W

W Wayfair

Revenue is U.S. (88%) and International (12%).

Owner earnings 2016–2025 $7M($67M)($39M)($389M)$1.2B$309M($860M)$201M$244M$464M

Retained capital Paid out $5.5B more than it earned over 2016–2025; annual owner earnings grew $336M.

Balance sheet Heavy net debt, $1.7B · no dividend paid

WAB Wabtec

Wabtec is a global provider of value-added, technology-based locomotives, equipment, systems and services for the freight rail and passenger transit industries, and the mining, marine, and industrial markets and applications.

Owner earnings 2016–2025 $400M$99M$221M$830M$648M$943M$889M$1.0B$1.6B$1.5B

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.58 per $1 retained.

Balance sheet Meaningful net debt, $4.8B · dividend paid 10 of 10 yrs, never cut

WABC Westamerica Bancorporation

Westamerica Bancorporation provides a full range of banking services to individual and commercial customers in Northern and Central California through its subsidiary bank, Westamerica 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, never cut

WAFD Wafd, Inc.

WaFd Bank is engaged primarily in providing lending, depository, insurance and other banking services to consumers, small, mid-sized and large businesses, and owners and developers of commercial real estate.

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 $30.71 · dividend paid 10 of 10 yrs, cut at least once

WAFDP WaFd Inc.

WaFd Bank is engaged primarily in providing lending, depository, insurance and other banking services to consumers, small, mid-sized and large businesses, and owners and developers of commercial real estate.

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 $30.71 · dividend paid 10 of 10 yrs, cut at least once

WAL Western Alliance Bancorporation

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

WASH Washington Trust Bancorp Inc.

Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking, and wealth management and trust services, through its offices located in Rhode Island, Connecticut, and 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 · buybacks at an average near $43.26 · dividend paid 10 of 10 yrs, never cut

WAT Waters Corporation

Waters Corporation, a global leader in analytical instruments and software, has pioneered innovations in chromatography, mass spectrometry and thermal analysis serving life, materials and food sciences for more than 65 years.

Owner earnings 2023–2025 $518M$675M$564M

Retained capital not read

Balance sheet Modest net debt, $820M

WAY Waystar Holding Corp.

Waystar provides healthcare organizations with mission-critical AI-powered software that simplifies healthcare payments for providers across the continuum of care.

Owner earnings 2022–2025 $85M$30M$143M$283M

Retained capital Paid out $14M more than it earned over 2022–2025; annual owner earnings grew $66M.

Balance sheet Heavy net debt, $1.4B

WBD Warner Bros. Discovery, Inc.

Warner Bros. Discovery is a media company that makes movies and television shows and delivers them to viewers. It earns money in a few ways: fees that cable and satellite carriers pay to carry its networks, subscriptions and advertising from its streaming service, and the licensing and theatrical sale of the content its studios produce. The largest share comes from distribution — being paid to deliver channels and streams — with the rest from selling the content itself.

Owner earnings 2016–2025 $1.3B$1.5B$2.4B$3.1B$2.3B$2.4B$3.3B$6.2B$4.4B$3.1B

Retained capital Paid out $17.3B more than it earned over 2016–2025; annual owner earnings grew $2.8B.

Balance sheet Heavy net debt, $28.1B

WBI Waterbridge Infrastructure LLC

WaterBridge is a holding company, the principal asset of which is units representing limited liability company interests in OpCo.

Owner earnings 2023–2025 $37K($4M)$19M

Retained capital not read

Balance sheet Heavy net debt, $1.4B

WBS Webster 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 $49.48 · dividend paid 10 of 10 yrs, never cut

WBTN WEBTOON Entertainment Inc.

WEBTOON is a global storytelling platform where a vibrant community of creators and users discover, create and share new content.

Owner earnings 2022–2025 ($143M)$5M$15M$4M

Retained capital not read

Balance sheet Net cash, debt-free, +$582M

WCC WESCO Intl

Wesco provides innovative solutions to meet customer needs across commercial and industrial businesses, technology companies, telecommunications providers, and utilities.

