N

NA Nano Labs Ltd

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

Owner earnings 2020–2025 (CN¥4M)CN¥63M(CN¥292M)(CN¥239M)(CN¥176M)(CN¥108M)

Retained capital not read

Balance sheet Meaningful net debt, CN¥143M

NAAS NaaS Technology Inc.

Revenue is led by Charging Services Member (84%) and Energy Solution Member (13%), with 2 more lines behind.

Owner earnings 2015–2023 CN¥129MCN¥206MCN¥300MCN¥315M(CN¥91M)(CN¥81M)(CN¥220M)(CN¥603M)(CN¥574M)

Retained capital not read

Balance sheet Net debt against an operating loss, CN¥367M

NAMM Namib Minerals

We are an established gold producer with an attractive portfolio of three gold mines in Zimbabwe, Africa.

Owner earnings 2023–2025 $12M$15M$7M

Retained capital not read

Balance sheet Modest net debt, $1M

NAT Nordic American Tankers Limited

Revenue is Spot Charter (73%) and Time Charter (27%).

Owner earnings 2016–2025 ($10M)($6M)($21M)$50M$104M($48M)$19M$66M$127M($115M)

Retained capital Paid out $833M more than it earned over 2016–2025; annual owner earnings grew $39M.

Balance sheet Heavy net debt, $378M · dividend paid 10 of 10 yrs, cut at least once

NBTX Nanobiotix S.A.

We are a late-stage clinical biotechnology company focused on re-inventing medicine by building new therapies atom by atom, developing widely applicable, first-in-class, physics-based nanotherapeutics to transform treatment outcomes and expand life for millions of patients.

Owner earnings 2018–2025 (€26M)(€42M)(€28M)(€30M)(€37M)(€13M)(€20M)(€34M)

Retained capital not read

Balance sheet Net cash, debt-free, +€53M

NCEW New Century Logistics (BVI) Limited

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

Owner earnings 2022–2025 $6M($3M)

Retained capital not read

Balance sheet Net cash, debt-free, +$646K

NCI Neo-Concept International Group Holdings Limited

Neo-Concept UK began to sell apparel products in the UK under the brand " les 100 ciels " through its retail stores.

Owner earnings 2021–2025 HK$10M(HK$43M)(HK$50M)(HK$4M)HK$17M

Retained capital not read

Balance sheet Modest net debt, HK$3M

NCTY The9 Limited American Depository Shares

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

NEGG Newegg Commerce Inc.

We have developed a powerful online marketplace that delivers value to consumers, brands and sellers in the technology products sector.

Owner earnings 2016–2025 ($3M)($5M)($4M)($20M)$78M($64M)$11M($17M)($4M)($30M)

Retained capital not read

Balance sheet Net cash, +$106M

NEXA Nexa Resources S.A.

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 $404M$181M$48M($274M)$48M$180M($114M)($54M)$92M$13M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings fell $194M.

Balance sheet Meaningful net debt, $1.1B · dividend paid 10 of 10 yrs, cut at least once

NEXN Nexxen International Ltd.

Nexxen is a global, flexible advertising technology platform with deep expertise in data and advanced TV that provides advertisers, agencies, digital publishers, broadcasters, and others with technology and data solutions to plan, buy, manage, sell, and measure advertising across the digital advertising supply chain.

Owner earnings 2019–2025 $44M$35M$167M$77M$56M$143M$98M

Retained capital Paid out $156M more than it earned over 2019–2025; annual owner earnings grew $17M.

Balance sheet Net cash, debt-free, +$133M

NFGC New Found Gold Corp

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

Owner earnings 2020–2025 (C$13M)(C$49M)(C$75M)(C$100M)(C$56M)(C$56M)

Retained capital not read

Balance sheet Net cash, +C$67M

NGG NATIONAL GRID PLC

Revenue is led by New York (38%) and New England (25%), with 4 more segments behind.

Owner earnings 2016–2025 £3.0B£2.8B£3.2B£2.7B£2.7B£2.4B£3.7B£4.4B£4.9B£4.6B

Retained capital Retained £15.7B of earnings over 2016–2025; annual owner earnings grew £1.6B, £0.10 per £1 retained.

