 · dividend paid 10 of 10 yrs, never cut

SD SandRidge Energy Inc.

We are an independent oil and natural gas company, organized in 2006, with a principal focus on acquisition, development and production activities in the U.S.

Owner earnings 2015–2025 ($506M)$133M$121M($70M)$28M$99M$121M$89M$48M$42M

Retained capital Paid out $4.0B more than it earned over 2015–2025; annual owner earnings grew $143M.

Balance sheet Net cash, debt-free, +$111M · dividend paid 3 of 10 yrs, cut at least once

SDGR Schrodinger Inc.

We offer our customers a variety of software solutions that accelerate all stages of molecule discovery, design, and optimization.

Owner earnings 2019–2025 ($28M)$14M($74M)($124M)($142M)($165M)$12M

Retained capital not read

Balance sheet Net cash, debt-free, +$395M

SDHC Smith Douglas Homes Corp.

We are engaged in the design, construction, and sale of single-family homes in some of the highest growth and most desirable markets in the Southeastern and Southern United States.

Owner earnings 2023–2025 $75M$17M($34M)

Retained capital not read

Balance sheet Modest net debt, $31M

SDRL Seadrill Limited

We are an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry.

Owner earnings 2023–2025 $186M($69M)($138M)

Retained capital not read

Balance sheet Heavy net debt, $624M

SEB Seaboard Corporation

Seaboard's diverse operations are relatively decentralized, with each segment having a management team that operates independently of the others.

Owner earnings 2016–2025 $325M$127M$76M$33M$119M($86M)$441M$427M$208M$250M

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $119M, $0.05 per $1 retained.

Balance sheet Net cash, +$245M · dividend paid 9 of 10 yrs, never cut

SEDG SolarEdge Technologies Inc.

We are a global smart energy technology company that changed the way power is harvested and managed in photovoltaic systems.

Owner earnings 2016–2025 $49M$130M$178M$242M$96M$175M($18M)($237M)($373M)$81M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings fell $295M.

Balance sheet Net debt against an operating loss, $128M

SEE Sealed Air

Sealed Air Corporation is a leading global provider of packaging solutions that integrate sustainable, high-performance materials, automation, equipment and services.

Owner earnings 2016–2025 $693M$241M$297M$360M$556M$497M$429M$272M$508M$459M

Retained capital Retained $271M of earnings over 2016–2025; annual owner earnings grew $3M.

Balance sheet Heavy net debt, $4.3B · dividend paid 10 of 10 yrs, never cut

SEG Seaport Entertainment Group Inc.

Revenue is led by Entertainment (45%) and Hospitality (40%), with 2 more lines behind.

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, $23M

SEI Solaris Energy Infrastructure Inc.

Solaris serves multiple U.S. end markets, including data center, energy, and other commercial and industrial sectors.

Owner earnings 2016–2025 $729K$20M$98M$88M$39M($3M)$38M$53M$12M$125M

Retained capital Paid out $16M more than it earned over 2016–2025; annual owner earnings grew $24M.

Balance sheet Net cash, +$169M · buybacks at an average near $11.41 · dividend paid 8 of 10 yrs, never cut

SEIC SEI Investments Company

SEI Investments Company is a leading global provider of financial technology, operations, and asset management solutions that connect the financial services ecosystem across advice, asset management, and administration.

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

SEM Select Medical Holdings

We began operations in 1997 and, based on the number of facilities, are one of the largest operators of critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics in the United States.

Owner earnings 2016–2025 $185M$78M$327M$288M$882M$221M$94M$353M$296M$206M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $88M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $3.4B · dividend paid 5 of 10 yrs, cut at least once

SENEA Seneca Foods

Revenue is led by Canned Vegetables (83%) and Frozen (8%), with 2 more lines behind.

Owner earnings 2016–2025 $29M($500K)($46M)$59M$96M$151M($6M)($254M)($120M)$298M

Retained capital Retained $245M of earnings over 2016–2025; annual owner earnings fell $19M, $-0.08 per $1 retained.

Balance sheet Heavy net debt, $423M · buybacks at an average near $5.87 · dividend paid 10 of 10 yrs, never cut

SENEB Seneca Foods Corp.

Revenue is led by Canned Vegetables (83%) and Frozen (8%), with 2 more lines behind.

Owner earnings 2016–2025 $29M($500K)($46M)$59M$96M$151M($6M)($254M)($120M)$298M

Retained capital Retained $245M of earnings over 2016–2025; annual owner earnings fell $19M, $-0.08 per $1 retained.

Balance sheet Heavy net debt, $423M · buybacks at an average near $5.87 · dividend paid 10 of 10 yrs, never cut

SEPN Septerna Inc.

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

Owner earnings 2023–2025 ($40M)($69M)$110M

Retained capital not read

Balance sheet Net cash, debt-free, +$391M

SERV Serve Robotics Inc.

Our activities include the design, engineering, deployment, and operation of low-emission robotic systems built on our proprietary AI-enabled mobility platform.

Owner earnings 2022–2025 ($22M)($16M)($22M)($88M)

Retained capital not read

Balance sheet Net cash, +$106M

SES SES AI Corporation

We are a leading developer and manufacturer of high-performance, AI-enhanced Lithium-Metal and Lithium-ion rechargeable battery technologies and battery materials for Energy Storage Systems, Urban Air Mobility, drones, robotics, electric vehicles, and other applications.

Owner earnings 2024–2025 ($74M)($61M)

Retained capital not read

Balance sheet Net cash, debt-free, +$30M

SEZL Sezzle Inc.

Our platform addresses the shortcomings in legacy payment offerings consumers face by providing a flexible, secure, omnichannel alternative with the structural benefit of "creditizing" traditional debit products.

Owner earnings 2020–2025 ($25M)($73M)$8M($26M)$131M$209M

Retained capital Paid out $21M more than it earned over 2020–2025; annual owner earnings grew $135M.

Balance sheet Modest net debt, $76M

SF Stifel Financial

We operate in the following segments: Global Wealth Management, Institutional Group, and Other.

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 $34.77

SFB Stifel Financial Corp

We operate in the following segments: Global Wealth Management, Institutional Group, and Other.

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 $34.77

SFBS ServisFirst Bancshares Inc.

We operate our bank using a simple business model based on organic loan and deposit growth, generated through high quality customer service, delivered by a team of experienced bankers focused on developing and maintaining long-term banking relationships with our target customers.

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

SFD Smithfield Foods Inc.

Smithfield Foods, Inc., together with its subsidiaries, produces a wide variety of packaged meats and fresh pork products primarily in the United States.

Owner earnings 2022–2025 $183M$335M$566M$718M

Retained capital Retained $1.3B of earnings over 2022–2025; annual owner earnings grew $178M, $0.13 per $1 retained.

Balance sheet Modest net debt, $461M · dividend paid 4 of 4 yrs, cut at least once

SFIX Stitch Fix Inc.

Stitch Fix is the leading online personal styling service that helps people discover the styles they will love that fit perfectly so they always look - and feel - their best.

Owner earnings 2016–2025 $42M$31M$62M$62M$20M($43M)$42M$54M$14M$9M

Retained capital Paid out $532M more than it earned over 2016–2025; annual owner earnings fell $19M.

Balance sheet Net cash, debt-free, +$235M · buybacks at an average near $13.05

SFM Sprouts Farmers

Sprouts Farmers Market offers a unique specialty grocery experience featuring an open layout with fresh produce at the heart of the store.

Owner earnings 2016–2025 $174M$213M$184M$232M$372M$262M$247M$327M$505M$558M

Retained capital Retained $322M of earnings over 2016–2025; annual owner earnings grew $274M, $0.85 per $1 retained.

Balance sheet Net cash, +$125M · buybacks at an average near $32.34

SFNC Simmons First National Corporation

Simmons Bank provides banking and other financial products and services to individuals and businesses using a network of approximately 222 financial centers in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas.

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 $23.15 · dividend paid 10 of 10 yrs, never cut

SFST Southern First Bancshares Inc.