Owner earnings 2016–2025 $282M$128M$261M$180M$487M$12M($88M)$401M$1.0B$25M

Retained capital Retained $3.0B of earnings over 2016–2025; annual owner earnings grew $254M, $0.08 per $1 retained.

Balance sheet Heavy net debt, $5.2B · buybacks at an average near $53.93 · dividend paid 4 of 10 yrs, cut at least once

WCN Waste Connections Inc.

Waste Connections, Inc. is the third largest solid waste services company in North America, providing non-hazardous waste collection, transfer and disposal services, including by rail, along with resource recovery primarily through recycling and renewable fuels generation, in 46 states in the U.S. and six provinces in Canada.

Owner earnings 2016–2025 $451M$708M$865M$906M$811M$954M$1.1B$1.2B$1.2B$1.2B

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings grew $526M, $0.21 per $1 retained.

Balance sheet Heavy net debt, $8.8B · buybacks at an average near $127 · dividend paid 10 of 10 yrs, never cut

WD Walker & Dunlop

We are a leading commercial real estate services, finance, and technology company in the United States.

Owner earnings 2016–2025 $757M$1.1B$59M$423M($1.4B)$861M$1.6B($17M)$116M($680M)

Retained capital Retained $836M of earnings over 2016–2025; annual owner earnings fell $820M, $-0.98 per $1 retained.

Balance sheet Heavy net debt, $1.1B · dividend paid 8 of 10 yrs, never cut

WDAY Workday Inc.

Workday is the enterprise AI platform for managing people, money, and agents.

Owner earnings 2017–2026 $259M$324M$460M$1.4B$1.9B$2.2B$2.8B

Retained capital Paid out $3.0B more than it earned over 2017–2026; annual owner earnings grew $1.9B.

Balance sheet Net cash, +$2.5B

WDC Western Digital Corporation

We are a leading developer, manufacturer, and provider of data storage devices and solutions based on hard disk drive technology.

Owner earnings 2017–2026 $2.9B$3.4B$671M$177M$752M$758M($1.2B)($781M)$1.3B$3.5B

Retained capital Retained $5.2B of earnings over 2017–2026; annual owner earnings fell $964M, $-0.18 per $1 retained.

Balance sheet Meaningful net debt, $11.8B · buybacks at an average near $135 · dividend paid 6 of 10 yrs, cut at least once

WDFC WD-40 Co.

Revenue is Americas (47%), EIMEA (38%) and Asia-Pacific (15%).

Owner earnings 2016–2025 $61M$49M$57M$55M$65M$78M($6M)$92M$88M$83M

Retained capital Retained $88M of earnings over 2016–2025; annual owner earnings grew $32M, $0.36 per $1 retained.

Balance sheet Modest net debt, $76M · buybacks at an average near $215 · dividend paid 10 of 10 yrs, never cut

WEAV Weave Communications Inc.

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

Owner earnings 2019–2025 ($25M)($18M)($28M)($15M)$9M$12M$15M

Retained capital not read

Balance sheet Net cash, +$45M

WEC WEC Energy Group Inc.

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

Owner earnings 2016–2025 $1.3B$1.3B$1.6B$1.4B$1.2B$958M$938M$1.8B$1.9B$1.9B

Retained capital Retained $3.6B of earnings over 2016–2025; annual owner earnings grew $431M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $20.0B · buybacks at an average near $75.78 · dividend paid 10 of 10 yrs, never cut

WELL Welltower Inc.

Our properties include stand-alone properties that provide one level of service, combination properties that provide multiple levels of service and communities or campuses that provide a wide range of services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

WEN Wendy's

Wendy's is the second largest quick-service restaurant company in the hamburger sandwich segment in the United States based on traffic and dollar share, and the third largest globally with 7,397 restaurants in the U.S. and 38 foreign countries and U.S. territories as of December 28, 2025.

Owner earnings 2016–2025 $44M$157M$154M$214M$215M$268M$174M$260M$261M$243M

Retained capital Paid out $940M more than it earned over 2016–2025; annual owner earnings grew $136M.

