Owner Scorecard


← The Manual

Volume one · United States

C

283 entries, C to CZR · entries 466–748 of 3,828

C Citigroup Inc.

Citigroup is a global bank. It takes deposits and makes loans, issues credit cards to consumers, and serves corporations, governments and institutions with lending, payments, trading and the plumbing that moves money across borders. It earns the spread between what it pays for funds and what it collects on loans and securities, plus fees for handling transactions and arranging deals.

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

CABO Cable One

Cable One is a leading broadband communications provider delivering exceptional service and enabling our customers to thrive and stay connected to what matters most.

Owner earnings 2016–2025 $126M$145M$190M$229M$281M$312M$324M$292M$378M$278M

Retained capital Retained $329M of earnings over 2016–2025; annual owner earnings grew $162M, $0.49 per $1 retained.

Balance sheet Net debt against an operating loss, $3.1B · buybacks at an average near $891 · dividend paid 10 of 10 yrs, cut at least once

CAC Camden National Corporation

We combine local decision-making with scalable products, modern digital capabilities, and deep market knowledge.

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 $42.60 · dividend paid 10 of 10 yrs, never cut

CACC Credit Acceptance Corporation

Credit Acceptance Corporation makes vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers, regardless of their credit history.

Owner earnings 2016–2025 $502M$560M$699M$805M$977M$1.1B$1.2B$1.2B$1.1B$1.1B

Retained capital Retained $253M of earnings over 2016–2025; annual owner earnings grew $543M.

Balance sheet Heavy net debt, $5.1B · buybacks at an average near $443

CACI CACI International Inc.

CACI provides technology that addresses our customers' most challenging needs.

Owner earnings 2016–2025 $222M$238M$280M$507M$446M$519M$671M$324M$434M$481M

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $167M, $0.08 per $1 retained.

Balance sheet Meaningful net debt, $2.8B

CADL Candel Therapeutics Inc.

We are a clinical stage biopharmaceutical company focused on developing off-the-shelf viral immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer.

Owner earnings 2020–2022 ($9M)($22M)($32M)

Retained capital not read

Balance sheet Net cash, +$118M

CAG ConAgra Brands Inc.

Conagra Brands is a branded consumer packaged goods food company that operates in many sectors of the food industry, with a significant focus on the sale of branded, value-added consumer food products, as well as foodservice items and ingredients.

Owner earnings 2017–2026 $928M$703M$772M$1.5B$1.1B$713M$633M$1.6B$1.3B$979M

Retained capital Paid out $2.3B more than it earned over 2017–2026; annual owner earnings grew $502M.

Balance sheet Net debt against an operating loss, $7.0B · dividend paid 10 of 10 yrs, cut at least once

CAH Cardinal Health Inc.

Cardinal Health is a wholesale distributor of pharmaceuticals and medical products. It buys drugs and supplies from manufacturers in bulk and delivers them to the pharmacies, hospitals, and other providers that dispense them, taking a small cut on each item that passes through. It is a middleman of enormous volume: it earns pennies on the dollar but moves a great many dollars.

Owner earnings 2016–2025 $2.5B$797M$2.4B$2.4B$1.6B$2.0B$2.8B$2.4B$3.3B$1.9B

Retained capital Paid out $9.9B more than it earned over 2016–2025; annual owner earnings grew $592M.

Balance sheet Modest net debt, $4.5B · dividend paid 10 of 10 yrs, never cut

CAI Caris Life Sciences Inc.

We develop and commercialize innovative solutions to transform healthcare through the use of comprehensive molecular information and artificial intelligence/machine learning algorithms at scale.

Owner earnings 2023–2025 ($298M)($254M)$67M

Retained capital not read

Balance sheet Net cash, +$420M

CAKE Cheesecake Factory Incorporated (The)

Cheesecake Factory Incorporated is a leader in experiential dining.

Owner earnings 2017–2025 $228M$146M$145M($47M)$146M$49M$125M$192M

Retained capital Paid out $374M more than it earned over 2017–2025; annual owner earnings fell $51M.

Balance sheet Meaningful net debt, $414M · buybacks at an average near $53.07 · dividend paid 8 of 8 yrs, cut at least once

CAL Caleres

We employ our "One Caleres" capabilities design, sourcing, speed and marketing, working in unison to accelerate growth.

Owner earnings 2017–2026 $133M$147M$67M$126M$110M$150M$70M$156M$55M$55M

Retained capital Paid out $44M more than it earned over 2017–2026; annual owner earnings fell $27M.

Balance sheet Heavy net debt, $503M · dividend paid 10 of 10 yrs, never cut

CALM Cal-Maine Foods

We are the largest producer and distributor of shell eggs in the United States.

Owner earnings 2017–2025 ($95M)$181M$47M$16M($33M)$54M$791M$371M$1.1B

Retained capital Retained $1.8B of earnings over 2017–2025; annual owner earnings grew $720M, $0.40 per $1 retained.

Balance sheet Net cash, +$653M · dividend paid 6 of 9 yrs, cut at least once

CALX Calix

Calix Customer Success guides service providers through every stage of their transformation journey with expertise across technology, business and market insights.

Owner earnings 2016–2025 $15M($71M)($7M)($6M)$44M$46M$13M$38M$50M$116M

Retained capital Paid out $21M more than it earned over 2016–2025; annual owner earnings grew $89M.

Balance sheet Net cash, debt-free, +$143M · buybacks at an average near $38.14

CALY Callaway Golf Company

We sell our Golf Equipment and Apparel, Gear and Other products in the United States and internationally, with our principal international regions being Europe and Asia.

Owner earnings 2016–2025 $62M$100M$72M$52M$189M$123M($228M)$315M$333M$302M

Retained capital Paid out $1.3B more than it earned over 2016–2025; annual owner earnings grew $239M.

Balance sheet Heavy net debt, $513M · dividend paid 5 of 10 yrs, cut at least once

CAPL CrossAmerica Partners LP Common

We are one of the ten largest independent distributors by motor fuel volume in the United States for ExxonMobil, BP and Marathon, and we also distribute Shell, Valero and Phillips 66-branded motor fuels.

Owner earnings 2016–2025 $59M$76M$76M$48M$67M$54M$131M$82M$61M$56M

Retained capital Paid out $435M more than it earned over 2016–2025; annual owner earnings fell $4M.

Balance sheet Heavy net debt, $694M · dividend paid 10 of 10 yrs, cut at least once

CAR Avis Budget Group Inc.

Avis brand delivers premium vehicle rental and mobility solutions for the modern expert traveler.

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, $5.6B

CARE Carter Bankshares Inc.

Carter Bankshares Inc. provides a full range of commercial banking, consumer banking, mortgage and services through the 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 · buybacks at an average near $16.31 · dividend paid 1 of 7 yrs, cut at least once

CARG CarGurus Inc. Class A Common Stock

CarGurus is a multinational automotive platform helping consumers and dealers confidently buy and sell vehicles.

Owner earnings 2016–2025 $18M$22M$46M$62M$154M$91M$250M$100M$230M$289M

Retained capital Paid out $109M more than it earned over 2016–2025; annual owner earnings grew $178M.

Balance sheet Net cash, debt-free, +$191M · buybacks at an average near $19.65

CARR Carrier Global Corporation Common Stock

Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focused on providing differentiated, digitally enabled lifecycle solutions to our customers.

Owner earnings 2018–2025 $1.8B$1.8B$1.4B$1.9B$1.4B$2.2B$44M$2.1B

Retained capital Retained $10.5B of earnings over 2018–2025; annual owner earnings fell $220M, $-0.02 per $1 retained.

Balance sheet Heavy net debt, $9.9B · buybacks at an average near $34.32 · dividend paid 6 of 8 yrs, never cut

CARS Cars.com Inc. Common Stock

Cars.com Inc. Common Stock is a trusted audience-powered and data-driven technology platform that simplifies buying and selling cars.

Owner earnings 2016–2025 $189M$153M$149M$80M$122M$137M$127M$135M$150M$147M

Retained capital Paid out $934M more than it earned over 2016–2025; annual owner earnings fell $20M.

Balance sheet Heavy net debt, $395M · buybacks at an average near $14.51

CART Maplebear Inc.

We enable more than 2,200 retail banners as of December 31, 2025 to grow by providing technology that can accelerate the digital transformation of their entire business both online and in-store.

Owner earnings 2021–2025 ($217M)$253M$543M$623M$910M

Retained capital Paid out $3.2B more than it earned over 2021–2025; annual owner earnings grew $499M.

Balance sheet Net cash, debt-free, +$687M · buybacks at an average near $24.85

CASH Pathward Financial Inc.

Strives to remove barriers to financial access and promote economic mobility by working with third parties to provide responsible, secure, high quality financial products that contribute to the social and economic benefit of communities at the core of the real economy.

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

CASS Cass Information Systems Inc

Cass Information Systems Inc provides payment and information processing services to large manufacturing, distribution and retail enterprises across the United States.

Owner earnings 2016–2025 $31M$35M$44M$39M$46M$30M$46M$25M$30M$32M

Retained capital Retained $28M of earnings over 2016–2025; annual owner earnings fell $7M, $-0.26 per $1 retained.

Balance sheet Net cash, debt-free, +$758M · buybacks at an average near $44.35 · dividend paid 10 of 10 yrs, never cut

CASY Casey's General

In addition to the "Casey's" and "Casey's General Stores" brands, the Company also operates a limited number of stores under the additional brands of "GoodStop" or "CEFCO".

Owner earnings 2017–2026 $262M$199M$286M$253M$539M$462M$569M$543M$687M$928M

Retained capital Retained $2.7B of earnings over 2017–2026; annual owner earnings grew $470M, $0.18 per $1 retained.

Balance sheet Modest net debt, $1.9B · buybacks at an average near $183 · dividend paid 10 of 10 yrs, never cut

CAT Caterpillar Inc.

Caterpillar makes heavy machines — construction and mining equipment, off-highway diesel and natural-gas engines, industrial gas turbines, and diesel-electric locomotives — and sells them to builders, miners, and energy and transport customers, mostly through a network of independent dealers. It also runs a finance arm that lends to the dealers and customers who buy the iron. The money comes from selling the machines and, over their long working lives, the parts and service that keep them running.

Owner earnings 2016–2025 $4.5B$4.8B$5.3B$5.9B$5.3B$6.1B$6.5B$11.3B$10.0B$8.9B

Retained capital Retained $2.7B of earnings over 2016–2025; annual owner earnings grew $5.2B.

Balance sheet Modest net debt, $20.7B · buybacks at an average near $211 · dividend paid 10 of 10 yrs, never cut

CATX Perspective Therapeutics Inc.

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

Owner earnings 2016–2023 ($4M)($6M)($6M)($5M)($4M)($3M)($8M)($38M)

Retained capital not read

Balance sheet Net cash, +$143M

CATY Cathay General Bancorp

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 $42.76 · dividend paid 10 of 10 yrs, never cut

CAVA CAVA Group

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

Owner earnings 2021–2025 ($41M)($37M)$50M$101M$111M

Retained capital Retained $99M of earnings over 2021–2025; annual owner earnings grew $97M, $0.97 per $1 retained.

Balance sheet Net cash, debt-free, +$283M

CB Chubb Ltd.

Chubb is an insurer. It sells property and casualty coverage to businesses and to individuals, along with accident and health and life insurance, across many countries, and it reaches customers through independent agents and brokers. It takes in premiums up front, invests the money it holds against future claims, and earns from the gap between what it collects, what it pays out, and what those investments return.

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

CBAN Colony Bankcorp Inc.

Colony Bank, a Georgia state-chartered commercial bank, which provides a broad range of banking services to its retail and commercial 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 9 of 10 yrs, never cut

CBC Central Bancompany Inc.

Our success is driven by our long-term commitment to the markets we serve and our culture of customer service excellence.

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

CBIO Crescent Biopharma Inc.

Our company is a biotechnology company that is the result of a reverse recapitalization transaction with a private company named Crescent Biopharma, Inc.