The Bank is a commercial bank with eight retail offices located in the Greenville, Columbia, and Charleston markets of South Carolina, three retail offices in the Raleigh, Greensboro, and Charlotte markets of North Carolina and one retail office in Atlanta, Georgia.

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

SG Sweetgreen Inc.

Sweetgreen, Inc. is a mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale.

Owner earnings 2020–2025 ($117M)($100M)($90M)($33M)($24M)($84M)

Retained capital not read

Balance sheet Net cash, debt-free, +$89M

SGI Somnigroup International Inc.

Somnigroup is the world's largest bedding company, dedicated to enriching people's lives through the power of a good night's sleep and transforming how the world sleeps.

Owner earnings 2016–2025 $104M$156M$134M$227M$543M$600M$199M$385M$569M$633M

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings grew $398M, $0.14 per $1 retained.

Balance sheet Heavy net debt, $4.6B · dividend paid 5 of 10 yrs, never cut

SGRY Surgery Partners Inc.

Surgery Partners, Inc., a Delaware corporation, acting through its subsidiaries, owns and operates a national network of surgical facilities and ancillary services.

Owner earnings 2015–2025 $51M$86M$105M$56M$204M$30M$78M$205M$210M$196M

Retained capital Paid out $771M more than it earned over 2015–2025; annual owner earnings grew $123M.

Balance sheet Heavy net debt, $3.5B · buybacks at an average near $8.50

SGU Star Group L.P.

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

Owner earnings 2016–2025 $92M$9M$44M$86M$162M$54M$15M$115M$100M$56M

Retained capital Retained $220M of earnings over 2016–2025; annual owner earnings grew $42M, $0.19 per $1 retained.

Balance sheet Modest net debt, $163M · dividend paid 10 of 10 yrs, never cut

SHAK Shake Shack

A restaurant business, earning on traffic through its doors and the returns on each new unit.

Owner earnings 2016–2025 ($148K)$9M($2M)$49M($11M)($587K)$4M$41M$69M$116M

Retained capital Retained $55M of earnings over 2016–2025; annual owner earnings grew $73M, $1.31 per $1 retained.

Balance sheet Net cash, +$112M · no dividend paid

SHAZ SharonAI Holdings Inc.

SharonAI Holdings, Inc. is an Australian neocloud operator, purpose-built to power the next generation of artificial intelligence and high-performance computing.

Owner earnings 2024–2025 ($3M)($5M)

Retained capital not read

Balance sheet Net cash, debt-free, +$71M

SHBI Shore Bancshares Inc

The Bank provides consumer and commercial banking products and services and secondary mortgage lending, trust, wealth management and financial planning 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 7 of 10 yrs, cut at least once

SHC Sotera Health

We provide end-to-end sterilization as well as microbiological and analytical lab testing and advisory services to help ensure that medical, pharmaceutical and food products are safe for healthcare practitioners, patients and consumers in the United States and around the world.

Owner earnings 2019–2025 $92M$67M$217M$214M($224M)$140M$192M

Retained capital Paid out $728M more than it earned over 2019–2025; annual owner earnings fell $89M.

Balance sheet Heavy net debt, $1.8B · dividend paid 1 of 7 yrs, cut at least once

SHEN Shenandoah Telecom

Revenue is led by Residential and SMB - Incumbent Broadband (47%) and Residential and SMB - Glo Fiber Expansion Markets (23%), with 3 more lines behind.

Owner earnings 2016–2025 ($12M)$76M$221M$212M$254M($306M)$9M$51M($34M)($29M)

Retained capital Retained $412M of earnings over 2016–2025; annual owner earnings fell $99M, $-0.24 per $1 retained.

Balance sheet Net debt against an operating loss, $601M · dividend paid 10 of 10 yrs, cut at least once

SHLS Shoals Technologies Group Inc.

Shoals Technologies Group is a leading design-engineering company and manufacturer of advanced electrical infrastructure solutions for mission critical applications across solar photovoltaic, BESS, and data center power systems.

Owner earnings 2019–2025 $34M$51M($8M)$36M$81M$72M$3M

Retained capital Retained $261M of earnings over 2019–2025; annual owner earnings grew $27M, $0.10 per $1 retained.

Balance sheet Meaningful net debt, $134M

SHO Sunstone Hotel Investors, Inc.

All of our hotels are operated under nationally recognized brands, except the Oceans Edge Resort & Marina, which operates independently.

Owner earnings 2016–2025 $106M$192M$146M$195M($168M)($35M)$81M$88M$46M$79M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings fell $77M.

Balance sheet Meaningful net debt, $1.0B · dividend paid 10 of 10 yrs, cut at least once

SHOE Shoe Station Group Inc.

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

Owner earnings 2017–2026 $42M$21M$67M$48M$51M$129M$27M$94M$69M$37M

Retained capital Retained $317M of earnings over 2017–2026; annual owner earnings grew $24M, $0.07 per $1 retained.

Balance sheet Net cash, debt-free, +$131M · buybacks at an average near $16.71 · dividend paid 10 of 10 yrs, never cut

SHOO Steven Madden Ltd.

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

Owner earnings 2016–2025 $138M$143M$142M$215M$38M$153M$252M$214M$178M$129M

Retained capital Paid out $75M more than it earned over 2016–2025; annual owner earnings grew $33M.

Balance sheet Modest net debt, $122M · buybacks at an average near $28.78 · dividend paid 8 of 10 yrs, cut at least once

SHOP Shopify Inc.

Shopify's business is designed to empower our merchants by offering a comprehensive, multi-channel commerce platform that supports their business as it grows.

Owner earnings 2022–2025 ($186M)$905M$1.6B$2.0B

Retained capital Paid out $78M more than it earned over 2022–2025; annual owner earnings grew $731M.

Balance sheet Net cash, debt-free, +$5.8B

SHW Sherwin-Williams Company (The)

Revenue is Paint Stores Group (58%), Performance Coatings Group (29%) and Consumer Brands Group (13%).

Owner earnings 2016–2025 $1.1B$1.7B$1.7B$2.1B$3.1B$2.0B$1.7B$3.2B$2.9B$3.1B

Retained capital Retained $13.9B of earnings over 2016–2025; annual owner earnings grew $1.6B, $0.11 per $1 retained.

Balance sheet Meaningful net debt, $9.5B · dividend paid 10 of 10 yrs, never cut

SI Shoulder Innovations Inc.

We are a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market.

Owner earnings 2024–2025 ($16M)($32M)

Retained capital not read

Balance sheet Net cash, +$12M

SIBN SI-BONE Inc.

We are a leader in developing innovative procedural solutions for compromised bone, grounded in expertise in biomechanical design and anatomy-specific innovation.

Owner earnings 2017–2025 ($18M)($15M)($32M)($32M)($42M)($45M)($24M)($17M)($6M)

Retained capital not read

Balance sheet Net cash, +$7M

SIG Signet Jewelers

Revenue is North America (93%) and International (6%).

Owner earnings 2017–2026 $400M$1.7B$564M$419M$1.3B$1.1B$659M$421M$438M$525M

Retained capital Paid out $831M more than it earned over 2017–2026; annual owner earnings fell $428M.

Balance sheet Net cash, +$141M · buybacks at an average near $69.22 · dividend paid 10 of 10 yrs, cut at least once

SIGI Selective Insurance

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $93.24 · dividend paid 8 of 8 yrs, never cut

SIGIP Selective Insurance Group Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $93.24 · dividend paid 8 of 8 yrs, never cut

SILA Sila Realty Trust Inc.

Sila Realty Trust, Inc. is a Maryland corporation that was formed on January 11, 2013, headquartered in Tampa, Florida, that has elected, and conducts its operations so as to qualify, to be taxed as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 4 yrs, never cut

SIRI SiriusXM Holdings Inc.

We operate two complementary audio entertainment businesses our SiriusXM business and our Pandora and Off-platform business.