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

WERN Werner Enterprises

Revenue is TTS (69%) and Werner Logistics (29%).

Owner earnings 2016–2025 $100M$65M$188M$177M$183M$67M$175M$185M$49M($69M)

Retained capital Retained $375M of earnings over 2016–2025; annual owner earnings fell $62M, $-0.17 per $1 retained.

Balance sheet Heavy net debt, $692M · buybacks at an average near $36.93 · dividend paid 10 of 10 yrs, cut at least once

WES Western Midstream Partners LP Common

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

Owner earnings 2016–2025 $640M$724M$959M$841M$1.2B$1.5B$1.2B$926M$1.5B$1.5B

Retained capital Paid out $208M more than it earned over 2016–2025; annual owner earnings grew $528M.

Balance sheet Heavy net debt, $7.8B · dividend paid 10 of 10 yrs, cut at least once

WEST Westrock Coffee Company

We provide products in a variety of packaging, including branded and private label coffee in bags, fractional packs, single serve cups, multi-serve bottles and ready-to-drink bottles and cans, as well as extract solutions to be used in products such as cold brew and RTD offerings.

Owner earnings 2020–2025 ($33M)($22M)($81M)($91M)($48M)($75M)

Retained capital not read

Balance sheet Net debt against an operating loss, $477M

WEX WEX Inc.

WEX is a global commerce platform that provides seamlessly embedded, personalized payments solutions across three business segments: Mobility, Benefits, and Corporate Payments.

Owner earnings 2016–2025 ($203M)$56M$313M$560M$656M($129M)$567M$764M$334M$314M

Retained capital Paid out $594M more than it earned over 2016–2025; annual owner earnings grew $415M.

Balance sheet Net cash, +$1.7B · buybacks at an average near $163

WEYS Weyco Group Inc.

Weyco Group, Inc. designs, markets, and distributes quality and innovative footwear principally for men, but also for women and children, under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, and BOGS.

Owner earnings 2017–2025 $32M$12M$2M$37M$5M($32M)$95M$36M$36M

Retained capital Retained $50M of earnings over 2017–2025; annual owner earnings grew $41M, $0.82 per $1 retained.

Balance sheet Net cash, debt-free, +$96M · buybacks at an average near $27.06 · dividend paid 9 of 9 yrs, cut at least once

WFC Wells Fargo & Co.

Wells Fargo is a large American bank. It takes deposits from households and businesses and lends the money back out — home, auto, personal, credit-card, and small-business loans on the consumer side, and larger loans and banking services to companies on the wholesale side — earning the spread between what it pays depositors and what it charges borrowers. It also manages money for wealthier clients and collects fees across the franchise; the consumer bank is the largest piece, ahead of the wholesale bank and wealth 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

WFRD Weatherford International plc

Weatherford International plc is a leading global energy services company providing equipment and services used in the drilling, evaluation, well construction, completion, production, intervention, and responsible abandonment of wells in the oil and natural gas exploration and production industry as well as new energy platforms.

Owner earnings 2016–2025 ($508M)($613M)($428M)$56M$237M$217M$623M$493M$450M

Retained capital Paid out $10.3B more than it earned over 2016–2025; annual owner earnings grew $1.0B.

Balance sheet Modest net debt, $914M · dividend paid 2 of 9 yrs, never cut

WGO Winnebago Industries

Winnebago Industries, Inc. is a leading North American manufacturer of outdoor lifestyle products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities.

Owner earnings 2016–2025 $47M$83M$64M$110M$238M$205M$347M$248M$99M$90M

Retained capital Retained $640M of earnings over 2016–2025; annual owner earnings grew $81M, $0.13 per $1 retained.

Balance sheet Heavy net debt, $367M · dividend paid 10 of 10 yrs, never cut

WGS GeneDx Holdings Corp.

GeneDx combines clinical expertise, advanced technology, and the proprietary GeneDx Infinity dataset to power the ExomeDx and GenomeDx tests ranked #1 by expert geneticists and granted FDA Breakthrough Device Designation enabling clinicians to deliver precise, fast, and actionable diagnoses.