Owner earnings 2012–2025 ($11M)($16M)($4M)($9M)($30M)($39M)($58M)($47M)($35M)($72M)

Retained capital not read

Balance sheet Net cash, debt-free, +$213M

CBK Commercial Bancgroup Inc.

The Bank is a full-service community banking institution that offers traditional consumer and commercial products and services to serve businesses and individuals in select markets in Kentucky, North Carolina, and Tennessee.

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

CBL CBL & Associates Properties Inc.

We are a self-managed, self-administered, fully integrated REIT that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $21.34 · dividend paid 4 of 5 yrs, cut at least once

CBLL CeriBell Inc.

We are a medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions.

Owner earnings 2023–2025 ($30M)($36M)($42M)

Retained capital not read

Balance sheet Net cash, +$139M

CBNK Capital Bancorp Inc.

We operate, all of which are difficult to predict and many of which are beyond our control.

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

CBOE Cboe Global Markets Inc.

Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific.

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 $113 · dividend paid 10 of 10 yrs, never cut

CBRE CBRE Group Inc Common Stock Class A

CBRE gets paid to handle commercial real estate for the people who own it and the companies that occupy it. The bulk of the work is running buildings and managing projects under outsourcing contracts; alongside that, it brokers leases and property sales, arranges financing, and invests in real estate on behalf of others. It collects fees and management charges rather than owning the property itself.

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

CBRL Cracker Barrel Old Country Store Inc

Old country-store design offering a full-service restaurant menu that features home-style country food and a wide variety of decorative and functional items such as rocking chairs, holiday and seasonal gifts, toys, apparel, cookware and foods.

Owner earnings 2016–2025 $193M$234M$237M$255M$43M$230M$107M$123M$41M$97M

Retained capital Paid out $215M more than it earned over 2016–2025; annual owner earnings fell $135M.

Balance sheet Heavy net debt, $445M · buybacks at an average near $120 · dividend paid 10 of 10 yrs, cut at least once

CBSH Commerce Bancshares

Commerce Bancshares operates under a super-community banking format which incorporates large bank product offerings coupled with deep local market knowledge, augmented by experienced, centralized support in select, critical 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 10 of 10 yrs

CBT Cabot

Cabot is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts.

Owner earnings 2016–2025 $280M$201M$149M$215M$219M$62M($46M)$451M$541M$511M

Retained capital Retained $34M of earnings over 2016–2025; annual owner earnings grew $291M.

Balance sheet Modest net debt, $858M · dividend paid 10 of 10 yrs, never cut

CBU Community Financial System Inc.

The Company's business philosophy is to operate as a diversified financial services enterprise providing a broad array of banking and other financial services to retail, commercial, institutional and governmental 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 · buybacks at an average near $51.03 · dividend paid 10 of 10 yrs, never cut

CBZ CBIZ

CBIZ is a leading professional services advisor to middle-market businesses nationwide.

Owner earnings 2016–2025 $70M$65M$91M$84M$135M$122M$117M$130M$111M$176M

Retained capital Retained $179M of earnings over 2016–2025; annual owner earnings grew $64M, $0.36 per $1 retained.

Balance sheet Heavy net debt, $2.0B

CC Chemours

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

Owner earnings 2016–2025 $256M$229M$642M$169M$540M$537M$448M$186M($993M)$51M

Retained capital Paid out $491M more than it earned over 2016–2025; annual owner earnings fell $628M.

Balance sheet Modest net debt, $3.5B · dividend paid 10 of 10 yrs, cut at least once

CCB Coastal Financial Corporation

Coastal Financial Corporation is a Washington state corporation that was organized in 2003.

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

CCBG Capital City Bank Group

Capital City Bank CCB is a Florida-chartered full-service bank engaged in the commercial and retail banking business.

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 $20.67 · dividend paid 10 of 10 yrs, never cut

CCC CCC Intelligent Solutions Holdings Inc.

CCC is a leading Software-as-a-Service and AI platform provider for the multi-trillion-dollar insurance economy powering operations for insurers, repairers, automakers, part suppliers, and more.

Owner earnings 2019–2025 $46M$86M$103M$172M$213M$231M$255M

Retained capital Paid out $1.7B more than it earned over 2019–2025; annual owner earnings grew $155M.

Balance sheet Heavy net debt, $1.2B · buybacks at an average near $67.37 · dividend paid 1 of 7 yrs, cut at least once

CCCC C4 Therapeutics Inc.

We are a clinical-stage biopharmaceutical company dedicated to delivering on the promise of targeted protein degradation, or TPD, science to create a new generation of small-molecule medicines that transform patients' lives.

Owner earnings 2021–2025 ($88M)($111M)($109M)($65M)($99M)

Retained capital not read

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

CCCS CCC Intelligent Solutions

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

Owner earnings 2019–2025 $46M$86M$103M$172M$213M$231M$255M

Retained capital Paid out $1.7B more than it earned over 2019–2025; annual owner earnings grew $155M.

Balance sheet Heavy net debt, $1.2B · buybacks at an average near $67.37 · dividend paid 1 of 7 yrs, cut at least once

CCI Crown Castle Inc.

Our core business is providing access, including space or capacity, to our towers via long-term contracts in various forms, including lease, license, sublease and service agreements.

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 $128 · dividend paid 10 of 10 yrs, cut at least once

CCK Crown Holdings Inc.

Crown Holdings Inc. is a Pennsylvania corporation.

Owner earnings 2016–2025 ($381M)($498M)$109M$772M$893M$458M$343M$954M$789M$1.1B

Retained capital Retained $731M of earnings over 2016–2025; annual owner earnings grew $1.2B, $1.66 per $1 retained.

Balance sheet Meaningful net debt, $5.1B · buybacks at an average near $90.01 · dividend paid 5 of 10 yrs, never cut

CCL Carnival Corp.

Carnival sells leisure vacations at sea. It owns and operates a fleet of cruise ships under a group of brands, filling the cabins with travelers — most from North America, the rest largely from Europe — who pay a fare to sail and then spend more once aboard, on drinks, shore excursions, casinos and the like. The money comes from ticket sales and that onboard spending; the cost of building, fueling and crewing the ships stands against it.

Owner earnings 2016–2025 $3.4B$3.5B$3.5B$3.3B($8.5B)($6.3B)($3.9B)$1.9B$3.4B$3.4B

Retained capital Paid out $20.2B more than it earned over 2016–2025; annual owner earnings fell $566M.

Balance sheet Heavy net debt, $25.5B · dividend paid 5 of 10 yrs, cut at least once

CCNE CNB Financial Corporation

CNB Bank franchise operates nineteen full-service branch locations in Central and North Central Pennsylvania.

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

CCNEP CNB Financial Corporation

CNB Bank franchise operates nineteen full-service branch locations in Central and North Central Pennsylvania.

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

CCO Clear Channel Outdoor Holdings Inc.

Clear Channel Outdoor Holdings Inc. is a leading provider of out-of-home advertising solutions, offering advertisers impactful and innovative opportunities to reach mass audiences across a variety of high-traffic public spaces.

Owner earnings 2016–2025 $79M($64M)($24M)($18M)($262M)($282M)($45M)($135M)($63M)$32M

Retained capital Paid out $3.8B more than it earned over 2016–2025; annual owner earnings fell $52M.

Balance sheet Heavy net debt, $5.0B · dividend paid 5 of 10 yrs, cut at least once

CCOI Cogent Communications Holdings Inc.

We are a facilities-based provider of low-cost, high-speed Internet access, private network services, optical wavelength and optical transport services and data center colocation space and power.

Owner earnings 2016–2025 $63M$66M$84M$102M$84M$100M$95M($112M)($204M)($198M)

Retained capital Paid out $339M more than it earned over 2016–2025; annual owner earnings fell $242M.

Balance sheet Net debt against an operating loss, $1.6B · buybacks at an average near $48.37 · dividend paid 10 of 10 yrs, cut at least once

CCRN Cross Country Healthcare, Inc.

Revenue is Nurse and Allied Staffing (82%) and Physician Staffing (18%).

Owner earnings 2016–2025 $24M$40M$16M$3M$23M($93M)$125M$235M$111M$40M

Retained capital Retained $99M of earnings over 2016–2025; annual owner earnings grew $102M, $1.02 per $1 retained.

Balance sheet Net debt against an operating loss, $40M

CCS Century Communities Inc.

Century Communities, Inc. is engaged in the development, design , construction, marketing and sale of single-family attached and detached homes in 16 states.

Owner earnings 2016–2025 ($50M)($118M)($208M)($82M)$332M($210M)$304M$26M$101M$124M

Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $209M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $17.34 · dividend paid 5 of 10 yrs, never cut

CCSI Consensus Cloud Solutions Inc.

Consensus Cloud Solutions, Inc. is a provider of secure information delivery services.

Owner earnings 2019–2025 $204M$206M$201M$53M$78M$88M$106M

Retained capital Retained $743M of earnings over 2019–2025; annual owner earnings fell $113M, $-0.15 per $1 retained.

Balance sheet Meaningful net debt, $484M · buybacks at an average near $16.65

CCZ Comcast Holdings ZONES

We deliver broadband, wireless, video and voice services primarily under the Xfinity, Comcast Business, Sky and NOW brands; produce, distribute and stream leading entertainment, sports and news through brands including NBC, Telemundo, Universal, Peacock and Sky; and own and operate Universal theme parks.

Owner earnings 2016–2025 $10.6B$11.7B$14.5B$15.7B$15.6B$20.0B$15.8B$16.3B$15.5B$21.9B

Retained capital Retained $34.7B of earnings over 2016–2025; annual owner earnings grew $5.6B, $0.16 per $1 retained.

Balance sheet Heavy net debt, $89.4B · dividend paid 10 of 10 yrs, never cut

CD Chaince Digital Holdings Inc.

Chaince Consulting Co., Ltd. is a limited liability company established under the laws of the People's Republic of China.

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

CDE Coeur Mining Inc.

Revenue is Gold (65%) and Silver sales (35%).

Owner earnings 2016–2025 $31M$72M($123M)($8M)$49M($18M)($86M)($33M)$49M$666M

Retained capital Retained $122M of earnings over 2016–2025; annual owner earnings grew $234M, $1.92 per $1 retained.

Balance sheet Net cash, +$62M

CDNA CareDx Inc.

CareDx is differentiated in the molecular diagnostics market because we innovated the go-to-market model for a laboratory developed test business.

Owner earnings 2016–2018 ($17M)($14M)($6M)

Retained capital not read

Balance sheet Net cash, +$143M

CDNL Cardinal Infrastructure Group 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 2023–2025 $19M$22M$13M

Retained capital not read

Balance sheet Meaningful net debt, $121M

CDNS Cadence Design Systems Inc.

Cadence is a global technology leader that develops computational, AI-driven software, accelerated hardware, and silicon intellectual property products and solutions.

Owner earnings 2016–2025 $391M$413M$543M$655M$810M$1.1B$1.2B$1.1B$1.6B

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $868M, $0.75 per $1 retained.

Balance sheet Net cash, +$675M · buybacks at an average near $71.68

CDP Copt Defense Properties

COPT Defense Properties and subsidiaries is a fully-integrated and self-managed real estate investment trust focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S.

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

CDRE Cadre Holdings Inc.

We are a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets.

Owner earnings 2020–2025 $41M$37M$42M$66M$26M$57M

Retained capital Retained $110M of earnings over 2020–2025; annual owner earnings grew $10M, $0.09 per $1 retained.

Balance sheet Meaningful net debt, $184M · dividend paid 5 of 6 yrs, cut at least once

CDW CDW Corp.

CDW Corporation is a leading multi-brand provider of information technology solutions to business, government, education, and healthcare customers in the United States, the United Kingdom, and Canada.

Owner earnings 2016–2025 $541M$697M$820M$791M$1.2B$685M$1.2B$1.5B$1.2B$1.1B

Retained capital Retained $666M of earnings over 2016–2025; annual owner earnings grew $545M.

Balance sheet Meaningful net debt, $5.0B · buybacks at an average near $127 · dividend paid 10 of 10 yrs, never cut

CDZI CADIZ Inc.