Owner earnings 2016–2025 $1.5B$1.6B$1.6B$1.7B$1.7B$1.6B$1.6B$1.4B$1.3B$1.5B

Retained capital Paid out $6.9B more than it earned over 2016–2025; annual owner earnings fell $169M.

Balance sheet Heavy net debt, $9.6B · dividend paid 10 of 10 yrs, cut at least once

SITE SiteOne Landscape

We are the largest and only national full product line wholesale distributor of landscape supplies in the United States and have an established presence in Canada.

Owner earnings 2016–2025 $64M$2M$63M$111M$211M$178M$190M$265M$243M$247M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $209M, $0.19 per $1 retained.

Balance sheet Modest net debt, $195M · buybacks at an average near $125 · dividend paid 1 of 10 yrs, cut at least once

SITM SiTime

We are a leading provider of Precision Timing solutions to the global electronics industry.

Owner earnings 2018–2025 ($3M)$6M$11M$51M$28M($889K)($13M)$47M

Retained capital Paid out $187M more than it earned over 2018–2025; annual owner earnings grew $7M.

Balance sheet Net debt against an operating loss, $24M

SJM The J.M. Smucker Company

We operate principally in one industry, the manufacturing and marketing of branded food and beverage products on a worldwide basis, although the majority of our sales are in the United States.

Owner earnings 2017–2026 $867M$1.0B$935M$1.0B$1.3B$901M$970M$990M$927M$1.2B

Retained capital Paid out $2.2B more than it earned over 2017–2026; annual owner earnings grew $87M.

Balance sheet Heavy net debt, $6.5B · dividend paid 10 of 10 yrs, never cut

SJW SJW Group

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

Owner earnings FY2025 $124M

Retained capital not read

Balance sheet Heavy net debt, $1.9B

SKWD Skyward Specialty Insurance Group Inc.

We are a growing specialty insurance company delivering commercial insurance products and solutions on a non-admitted and admitted basis, predominantly 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

SKX Skechers U.S.A.

Skechers U.S.A., Inc., designs, develops and markets a diverse range of footwear, apparel, and accessories.

Owner earnings 2016–2024 $296M$63M$459M$315M$189M$73M$85M$1.0B$476M

Retained capital Retained $2.8B of earnings over 2016–2024; annual owner earnings grew $264M, $0.10 per $1 retained.

Balance sheet Net cash, +$813M · buybacks at an average near $47.69

SKY Champion Homes Inc.

Revenue is led by U.S Factory-built Housing (94%) and Canadian Factory-built Housing (4%), with 2 more segments behind.

Owner earnings 2017–2026 $27M$22M$53M$61M$146M$204M$389M$188M$190M$270M

Retained capital Retained $1.1B of earnings over 2017–2026; annual owner earnings grew $182M, $0.17 per $1 retained.

Balance sheet Net cash, +$614M

SKYH Sky Harbour Group Corporation

We are an aviation infrastructure development company building the first nationwide network of Home Base Operator campuses designed exclusively for business aircraft.

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

SKYT SkyWater Technology Inc.

SkyWater Technology, Inc. is a U.S.-based, independent, pure-play semiconductor foundry providing foundational-node manufacturing, advanced technology development, and advanced packaging services through an integrated, multi-site operating model.

Owner earnings 2020–2025 $77M($86M)($31M)$1M$11M($53M)

Retained capital Paid out $34M more than it earned over 2020–2025; annual owner earnings fell $285K.

Balance sheet Net debt against an operating loss, $70M

SKYW SkyWest Inc.

Through SkyWest Airlines, our primary operating entity, we offer scheduled passenger service to destinations in the United States, Canada and Mexico.

Owner earnings 2016–2025 $492M$657M$768M$640M$621M$814M$467M$723M$648M$908M

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $121M, $0.08 per $1 retained.

Balance sheet Meaningful net debt, $2.3B · buybacks at an average near $48.04 · dividend paid 5 of 10 yrs, cut at least once

SLAB Silicon Laboratories

Silicon Laboratories Inc. is a leader in secure, intelligent wireless technology for a more connected world.

Owner earnings 2016–2025 $118M$177M$158M$151M$118M$73M$115M($53M)($26M)$66M

Retained capital Paid out $231M more than it earned over 2016–2025; annual owner earnings fell $155M.

Balance sheet Net debt against an operating loss, $86M

SLB SLB Limited

SLB is an oilfield services company. It sells the technology, equipment, and crews that oil and gas producers use to drill wells and bring hydrocarbons to the surface. It makes its money on contracts to construct wells and to supply the production systems that operate them, so it is paid out of its customers' spending budgets rather than out of oil it does not own.

Owner earnings 2016–2025 $4.2B$3.6B$3.6B$3.7B$1.8B$3.5B$2.1B$4.7B$4.7B$4.8B

Retained capital Paid out $23.0B more than it earned over 2016–2025; annual owner earnings grew $950M.

Balance sheet Modest net debt, $10.5B · dividend paid 10 of 10 yrs, cut at least once

SLDE Slide Insurance Holdings Inc.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

SLDP Solid Power Inc.

Solid Power is a U.S.-based leader in solid-state battery technology and manufacturing processes.

Owner earnings 2020–2025 ($11M)($28M)($39M)($70M)($80M)($84M)

Retained capital not read

Balance sheet Net cash, +$247M

SLG SL Green Realty

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $101 · dividend paid 4 of 4 yrs, never cut

SLGN Silgan Holdings

We are a leading manufacturer of sustainable rigid packaging solutions for the world's essential consumer goods products.

Owner earnings 2016–2025 $251M$215M$316M$276M$378M$325M$533M$256M$459M$423M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $118M, $0.08 per $1 retained.

Balance sheet Heavy net debt, $3.3B · dividend paid 10 of 10 yrs, never cut

SLM SLM Corporation

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

SLMBP SLM 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

SLN Silence Therapeutics PLC

We are a biotechnology company focused on discovering and developing novel molecules incorporating short interfering ribonucleic acid, or siRNA, to inhibit the expression of specific target genes thought to play a role in the pathology of diseases with significant unmet medical need.

Owner earnings 2022–2025 ($57M)($50M)($68M)($62M)

Retained capital not read

Balance sheet Net cash, debt-free, +$85M

SLNHP Soluna Holdings, Inc.

We utilize two distinct data center designs to serve different computing markets.

Owner earnings 2019–2025 $206K($2M)$3M($16M)($13M)($14M)($19M)

Retained capital not read

Balance sheet Net debt against an operating loss, $27M

SLP Simulations Plus Inc.

Simulations Plus Inc. is a global leader and premier provider in the biopharma sector, offering advanced software and consulting services that enhance drug discovery and development, clinical trial operations, and commercialization.

Owner earnings 2016–2025 $5M$7M$9M$11M$11M$18M$17M$21M$13M$17M

Retained capital Paid out $44M more than it earned over 2016–2025; annual owner earnings grew $10M.

Balance sheet Net cash, +$26M · buybacks at an average near $40.65 · dividend paid 9 of 10 yrs, cut at least once

SLVM Sylvamo Corporation

Sylvamo Corporation is a global uncoated papers company with a broad portfolio of top-tier brands and low-cost, large-scale paper mills located in and serving the most attractive geographies, including Europe, Latin America and North America, which are our business segments.

Owner earnings 2019–2025 $406M$293M$480M$289M$361M$310M$89M

Retained capital Retained $1.2B of earnings over 2019–2025; annual owner earnings fell $140M, $-0.12 per $1 retained.

Balance sheet Meaningful net debt, $565M · dividend paid 4 of 7 yrs, never cut

SM SM Energy

Revenue is Crude Oil (81%), Natural Gas (11%) and Natural Gas Liquids (NGL) (7%).

Owner earnings 2016–2025 ($1.6B)$425M$687M$821M$783M$1.2B$1.7B$1.5B($321M)$2.0B

Retained capital Retained $1.3B of earnings over 2016–2025; annual owner earnings grew $1.2B, $0.92 per $1 retained.