Owner earnings 2019–2025 ($25M)($105M)($200M)($326M)($185M)($34M)$24M

Retained capital not read

Balance sheet Net cash, +$119M

WH Wyndham Hotels & Resorts

Wyndham Hotels & Resorts is the world's largest hotel franchising company by number of franchised properties, with over 8,300 affiliated hotels and approximately 869,000 rooms located in approximately 100 countries and welcoming approximately 138 million guests annually worldwide.

Owner earnings 2016–2025 $222M$232M$158M$50M$34M$389M$360M$339M$241M$321M

Retained capital Paid out $777M more than it earned over 2016–2025; annual owner earnings grew $96M.

Balance sheet Heavy net debt, $2.5B · buybacks at an average near $70.81 · dividend paid 8 of 10 yrs, cut at least once

WHD Cactus

Cactus Inc. is a holding company whose only material assets are CC Units, which Cactus Inc. holds both directly and indirectly.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$121M

WHR Whirlpool

Whirlpool manufactures products in four countries and markets products in nearly every country around the world.

Owner earnings 2016–2025 $543M$580M$639M$698M$1.1B$1.7B$820M$366M$384M$81M

Retained capital Paid out $4.0B more than it earned over 2016–2025; annual owner earnings fell $310M.

Balance sheet Heavy net debt, $5.5B · dividend paid 10 of 10 yrs, cut at least once

WINA Winmark Corporation

Winmark the Resale Company, is a nationally recognized franchisor focused on sustainability and small business formation.

Owner earnings 2016–2025 $26M$25M$35M$50M$43M$48M$44M$44M$42M$45M

Retained capital Paid out $89M more than it earned over 2016–2025; annual owner earnings grew $15M.

Balance sheet Modest net debt, $37M · dividend paid 10 of 10 yrs, cut at least once

WING Wingstop

Wingstop is the largest fast casual chicken wings-focused restaurant chain in the world, with more than 3,050 locations worldwide.

Owner earnings 2016–2025 $20M$25M$35M$33M$59M$41M$65M$108M$138M$128M

Retained capital Paid out $811M more than it earned over 2016–2025; annual owner earnings grew $98M.

Balance sheet Heavy net debt, $1.0B · buybacks at an average near $256 · dividend paid 10 of 10 yrs, cut at least once

WK Workiva

Workiva is a leading, AI-powered platform for trust, transparency, and accountability.

Owner earnings 2016–2025 ($12M)$4M$5M$28M$31M$46M$8M$69M$86M$138M

Retained capital Paid out $643M more than it earned over 2016–2025; annual owner earnings grew $99M.

Balance sheet Net debt against an operating loss, $357M

WKC World Kinect

World Kinect is a fuel middleman. It buys petroleum products and resells them to the commercial operators that burn them, and wraps each sale in services such as supply logistics, credit, and payment handling. Almost all of what it books as revenue is fuel passing through; the company keeps only a thin margin on the spread plus fees for those services.

Owner earnings 2016–2025 $15M($188M)($255M)$148M$553M$134M$60M$184M$192M$227M

Retained capital Paid out $804M more than it earned over 2016–2025; annual owner earnings grew $344M.

Balance sheet Net debt against an operating loss, $694M · buybacks at an average near $33.83 · dividend paid 10 of 10 yrs, never cut

WLDN Willdan Group Inc.

Willdan Group Inc. is a provider of professional, technical and consulting services to utilities, private industry, and public agencies at all levels of government.

Owner earnings 2016–2025 $20M$9M$5M$5M$42M$1M($169K)$29M$64M$71M

Retained capital Retained $90M of earnings over 2016–2025; annual owner earnings grew $43M, $0.48 per $1 retained.

Balance sheet Modest net debt, $35M

WLFC Willis Lease Finance Corporation

Willis Lease Finance Corporation with its subsidiaries is a leading lessor and servicer of commercial aircraft and aircraft engines.

Owner earnings 2016–2025 $91M$126M$185M$224M$90M$88M$138M$225M$269M$252M

Retained capital Retained $369M of earnings over 2016–2025; annual owner earnings grew $114M, $0.31 per $1 retained.