We are a water solutions provider with a unique combination of land, water, pipeline and water filtration assets located in Southern California between major water systems serving population centers in the Southwestern United States.

Owner earnings 2017–2025 ($11M)($12M)($14M)($14M)($16M)($19M)($22M)($22M)($20M)

Retained capital not read

Balance sheet Net debt against an operating loss, $64M

CDZIP Cadiz Inc.

We are a water solutions provider with a unique combination of land, water, pipeline and water filtration assets located in Southern California between major water systems serving population centers in the Southwestern United States.

Owner earnings 2017–2025 ($11M)($12M)($14M)($14M)($16M)($19M)($22M)($22M)($20M)

Retained capital not read

Balance sheet Net debt against an operating loss, $64M

CE Celanese

We are a global producer of high performance engineered polymers that are used in a variety of high-value applications, as well as one of the world's largest producers of acetyl products, which are intermediate chemicals for nearly all major industries.

Owner earnings 2016–2025 $647M$536M$1.2B$1.1B$979M$1.4B$1.3B$1.3B$531M$803M

Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $87M, $0.05 per $1 retained.

Balance sheet Net debt against an operating loss, $12.5B · buybacks at an average near $106 · dividend paid 10 of 10 yrs, cut at least once

CECO CECO Environmental Corp.

CECO is an environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally by providing innovative technology and application expertise.

Owner earnings 2016–2025 $69M$6M$19M$5M$476K$11M$26M$36M$7M($5M)

Retained capital Retained $38M of earnings over 2016–2025; annual owner earnings fell $18M, $-0.48 per $1 retained.

Balance sheet Modest net debt, $179M · buybacks at an average near $9.52 · dividend paid 2 of 10 yrs, cut at least once

CEG Constellation Energy

We operate the largest emissions-free generation fleet in the nation and are one of the largest competitive electric generation companies in the nation, as measured by owned and contracted MWs.

Owner earnings 2020–2025 ($1.2B)($2.7B)($4.0B)($7.7B)($5.0B)$1.3B

Retained capital not read

Balance sheet Modest net debt, $3.7B

CELH Celsius Holdings Inc.

We develop, process, market, sell, manufacture and distribute a portfolio of differentiated products with innovative formulas meant to positively impact the lives of our consumers.

Owner earnings 2017–2025 ($8M)($12M)$956K$3M($98M)$106M$138M$256M$323M

Retained capital Retained $288M of earnings over 2017–2025; annual owner earnings grew $245M, $0.85 per $1 retained.

Balance sheet Modest net debt, $278M

CENT Central Garden & Pet

Central Garden & Pet Company is a market leader in the U.S. pet and garden industries.

Owner earnings 2016–2025 $124M$70M$76M$173M$221M$171M($115M)$328M$352M$291M

Retained capital Retained $680M of earnings over 2016–2025; annual owner earnings grew $234M, $0.34 per $1 retained.

Balance sheet Modest net debt, $309M

CENTA Central Garden & Pet Company

Central Garden & Pet Company is a market leader in the U.S. pet and garden industries.

Owner earnings 2016–2025 $124M$70M$76M$173M$221M$171M($115M)$328M$352M$291M

Retained capital Retained $680M of earnings over 2016–2025; annual owner earnings grew $234M, $0.34 per $1 retained.

Balance sheet Modest net debt, $309M

CENX Century Aluminum Company

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

Owner earnings 2016–2025 $16M$20M($152M)($42M)$30M($148M)($60M)$11M($107M)$85M

Retained capital Paid out $320M more than it earned over 2016–2025; annual owner earnings grew $35M.

Balance sheet Meaningful net debt, $414M

CEPL Capstone Energy Plus Inc.

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

Owner earnings 2016–2026 ($24M)($10M)($19M)($21M)$249K($29M)($11M)($32M)$7M($3M)

Retained capital not read

Balance sheet Heavy net debt, $23M

CERS Cerus Corporation

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

Owner earnings 2016–2025 ($54M)($53M)($32M)($68M)($43M)($35M)($28M)($46M)$10M$3M

Retained capital not read

Balance sheet Net debt against an operating loss, $35M

CERT Certara Inc.

We are a global leader in biosimulation science, technology, and consulting services for using Model-Informed Drug Development in the global biopharmaceutical and biotech industry.

Owner earnings 2019–2025 $36M$44M$59M$91M$81M$79M$95M

Retained capital Paid out $170M more than it earned over 2019–2025; annual owner earnings grew $38M.

Balance sheet Heavy net debt, $104M

CEVA Ceva, Inc.

We are the leader in silicon and software intellectual property enabling Physical AI - the intelligence embedded directly into billions of devices that connect, sense, and infer data in the real world.

Owner earnings 2016–2025 $13M$22M$5M$6M$12M$24M$3M($9M)$516K($6M)

Retained capital Paid out $92M more than it earned over 2016–2025; annual owner earnings fell $19M.

Balance sheet Net cash, debt-free, +$41M · buybacks at an average near $27.32

CF CF Industries Holdings Inc.

Revenue is led by Ammonia (31%) and UAN (31%), with 4 more segments behind.

Owner earnings 2016–2025 ($61M)$1.2B$1.1B$1.1B$922M$2.4B$3.4B$2.3B$1.8B$1.8B

Retained capital Retained $435M of earnings over 2016–2025; annual owner earnings grew $1.2B.

Balance sheet Modest net debt, $1.2B · buybacks at an average near $63.30 · dividend paid 10 of 10 yrs, never cut

CFFN Capitol Federal 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

CFG Citizens Financial Group Inc.

We offer a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions.

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 $35.03 · dividend paid 4 of 4 yrs, never cut

CFLT Confluent Inc.

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

Owner earnings 2019–2025 ($70M)($83M)($109M)($161M)($106M)$31M$61M

Retained capital not read

Balance sheet Net debt against an operating loss, $749M

CFR Cullen/Frost Bankers

The Corporation Cullen/Frost Bankers, Inc. is a financial holding company and a bank holding company headquartered in San Antonio, Texas that provides, through its subsidiaries, a broad array of products and services throughout numerous Texas markets.

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 $92.88 · dividend paid 10 of 10 yrs, never cut

CG Carlyle Group

Carlyle is one of the world's largest global investment firms that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest .

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

CGABL Carlyle Group Inc.

Carlyle is one of the world's largest global investment firms that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest .

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

CGNX Cognex Corporation

Cognex sells to customers in nearly all major industries in which discrete items are manufactured on an assembly line or moved through a distribution center or warehouse.

Owner earnings 2016–2025 $169M$211M$205M$232M$229M$299M$237M$106M$134M$237M

Retained capital Paid out $159M more than it earned over 2016–2025; annual owner earnings fell $36M.

Balance sheet Net cash, debt-free, +$263M · dividend paid 10 of 10 yrs, cut at least once

CGON CG Oncology Inc.

Revenue is Commercial and Development Revenue (80%) and License and Collaboration Revenue (20%).

Owner earnings 2024–2025 ($79M)($132M)

Retained capital not read

Balance sheet Net cash, +$739M

CHCO City Holding Company

City National provides banking, wealth and investment management and other financial solutions through its network of 96 bank branches and 934 full-time equivalent associates located in West Virginia, Kentucky, Virginia and southeastern Ohio.

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 $80.13 · dividend paid 10 of 10 yrs, never cut

CHCT Community Healthcare Trust Incorporated

We are a fully-integrated healthcare real estate company organized as a corporation in the State of Maryland on March 28, 2014.

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

CHD Church & Dwight Company Inc.

We develop, manufacture and market a broad range of consumer household, personal care and specialty products.

Owner earnings 2016–2025 $606M$637M$703M$791M$891M$875M$706M$807M$976M$1.1B

Retained capital Retained $861M of earnings over 2016–2025; annual owner earnings grew $310M, $0.36 per $1 retained.

Balance sheet Modest net debt, $1.8B · buybacks at an average near $81.73 · dividend paid 10 of 10 yrs, never cut

CHDN Churchill Downs

Churchill Downs Racetrack is located on 175 acres and has a one-mile dirt track, a 7/8-mile turf track, a stabling area, and a variety of areas, structures, and buildings that provide reserved seating for our patrons.

Owner earnings 2016–2025 $201M$182M$168M$207M$49M$420M$461M$528M$688M$700M

Retained capital Retained $308M of earnings over 2016–2025; annual owner earnings grew $455M, $1.48 per $1 retained.

Balance sheet Heavy net debt, $5.0B · buybacks at an average near $115 · dividend paid 10 of 10 yrs, never cut

CHE Chemed

Chemed purchases, operates and divests subsidiaries engaged in diverse business activities for the purposes of maximizing shareholder value.

Owner earnings 2016–2025 $96M$127M$248M$248M$430M$250M$253M$273M$368M$325M

Retained capital Paid out $85M more than it earned over 2016–2025; annual owner earnings grew $165M.

Balance sheet Modest net debt, $23M · buybacks at an average near $387 · dividend paid 10 of 10 yrs, never cut

CHEF Chefs' Warehouse

We are a premier distributor of specialty food and center-of-the-plate products in the United States, the Middle East, and Canada.

Owner earnings 2016–2025 $32M$23M$35M$29M$36M($42M)($1M)$29M$104M$88M

Retained capital Retained $132M of earnings over 2016–2025; annual owner earnings grew $44M, $0.33 per $1 retained.

Balance sheet Heavy net debt, $628M

CHH Choice Hotels International

Revenue is led by Franchise and management fees (42%) and Revenue for reimbursable costs from franchised and managed properties (39%), with 3 more lines behind.

Owner earnings 2016–2025 $145M$251M$229M$252M$84M$359M$337M$252M$267M$211M

Retained capital Retained $203M of earnings over 2016–2025; annual owner earnings grew $35M.

Balance sheet Heavy net debt, $1.9B · buybacks at an average near $108 · dividend paid 10 of 10 yrs, cut at least once

CHMG Chemung Financial Corp

Financial holding company status provided the Corporation with the flexibility to offer an array of financial services, such as insurance products, mutual funds, and brokerage services, which provide additional sources of fee-based income and allows the Corporation to better serve 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 · buybacks at an average near $32.93 · dividend paid 10 of 10 yrs, cut at least once

CHRD Chord Energy

Chord Energy Corporation is an independent exploration and production company engaged in the acquisition, exploration, development and production of crude oil, NGL and natural gas primarily in the Williston Basin with limited non-operated interests in the Marcellus Shale.

Owner earnings 2015–2025 $331M($248M)$446M$360M$24M$756M$1.6B$1.2B$918M$693M

Retained capital Retained $355M of earnings over 2015–2025; annual owner earnings grew $768M.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $125 · dividend paid 5 of 10 yrs, cut at least once

CHRN ChronoScale Holdings Corporation

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

Owner earnings 2013–2025 ($391K)($32M)($22M)($16M)($9M)($11M)($15M)($12M)($10M)($12M)

Retained capital not read

Balance sheet Net debt against an operating loss, $824K

CHRW C.H. Robinson Worldwide Inc.

We deliver tailored solutions across the world via truckload, less-than-truckload, ocean, air, and more.

Owner earnings 2016–2025 $456M$344M$748M$799M$476M$61M$1.6B$702M$486M$895M

Retained capital Paid out $385M more than it earned over 2016–2025; annual owner earnings grew $179M.

Balance sheet Modest net debt, $929M · dividend paid 10 of 10 yrs, cut at least once

CHSCO CHS Inc.

We are the nation's largest cooperative energy company based on revenues and identifiable assets, with operations that include petroleum refining and pipelines; supply, marketing and distribution of refined fuels; blending, sale and distribution of lubricants; and wholesale supply of propane and other natural gas liquids.

Owner earnings 2016–2025 $813M$510M$719M$697M$669M$440M$1.6B$2.7B$703M($93M)

Retained capital Retained $8.3B of earnings over 2016–2025; annual owner earnings grew $429M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $1.7B

CHSCP CHS Inc.

We are the nation's largest cooperative energy company based on revenues and identifiable assets, with operations that include petroleum refining and pipelines; supply, marketing and distribution of refined fuels; blending, sale and distribution of lubricants; and wholesale supply of propane and other natural gas liquids.