Balance sheet Meaningful net debt, $2.3B · buybacks at an average near $36.55 · dividend paid 10 of 10 yrs, cut at least once

SMA SmartStop Self Storage REIT Inc.

Based on the Inside Self Storage Top-Operators List ranking for 2025, and after accounting for recent market transactions, we are the 10th largest owner and operator of self storage properties in the United States based on rentable square footage.

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

SMBC Southern Missouri 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 8 of 10 yrs, never cut

SMBK SmartFinancial Inc.

As a bank holding company, SmartFinancial intends to facilitate SmartBank's ability to provide financial services to its customers.

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 10 yrs, never cut

SMC Summit Midstream Corporation

Summit Midstream Corporation is a value-driven company focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States.

Owner earnings 2023–2025 $58M$8M$45M

Retained capital not read

Balance sheet Heavy net debt, $1.0B

SMCI Super Micro Computer Inc.

We are a Silicon Valley-based provider of total IT solutions which address demanding workloads from the enterprise and cloud to the intelligent edge.

Owner earnings 2016–2025 $95M($113M)$60M$238M($59M)$95M($466M)$637M($2.5B)$1.6B

Retained capital not read

Balance sheet Net cash, +$525M

SMCIP Super Micro Computer Inc.

We are a Silicon Valley-based provider of total IT solutions which address demanding workloads from the enterprise and cloud to the intelligent edge.

Owner earnings 2016–2025 $95M($113M)$60M$238M($59M)$95M($466M)$637M($2.5B)$1.6B

Retained capital not read

Balance sheet Net cash, +$525M

SMG Scotts Miracle-Gro

A chemicals business, converting feedstocks into products at a spread the cycle moves.

Owner earnings 2016–2025 $186M$294M$274M$184M$495M$165M($243M)$438M$584M$274M

Retained capital Paid out $1.6B more than it earned over 2016–2025; annual owner earnings grew $181M.

Balance sheet Heavy net debt, $2.1B · buybacks at an average near $114 · dividend paid 10 of 10 yrs, cut at least once

SMP Standard Motor Products Inc.

We are a leading manufacturer and distributor of premium replacement parts in the automotive aftermarket and a custom-engineered solutions provider to vehicle and equipment manufacturers in diverse non-aftermarket end markets.

Owner earnings 2016–2025 $77M$40M$50M$61M$80M$60M($53M)$116M$45M$19M

Retained capital Retained $168M of earnings over 2016–2025; annual owner earnings grew $4M, $0.02 per $1 retained.

Balance sheet Heavy net debt, $619M · dividend paid 10 of 10 yrs, cut at least once

SMPL The Simply Good Foods Company

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

Owner earnings 2018–2025 $59M$72M$57M$126M$105M$160M$210M$158M

Retained capital Retained $474M of earnings over 2018–2025; annual owner earnings grew $113M, $0.24 per $1 retained.

Balance sheet Modest net debt, $151M · buybacks at an average near $32.68

SMR NuScale Power Corporation

NuScale is redefining nuclear power through the development of proprietary and innovative SMR technology that the Company believes will deliver safe, scalable, cost-effective and reliable carbon-free power.

Owner earnings 2020–2025 ($49M)($101M)($151M)($185M)($109M)($460M)

Retained capital not read

Balance sheet Net cash, debt-free, +$1.3B

SMTC Semtech Corporation

We design, develop, manufacture and market a diverse portfolio of products for commercial applications, addressing the global infrastructure, high-end consumer and industrial end markets.

Owner earnings 2017–2026 $96M$90M$167M$96M$95M$177M$98M($123M)$50M$171M

Retained capital Paid out $1.3B more than it earned over 2017–2026; annual owner earnings fell $85M.

Balance sheet Heavy net debt, $296M · buybacks at an average near $45.08

SN SharkNinja Inc.

Revenue is led by Cleaning Appliances (34%) and Cooking and Beverage Appliances (28%), with 2 more lines behind.

Owner earnings 2023–2025 $158M$309M$488M

Retained capital not read

Balance sheet Net cash, +$41M

SNA Snap-on

Snap-on is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing.

Owner earnings 2016–2025 $502M$527M$674M$575M$943M$897M$591M$1.1B$1.1B$1.0B

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings grew $499M, $0.20 per $1 retained.

Balance sheet Net cash, +$438M · buybacks at an average near $206 · dividend paid 10 of 10 yrs, never cut

SNAP Snap Inc.

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

Owner earnings 2016–2025 ($640M)($796M)($782M)($341M)($225M)$223M$55M$78M$219M$493M

Retained capital not read

Balance sheet Net debt against an operating loss, $667M

SNDA Sonida Senior Living Inc.

Sonida Senior Living, Inc. is a leading owner, operator and investor in senior housing communities in the United States in terms of resident capacity.

Owner earnings 2016–2025 ($10M)$16M$15M($15M)($22M)($39M)($27M)($7M)($27M)($9M)

Retained capital Paid out $482M more than it earned over 2016–2025; annual owner earnings fell $21M.

Balance sheet Heavy net debt, $899M · buybacks at an average near $1,946

SNDK Sandisk Corporation

Sandisk is a leading developer, manufacturer and provider of data storage devices and solutions based on NAND flash technology.

Owner earnings 2023–2026 ($932M)($475M)($79M)$11.5B

Retained capital Retained $2.5B of earnings over 2023–2026; annual owner earnings grew $4.1B, $1.69 per $1 retained.

Balance sheet Net cash, debt-free, +$4.8B · buybacks at an average near $1,508

SNDR Schneider National

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

Owner earnings 2016–2025 $189M$182M$275M$301M$343M$270M$506M$298M$272M$285M

Retained capital Retained $1.5B of earnings over 2016–2025; annual owner earnings grew $69M, $0.04 per $1 retained.

Balance sheet Modest net debt, $154M · dividend paid 10 of 10 yrs, cut at least once

SNDX Syndax Pharmaceuticals Inc.

We are a commercial-stage biopharmaceutical company advancing innovative cancer therapies.

Owner earnings 2016–2025 ($35M)($47M)($69M)($71M)$29M($134M)($161M)($275M)($323M)

Retained capital not read

Balance sheet Net cash, +$44M

SNEX StoneX Group

We operate a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise.

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

SNOW Snowflake Inc.

Our platform is the innovative technology that powers the AI Data Cloud, enabling customers to consolidate data into a single source of truth to drive meaningful insights, apply AI to solve business problems, build data applications, and share data and data products.

Owner earnings 2019–2026 ($145M)($180M)($55M)$94M$521M$813M$913M$1.1B

Retained capital Paid out $9.4B more than it earned over 2019–2026; annual owner earnings grew $1.1B.

Balance sheet Net cash, +$548M · buybacks at an average near $1,183

SNPS Synopsys Inc.

Synopsys Inc. is the leader in engineering solutions from silicon to systems, enabling customers to rapidly innovate AI-powered products.

Owner earnings 2016–2025 $520M$562M$325M$602M$837M$1.4B$1.6B$1.5B$1.3B$1.3B

Retained capital Retained $3.8B of earnings over 2016–2025; annual owner earnings grew $908M, $0.24 per $1 retained.

Balance sheet Heavy net debt, $10.5B · buybacks at an average near $148

SNV Synovus Financial

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 $38.98 · dividend paid 10 of 10 yrs, never cut

SNX TD SYNNEX Corporation

We are a Fortune 100 corporation and a leading global distributor and solutions aggregator for the information technology ecosystem.

Owner earnings 2016–2025 $201M$79M($25M)$412M$1.8B$770M($115M)$1.3B$1.0B$1.4B

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.52 per $1 retained.

Balance sheet Modest net debt, $2.2B · buybacks at an average near $111 · dividend paid 10 of 10 yrs, cut at least once

SO Southern Company (The)

Southern Company is a holding company for regulated electric and gas utilities in the U.S. Southeast. Its three traditional operating companies — Alabama Power, Georgia Power, and Mississippi Power — run as vertically integrated electric utilities, generating, transmitting, and selling power to retail customers; a separate generation unit builds and owns power plants, including battery storage, and sells that output to wholesale buyers; and a gas unit distributes natural gas. The bulk of the revenue comes from the regulated electric business, with gas distribution the smaller piece.