Balance sheet Heavy net debt, £38.2B · dividend paid 10 of 10 yrs, cut at least once

NICE NICE Ltd

Revenue is Cloud (76%), Services (19%) and Products (5%).

Owner earnings 2016–2025 $201M$355M$365M$347M$456M$437M$448M$532M$798M$698M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $369M, $0.35 per $1 retained.

Balance sheet Net cash, debt-free, +$417M · dividend paid 2 of 10 yrs, cut at least once

NIO NIO Inc.

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

Owner earnings 2017–2025 (CN¥4.7B)(CN¥8.4B)(CN¥9.7B)CN¥823MCN¥258M(CN¥6.7B)(CN¥4.8B)(CN¥13.7B)(CN¥3.1B)

Retained capital not read

Balance sheet Net cash, +CN¥21.7B

NIPG NIP Group Inc.

Revenue is PRC and Other Subsidiaries (96%) and Ninjas in Pyjamas (4%).

Owner earnings 2022–2024 ($10M)($5M)($17M)

Retained capital not read

Balance sheet Net cash, +$9M

NIU Niu Technologies

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

Owner earnings 2016–2025 (CN¥128M)CN¥70M(CN¥10M)CN¥239M(CN¥257M)CN¥15M(CN¥67M)CN¥242M

Retained capital Paid out CN¥1.1B more than it earned over 2016–2025; annual owner earnings grew CN¥86M.

Balance sheet Net cash, debt-free, +CN¥987M

NMM Navios Maritime Partners LP Common

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 $46M($19M)$10M$49M$38M$164M$305M$377M$191M$281M

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings grew $271M, $0.14 per $1 retained.

Balance sheet Net debt, $706M · dividend paid 8 of 10 yrs, never cut

NMR Nomura Holdings Inc ADR

Nomura Group will also establish an earning structure not subject to market condition with proper cost control and risk 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

NNNN Anbio Biotechnology

Anbio collaborates with third-party laboratories to develop in vitro diagnostic products tailored for laboratory, point-of-care testing, and over-the-counter markets.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$12M

NNOX NANO-X IMAGING LTD

Revenue is Radiology Services (89%), AI Solutions (7%) and Nanox ARC (4%).

Owner earnings 2018–2025 ($4M)($6M)($22M)($39M)($44M)($46M)($38M)($42M)

Retained capital not read

Balance sheet Net cash, +$61M

NOA North American Construction Group Ltd.

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

Owner earnings 2016–2025 C$13M(C$4M)C$51MC$48MC$70MC$53MC$58MC$147MC$56MC$47M

Retained capital Retained C$171M of earnings over 2016–2025; annual owner earnings grew C$63M, C$0.37 per C$1 retained.

Balance sheet Meaningful net debt, C$279M · dividend paid 10 of 10 yrs, cut at least once

NOAH Noah Holdings Limited

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 3 of 10 yrs, cut at least once

NOK Nokia Corporation Sponsored

Revenue is led by Network Infrastructure (40%) and Mobile Networks (39%), with 2 more segments behind.

Owner earnings 2016–2025 (€1.9B)€1.2B(€312M)(€300M)€1.3B€2.1B€873M€665M€2.0B€1.5B

Retained capital Paid out €6.3B more than it earned over 2016–2025; annual owner earnings grew €1.7B.

Balance sheet Net cash, +€4.1B · dividend paid 10 of 10 yrs, cut at least once

NOMD Nomad Foods Limited

Nomad Foods Limited market leader with solid European platform and strong acquisition opportunities.

Owner earnings 2016–2025 €244M€151M€280M€307M€449M€298M€295M€423M€427M€321M

Retained capital Retained €154M of earnings over 2016–2025; annual owner earnings grew €165M.

Balance sheet Heavy net debt, €2.0B · dividend paid 2 of 10 yrs, never cut

NPT Texxon Holding Limited

We are exposed to the risk of changes in market interest rates relating primarily to our short-term and long-term borrowings.