Owner earnings 2016–2025 $813M$510M$719M$697M$669M$440M$1.6B$2.7B$703M($93M)

Retained capital Retained $8.3B of earnings over 2016–2025; annual owner earnings grew $429M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $1.7B

CHTR Charter Communications, Inc.

Charter sells broadband internet and related connectivity and entertainment services to homes and businesses across much of the United States, under the Spectrum brand. It owns the wires and the network that run into the home, and customers pay a monthly bill to stay connected. The plant belongs to Charter; the money comes from the recurring subscriptions that ride over it.

Owner earnings 2016–2025 $2.7B$3.3B$2.6B$4.6B$7.1B$8.6B$5.5B$5.7B$5.8B$7.4B

Retained capital Paid out $27.2B more than it earned over 2016–2025; annual owner earnings grew $3.4B.

Balance sheet Heavy net debt, $94.3B · buybacks at an average near $430

CHWY Chewy Inc.

We are the preeminent online source for pet products, supplies and prescriptions as a result of our broad selection of high-quality products and services, which we offer at competitive prices and deliver with an exceptional level of care and a personal touch to build brand loyalty and drive repeat purchasing.

Owner earnings 2018–2026 ($92M)($37M)$16M$97M$136M$266M$377M$482M$562M

Retained capital Paid out $1.5B more than it earned over 2018–2026; annual owner earnings grew $511M.

Balance sheet Net cash, debt-free, +$879M

CHYM Chime Financial Inc.

Revenue is Payments revenue (69%) and Platform-related revenue (31%).

Owner earnings 2023–2025 ($167M)$59M$33M

Retained capital not read

Balance sheet Net cash, debt-free, +$466M

CI The Cigna Group

Cigna is a health company that sells insurance and health-benefit administration to employers, government programs, and individuals, and that also runs a pharmacy-benefit operation. On the insurance side it collects premiums and pays medical claims; for a large share of its employer customers it bears no insurance risk at all but is paid a fee to administer the employer's own self-funded plan. The pharmacy-benefit side negotiates drug prices with manufacturers and processes prescriptions, and much of the company's reported revenue is simply the drugs that pass through it.

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 $193 · dividend paid 1 of 4 yrs, never cut

CIEN Ciena Corporation

We are a network technology company, providing hardware, software, and services to a wide range of network operators and enabling enhanced network capacity, service delivery, and automation.

Owner earnings 2016–2025 $226M$140M$162M$351M$411M$462M($259M)$62M$422M$702M

Retained capital Retained $961M of earnings over 2016–2025; annual owner earnings grew $219M, $0.23 per $1 retained.

Balance sheet Modest net debt, $228M · buybacks at an average near $16.20

CIFR Cipher Digital 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 2022–2025 ($25M)($115M)($190M)($407M)

Retained capital not read

Balance sheet Net debt against an operating loss, $2.0B

CIM Chimera Investment Corporation

Through our mortgage lending, investment management, and advisory services platforms, we operate as a fully integrated mortgage business that originates, manages, and invests in a diversified range of mortgage assets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

CIMN Chimera Investment Corporation

Through our mortgage lending, investment management, and advisory services platforms, we operate as a fully integrated mortgage business that originates, manages, and invests in a diversified range of mortgage assets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

CINF Cincinnati Financial Corporation

Cincinnati Life Insurance Company, which provides life insurance policies and fixed annuities; and The Cincinnati Specialty Underwriters Insurance Company, which offers excess and surplus lines insurance 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 · dividend paid 10 of 10 yrs, cut at least once

CIVB Civista Bancshares Inc.

Civista Bank was introduced during the first quarter of 2015 to distinguish ourselves from the many other banks using the "Citizens" name in our existing and prospective markets.

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

CIVI Civitas Resources

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

Owner earnings 2018–2024 $114M$211M$156M$275M$2.4B$2.1B$2.8B

Retained capital Retained $889M of earnings over 2018–2024; annual owner earnings grew $2.3B, $2.55 per $1 retained.

Balance sheet Heavy net debt, $5.4B · buybacks at an average near $59.61 · dividend paid 4 of 7 yrs, cut at least once

CL Colgate-Palmolive Co.

Colgate-Palmolive makes and sells branded everyday goods — toothpaste and the rest of oral care, where the Colgate name holds a leading position around the world, alongside soaps and personal care, dish and surface cleaners, and Hill's pet nutrition. It sells through retailers into many countries, and earns its money on the steady, repeat purchase of those familiar items rather than on any single sale. The economics turn on moving a great many small, ordinary products, day after day, at a price above what they cost to make.

Owner earnings 2016–2025 $2.7B$2.5B$2.6B$2.8B$3.3B$2.8B$2.0B$3.0B$3.5B$3.6B

Retained capital Retained $9.8B of earnings over 2016–2025; annual owner earnings grew $800M, $0.08 per $1 retained.

Balance sheet Modest net debt, $6.6B · buybacks at an average near $76.99

CLB Core Laboratories Inc.

Core Laboratories Inc. is a Delaware corporation.

Owner earnings 2021–2025 $23M$15M$14M$45M$26M

Retained capital Retained $96M of earnings over 2021–2025; annual owner earnings grew $11M, $0.11 per $1 retained.

Balance sheet Modest net debt, $88M · buybacks at an average near $12.50 · dividend paid 5 of 5 yrs, never cut

CLBK Columbia 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

CLDT Chatham Lodging Trust

We can create long-term value by pursuing the following strategies: Disciplined acquisition of hotel properties: We invest primarily in premium-branded upscale extended-stay and select-service hotels with a focus on the 25 largest metropolitan markets 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 · dividend paid 9 of 9 yrs, cut at least once

CLDX Celldex Therapeutics Inc.

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

Owner earnings 2016–2025 ($116M)($102M)($76M)($47M)($42M)($62M)($106M)($109M)($160M)($214M)

Retained capital not read

Balance sheet Net cash, +$507M

CLF Cleveland-Cliffs

We are a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry.

Owner earnings 2016–2025 $296M$250M$390M$483M($566M)$2.1B$1.5B$1.6B($590M)($1.0B)

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings fell $309M, $-0.11 per $1 retained.

Balance sheet Net debt against an operating loss, $7.2B · buybacks at an average near $10.10 · dividend paid 2 of 10 yrs, cut at least once

CLFD Clearfield 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 $10M$4M$3M$12M$5M$9M($1M)$14M$16M$22M

Retained capital Retained $54M of earnings over 2016–2025; annual owner earnings grew $11M, $0.21 per $1 retained.

Balance sheet Net cash, +$104M · buybacks at an average near $42.11

CLH Clean Harbors Inc.

Clean Harbors, Inc. is a leading provider of environmental and industrial services throughout North America.

Owner earnings 2016–2025 $40M$119M$180M$197M$234M$304M$281M$312M$346M$442M

Retained capital Retained $1.5B of earnings over 2016–2025; annual owner earnings grew $254M, $0.17 per $1 retained.

Balance sheet Meaningful net debt, $1.8B · buybacks at an average near $110

CLMB Climb Global Solutions Inc.

Climb Global Solutions Inc. is a value added information technology distribution and solutions company.

Owner earnings 2016–2019 ($812K)($2M)$14M$3M

Retained capital Paid out $581K more than it earned over 2016–2019; annual owner earnings grew $1M.

Balance sheet Net cash, +$36M · dividend paid 4 of 4 yrs, never cut

CLMT Calumet Inc.

We manufacture, formulate and market a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets.

Owner earnings 2022–2025 ($436M)($287M)($123M)$57M

Retained capital Paid out $381M more than it earned over 2022–2025; annual owner earnings grew $164M.

Balance sheet Heavy net debt, $2.1B

CLNE Clean Energy Fuels Corp.

Clean Energy Fuels Corp. is a leading renewable energy company focused on the procurement and distribution of renewable natural gas and conventional natural gas, in the form of compressed natural gas and liquefied natural gas, for the United States and Canadian transportation markets.

Owner earnings 2016–2025 $23M($41M)$13M($15M)$48M$18M$22M($2M)$20M$60M

Retained capital Paid out $673M more than it earned over 2016–2025; annual owner earnings grew $28M.

Balance sheet Net debt against an operating loss, $71M · buybacks at an average near $2.21

CLOV Clover Health Investments Corp.

We strongly believe in providing our members with provider choice and consider our PPO plans to be our flagship insurance product.

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

CLPT ClearPoint Neuro Inc.

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

Owner earnings 2016–2025 ($6M)($6M)($5M)($3M)($8M)($13M)($16M)($14M)($9M)($24M)

Retained capital not read

Balance sheet Net debt against an operating loss, $3M

CLS Celestica Inc.

Celestica is a technology leader with deep expertise in design, engineering, manufacturing, supply chain, and platform solutions.

Owner earnings 2022–2025 $102M$201M$303M$458M

Retained capital Retained $1.3B of earnings over 2022–2025; annual owner earnings grew $119M, $0.09 per $1 retained.

Balance sheet Modest net debt, $181M · buybacks at an average near $35.77

CLSK CleanSpark Inc.

CleanSpark is a data center developer, until recently focused exclusively on bitcoin mining.

Owner earnings 2016–2025 ($448K)($1M)($1M)($6M)($7M)($33M)$54M($79M)($300M)($606M)

Retained capital not read

Balance sheet Modest net debt, $602M

CLVT Clarivate Plc

Clarivate Plc is a public limited company incorporated on January 7, 2019 under the laws of Jersey, Channel Islands.

Owner earnings 2018–2025 ($72M)$48M$156M$205M$306M$502M$358M$365M

Retained capital Paid out $7.0B more than it earned over 2018–2025; annual owner earnings grew $364M.

Balance sheet Heavy net debt, $5.2B · dividend paid 4 of 8 yrs, cut at least once

CLX Clorox Co.

Clorox's purchase of P&G's interest in the Glad business will be at a fair market value as established by predetermined contractual valuation procedures as of the expiration date of the joint venture.

Owner earnings 2016–2025 $606M$702M$782M$786M$1.4B$1.1B$535M$930M$483M$761M

Retained capital Paid out $1.7B more than it earned over 2016–2025; annual owner earnings grew $28M.

Balance sheet Meaningful net debt, $2.3B · buybacks at an average near $152 · dividend paid 10 of 10 yrs, never cut

CMC Commercial Metals

We offer products and technologies to meet the critical reinforcement needs of the global construction sector.

Owner earnings 2016–2025 $460M($648M)($566M)($102M)$604M$44M$525M$1.1B$575M$429M

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings grew $961M, $0.39 per $1 retained.

Balance sheet Meaningful net debt, $321M · buybacks at an average near $40.90 · dividend paid 10 of 10 yrs, never cut

CMCO Columbus McKinnon Corporation

Columbus McKinnon is a leading global designer, manufacturer and marketer of intelligent motion solutions for efficiently and ergonomically moving, lifting, positioning and securing materials.

Owner earnings 2017–2026 $46M$55M$67M$97M$87M$36M$71M$42M$24M($164M)

Retained capital Paid out $40M more than it earned over 2017–2026; annual owner earnings fell $89M.

Balance sheet Net debt against an operating loss, $2.3B · buybacks at an average near $33.95 · dividend paid 10 of 10 yrs, never cut

CMCSA Comcast Corporation

Comcast sells broadband internet, television, and phone service to homes and businesses over a cable network it owns, under the Xfinity name. It also owns NBCUniversal — broadcast and cable channels, a film studio, and theme parks — and Sky, a similar television and internet operation in Europe. The money comes mainly from the monthly bills its connectivity customers pay, with the rest from advertising, programming fees, and tickets at the parks.

Owner earnings 2016–2025 $10.6B$11.7B$14.5B$15.7B$15.6B$20.0B$15.8B$16.3B$15.5B$21.9B

Retained capital Retained $34.7B of earnings over 2016–2025; annual owner earnings grew $5.6B, $0.16 per $1 retained.

Balance sheet Heavy net debt, $89.4B · dividend paid 10 of 10 yrs, never cut

CME CME Group Inc.