Owner earnings 2016–2025 $2.0B$2.9B$3.4B$2.5B$2.8B$2.2B$2.2B$2.6B$4.5B$3.8B

Retained capital Retained $5.2B of earnings over 2016–2025; annual owner earnings grew $852M, $0.16 per $1 retained.

Balance sheet Heavy net debt, $64.0B · dividend paid 10 of 10 yrs, never cut

SOC Sable Offshore Corp.

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

Owner earnings 2023–2025 ($70M)($365M)

Retained capital not read

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

SOFI SoFi Technologies

We are a mission driven company designed to help our members achieve financial independence in order to realize their ambitions.

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

SOJC Southern Co

Southern Company is a holding company that owns all of the outstanding common stock of three traditional electric operating companies, Southern Power Company, and Southern Company Gas.

Owner earnings 2016–2025 $2.0B$2.9B$3.4B$2.5B$2.8B$2.2B$2.2B$2.6B$4.5B$3.8B

Retained capital Retained $5.2B of earnings over 2016–2025; annual owner earnings grew $852M, $0.16 per $1 retained.

Balance sheet Heavy net debt, $64.0B · dividend paid 10 of 10 yrs, never cut

SOJD Southern Co

Southern Company is a holding company that owns all of the outstanding common stock of three traditional electric operating companies, Southern Power Company, and Southern Company Gas.

Owner earnings 2016–2025 $2.0B$2.9B$3.4B$2.5B$2.8B$2.2B$2.2B$2.6B$4.5B$3.8B

Retained capital Retained $5.2B of earnings over 2016–2025; annual owner earnings grew $852M, $0.16 per $1 retained.

Balance sheet Heavy net debt, $64.0B · dividend paid 10 of 10 yrs, never cut

SOJE Southern Co

Southern Company is a holding company that owns all of the outstanding common stock of three traditional electric operating companies, Southern Power Company, and Southern Company Gas.

Owner earnings 2016–2025 $2.0B$2.9B$3.4B$2.5B$2.8B$2.2B$2.2B$2.6B$4.5B$3.8B

Retained capital Retained $5.2B of earnings over 2016–2025; annual owner earnings grew $852M, $0.16 per $1 retained.

Balance sheet Heavy net debt, $64.0B · dividend paid 10 of 10 yrs, never cut

SOLS Solstice Advanced Materials Inc.

Solstice Advanced Materials Inc. is a global, differentiated advanced materials company and a leading global provider of refrigerants, blowing agents, conversion services for the nuclear energy sector, semiconductor materials, protective fibers and healthcare packaging.

Owner earnings 2023–2025 $712M$803M$431M

Retained capital not read

Balance sheet Meaningful net debt, $1.6B

SOLV Solventum Corporation

Solventum Corporation, is a leading global healthcare company developing, manufacturing, and commercializing a broad portfolio of solutions that leverages deep material science, data science, and digital capabilities to address critical customer and patient needs.

Owner earnings 2022–2025 $1.4B$1.6B$805M($10M)

Retained capital Retained $4.7B of earnings over 2022–2025; annual owner earnings fell $479M, $-0.10 per $1 retained.

Balance sheet Modest net debt, $4.2B

SOMN Southern Co

Southern Company is a holding company that owns all of the outstanding common stock of three traditional electric operating companies, Southern Power Company, and Southern Company Gas.

Owner earnings 2016–2025 $2.0B$2.9B$3.4B$2.5B$2.8B$2.2B$2.2B$2.6B$4.5B$3.8B

Retained capital Retained $5.2B of earnings over 2016–2025; annual owner earnings grew $852M, $0.16 per $1 retained.

Balance sheet Heavy net debt, $64.0B · dividend paid 10 of 10 yrs, never cut

SON Sonoco

Sonoco Products Company is a South Carolina corporation founded in Hartsville, South Carolina, in 1899 as the Southern Novelty Company with the guiding principle that People Build Businesses by doing the right things.

Owner earnings 2016–2025 $212M$159M$397M$230M$511M$43M$180M$520M$441M$346M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $179M, $0.16 per $1 retained.

Balance sheet Meaningful net debt, $3.9B · dividend paid 10 of 10 yrs, never cut

SONO Sonos Inc.

Sonos is a leading audio company dedicated to elevating life through sound.

Owner earnings 2016–2025 ($9M)$30M($5M)$97M$129M$219M($74M)$50M$135M$108M

Retained capital Paid out $550M more than it earned over 2016–2025; annual owner earnings grew $92M.

Balance sheet Net cash, debt-free, +$175M · buybacks at an average near $18.35

SOUN SoundHound AI Inc

SoundHound developer platform, Houndify, is an open-access platform that allows developers to leverage SoundHound's Voice AI technology and a library of over 100 content domains, including commonly used domains for points of interest, weather, flight status, sports and more.

Owner earnings 2021–2025 ($67M)($95M)($69M)($110M)($99M)

Retained capital not read

Balance sheet Net cash, +$164M

SOUNW SoundHound AI Inc.

SoundHound developer platform, Houndify, is an open-access platform that allows developers to leverage SoundHound's Voice AI technology and a library of over 100 content domains, including commonly used domains for points of interest, weather, flight status, sports and more.

Owner earnings 2021–2025 ($67M)($95M)($69M)($110M)($99M)

Retained capital not read

Balance sheet Net cash, +$164M

SPB Spectrum Brands Holdings

Spectrum Brands Holdings manufactures, markets and distributes its products globally across regions including the North America, Europe, Middle East & Africa, Latin America and Asia-Pacific regions through a variety of trade channels, including retailers, wholesalers and distributors.

Owner earnings 2016–2025 $852M$758M$267M($39M)$246M$245M($118M)($469M)$119M$165M

Retained capital Retained $1.3B of earnings over 2016–2025; annual owner earnings fell $688M, $-0.53 per $1 retained.

Balance sheet Heavy net debt, $5.7B · buybacks at an average near $60.90 · dividend paid 10 of 10 yrs, cut at least once

SPCE Virgin Galactic Holdings Inc.

Virgin Galactic is an aerospace and space travel company, pioneering human-first spaceflight for private individuals, researchers, and government agencies with its advanced and highly re-useable spaceships and high-altitude carrier aircraft.

Owner earnings 2017–2025 ($142M)($152M)($216M)($243M)($235M)($391M)($462M)($368M)($257M)

Retained capital not read

Balance sheet Net debt against an operating loss, $113M

SPFI South Plains Financial 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 8 of 8 yrs, cut at least once

SPG Simon Property Group

Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code.

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 $7,778 · dividend paid 3 of 10 yrs, never cut

SPGI S&P Global Inc.

S&P Global sells the scorekeeping of finance: credit ratings on bonds and the borrowers that issue them, the stock-market benchmarks that bear its name, and subscriptions to data, analytics and workflow tools for capital, energy and commodity, and automotive markets. Its customers are the bond issuers, banks, investors, asset managers and commodity- and car-market participants who need a trusted number or a place to look it up. It is paid in three main ways — recurring subscriptions to its data and tools, a fee each time a piece of debt is rated, and royalties when a fund or product tracks one of its indices.

Owner earnings 2016–2025 $1.4B$1.9B$2.0B$2.7B$3.5B$3.6B$2.5B$3.6B$5.6B$5.5B

Retained capital Paid out $10.3B more than it earned over 2016–2025; annual owner earnings grew $3.1B.

Balance sheet Modest net debt, $11.3B · buybacks at an average near $202 · dividend paid 10 of 10 yrs, never cut

SPH Suburban Propane Partners L.P.

Suburban Propane Partners L.P. is a nationwide marketer and distributor of a diverse array of products meeting the energy needs of our customers.