Balance sheet Heavy net debt, $2.7B · dividend paid 2 of 10 yrs, cut at least once

WLK Westlake

Westlake Corporation is a vertically integrated global manufacturer and marketer of both housing and infrastructure products and performance and essential materials that are designed to enhance the lives of people every day.

Owner earnings 2016–2025 $489M$951M$707M$514M$772M$1.7B$2.3B$1.3B$306M($530M)

Retained capital Retained $5.1B of earnings over 2016–2025; annual owner earnings fell $356M, $-0.07 per $1 retained.

Balance sheet Net debt against an operating loss, $2.9B · buybacks at an average near $102 · dividend paid 10 of 10 yrs, never cut

WLKP Westlake Chemical Partners LP Common

We are a Delaware limited partnership formed by Westlake in March 2014 to operate, acquire and develop ethylene production facilities and related assets.

Owner earnings 2016–2025 ($12M)$468M$396M$407M$336M$327M$410M$405M$436M$202M

Retained capital Retained $578M of earnings over 2016–2025; annual owner earnings grew $63M, $0.11 per $1 retained.

Balance sheet Net cash, debt-free, +$44M

WLTH Wealthfront Corporation

We are a product-driven technology company that built a financial solutions platform for "digital natives," defined as those born after 1980.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$441M

WLY John Wiley & Sons Inc.

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2017–2026 $210M$268M$174M$200M$283M$250M$196M$132M$141M$209M

Retained capital Paid out $420M more than it earned over 2017–2026; annual owner earnings fell $57M.

Balance sheet Meaningful net debt, $608M · dividend paid 10 of 10 yrs, never cut

WLYB John Wiley & Sons Inc.

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2017–2026 $210M$268M$174M$200M$283M$250M$196M$132M$141M$209M

Retained capital Paid out $420M more than it earned over 2017–2026; annual owner earnings fell $57M.

Balance sheet Meaningful net debt, $608M · dividend paid 10 of 10 yrs, never cut

WM Waste Management Inc.

Waste Management, Inc. is a holding company and all operations are conducted by its subsidiaries.

Owner earnings 2016–2025 $1.7B$1.6B$1.9B$2.1B$1.8B$2.3B$2.5B$2.6B$3.1B$2.8B

Retained capital Retained $2.7B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.42 per $1 retained.

Balance sheet Heavy net debt, $22.7B · buybacks at an average near $113 · dividend paid 10 of 10 yrs, never cut

WMB Williams Companies Inc. (The)

Williams has operations in 11 supply areas that provide natural gas gathering and processing, transmission and storage services; NGL fractionation, transportation, and storage services; and marketing services to approximately 800 customers.

Owner earnings 2016–2025 $2.1B$1.4B$1.6B$1.6B$2.3B$2.7B$2.6B$3.4B$2.4B$3.6B

Retained capital Paid out $4.3B more than it earned over 2016–2025; annual owner earnings grew $1.4B.

Balance sheet Heavy net debt, $28.6B · dividend paid 10 of 10 yrs, cut at least once

WMG Warner Music

We are the direct parent of WMG Holdings Corp.

Owner earnings 2016–2025 $300M$491M$351M$296M$378M$545M$607M$560M$638M$539M

Retained capital Paid out $789M more than it earned over 2016–2025; annual owner earnings grew $198M.

Balance sheet Heavy net debt, $3.5B · buybacks at an average near $33.52 · dividend paid 9 of 10 yrs, cut at least once

WMK Weis Markets Inc.

Weis Markets Inc. is engaged principally in the retail sale of food in Pennsylvania and surrounding states.

Owner earnings 2016–2025 $72M$63M$55M$70M$179M$125M$96M$98M$74M$82M

Retained capital Retained $489M of earnings over 2016–2025; annual owner earnings grew $21M, $0.04 per $1 retained.

Balance sheet Net cash, debt-free, +$214M · dividend paid 10 of 10 yrs, never cut

WMS Advanced Drainage Systems

Our innovative products are used across a broad range of end markets and applications, including residential, non-residential, infrastructure and agriculture applications.