CME Group provides primary price discovery and referential pricing information through its market data in a variety of formats, including real-time, historical and derived data for customers in both listed and cash 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 · dividend paid 10 of 10 yrs, cut at least once

CMG Chipotle Mexican Grill Inc.

Chipotle runs a chain of fast-casual restaurants serving Mexican-style food — burritos, bowls, tacos — assembled to order along a service line. It owns and operates its restaurants rather than selling franchises, so it keeps the full economics of each one. The money comes from the spread between what diners pay for a meal and what it costs to make and serve, store by store, across the whole chain.

Owner earnings 2016–2025 $209M$305M$420M$509M$425M$1.0B$1.0B$1.5B$1.8B$1.8B

Retained capital Retained $88M of earnings over 2016–2025; annual owner earnings grew $1.4B.

Balance sheet Net cash, debt-free, +$1.0B · buybacks at an average near $9.24

CMI Cummins Inc.

Cummins makes engines — diesel and natural gas — along with the power-generation sets, emissions and after-treatment systems, turbochargers, filtration and related components that go with them. It sells these mostly to the makers of trucks, buses, construction and mining equipment, and to buyers who need standby or prime power, and then sells the replacement parts and service that keep that installed base running for years afterward. The money comes from the original equipment and from the long aftermarket tail behind it.

Owner earnings 2016–2025 $1.4B$1.8B$1.7B$2.5B$2.2B$1.5B$1.0B$2.8B$279M$2.4B

Retained capital Retained $6.1B of earnings over 2016–2025; annual owner earnings grew $190M, $0.03 per $1 retained.

Balance sheet Modest net debt, $2.5B · dividend paid 10 of 10 yrs, never cut

CMP Compass Minerals Intl Inc

Compass Minerals International, Inc. through its subsidiaries is a leading provider of essential minerals, primarily salt and plant nutrition.

Owner earnings 2016–2025 ($15M)$37M$86M$62M$90M$56M$24M($48M)($100M)$128M

Retained capital Paid out $731M more than it earned over 2016–2025; annual owner earnings fell $43M.

Balance sheet Heavy net debt, $788M · dividend paid 9 of 10 yrs, cut at least once

CMPR Cimpress plc Ordinary Shares (Ireland)

Cimpress is a strategically focused collection of businesses that specialize in print mass customization, through which we deliver large volumes of individually small-sized customized orders of printed materials and promotional products.

Owner earnings 2016–2025 $167M$83M$131M$261M$288M$227M$165M$77M$296M$209M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $67M.

Balance sheet Heavy net debt, $1.4B · buybacks at an average near $131

CMS CMS Energy Corporation

CMS Energy CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan.

Owner earnings 2016–2022 $818M$824M$770M$801M$233M$705M($271M)

Retained capital Retained $5.3B of earnings over 2016–2022; annual owner earnings fell $582M, $-0.11 per $1 retained.

Balance sheet Heavy net debt, $18.2B

CMSA CMS Energy Corp

CMS Energy CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan.

Owner earnings 2016–2022 $818M$824M$770M$801M$233M$705M($271M)

Retained capital Retained $5.3B of earnings over 2016–2022; annual owner earnings fell $582M, $-0.11 per $1 retained.

Balance sheet Heavy net debt, $18.2B

CMSC CMS Energy Corp

CMS Energy CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan.

Owner earnings 2016–2022 $818M$824M$770M$801M$233M$705M($271M)

Retained capital Retained $5.3B of earnings over 2016–2022; annual owner earnings fell $582M, $-0.11 per $1 retained.

Balance sheet Heavy net debt, $18.2B

CMSD CMS Energy Corp

CMS Energy CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan.

Owner earnings 2016–2022 $818M$824M$770M$801M$233M$705M($271M)

Retained capital Retained $5.3B of earnings over 2016–2022; annual owner earnings fell $582M, $-0.11 per $1 retained.

Balance sheet Heavy net debt, $18.2B

CMTG Claros Mortgage Trust Inc.

We focus primarily on originating loans ranging from $50 million to $300 million on transitional CRE assets located in U.S. markets with attractive fundamental characteristics supported by macroeconomic tailwinds.

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

CNA CNA Financial Corporation

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $46.96 · dividend paid 10 of 10 yrs, cut at least once

CNC Centene Corporation

Centene is a health insurer that mostly covers people in government programs — Medicaid and Medicare — along with families who buy coverage on the Health Insurance Marketplace. It collects premiums, largely from the state and federal governments that pay it to manage members' care, and out of that money it pays the members' medical claims. What is left after claims and overhead is the profit, so the business is a bet that the premium will cover the doctor and hospital bills that follow.

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 $78.86

CNH CNH Industrial N.V.

CNH is a leading global equipment company that develops, manufactures and sells agricultural and construction equipment.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $24.2B

CNK Cinemark Holdings, Inc.

Revenue is Us Operating (80%) and International Operating (20%).

Owner earnings 2016–2021 $136M$148M$211M$258M($414M)$71M

Retained capital Paid out $727M more than it earned over 2016–2021; annual owner earnings fell $193M.

Balance sheet Net debt against an operating loss, $2.5B · dividend paid 5 of 6 yrs, cut at least once

CNM Core & Main Inc.

Core & Main is a leading specialty distributor dedicated to advancing reliable infrastructure with local service, nationwide.

Owner earnings 2020–2026 $180M$202M($51M)$376M$1.0B$586M$604M

Retained capital Retained $153M of earnings over 2020–2026; annual owner earnings grew $630M.

Balance sheet Meaningful net debt, $1.9B

CNMD CONMED

CONMED is a medical technology company that provides devices and equipment for surgical procedures.

Owner earnings 2016–2025 $25M$53M$58M$75M$52M$97M$17M$106M$154M$151M

Retained capital Retained $142M of earnings over 2016–2025; annual owner earnings grew $92M, $0.65 per $1 retained.

Balance sheet Heavy net debt, $794M · dividend paid 10 of 10 yrs, never cut

CNNE Cannae Holdings Inc.

Revenue is Restaurant Group (92%) and Other revenues (8%).

Owner earnings 2016–2025 $11M($130M)($39M)($113M)($136M)($190M)($219M)($98M)($97M)($29M)

Retained capital not read

Balance sheet Net cash, +$111M

CNO CNO Financial Group Inc.

CNO is a holding company for a group of insurance companies that develop, market and administer health insurance, annuity, individual life insurance and other insurance and financial services 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

CNOB ConnectOne 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 $23.16 · dividend paid 10 of 10 yrs, never cut

CNOBP ConnectOne 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 $23.16 · dividend paid 10 of 10 yrs, never cut

CNP CenterPoint Energy Inc (Holding Co)

CenterPoint Energy's operating subsidiaries own and operate electric transmission, distribution and generation facilities and natural gas distribution systems.

Owner earnings 2016–2025 $797M$381M$906M$413M$806M($1.3B)$522M$2.5B$700M$956M

Retained capital Retained $3.4B of earnings over 2016–2025; annual owner earnings grew $683M, $0.20 per $1 retained.

Balance sheet Heavy net debt, $22.4B · dividend paid 10 of 10 yrs, cut at least once

CNR Core Natural Resources Inc.

We are a world-class producer and exporter of high-quality, low-cost coals, including metallurgical and thermal coals.

Owner earnings 2016–2025 $276M$167M$268M$75M$43M$173M$479M$690M$298M$21M

Retained capital Retained $676M of earnings over 2016–2025; annual owner earnings grew $100M, $0.15 per $1 retained.

Balance sheet Net cash, +$89M · buybacks at an average near $78.06 · dividend paid 4 of 10 yrs, cut at least once

CNS Cohen & Steers

Our continued emphasis on prudent cost control and operational efficiency has positioned us to navigate this complex environment and adapt to evolving market conditions. 21 Investment Performance as of December 31, 2025 _________________________ Past performance is no guarantee of future results.

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

CNTB Connect Biopharma Holdings Limited

Connect Biopharma, headquartered in San Diego, California, is a clinical-stage biopharmaceutical company dedicated to transforming care for asthma and chronic obstructive pulmonary disease.

Owner earnings 2023–2025 ($48M)($24M)($52M)

Retained capital not read

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

CNX CNX Resources

CNX's Strategy and Corporate Values CNX's strategy is to use our substantial asset base, leading core operational competencies, technology development and innovation, and astute capital allocation methodologies to responsibly develop our resources and create long-term value for our shareholders.

Owner earnings 2016–2025 $292M$237M$392M$472M$308M$460M$669M$381M$275M$534M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $90M.

Balance sheet Meaningful net debt, $2.7B · buybacks at an average near $17.35 · dividend paid 1 of 10 yrs, cut at least once

CNXC Concentrix Corporation

We are a global technology and services leader that powers exceptional brand experiences and digital operations for more than 2,000 clients across the globe.

Owner earnings 2019–2025 $339M$378M$365M$461M$497M$429M$572M

Retained capital Paid out $409M more than it earned over 2019–2025; annual owner earnings grew $139M.

Balance sheet Net debt against an operating loss, $4.3B · buybacks at an average near $69.11 · dividend paid 5 of 7 yrs, never cut

CNXN PC Connection Inc.

We are a Fortune 1000 Global Solutions Provider that simplifies IT, guiding the connection between people and technology.

Owner earnings 2016–2025 $22M$8M$188M$166M$58M

Retained capital Retained $211M of earnings over 2016–2025; annual owner earnings grew $65M, $0.31 per $1 retained.

Balance sheet Net cash, debt-free, +$407M · dividend paid 5 of 5 yrs, never cut

COCO The Vita Coco Company Inc.

Vita Coco is available in over 35 countries, with our primary markets in North America, the United Kingdom, and Germany.

Owner earnings 2019–2025 $21M$33M($17M)($12M)$107M$42M$46M

Retained capital Retained $162M of earnings over 2019–2025; annual owner earnings grew $53M, $0.33 per $1 retained.

Balance sheet Net cash, +$197M

CODI Compass Diversified Holdings

The Trust and the LLC were formed to acquire and manage a group of small and middle-market businesses headquartered in North America.

Owner earnings 2016–2025 $87M$43M$73M$58M$119M$101M($107M)($38M)($208M)($51M)

Retained capital Retained $111M of earnings over 2016–2025; annual owner earnings fell $167M, $-1.50 per $1 retained.

Balance sheet Heavy net debt, $1.8B · buybacks at an average near $21.04

COF Capital One 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, cut at least once

COFS ChoiceOne Financial Services 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

COGT Cogent Biosciences Inc.

We are a clinical-stage biotechnology company focused on developing precision therapies for genetically defined diseases.

Owner earnings 2017–2019 ($27M)($33M)($42M)

Retained capital not read

Balance sheet Net cash, +$112M

COHR Coherent Corp.

Our revenue growth in these portions of the Industrial market is a result of our focus on higher demand applications within the Industrial market, including display and semiconductor capital equipment.

Owner earnings 2016–2025 $65M$55M$80M$86M$160M$428M$99M$198M$199M$193M

Retained capital Retained $396M of earnings over 2016–2025; annual owner earnings grew $130M, $0.33 per $1 retained.

Balance sheet Heavy net debt, $2.8B · buybacks at an average near $18.37

COHU Cohu Inc

Cohu's differentiated and broad product portfolio enables optimized yield and productivity, accelerating customers' manufacturing time-to-market.

Owner earnings 2016–2025 $21M$34M$29M($731K)$31M$86M$98M$85M($8M)$11M

Retained capital Paid out $83M more than it earned over 2016–2025; annual owner earnings grew $1M.

Balance sheet Net cash, +$188M · buybacks at an average near $29.16 · dividend paid 5 of 10 yrs, cut at least once

COIN Coinbase Global Inc.

We are working to update the century-old financial system by providing a trusted platform that makes it easy for our customers to engage with crypto assets.

Owner earnings 2019–2022 ($97M)$284M$4.0B($1.6B)

Retained capital Retained $1.3B of earnings over 2019–2022; annual owner earnings fell $497M, $-0.38 per $1 retained.