Owner earnings 2016–2025 $119M$136M$178M$192M$177M$197M$176M$180M$101M$114M

Retained capital Paid out $440M more than it earned over 2016–2025; annual owner earnings fell $12M.

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

SPHR Sphere Entertainment Co.

Revenue is led by Ticketing and venue license fee revenues (46%) and Media Networks Revenue (36%), with 3 more lines behind.

Owner earnings 2018–2022 $32M($8M)$196M($181M)$17M

Retained capital Paid out $456M more than it earned over 2018–2022; annual owner earnings fell $63M.

Balance sheet Net debt against an operating loss, $309M

SPIR Spire Global Inc.

Spire Global Inc. designs, manufactures, integrates, and operates its own satellites and ground stations to deliver unique end-to-end comprehensive solutions.

Owner earnings 2020–2025 ($20M)($66M)($67M)($54M)($45M)($72M)

Retained capital not read

Balance sheet Net cash, +$77M

SPNT SiriusPoint Ltd.

SiriusPoint is a global specialty underwriter of insurance and reinsurance, headquartered in Bermuda.

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

SPRY ARS Pharmaceuticals Inc.

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

Owner earnings 2021–2025 ($18M)($40M)($59M)$13M($171M)

Retained capital not read

Balance sheet Net cash, +$149M

SPSC SPS Commerce

SPS Commerce is a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers through shared infrastructure built to handle the complexity of modern commerce operations.

Owner earnings 2016–2025 $11M$24M$46M$58M$75M$98M$80M$113M$137M$158M

Retained capital Retained $164M of earnings over 2016–2025; annual owner earnings grew $109M, $0.67 per $1 retained.

Balance sheet Net cash, debt-free, +$151M · buybacks at an average near $112

SPT Sprout Social Inc

For over 15 years, Sprout Social has helped companies command their market on social media.

Owner earnings 2018–2025 ($19M)($15M)($14M)$14M$9M$4M$23M$39M

Retained capital Paid out $350M more than it earned over 2018–2025; annual owner earnings grew $39M.

Balance sheet Net cash, +$55M

SPXC SPX Technologies Inc.

Revenue is led by Package and process cooling equipment and services, and engineered air movement (41%) and Hydronic heating, electrical heating, and ventilation (26%), with 2 more lines behind.

Owner earnings 2016–2025 ($13M)$36M$98M$135M$111M$165M($153M)$185M$248M$241M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $184M, $0.15 per $1 retained.

Balance sheet Heavy net debt, $1.6B · buybacks at an average near $47.67 · no dividend paid

SR Spire

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

Owner earnings 2016–2025 $191M$134M$288M$269M$273M$37M($182M)$185M$634M$280M

Retained capital Retained $714M of earnings over 2016–2025; annual owner earnings grew $162M, $0.23 per $1 retained.

Balance sheet Heavy net debt, $3.9B · dividend paid 10 of 10 yrs, never cut

SRCE 1st Source Corporation

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $44.42 · dividend paid 10 of 10 yrs, never cut

SRE DBA Sempra

Revenue is Gas (58%), Electric (32%) and Energy-related businesses (7%).

Owner earnings 2016–2025 $999M$2.2B$2.0B$1.5B$925M$2.0B($877M)$4.0B$2.5B$2.0B

Retained capital Retained $6.1B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.18 per $1 retained.

Balance sheet Heavy net debt, $28.9B · buybacks at an average near $65.74 · dividend paid 10 of 10 yrs, never cut

SREA Sempra

Revenue is Gas (58%), Electric (32%) and Energy-related businesses (7%).

Owner earnings 2016–2025 $999M$2.2B$2.0B$1.5B$925M$2.0B($877M)$4.0B$2.5B$2.0B

Retained capital Retained $6.1B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.18 per $1 retained.

Balance sheet Heavy net debt, $28.9B · buybacks at an average near $65.74 · dividend paid 10 of 10 yrs, never cut

SRPT Sarepta

We are a commercial-stage biopharmaceutical company focused on helping patients through the discovery and development of unique RNA-targeted therapeutics, siRNA knockdown therapies, gene therapy and other genetic therapeutic modalities for the treatment of rare diseases.

Owner earnings 2016–2025 ($251M)($240M)($401M)($481M)$81M($482M)($356M)($545M)($244M)($250M)

Retained capital not read

Balance sheet Net cash, +$111M

SRTA Strata Critical Medical Inc.

Strata Critical Medical, Inc. is a time-critical logistics and medical services provider to the United States healthcare industry.

Owner earnings 2019–2025 ($11M)($11M)($16M)($38M)($34M)($8M)($59M)

Retained capital not read

Balance sheet Net cash, debt-free, +$31M

SSB SouthState

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 $182 · dividend paid 10 of 10 yrs, never cut

SSD Simpson Manufacturing

Simpson Manufacturing markets its products domestically in North America, primarily in the United States and Canada, serving the residential construction, commercial construction, original equipment manufacturer, component manufacturer and national retail markets.

Owner earnings 2016–2025 $71M$85M$131M$173M$175M$108M$337M$338M$253M$369M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $224M, $0.21 per $1 retained.

Balance sheet Net cash, +$69M · buybacks at an average near $108 · dividend paid 10 of 10 yrs, never cut

SSII SS Innovations International Inc.

We are a commercial-stage surgical robotics company focused on transforming patient lives by democratizing access to advanced surgical robotics technologies.

Owner earnings 2022–2025 ($6M)($16M)($10M)($20M)

Retained capital not read

Balance sheet Net cash, +$2M

SSNC SS&C Technologies

We provide the global financial services industry with a broad range of software-enabled services, which consist of software-enabled outsourcing services and subscription-based on-demand cloud solutions which are managed and hosted at our facilities, and specialized software products, which are deployed at our clients' facilities.

Owner earnings 2016–2025 $391M$436M$607M$1.3B$1.1B$1.4B$1.1B$1.2B$1.3B$1.7B

Retained capital Retained $228M of earnings over 2016–2025; annual owner earnings grew $905M.

Balance sheet Heavy net debt, $7.0B · dividend paid 10 of 10 yrs, never cut

SSRM SSR Mining Inc.

Revenue is led by Gold (71%) and Silver (24%), with 2 more lines behind.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 3 of 7 yrs, cut at least once

SSTK Shutterstock Inc.

Shutterstock Inc. is a leading global creative platform connecting brands and businesses to high quality content.

Owner earnings 2016–2025 $81M$73M$67M$77M$139M$188M$115M$96M($15M)$124M

Retained capital Paid out $22M more than it earned over 2016–2025; annual owner earnings fell $5M.

Balance sheet Modest net debt, $97M · dividend paid 7 of 10 yrs, cut at least once

ST Sensata Technologies Holding plc

We are a global industrial technology company that strives to help our customers and partners safely deliver a cleaner, more efficient, electrified, and connected world.

Owner earnings 2016–2025 $391M$413M$461M$458M$453M$410M$311M$272M$393M$490M

Retained capital Retained $879M of earnings over 2016–2025; annual owner earnings fell $37M, $-0.04 per $1 retained.

Balance sheet Heavy net debt, $2.3B · buybacks at an average near $52.76 · dividend paid 4 of 10 yrs, never cut

STAA STAAR Surgical Company

STAAR Surgical Company designs, develops, manufactures, and sells implantable lenses for the eye and accessory delivery systems used to deliver the lenses into the eye.

Owner earnings 2016–2025 ($2M)$2M$11M$22M$18M$40M$31M$9M$9M($40M)

Retained capital Paid out $8M more than it earned over 2016–2025; annual owner earnings fell $11M.

Balance sheet Net cash, +$183M · buybacks at an average near $17.20

STAG STAG Industrial

We are a REIT focused on the acquisition, ownership, development, and operation of industrial properties 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

STBA S&T 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 $33.78 · dividend paid 10 of 10 yrs, never cut

STC Stewart Information Services Corporation

Stewart Information Services Corporation is a customer-focused, global title insurance and real estate services company offering products and services through our direct operations, network of approved agencies and other companies within the Stewart family.