Owner earnings 2017–2026 $58M$95M$108M$239M$373M$126M$541M$534M$369M$569M

Retained capital Retained $743M of earnings over 2017–2026; annual owner earnings grew $404M, $0.54 per $1 retained.

Balance sheet Meaningful net debt, $1.4B · buybacks at an average near $107 · dividend paid 10 of 10 yrs, cut at least once

WMT Walmart Inc.

Walmart runs discount stores and membership warehouse clubs that sell groceries and general merchandise to everyday shoppers, both in its buildings and online. Most of the money comes from its US stores, with the rest split between markets abroad and the Sam's Club warehouses. It buys goods in enormous volume, marks them up little, and keeps a thin slice on each sale across an immense number of transactions.

Owner earnings 2017–2026 $21.1B$18.3B$17.4B$14.6B$25.8B$11.1B$17.9B$23.9B$23.5B$27.4B

Retained capital Retained $10.1B of earnings over 2017–2026; annual owner earnings grew $6.0B.

Balance sheet Modest net debt, $28.1B · buybacks at an average near $38.19 · dividend paid 10 of 10 yrs, never cut

WNC Wabash National Corporation

Revenue is Transportation Solutions (85%) and Parts & Services (15%).

Owner earnings 2016–2025 $158M$118M$78M$109M$104M($57M)$67M$222M$45M($13M)

Retained capital Retained $419M of earnings over 2016–2025; annual owner earnings fell $34M, $-0.08 per $1 retained.

Balance sheet Modest net debt, $519M · dividend paid 9 of 10 yrs, never cut

WNS WNS Holdings

WNS provides both industry-specific and cross-industry solutions for our clients.

Owner earnings 2023–2025 $131M$147M$153M

Retained capital not read

Balance sheet Net cash, +$35M

WOLF Wolfspeed Inc. Common Stock New

Wolfspeed, Inc. is a North Carolina corporation established in 1987, and our headquarters are in Durham, North Carolina.

Owner earnings 2013–2025 $208M$134M$62M$116M($126M)($246M)($266M)($288M)($907M)($964M)

Retained capital not read

Balance sheet Net debt against an operating loss, $12.1B

WOOF Petco Health and Wellness

Petco is a leading pet specialty retailer focused on improving the lives of pets, pet parents, and our own Petco partners.

Owner earnings 2020–2026 ($47M)$109M$186M$152M($10M)$50M$187M

Retained capital Paid out $1.2B more than it earned over 2020–2026; annual owner earnings fell $7M.

Balance sheet Heavy net debt, $1.2B

WOR Worthington

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2017–2026 $267M$205M$113M$241M$192M($24M)$539M$206M$159M$170M

Retained capital Retained $979M of earnings over 2017–2026; annual owner earnings fell $17M, $-0.02 per $1 retained.

Balance sheet Meaningful net debt, $279M · buybacks at an average near $46.97 · dividend paid 10 of 10 yrs, cut at least once

WPC W. P. Carey Inc. REIT

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

WRB W.R. Berkley

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 $18.05 · dividend paid 4 of 4 yrs, never cut

WRBY Warby Parker Inc.

Warby Parker is a mission-driven, lifestyle brand that operates at the intersection of design, technology, healthcare, and social enterprise.

Owner earnings 2019–2025 $7M$13M($54M)($21M)$22M$53M$61M

Retained capital Paid out $480M more than it earned over 2019–2025; annual owner earnings grew $57M.

Balance sheet Net cash, debt-free, +$286M

WRLD World Acceptance Corporation

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

Owner earnings 2017–2026 $213M$209M$238M$274M$220M$266M$286M$260M$250M$255M

Retained capital Paid out $175M more than it earned over 2017–2026; annual owner earnings grew $35M.

Balance sheet Heavy net debt, $581M · buybacks at an average near $120

WS Worthington Steel Inc.

Worthington Steel, Inc. is one of North America's premier value-added metals processors with the ability to provide a diversified range of products and services that span a variety of end markets.