Balance sheet Net cash, +$4.4B

COKE Coca-Cola Consolidated

Coca Cola Consolidated, Inc., a Delaware corporation, distributes, markets and manufactures nonalcoholic beverages in territories spanning 14 states and the District of Columbia.

Owner earnings 2017–2025 $196M$31M$119M$292M$366M$383M$657M$706M$737M

Retained capital Paid out $1.1B more than it earned over 2017–2025; annual owner earnings grew $585M.

Balance sheet Meaningful net debt, $2.5B · dividend paid 9 of 9 yrs, never cut

COLB Columbia Banking System

Columbia Bank is an Oregon state-chartered commercial bank, the deposits of which are insured in whole or in part by the FDIC.

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 $31.75 · dividend paid 7 of 7 yrs, cut at least once

COLD Americold

Americold is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide.

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

COLL Collegium Pharmaceutical Inc.

Revenue is led by Belbuca (28%) and Xtampza ER (26%), with 4 more lines behind.

Owner earnings 2016–2025 ($76M)($68M)$168M$27M$93M$102M$123M$274M$203M$328M

Retained capital Paid out $199M more than it earned over 2016–2025; annual owner earnings grew $260M.

Balance sheet Net cash, +$148M

COLM Columbia Sportswear

Our Columbia brand offers authentic, high-value outdoor apparel, footwear, accessories and equipment products suited for hiking, trail running, snow sports, and fishing and hunting activities, as well as everyday outdoor activities.

Owner earnings 2016–2025 $225M$288M$224M$226M$247M$320M($84M)$582M$431M$217M

Retained capital Retained $77M of earnings over 2016–2025; annual owner earnings grew $164M.

Balance sheet Net cash, debt-free, +$791M · dividend paid 10 of 10 yrs, cut at least once

COMP Compass Inc.

Our technology offerings provide a strong foundation for real estate professionals and empower them to deliver exceptional service to their clients, grow their businesses, save time, and manage their businesses more effectively.

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

CON Concentra Group Holdings Parent Inc.

Revenue is Occupational Health Center (93%), Onsite health clinics (5%) and Other Businesses (2%).

Owner earnings 2022–2025 $228M$169M$210M$197M

Retained capital Retained $602M of earnings over 2022–2025; annual owner earnings fell $10M, $-0.02 per $1 retained.

Balance sheet Heavy net debt, $1.5B · buybacks at an average near $20.38 · dividend paid 2 of 4 yrs, never cut

COO The Cooper Companies Inc.

Cooper sells products in over 130 countries and positively impacts over fifty million lives each year.

Owner earnings 2016–2025 $357M$466M$475M$421M$337M$524M$450M$215M$288M$434M

Retained capital Retained $5.2B of earnings over 2016–2025; annual owner earnings fell $121M, $-0.02 per $1 retained.

Balance sheet Meaningful net debt, $2.4B · buybacks at an average near $72.76 · dividend paid 8 of 10 yrs, cut at least once

COP ConocoPhillips

ConocoPhillips finds crude oil and natural gas and pulls them out of the ground, then sells what it produces to whoever buys at the going market price. It is an explorer and producer — it does not refine the oil or sell it at the pump — with wells and projects spread across more than a dozen countries. The price it gets is set by world markets, not by the company, so what it keeps turns on holding its cost per barrel below that price.

Owner earnings 2016–2022 ($466M)$2.5B$6.2B$4.5B$87M$11.7B$20.8B

Retained capital Paid out $5.7B more than it earned over 2016–2022; annual owner earnings grew $8.1B.

Balance sheet Modest net debt, $16.5B · buybacks at an average near $69.92 · dividend paid 7 of 7 yrs, never cut

COR Cencora Inc.

Cencora is a wholesale distributor of prescription drugs. It buys pharmaceuticals and related healthcare products from manufacturers and delivers them to the pharmacies, hospitals, and other providers that dispense them, taking a small cut on each dollar of product that moves through. Most customers buy on credit, so the business is part logistics network and part lender, financing the inventory that sits between maker and dispenser.

Owner earnings 2016–2025 $2.8B$1.0B$1.1B$2.0B$1.8B$2.2B$2.2B$3.5B$3.0B$3.2B

Retained capital Paid out $2.7B more than it earned over 2016–2025; annual owner earnings grew $1.6B.

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

CORT Corcept Therapeutics Incorporated

We are a commercial-stage company engaged in the discovery and development of medications to treat severe endocrinologic, oncologic, metabolic and neurologic disorders by modulating the effects of the hormone cortisol.

Owner earnings 2016–2025 $18M$61M$115M$135M$151M$167M$120M$127M$198M$142M

Retained capital Retained $721M of earnings over 2016–2025; annual owner earnings grew $90M, $0.13 per $1 retained.

Balance sheet Net cash, debt-free, +$372M

CORZ Core Scientific Inc.

Core Scientific Inc. designs, builds and operates large-scale, purpose-built data centers that support high-density colocation services and digital asset mining for both our own account and to a lesser extent, third- party customers.

Owner earnings 2020–2025 ($24M)($57M)($179M)$49M($52M)($451M)

Retained capital Paid out $4.1B more than it earned over 2020–2025; annual owner earnings fell $65M.

Balance sheet Net debt against an operating loss, $749M

CORZW Core Scientific Inc. Tranche 1

Core Scientific Inc. Tranche 1 designs, builds and operates large-scale, purpose-built data centers that support high-density colocation services and digital asset mining for both our own account and to a lesser extent, third- party customers.

Owner earnings 2020–2025 ($24M)($57M)($179M)$49M($52M)($451M)

Retained capital Paid out $4.1B more than it earned over 2020–2025; annual owner earnings fell $65M.

Balance sheet Net debt against an operating loss, $749M

CORZZ Core Scientific Inc. Tranche 2

Core Scientific Inc. Tranche 2 designs, builds and operates large-scale, purpose-built data centers that support high-density colocation services and digital asset mining for both our own account and to a lesser extent, third- party customers.

Owner earnings 2020–2025 ($24M)($57M)($179M)$49M($52M)($451M)

Retained capital Paid out $4.1B more than it earned over 2020–2025; annual owner earnings fell $65M.

Balance sheet Net debt against an operating loss, $749M

COSO CoastalSouth Bancshares 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

COST Costco Wholesale Corp.

Costco runs a chain of membership warehouse clubs: large, no-frills stores where shoppers pay an annual fee for the right to buy. It stocks a deliberately narrow range of goods — food and household staples alongside general merchandise such as apparel, appliances and home goods, plus ancillary offerings like gasoline, pharmacy and optical — and sells them in bulk at very small markups. The merchandise moves close to cost; the membership fee is where most of the profit comes from.

Owner earnings 2016–2025 $2.0B$5.4B$4.3B$4.9B$7.2B$7.2B$5.5B$9.0B$9.1B$10.9B

Retained capital Retained $15.9B of earnings over 2016–2025; annual owner earnings grew $5.8B, $0.36 per $1 retained.

Balance sheet Net cash, +$9.5B · buybacks at an average near $325 · dividend paid 10 of 10 yrs, cut at least once

COTY Coty Inc.

Coty Inc. is one of the world's largest beauty companies with an iconic portfolio of brands across fragrance, color cosmetics, and skin and body care.

Owner earnings 2017–2025 $325M($33M)$213M($318M)$145M$553M$403M$369M$278M

Retained capital Paid out $6.4B more than it earned over 2017–2025; annual owner earnings grew $181M.

Balance sheet Heavy net debt, $3.8B · dividend paid 4 of 9 yrs, cut at least once

COUR Coursera Inc.

We use data-driven marketing to efficiently attract learners to a wide range of paid offerings, including standalone courses, multi-course specializations, industry certificate programs, and university degrees.

Owner earnings 2019–2025 ($26M)($18M)$192K($40M)$29M$94M$107M

Retained capital Paid out $776M more than it earned over 2019–2025; annual owner earnings grew $91M.

Balance sheet Net cash, debt-free, +$793M · buybacks at an average near $12.01

CPAY Corpay Inc.

Corpay Inc. is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner.

Owner earnings 2016–2025 $649M$610M$822M$1.1B$1.4B$1.1B$603M$1.9B$1.8B$1.3B

Retained capital Paid out $160M more than it earned over 2016–2025; annual owner earnings grew $977M.

Balance sheet Heavy net debt, $10.9B · buybacks at an average near $172

CPB The Campbell's Company

We are a manufacturer and marketer of high-quality, branded food and beverage products.

Owner earnings 2017–2025 $950M$898M$1.0B$1.1B$760M$939M$773M$774M$705M

Retained capital Retained $1.8B of earnings over 2017–2025; annual owner earnings fell $203M, $-0.11 per $1 retained.

Balance sheet Heavy net debt, $8.9B · buybacks at an average near $45.75 · dividend paid 9 of 9 yrs, never cut

CPF Central Pacific Financial Corp New

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

CPHI China Pharma Holdings Inc.

Helpson manufactures pharmaceutical products in the form of dry powder injectables, liquid injectables, tablets, capsules, and cephalosporin oral solutions.

Owner earnings 2016–2025 $3M$705K$2M$472K($910K)($688K)($812K)($711K)($444K)$89K

Retained capital Paid out $81M more than it earned over 2016–2025; annual owner earnings fell $2M.

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

CPK Chesapeake Utilities Corporation

Revenue is Regulated Energy (74%) and Unregulated Energy (29%).

Owner earnings 2016–2025 $72M$74M$77M$58M$101M$88M$90M$138M$174M$142M

Retained capital Retained $438M of earnings over 2016–2025; annual owner earnings grew $77M, $0.18 per $1 retained.

Balance sheet Heavy net debt, $1.5B · dividend paid 10 of 10 yrs, never cut

CPNG Coupang Inc.

Coupang is one of South Korea's largest online retailers. It sells goods it buys and stocks itself, and it also rents its site to outside sellers who pay to reach its shoppers. What sets it apart is that it owns the delivery — its own warehouses, trucks, and drivers carry orders to the door, often the same or next day. The money comes from the markup on its own goods, the fees from third-party sellers, and a paid membership, spread across a dense home market.

Owner earnings 2019–2025 ($383M)$174M($612M)$334M$2.4B$1.5B$1.3B

Retained capital Paid out $1.5B more than it earned over 2019–2025; annual owner earnings grew $2.0B.

Balance sheet Net cash, +$5.3B · buybacks at an average near $27.61

CPRI Capri Holdings

Capri Holdings Limited is a global fashion luxury group consisting of iconic brands Michael Kors and Jimmy Choo.

Owner earnings 2017–2026 $870M$942M$513M$636M$513M$573M$545M$174M$207M$14M

Retained capital Paid out $2.3B more than it earned over 2017–2026; annual owner earnings fell $643M.

Balance sheet Heavy net debt, $222M

CPRT Copart

We are a leading global provider of online auctions and vehicle remarketing services with operations in the United States, the United Kingdom, Germany, Brazil, Canada, the United Arab Emirates, Spain, Finland, Oman, the Republic of Ireland, and Bahrain.

Owner earnings 2016–2025 $284M$435M$456M$562M$816M$869M$1.0B$1.2B$1.3B$1.6B

Retained capital Retained $7.7B of earnings over 2016–2025; annual owner earnings grew $965M, $0.12 per $1 retained.

Balance sheet Net cash, +$2.8B · buybacks at an average near $18.84

CPRX Catalyst Pharmaceuticals Inc.

We currently sell three commercial stage drug products, FIRDAPSE, AGAMREE, and FYCOMPA.

Owner earnings 2016–2025 ($18M)($26M)$35M$45M$60M$116M$143M$239M$209M

Retained capital Retained $583M of earnings over 2016–2025; annual owner earnings grew $200M, $0.34 per $1 retained.

Balance sheet Net cash, debt-free, +$709M

CPS Cooper-Standard Holdings Inc.

Cooper-Standard Holdings Inc. is a leading manufacturer of sealing systems and fluid handling systems.

Owner earnings 2016–2025 $201M$126M($69M)($67M)($108M)($212M)($107M)$37M$26M$16M

Retained capital Paid out $818M more than it earned over 2016–2025; annual owner earnings fell $60M.