Owner earnings 2016–2025 $105M$92M$74M$149M$261M$350M$144M$45M$95M$132M

Retained capital Retained $683M of earnings over 2016–2025; annual owner earnings grew $897K, $0.00 per $1 retained.

Balance sheet Modest net debt, $277M · dividend paid 10 of 10 yrs, never cut

STE Steris

STERIS is a leading global provider of products and services that support patient care with an emphasis on infection prevention.

Owner earnings 2017–2026 $251M$292M$350M$376M$450M$397M$395M$613M$778M$972M

Retained capital Retained $928M of earnings over 2017–2026; annual owner earnings grew $490M, $0.53 per $1 retained.

Balance sheet Modest net debt, $1.5B · buybacks at an average near $188 · dividend paid 10 of 10 yrs, never cut

STEL Stellar Bancorp Inc.

Stellar Bancorp Inc. is a leading provider of customized commercial banking services to small- and medium-sized businesses in our market by providing superior customer service and by leveraging the strength and capabilities of local 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 · buybacks at an average near $17.44 · dividend paid 8 of 8 yrs, never cut

STEP StepStone Group

We are a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our clients.

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 8 yrs, never cut

STGW Stagwell Inc.

Stagwell Inc. is the global challenger network transforming marketing through artificial intelligence.

Owner earnings 2016–2025 ($75M)$39M($3M)$68M$133M$192M$325M$67M$124M$247M

Retained capital Paid out $388M more than it earned over 2016–2025; annual owner earnings grew $159M.

Balance sheet Heavy net debt, $1.2B · buybacks at an average near $9.76 · dividend paid 4 of 10 yrs, cut at least once

STLD Steel Dynamics Inc.

Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico.

Owner earnings 2016–2025 $655M$574M$1.2B$1.1B$661M$1.9B$4.1B$3.1B$1.4B$898M

Retained capital Retained $6.1B of earnings over 2016–2025; annual owner earnings grew $980M, $0.16 per $1 retained.

Balance sheet Meaningful net debt, $3.4B · buybacks at an average near $72.25 · dividend paid 10 of 10 yrs, never cut

STOK Stoke Therapeutics Inc.

We are a late-stage clinical company dedicated to addressing the underlying causes of severe diseases by upregulating protein expression with RNA-based medicines.

Owner earnings 2022–2025 ($33M)($83M)($87M)$45M

Retained capital not read

Balance sheet Net cash, debt-free, +$84M

STRA Strategic Education Inc.

Revenue is U.S. Higher Education (68%), Australia / New Zealand (20%) and Education Technology Services (12%).

Owner earnings 2016–2025 $31M$38M$19M$163M$96M$131M$83M$80M$129M$154M

Retained capital Paid out $24M more than it earned over 2016–2025; annual owner earnings grew $91M.

Balance sheet Net cash, +$128M · dividend paid 9 of 10 yrs, never cut

STRC Strategy Inc

Strategy is the world's first and largest Bitcoin Treasury Company.

Owner earnings 2016–2025 $108M$74M$4M$51M$50M$91M$725K$10M($56M)($75M)

Retained capital Paid out $6.7B more than it earned over 2016–2025; annual owner earnings fell $103M.

Balance sheet Net debt against an operating loss, $5.9B

STRD Strategy Inc

Strategy is the world's first and largest Bitcoin Treasury Company.

Owner earnings 2016–2025 $108M$74M$4M$51M$50M$91M$725K$10M($56M)($75M)

Retained capital Paid out $6.7B more than it earned over 2016–2025; annual owner earnings fell $103M.

Balance sheet Net debt against an operating loss, $5.9B

STRF Strategy Inc

Strategy is the world's first and largest Bitcoin Treasury Company.

Owner earnings 2016–2025 $108M$74M$4M$51M$50M$91M$725K$10M($56M)($75M)

Retained capital Paid out $6.7B more than it earned over 2016–2025; annual owner earnings fell $103M.

Balance sheet Net debt against an operating loss, $5.9B

STRK Strategy Inc

Strategy is the world's first and largest Bitcoin Treasury Company.

Owner earnings 2016–2025 $108M$74M$4M$51M$50M$91M$725K$10M($56M)($75M)

Retained capital Paid out $6.7B more than it earned over 2016–2025; annual owner earnings fell $103M.

Balance sheet Net debt against an operating loss, $5.9B

STRL Sterling Infrastructure

Sterling Infrastructure operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions and the Pacific Islands.

Owner earnings 2016–2025 $33M$15M$26M$27M$90M$125M$158M$414M$416M$363M

Retained capital Retained $812M of earnings over 2016–2025; annual owner earnings grew $373M, $0.46 per $1 retained.

Balance sheet Net cash, +$100M · buybacks at an average near $167

STRO Sutro Biopharma Inc.

We are a clinical stage oncology company developing site-specific and novel-format antibody drug conjugates, or ADCs, enabled by our proprietary integrated cell-free protein synthesis platform, XpressCF , and our site-specific conjugation platform, XpressCF+ .

Owner earnings 2016–2018 ($18M)($40M)$11M

Retained capital not read

Balance sheet Net cash, +$137M

STRT STRATTEC SECURITY CORPORATION

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2016–2025 ($2M)$12M($8M)$12M$13M$26M($4M)($3M)$2M$65M

Retained capital Retained $52M of earnings over 2016–2025; annual owner earnings grew $20M, $0.39 per $1 retained.

Balance sheet Net cash, +$77M · dividend paid 5 of 10 yrs, cut at least once

STRZ Starz Entertainment Corp.

Starz sells its services on a direct-to-consumer basis and through various distributors, including over-the-top providers and multichannel video programming distributors.

Owner earnings 2017–2025 $533M$341M$384M$584M($36M)($694M)($473M)($152M)($64M)

Retained capital Paid out $3.3B more than it earned over 2017–2025; annual owner earnings fell $649M.

Balance sheet Net debt against an operating loss, $2.7B · dividend paid 2 of 9 yrs, cut at least once

STT State Street Corporation

State Street Corporation is one of the world's leading providers of financial services to institutional investors, including investment servicing, markets and financing solutions 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 · buybacks at an average near $68.64 · dividend paid 10 of 10 yrs, never cut

STTK Shattuck Labs Inc.

We are a clinical-stage biotechnology company pioneering the development of potentially first-in-class monoclonal and bispecific Death Receptor 3 blocking antibodies for the treatment of patients with inflammatory and immune-mediated diseases.

Owner earnings 2019–2025 ($21M)($34M)($65M)($106M)($82M)($61M)($40M)

Retained capital not read

Balance sheet Net cash, debt-free, +$54M

STUB StubHub Holdings Inc.

We operate the largest global secondary ticketing marketplace for live events.

Owner earnings 2023–2025 $306M$260M$191M

Retained capital not read

Balance sheet Net debt against an operating loss, $265M

STWD Starwood Property 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

STX Seagate Technology Holdings PLC

Seagate is a leading provider of mass-capacity data storage, accelerating the world's ability to harness the full value of data.

Owner earnings 2017–2026 $1.5B$1.7B$1.2B$1.1B$1.1B$1.3B$626M$664M$818M$3.1B

Retained capital Paid out $1.0B more than it earned over 2017–2026; annual owner earnings grew $66M.

Balance sheet Modest net debt, $2.6B · buybacks at an average near $56.29 · dividend paid 10 of 10 yrs, never cut

STZ Constellation Brands Inc.

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

Owner earnings 2017–2026 $1.4B$1.6B$1.9B$2.2B$2.5B$2.4B$2.4B$2.4B$2.7B$2.2B

Retained capital Paid out $1.3B more than it earned over 2017–2026; annual owner earnings grew $773M.

Balance sheet Meaningful net debt, $10.2B · dividend paid 10 of 10 yrs

SUI Sun Communities Inc.

We are a fully integrated real estate investment trust.