Owner earnings 2022–2026 $3M$270M$96M$100M$80M

Retained capital Retained $469M of earnings over 2022–2026; annual owner earnings fell $31M, $-0.07 per $1 retained.

Balance sheet Net debt against an operating loss, $172M · dividend paid 3 of 5 yrs, never cut

WSBC WesBanco 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

WSBCO WesBanco 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

WSBF Waterstone 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 10 of 10 yrs, cut at least once

WSC WillScot

Our diverse product offering includes modular office complexes, mobile offices, classrooms, blast-resistant modules, clearspan structures, sanitation solutions, portable storage containers, and climate-controlled containers and trailers.

Owner earnings 2016–2025 $56M($6M)$33M$164M$288M$509M$701M$739M$543M$738M

Retained capital Retained $759M of earnings over 2016–2025; annual owner earnings grew $646M, $0.85 per $1 retained.

Balance sheet Heavy net debt, $3.6B · dividend paid 1 of 10 yrs, never cut

WSFS WSFS Financial 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 $43.77 · dividend paid 10 of 10 yrs, never cut

WSM Williams-Sonoma

Revenue is led by Pottery Barn (38%) and West Elm (24%), with 3 more segments behind.

Owner earnings 2017–2026 $327M$310M$396M$421M$1.1B$1.1B$839M$1.5B$1.1B$1.1B

Retained capital Retained $707M of earnings over 2017–2026; annual owner earnings grew $884M.

Balance sheet Net cash, +$720M · buybacks at an average near $65.77 · dividend paid 10 of 10 yrs, never cut

WSO Watsco

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 $262M$289M$153M$318M$518M$324M$536M$526M$743M$535M

Retained capital Retained $824M of earnings over 2016–2025; annual owner earnings grew $367M, $0.45 per $1 retained.

Balance sheet Net cash, +$372M · dividend paid 10 of 10 yrs, never cut

WSR Whitestone REIT

We are a Maryland REIT engaged in owning and operating commercial properties in culturally diverse markets in major metropolitan areas.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

WST West Pharmaceutical

We are a leading global manufacturer in the design and production of technologically advanced, high-quality, integrated containment and delivery systems for injectable drugs and healthcare products.

Owner earnings 2016–2025 $129M$167M$184M$241M$363M$462M$603M$639M$498M$583M

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $414M, $0.27 per $1 retained.

Balance sheet Net cash, +$589M · buybacks at an average near $225 · dividend paid 10 of 10 yrs, never cut

WT WisdomTree Inc.

We are a global financial innovator, offering a diverse suite of ETPs, models and solutions, private market investments and digital asset-related products.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $15.71 · dividend paid 10 of 10 yrs, cut at least once

WTBA West Bancorporation

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

WTFC Wintrust 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 · dividend paid 10 of 10 yrs, never cut

WTFCN Wintrust Financial 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 · dividend paid 10 of 10 yrs, never cut

WTI W&T Offshore Inc.

W&T Offshore Inc. is a publicly held Texas corporation.

Owner earnings 2016–2025 ($70M)$53M$305M$44M$106M$133M$288M$88M($21M)$77M

Retained capital Retained $146M of earnings over 2016–2025; annual owner earnings fell $48M, $-0.33 per $1 retained.

Balance sheet Net debt against an operating loss, $759M · dividend paid 3 of 10 yrs, never cut

WTM White Mountains Insurance Group Ltd.

White Mountains Insurance Group Ltd. is an exempted Bermuda limited liability company whose principal businesses are conducted through its subsidiaries and affiliates.

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

WTRG Essential Utilities

Essential Utilities, Inc. is the holding company for regulated utilities providing water, wastewater, or natural gas services to an estimated 5.5 million people in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, and Kentucky under the Aqua and Peoples brands.

Owner earnings 2016–2025 $263M$245M$222M$593M

Retained capital Retained $476M of earnings over 2016–2025; annual owner earnings grew $110M, $0.23 per $1 retained.

Balance sheet Heavy net debt, $8.1B · buybacks at an average near $33.08 · dividend paid 4 of 4 yrs, never cut

WTS Watts Water Technologies

Revenue is Americas (76%), Europe (18%) and APMEA (6%).