Owner earnings 2023–2025 ($14M)($31M)$2M

Retained capital not read

Balance sheet Net debt against an operating loss, $50M

NTB The Bank of N.T. Butterfield & Son Limited

We are a full service bank and wealth manager headquartered in Hamilton, 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

NTES NetEase Inc.

Revenue is led by Games and related value-added services (82%) and NetEase Cloud Music (7%), with 2 more segments behind.

Owner earnings 2016–2025 CN¥15.2BCN¥11.1BCN¥11.2BCN¥16.0BCN¥23.8BCN¥23.3BCN¥25.6BCN¥33.0BCN¥38.4BCN¥49.7B

Retained capital Retained CN¥119.7B of earnings over 2016–2025; annual owner earnings grew CN¥27.9B, CN¥0.23 per CN¥1 retained.

Balance sheet Net cash, +CN¥69.5B · dividend paid 10 of 10 yrs, cut at least once

NTR Nutrien Ltd.

We are a leading global provider of crop inputs and services.

Owner earnings 2017–2025 $824M$647M$1.9B$1.9B$2.1B$5.9B$2.7B$1.5B$2.1B

Retained capital Retained $573M of earnings over 2017–2025; annual owner earnings grew $959M.

Balance sheet Meaningful net debt, $9.5B · dividend paid 9 of 9 yrs, never cut

NU Nu Holdings Ltd.

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

NVGS NAVIGATOR HOLDINGS LTD.

Revenue is Time charters (61%) and Voyage charters (30%).

Owner earnings 2016–2025 $85M$74M$77M$49M$85M$45M$211M$117M

Retained capital Retained $333M of earnings over 2016–2025; annual owner earnings grew $46M, $0.14 per $1 retained.

Balance sheet Meaningful net debt, $493M · dividend paid 3 of 8 yrs, never cut

NVMI Nova Ltd.

Nova is a leading innovator and key provider of metrology solutions for advanced process control used in semiconductor manufacturing.

Owner earnings 2016–2025 ($7M)$58M$33M$35M$54M$127M$111M$113M$224M$232M

Retained capital Retained $894M of earnings over 2016–2025; annual owner earnings grew $162M, $0.18 per $1 retained.

Balance sheet Net cash, debt-free, +$436M

NVO Novo Nordisk A/S

Novo Nordisk makes and sells prescription medicines for diabetes and obesity, the two conditions its business has been built around since it began making insulin. Its patients and their prescribing doctors take the drug, but the bills are settled by payers who negotiate the price down through rebates. It earns its keep by turning patented medicine into something that costs little to manufacture relative to what those payers reimburse.

Owner earnings 2019–2025 DKK 41.1BDKK 46.1BDKK 48.7BDKK 72.3BDKK 101.6BDKK 112.4BDKK 104.4B

Retained capital Retained DKK 130.2B of earnings over 2019–2025; annual owner earnings grew DKK 60.9B, DKK 0.47 per DKK 1 retained.

Balance sheet Modest net debt, DKK 104.5B · dividend paid 7 of 7 yrs, never cut

NVS Novartis AG

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

Owner earnings 2016–2025 $9.6B$11.3B$13.0B$12.2B$12.4B$14.0B$13.3B$13.4B$16.3B$17.6B

Retained capital Paid out $9.5B more than it earned over 2016–2025; annual owner earnings grew $4.4B.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, never cut

NVX NOVONIX Ltd

NOVONIX Overview NOVONIX Limited is a leading battery technology company developing and scaling advanced materials and equipment critical to the lithium-ion battery supply chain.

Owner earnings 2020–2025 ($5M)($7M)($33M)($41M)($45M)($47M)

Retained capital not read

Balance sheet Modest net debt, $14M

NWG NatWest Group plc

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

NYAX Nayax Ltd.

Nayax is a global commerce enablement, payments and loyalty platform designed to help merchants scale their business, improve their revenue potential, and enhance their operational efficiency.

Owner earnings 2020–2025 $5M($15M)($29M)$8M$40M$35M

Retained capital Paid out $54M more than it earned over 2020–2025; annual owner earnings grew $41M.

Balance sheet Net cash, +$5M