Volume two · ADRs

Q

4 entries, QFIN to QTEX · entries 3,402–3,405 of 3,828

Foreign filers on US exchanges. Figures as filed, in each company's home currency.

QFIN Qfin Holdings Inc.

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

QGEN Qiagen N.V.

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

Owner earnings 2016–2025 $267M$197M$250M$213M$325M$449M$586M$310M$506M$453M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $185M, $0.13 per $1 retained.

Balance sheet Modest net debt, $556M · dividend paid 1 of 10 yrs, never cut

QH Quhuo Limited American Depository Shares

Revenue is On-demand delivery solution services (92%) and Others (8%).

Owner earnings 2018–2025 CN¥19MCN¥14MCN¥8M(CN¥36M)CN¥70M(CN¥97M)(CN¥16M)(CN¥39M)

Retained capital not read

Balance sheet Net cash, +CN¥96M

QTEX QTREX Quantum Ltd.

We are a specialty medical device company the research, development, manufacturing, and commercialization of proprietary life support technologies.

Owner earnings 2019–2025 ($1M)($2M)($8M)($8M)($10M)($10M)($10M)

Retained capital not read

Balance sheet Net cash, debt-free, +$3M

The same four lines for every company, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The entries carry no ranking and form no score. What an entry cannot carry — understanding of the business, and a price — is yours.