Owner earnings 2016–2025 $102M$127M$134M$165M$185M$154M$196M$281M$326M$356M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $200M, $0.17 per $1 retained.

Balance sheet Net cash, +$103M · buybacks at an average near $139 · dividend paid 10 of 10 yrs, never cut

WTTR Select Water Solutions

Select Water Solutions, Inc. and its consolidated subsidiaries is a leading provider of sustainable water-management solutions to the energy industry in the U.S.

Owner earnings 2016–2025 ($31M)($102M)$67M$94M$85M($56M)($39M)$283M$231M$209M

Retained capital Paid out $424M more than it earned over 2016–2025; annual owner earnings grew $263M.

Balance sheet Heavy net debt, $298M · dividend paid 4 of 10 yrs

WTW Willis Towers Watson PLC

Revenue is HWC (55%) and R&B (43%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 6 of 6 yrs, never cut

WU Western Union

Western Union Company is a leader in cross-border, cross-currency money movement, payments, and digital financial services, empowering consumers, businesses, financial institutions, and governments with fast, reliable, and convenient ways to send money and make payments around the world.

Owner earnings 2016–2025 $973M$673M$685M$867M$841M$1.0B$550M$760M$369M$505M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings fell $232M.

Balance sheet Meaningful net debt, $2.4B · dividend paid 10 of 10 yrs, never cut

WULF TeraWulf Inc.

We are a vertically integrated owner, developer, and operator of large-scale digital infrastructure in the United States, purpose-built to support high-performance computing workloads, including artificial intelligence, machine learning, and advanced cloud applications.

Owner earnings 2017–2025 ($25K)$682K($955K)($549K)($35M)$1M($30M)($130M)

Retained capital not read

Balance sheet Net cash, +$168M

WVE Wave Life Sciences Ltd.

We are a clinical-stage biotechnology company focused on unlocking the broad potential of ribonucleic acid medicines, or those targeting RNA, to transform human health.

Owner earnings 2016–2025 ($33M)($86M)($28M)($192M)($117M)($90M)($129M)($21M)($152M)($188M)

Retained capital not read

Balance sheet Net cash, debt-free, +$602M

WWD Woodward

We are an independent designer, manufacturer, and services provider of control solutions for the aerospace and industrial markets.

Owner earnings 2016–2025 $366M$215M$172M$292M$302M$427M$141M$232M$343M$340M

Retained capital Retained $537M of earnings over 2016–2025; annual owner earnings grew $54M, $0.10 per $1 retained.

Balance sheet Modest net debt, $252M · dividend paid 10 of 10 yrs, never cut

WWW Wolverine World Wide

Revenue is Active Group (75%), Work Group (23%) and Other Operating (2%).

Owner earnings 2016–2025 $241M$170M$76M$188M$299M$69M($215M)$107M$160M$126M

Retained capital Paid out $799M more than it earned over 2016–2025; annual owner earnings fell $31M.

Balance sheet Heavy net debt, $894M · buybacks at an average near $30.26 · dividend paid 10 of 10 yrs, never cut

WY Weyerhaeuser

We manufacture and distribute high-quality wood products, including structural lumber, oriented strand board, engineered wood products and other specialty products.

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 $30.48 · dividend paid 10 of 10 yrs, cut at least once

WYFI WhiteFiber Inc.

We are a leading provider of artificial intelligence infrastructure solutions.

Owner earnings 2024–2025 $2M$22M

Retained capital not read

Balance sheet Net cash, +$114M

WYNN Wynn Resorts Limited

Wynn Resorts, Limited is a preeminent designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on our guests, our people, and our community.

Owner earnings 2016–2025 $566M$1.3B$411M$276M($1.4B)($513M)($371M)$805M$1.0B$692M

Retained capital Paid out $3.8B more than it earned over 2016–2025; annual owner earnings grew $68M.

Balance sheet Heavy net debt, $9.1B · buybacks at an average near $158 · dividend paid 10 of 10 yrs, cut at least once