Balance sheet Heavy net debt, $922M · buybacks at an average near $107

CPT Camden Property Trust

Producing consistent earnings growth through property operations, development and acquisitions, achieving market balance, and recycling capital are crucial factors to our success.

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

CQP Cheniere Energy Partners LP Common

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

Owner earnings 2016–2025 ($156M)$638M$1.4B$1.0B$1.2B$1.6B$3.7B$2.9B$2.8B$2.6B

Retained capital Retained $17.8B of earnings over 2016–2025; annual owner earnings grew $2.1B, $0.12 per $1 retained.

Balance sheet Heavy net debt, $17.4B

CR Crane

Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets.

Owner earnings 2021–2025 $150M($532M)$123M$221M$341M

Retained capital Retained $1.1B of earnings over 2021–2025; annual owner earnings grew $315M, $0.29 per $1 retained.

Balance sheet Modest net debt, $642M · buybacks at an average near $103 · dividend paid 5 of 5 yrs, cut at least once

CRAI CRA International Inc.

We are a leading global consulting firm specializing in providing economic, financial and management consulting services.

Owner earnings 2016–2026 $40M$36M$26M$17M$42M$21M$58M$38M$19M

Retained capital Paid out $39M more than it earned over 2016–2026; annual owner earnings grew $4M.

Balance sheet Net cash, +$17M · buybacks at an average near $37.64 · dividend paid 9 of 9 yrs, never cut

CRBG Corebridge Financial Inc.

Our addressable markets are large, with powerful, long-term secular trends given an aging U.S. population and a growing need for retirement solutions.

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

CRC California Resources

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

Owner earnings 2015–2025 $2M$55M($123M)($41M)$221M$466M$492M$468M$355M$543M

Retained capital Paid out $2.4B more than it earned over 2015–2025; annual owner earnings grew $477M.

Balance sheet Meaningful net debt, $1.3B · buybacks at an average near $43.70 · dividend paid 6 of 10 yrs, cut at least once

CRCL Circle Internet Group Inc.

Our platform also includes regulated digital asset custodians that support institutional storage and safekeeping, blockchain networks on which our stablecoins are supported natively, and onchain protocols that provide financial and commercial building blocks such as exchange, lending, payments, and treasury functionality.

Owner earnings 2023–2025 $139M$326M$530M

Retained capital not read

Balance sheet Net cash, debt-free, +$1.5B

CRCT Cricut Inc.

Cricut Design Space, giving users access to create and work on their projects anywhere, at any time, across desktop and mobile devices.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$276M

CRDO Credo Technology Group Holding Ltd

Credo provides Ethernet solutions to support this type of interconnectivity, and we believe that Ethernet has now become the standard for back end scale out networks.

Owner earnings 2020–2026 ($12M)($45M)($36M)($34M)$17M$43M$430M

Retained capital Retained $408M of earnings over 2020–2026; annual owner earnings grew $194M, $0.48 per $1 retained.

Balance sheet Net cash, debt-free, +$1.4B

CRGY Crescent Energy

Revenue is led by Oil (66%) and Natural gas (19%), with 2 more lines behind.

Owner earnings 2019–2025 $486M$411M$118M$386M$260M$664M$861M

Retained capital Paid out $138M more than it earned over 2019–2025; annual owner earnings grew $257M.

Balance sheet Heavy net debt, $5.5B · buybacks at an average near $16.03 · dividend paid 4 of 7 yrs

CRH CRH Public Limited Company

CRH sells the heavy, low-value materials that go into roads and buildings: crushed stone, sand and gravel, cement, asphalt, ready-mix concrete, and a range of building products, weighted toward North America. It quarries aggregates and turns them into materials sold close to where they are dug, earning the margin between extraction and the delivered price.

Owner earnings 2021–2025 $2.4B$2.3B$3.2B$3.2B$3.5B

Retained capital Retained $9.1B of earnings over 2021–2025; annual owner earnings grew $653M, $0.07 per $1 retained.

Balance sheet Meaningful net debt, $13.4B · buybacks at an average near $61.55

CRI Carter's

In this market, our Carter's brands, including our exclusive brands, collectively hold the #1 position with approximately 9% market share as of December 2025 and our OshKosh brand has approximately 1% market share as of December 2025.

Owner earnings 2016–2026 $281M$260M$292M$326M$556M$48M$469M$243M$69M

Retained capital Paid out $138M more than it earned over 2016–2026; annual owner earnings fell $18M.

Balance sheet Meaningful net debt, $504M · buybacks at an average near $88.43 · dividend paid 9 of 9 yrs, cut at least once

CRK Comstock Resources Inc.

We are a leading independent natural gas producer operating primarily in the Haynesville shale, a premier natural gas basin located in North Louisiana and East Texas with superior economics given its geographical proximity to the Gulf Coast natural gas markets.

Owner earnings 2013–2025 ($76M)$23M$51M$175M$66M$392M$1.2B$409M($175M)$258M

Retained capital Retained $927M of earnings over 2013–2025; annual owner earnings grew $165M, $0.18 per $1 retained.

Balance sheet Heavy net debt, $2.8B · buybacks at an average near $10.62 · dividend paid 4 of 10 yrs, cut at least once

CRL Charles River Labs

Revenue is DSA (60%), RMS (21%) and Manufacturing (19%).

Owner earnings 2016–2025 $262M$236M$301M$340M$380M$532M$295M$365M$502M$518M

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $196M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $1.9B

CRM Salesforce Inc.

Salesforce sells software that companies rent to manage their dealings with customers — tracking sales, handling service, and running marketing and commerce. It is sold almost entirely by subscription and delivered over the internet, so customers pay year after year to keep the service running rather than buying once. The pitch is to gather a firm's scattered customer records into one place that its people and its software agents all work from.

Owner earnings 2017–2026 $1.7B$2.4B$3.0B$3.9B$4.1B$5.3B$6.3B$9.5B$12.4B$14.4B

Retained capital Paid out $9.7B more than it earned over 2017–2026; annual owner earnings grew $9.8B.

Balance sheet Modest net debt, $6.9B · dividend paid 2 of 10 yrs, never cut

CRMD CorMedix Inc.

CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions.

Owner earnings 2015–2025 ($13M)($22M)($29M)($24M)($15M)($22M)($21M)($24M)($51M)$174M

Retained capital not read

Balance sheet Net cash, +$142M

CRNC Cerence Inc.

Cerence is a market leader for building integrated, branded and differentiated virtual assistants for automobiles, offering an extensive solutions portfolio that includes conversational & generative AI as well as audio & communications AI.

Owner earnings 2018–2025 $109M$84M$26M$62M($20M)$2M$12M$47M

Retained capital Paid out $961M more than it earned over 2018–2025; annual owner earnings fell $52M.

Balance sheet Net debt against an operating loss, $196M

CRNX Crinetics Pharmaceuticals Inc.

We are establishing a highly specialized and focused commercial organization, including sales, marketing and market access expertise to support the launch of PALSONIFY in the U.S.

Owner earnings 2016–2025 ($6M)($10M)($20M)($47M)($62M)($89M)($116M)($170M)($233M)($382M)

Retained capital not read

Balance sheet Net cash, debt-free, +$1.0B

CRON Cronos Group Inc. Common Share

Cronos common shares are currently listed on the Toronto Stock Exchange and on the NASDAQ Global Market under the trading symbol "CRON."

Owner earnings 2017–2025 ($5M)($9M)($135M)($152M)($165M)($92M)($45M)$10M$12M

Retained capital not read

Balance sheet Net cash, debt-free, +$832M

CROX Crocs Inc.

Crocs, Inc. and our consolidated subsidiaries are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for all.

Owner earnings 2016–2025 $18M$85M$102M$66M$239M$535M$564M$876M$923M$659M

Retained capital Retained $663M of earnings over 2016–2025; annual owner earnings grew $751M, $1.13 per $1 retained.

Balance sheet Heavy net debt, $1.1B · buybacks at an average near $12.16

CRS Carpenter Technology

We are a recognized leader in high-performance specialty alloy-based materials and process solutions for critical applications in the aerospace, defense, medical, transportation, energy, industrial and consumer markets.

Owner earnings 2016–2025 $162M$32M$74M$111M$108M$150M($85M)($68M)$178M$286M

Retained capital Retained $151M of earnings over 2016–2025; annual owner earnings grew $43M, $0.28 per $1 retained.

Balance sheet Modest net debt, $349M · buybacks at an average near $52.06 · dividend paid 10 of 10 yrs, never cut

CRSP CRISPR Therapeutics AG

We are a leading biopharmaceutical company focused on the development of CRISPR-based therapeutics, including by using CRISPR/Cas9 technology.

Owner earnings 2016–2025 ($54M)($73M)($99M)$52M($248M)$521M($520M)($270M)($145M)($346M)

Retained capital not read

Balance sheet Net cash, +$1.9B

CRSR Corsair Gaming Inc.

Corsair Gaming Inc. is a leading global provider and innovator of high-performance products for gamers and digital creators such as streamers, vloggers and broadcasters.

Owner earnings 2018–2025 ($5M)$28M$160M$9M$56M$76M$26M$35M

Retained capital Paid out $63M more than it earned over 2018–2025; annual owner earnings fell $15M.

Balance sheet Heavy net debt, $23M · dividend paid 1 of 8 yrs, never cut

CRTO Criteo S.A.

We reach shoppers wherever they are with personalized advertising and deliver the outcomes that matter most to brands.

Owner earnings 2022–2025 $192M$108M$180M$208M

Retained capital Paid out $319M more than it earned over 2022–2025; annual owner earnings grew $5M.

Balance sheet Net cash, +$363M · buybacks at an average near $34.69

CRUS Cirrus Logic

Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world's top mobile and consumer applications.

Owner earnings 2017–2026 $328M$264M$175M$280M$331M$99M$304M$384M$422M$637M

Retained capital Retained $747M of earnings over 2017–2026; annual owner earnings grew $225M, $0.30 per $1 retained.

Balance sheet Net cash, debt-free, +$906M · buybacks at an average near $87.24

CRVL CorVel Corp.

CorVel is an independent nationwide provider of medical cost containment and managed care services designed to address the escalating medical costs of workers' compensation benefits, automobile insurance claims, and group health insurance.

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 $36.46

CRWD CrowdStrike Holdings Inc.

Our Falcon platform is composed of tightly integrated, proprietary technologies that enable us to deliver superior protection and performance, while reducing complexity for our customers.

Owner earnings 2018–2026 ($66M)($38M)$77M$318M$520M$842M$1.0B$1.2B$1.4B

Retained capital Paid out $1.0B more than it earned over 2018–2026; annual owner earnings grew $1.2B.

Balance sheet Net cash, +$4.5B

CRWV CoreWeave Inc.

CoreWeave Cloud combines proprietary software and orchestration, advanced infrastructure, and managed cloud services within a highly secure environment to deliver best-in-class high-performance computing, enabling our customers to develop, deploy, and operate advanced AI models and applications at scale.

Owner earnings 2023–2025 $1.7B$1.9B$604M

Retained capital not read

Balance sheet Net debt against an operating loss, $18.2B

CSCO Cisco Systems Inc. Common Stock (DE)

Cisco makes the gear that moves data through computer networks — the switches and routers that sit in corporate offices, data centers, and the plumbing of the internet — along with the software and security that ride on top. Its customers are businesses, telecom carriers, and governments, and it reaches most of them through resellers and distributors rather than selling direct, on terms that let those distributors return a portion of inventory, take credits for price changes, and share in cooperative marketing. It earns money on the equipment up front and on software and service contracts that recur.

Owner earnings 2016–2025 $12.4B$12.9B$12.8B$14.9B$14.7B$14.8B$12.7B$19.0B$10.2B$13.5B

Retained capital Paid out $36.1B more than it earned over 2016–2025; annual owner earnings grew $1.5B.

Balance sheet Modest net debt, $8.5B · buybacks at an average near $44.34 · dividend paid 10 of 10 yrs, never cut

CSGP CoStar Group Inc.