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 $125 · dividend paid 6 of 10 yrs, never cut

SUN Sunoco LP Common

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

Owner earnings 2016–2025 $147M$126M$344M$287M$378M$386M$375M$385M$205M$615M

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $196M, $0.08 per $1 retained.

Balance sheet Heavy net debt, $12.5B

SUNB Sunbelt Rentals Holdings Inc.

Sunbelt Rentals is the second largest equipment rental business in North America and the largest equipment rental company in the United Kingdom, in each case, by rental revenue.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, $7.6B

SUNC SunocoCorp LLC Common

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

Owner earnings 2023–2025 $385M$205M$615M

Retained capital not read

Balance sheet Heavy net debt, $12.5B

SUPN Supernus Pharmaceuticals Inc.

Supernus Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system diseases.

Owner earnings 2016–2025 $65M$113M$128M$140M$135M$116M$111M$171M$46M

Retained capital Retained $597M of earnings over 2016–2025; annual owner earnings grew $7M, $0.01 per $1 retained.

Balance sheet Net cash, +$105M

SVC Service Properties Trust

We are a REIT formed in 1995 under the laws of the State of 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 $16.28 · dividend paid 10 of 10 yrs, cut at least once

SVCO Silvaco Group Inc.

Silvaco Group, Inc. is a provider of technology computer aided design software, electronic data automation software and semiconductor intellectual property.

Owner earnings 2023–2025 $841K($20M)($35M)

Retained capital not read

Balance sheet Net cash, debt-free, +$9M

SVV Savers Value Village Inc.

Savers Value Village Inc. is the largest for-profit thrift operator in the United States and Canada based on number of stores.

Owner earnings 2021–2025 $135M$114M$114M$65M$87M

Retained capital Paid out $211M more than it earned over 2021–2025; annual owner earnings fell $32M.

Balance sheet Heavy net debt, $630M · buybacks at an average near $12.60 · dividend paid 3 of 5 yrs, cut at least once

SW Smurfit WestRock plc

Revenue is North America (58%), Europe, MEA and APAC (35%) and LATAM (7%).

Owner earnings 2022–2025 $869M$979M$17M$1.2B

Retained capital Retained $498M of earnings over 2022–2025; annual owner earnings grew $110M, $0.22 per $1 retained.

Balance sheet Heavy net debt, $12.9B · dividend paid 4 of 4 yrs, never cut

SWBI Smith & Wesson Brands Inc.

We are one of the world's leading manufacturers and designers of firearms.

Owner earnings 2017–2026 $89M$43M$26M$82M$293M$114M($73M)$16M($29M)$90M

Retained capital Retained $266M of earnings over 2017–2026; annual owner earnings fell $27M, $-0.10 per $1 retained.

Balance sheet Heavy net debt, $138M · dividend paid 6 of 10 yrs, never cut

SWIM Latham Group Inc.

We are the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand.

Owner earnings 2019–2025 $27M$47M$9M($7M)$83M$41M$38M

Retained capital Paid out $734M more than it earned over 2019–2025; annual owner earnings grew $26M.

Balance sheet Heavy net debt, $209M · dividend paid 2 of 7 yrs, never cut

SWK Stanley Black & Decker 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 $922M$372M$930M$1.1B$1.7B$289M($1.8B)$853M$753M$688M

Retained capital Retained $405M of earnings over 2016–2025; annual owner earnings grew $23M.

Balance sheet Meaningful net debt, $5.0B · buybacks at an average near $130 · dividend paid 10 of 10 yrs, never cut

SWKS Skyworks Solutions Inc.

We operate worldwide with engineering, manufacturing, sales, and service facilities throughout Asia, Europe, and North America.

Owner earnings 2017–2025 $1.2B$988M$1.1B$815M$1.4B$935M$1.6B$1.7B$1.1B

Retained capital Retained $735M of earnings over 2017–2025; annual owner earnings grew $383M.

Balance sheet Net cash, +$378M · buybacks at an average near $100 · dividend paid 9 of 9 yrs, never cut

SWX Southwest Gas Holdings

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

Owner earnings 2016–2025 $71M($254M)($237M)($438M)($199M)($604M)($452M)($257M)$509M($252M)

Retained capital Retained $415M of earnings over 2016–2025; annual owner earnings grew $140M, $0.34 per $1 retained.

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

SXC SunCoke Energy Inc.

SunCoke Energy Inc. is the largest independent producer of high-quality coke in the Americas, as measured by tons of coke produced each year, and has more than 65 years of coke production experience.

Owner earnings 2016–2025 $155M$73M$86M$72M$84M$135M$133M$140M$96M$42M

Retained capital Retained $46M of earnings over 2016–2025; annual owner earnings fell $12M, $-0.26 per $1 retained.

Balance sheet Net debt against an operating loss, $597M · dividend paid 7 of 10 yrs, never cut

SXI Standex International Corporation

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2018–2026 $41M$41M$26M$62M$54M$67M$72M$41M$64M

Retained capital Retained $313M of earnings over 2018–2026; annual owner earnings grew $23M, $0.07 per $1 retained.

Balance sheet Modest net debt, $343M · buybacks at an average near $179 · dividend paid 9 of 9 yrs, never cut

SXT Sensient Technologies

Sensient Technologies is a leading global manufacturer and marketer of colors, flavors, and other specialty ingredients.

Owner earnings 2016–2025 $137M($20M)$33M$138M$167M$84M($40M)$112M$98M$67M

Retained capital Retained $287M of earnings over 2016–2025; annual owner earnings grew $42M, $0.15 per $1 retained.

Balance sheet Meaningful net debt, $673M · dividend paid 10 of 10 yrs, never cut

SYBT Stock Yards 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

SYF Synchrony Financial

We provide a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which, in our business and in this report, we refer to as our "partners."

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

SYK Stryker Corporation

Stryker sells the hardware of surgery and the hospital floor: orthopaedic implants such as artificial hips and knees, surgical instruments and powered tools, and the beds, stretchers and other equipment that fill an operating room and a ward. Its customers are hospitals, surgeons and surgery centers around the world. It makes its money selling these devices, the disposables that go with them, and the service to keep them running.

Owner earnings 2016–2025 $1.4B$961M$2.0B$1.5B$2.8B$2.7B$2.0B$3.1B$3.5B$4.3B

Retained capital Retained $13.6B of earnings over 2016–2025; annual owner earnings grew $2.2B, $0.16 per $1 retained.

Balance sheet Meaningful net debt, $11.8B · buybacks at an average near $147 · dividend paid 10 of 10 yrs, never cut

SYM Symbotic Inc.

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2020–2024 ($129M)$105M($154M)$221M($79M)

Retained capital Paid out $276M more than it earned over 2020–2024; annual owner earnings grew $56M.

Balance sheet Net cash, debt-free, +$1.2B

SYNA Synaptics

Synaptics designs and delivers AI-enabled edge solutions that bring AI closer to end users and transform how we engage with intelligent connected devices, whether at home, at work or on the move.

Owner earnings 2017–2026 $122M$111M$131M$206M$298M$432M$297M$102M$116M$101M

Retained capital Paid out $717M more than it earned over 2017–2026; annual owner earnings fell $14M.

Balance sheet Net debt against an operating loss, $395M · buybacks at an average near $79.31

SYY Sysco Corporation

Sysco buys food and kitchen supplies from makers and farms, warehouses them, and trucks them to restaurants, schools, hospitals, and cafeterias that cook for others. It is the middleman between the producer and the professional kitchen, earning a thin markup on each case it carries. Most of the money comes from delivering a broad line of products to a long list of customers across many routes, day after day, on its own fleet.

Owner earnings 2017–2025 $1.5B$1.5B$1.7B$898M$1.4B$1.2B$2.1B$2.2B$1.6B

Retained capital Paid out $4.2B more than it earned over 2017–2025; annual owner earnings grew $368M.

Balance sheet Meaningful net debt, $12.2B · dividend paid 9 of 9 yrs, never cut