CoStar Group is a leading provider of online real estate marketplaces, information, analytics, and 3D digital twin technology in the property markets.

Owner earnings 2016–2025 $182M$210M$306M$458M$486M$346M$444M$372M$246M$123M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $14M, $0.01 per $1 retained.

Balance sheet Net cash, +$640M · buybacks at an average near $70.42

CSL Carlisle Cos.

Carlisle Companies Incorporated is a leading supplier of innovative building envelope products and solutions for more energy-efficient buildings.

Owner earnings 2016–2025 $422M$299M$219M$614M$601M$287M$817M$1.1B$917M$971M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $669M.

Balance sheet Modest net debt, $1.8B · dividend paid 10 of 10 yrs, never cut

CSR Centerspace

Our current emphasis is on making operational enhancements that will improve our residents' experience, redeveloping some of our existing apartment communities to meet current market demands, and acquiring new apartment communities in large, attractive markets, including the Minneapolis/St.

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

CSTL Castle Biosciences Inc.

Castle Biosciences is a molecular diagnostics company offering innovative test solutions to aid clinicians in the diagnosis and treatment of dermatologic cancers, Barrett's esophagus, atopic dermatitis, uveal melanoma.

Owner earnings 2018–2025 ($13M)$7M$9M($22M)($47M)($19M)$49M$28M

Retained capital Paid out $173M more than it earned over 2018–2025; annual owner earnings grew $18M.

Balance sheet Net cash, +$289M

CSTM Constellium SE Ordinary Shares (France)

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

Owner earnings 2022–2025 $76M$66M($112M)$159M

Retained capital Retained $595M of earnings over 2022–2025; annual owner earnings grew $28M, $0.05 per $1 retained.

Balance sheet Meaningful net debt, $1.8B

CSV Carriage Services Inc.

We provide funeral and cemetery services and products on both an "atneed" and "preneed" basis.

Owner earnings 2016–2025 $33M$29M$35M$28M$68M$59M$41M$58M$36M$40M

Retained capital Retained $15M of earnings over 2016–2025; annual owner earnings grew $12M.

Balance sheet Heavy net debt, $396M · buybacks at an average near $20.13 · dividend paid 10 of 10 yrs, never cut

CSW CSW Industrials Inc.

CSW is a diversified industrial growth company with a strategic focus on providing niche, value-added products in the end markets we serve.

Owner earnings 2017–2026 $32M$38M$52M$58M$57M$53M$108M$148M$152M$132M

Retained capital Retained $240M of earnings over 2017–2026; annual owner earnings grew $103M, $0.43 per $1 retained.

Balance sheet Heavy net debt, $835M · buybacks at an average near $84.43 · dividend paid 7 of 10 yrs, never cut

CSWI CSW Industrials

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

Owner earnings 2017–2026 $32M$38M$52M$58M$57M$53M$108M$148M$152M$132M

Retained capital Retained $240M of earnings over 2017–2026; annual owner earnings grew $103M, $0.43 per $1 retained.

Balance sheet Heavy net debt, $835M · buybacks at an average near $84.43 · dividend paid 7 of 10 yrs, never cut

CSX CSX Corporation

CSX Corporation is one of the nation's leading transportation companies.

Owner earnings 2016–2025 $1.7B$2.2B$3.3B$3.2B$2.6B$3.7B$4.0B$3.9B$3.6B$2.9B

Retained capital Paid out $331M more than it earned over 2016–2025; annual owner earnings grew $1.1B.

Balance sheet Heavy net debt, $18.2B · buybacks at an average near $24.44 · dividend paid 10 of 10 yrs, never cut

CTAS Cintas

Cintas provides its products and services via its distribution network and local delivery routes or local representatives.

Owner earnings 2016–2025 $301M$567M$692M$791M$1.1B$1.2B$1.3B$1.3B$1.7B$1.8B

Retained capital Retained $993M of earnings over 2016–2025; annual owner earnings grew $1.0B.

Balance sheet Modest net debt, $2.3B · dividend paid 10 of 10 yrs, cut at least once

CTBI Community Trust 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

CTEV Claritev Corporation

Claritev Corporation is a technology, data and insights company focused on improving transparency, affordability and quality across the healthcare system.

Owner earnings 2018–2025 $229M$218M$307M$320M$283M$63M($11M)($12M)

Retained capital Paid out $3.2B more than it earned over 2018–2025; annual owner earnings fell $238M.

Balance sheet Heavy net debt, $4.6B

CTKB Cytek Biosciences Inc.

We are a leading cell analysis solutions company advancing the next generation of research and clinical tools with our novel technical approach of leveraging the full spectrum of fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells.

Owner earnings 2020–2025 $15M$3M($15M)$633K$22M($9M)

Retained capital Paid out $141M more than it earned over 2020–2025; annual owner earnings grew $3M.

Balance sheet Net cash, debt-free, +$91M · buybacks at an average near $5.82

CTMX CytomX Therapeutics Inc.

We are a clinical-stage, oncology-focused biopharmaceutical company dedicated to developing innovative therapies to address major unmet need in oncology.

Owner earnings 2016–2025 ($4M)$169M($77M)($143M)$3M($121M)($113M)($57M)($87M)($76M)

Retained capital not read

Balance sheet Net cash, +$206M

CTO CTO Realty Growth Inc.

CTO Realty Growth Inc. operates in four primary business segments: income properties, management services, commercial loans and investments, and real estate operations.

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 $19.82 · dividend paid 6 of 6 yrs, never cut

CTOS Custom Truck One Source Inc.

Custom Truck One Source Inc. are engaged in the business of providing a range of services and products to customers through rentals and sales of specialty equipment, rentals and sales of aftermarket parts and services related to the specialty equipment, and repair, maintenance, and customization services related to that equipment.

Owner earnings 2017–2020 $17M$40M$16M$42M

Retained capital Paid out $91M more than it earned over 2017–2020; annual owner earnings grew $8M.

Balance sheet Heavy net debt, $1.6B

CTRA Coterra Energy Inc.

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

Owner earnings 2016–2025 $397M$898M$687M$1.0B$387M$944M$3.8B$2.0B$1.0B$1.7B

Retained capital Retained $3.1B of earnings over 2016–2025; annual owner earnings grew $936M, $0.31 per $1 retained.

Balance sheet Modest net debt, $3.7B · buybacks at an average near $25.58 · dividend paid 10 of 10 yrs, cut at least once

CTRE CareTrust REIT

CareTrust REIT is a self-administered, publicly-traded REIT engaged in the ownership, acquisition, financing, development and leasing of skilled nursing, senior housing and other healthcare-related properties.

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

CTRI Centuri Holdings Inc.

We are a leading North American utility and energy infrastructure services company with over 115 years of operating history, and we partner with regulated utilities to maintain, upgrade and expand the energy network that powers millions of homes and businesses.

Owner earnings 2023–2025 $61M$59M($8M)

Retained capital not read

Balance sheet Heavy net debt, $611M

CTRN Citi Trends Inc.

Citi Trends Inc. is a highly differentiated off-price value retailer known for trendy fashions, great brands and amazing prices.

Owner earnings 2017–2026 $16M$21M$17M$18M$94M$45M($17M)($24M)($14M)$624K

Retained capital Paid out $118M more than it earned over 2017–2026; annual owner earnings fell $31M.

Balance sheet Net cash, debt-free, +$94M · buybacks at an average near $45.12 · dividend paid 5 of 10 yrs, cut at least once

CTS CTS Corporation

CTS Corporation is a global manufacturer of sensors, connectivity components, and actuators.

Owner earnings 2016–2025 $27M$40M$36M$43M$62M$71M$107M$74M$80M$86M

Retained capital Retained $115M of earnings over 2016–2025; annual owner earnings grew $46M, $0.40 per $1 retained.

Balance sheet Net cash, +$7M · buybacks at an average near $38.48 · dividend paid 10 of 10 yrs, never cut

CTSH Cognizant

Cognizant is an information-technology services firm: it supplies the people and the know-how to build, run, and modernize the software and computing systems that large enterprises depend on. The work is sold by the engagement to big clients, weighted toward health-sciences and financial-services firms, and a large share of it is delivered by staff in lower-cost locations than the client could manage in-house. It earns its keep on the spread between what clients pay for that labor and what it costs to recruit, train, and keep the staff billed out.

Owner earnings 2016–2025 $1.3B$2.1B$2.2B$2.1B$2.9B$2.2B$2.2B$2.0B$1.8B$2.6B

Retained capital Retained $2.1B of earnings over 2016–2025; annual owner earnings grew $251M, $0.12 per $1 retained.

Balance sheet Net cash, +$1.3B · dividend paid 9 of 10 yrs, never cut

CTVA Corteva Inc. Common Stock

Corteva is a leading global provider of seed and crop protection solutions focused on the agriculture industry and contributing to a healthier, more secure and sustainable food supply.

Owner earnings 2018–2025 ($1.0B)($93M)$1.6B$2.2B$267M$1.2B$1.5B$2.8B

Retained capital Paid out $7.6B more than it earned over 2018–2025; annual owner earnings grew $1.7B.

Balance sheet Net cash, +$2.8B · buybacks at an average near $55.30 · dividend paid 7 of 8 yrs, never cut

CUBB Customers Bancorp, Inc.

Customers is a forward-thinking bank with strong risk management that provides commercial and consumer customers the stability and trust inherent in working with an established and regulated financial institution.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $38.28

CUBE CubeSmart

We are a self-administered and self-managed real estate company focused primarily on the ownership, operation, development, management, and acquisition of self-storage properties 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

CUBI Customers Bancorp Inc

Customers is a forward-thinking bank with strong risk management that provides commercial and consumer customers the stability and trust inherent in working with an established and regulated financial institution.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $38.28

CURB Curbline Properties Corp.

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

CUZ Cousins Properties

Cousins, CPLP, CTRS, and their subsidiaries develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in the Sun Belt markets of the United States with a focus on lifestyle office properties in Austin, Atlanta, Charlotte, Tampa, Phoenix, Dallas, and Nashville.

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

CV CapsoVision Inc.

We are a global commercial-stage medical technology company focused on creating diagnostic and screening products to identify abnormalities of the GI tract.

Owner earnings 2024–2025 ($20M)($23M)

Retained capital not read

Balance sheet net position not read

CVBF CVB Financial Corporation

The Bank is a member of the Federal Reserve System and of the Federal Home Loan Bank of San Francisco, which is a member bank of the Federal Home Loan Bank System.

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

CVCO Cavco Industries, Inc.

We are one of the largest producers of manufactured homes in the United States, based on reported wholesale shipments.

Owner earnings 2017–2026 $42M$55M$28M$96M$108M$133M$239M$207M$157M$244M

Retained capital Retained $695M of earnings over 2017–2026; annual owner earnings grew $161M, $0.23 per $1 retained.

Balance sheet Net cash, +$242M

CVEO Civeo Corporation (Canada)

We do so for the convenience of our shareholders and in an effort to provide information available in the market that will assist our investors in having a better understanding of the market environment in which we operate.

Owner earnings 2016–2025 $42M$46M$37M$45M$107M$73M$66M$65M$57M$2M

Retained capital Paid out $618M more than it earned over 2016–2025; annual owner earnings fell $285K.

Balance sheet Heavy net debt, $343M · dividend paid 3 of 10 yrs, cut at least once

CVI CVR Energy Inc.

CVR Energy, Inc. is a diversified holding company, formed in September 2006, primarily engaged in the petroleum refining and marketing industry, the renewable fuels industry, and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded limited partnership.

Owner earnings 2016–2025 $134M$128M$526M$626M($34M)$172M$776M$743M$225M($41M)

Retained capital Paid out $399M more than it earned over 2016–2025; annual owner earnings grew $46M.

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

CVLG Covenant Logistics Group Inc.

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

Owner earnings 2016–2025 $31M$10M$50M($16M)($2M)$38M$102M$15M$36M$21M

Retained capital Retained $151M of earnings over 2016–2025; annual owner earnings fell $6M, $-0.04 per $1 retained.

Balance sheet Heavy net debt, $293M · dividend paid 4 of 10 yrs, never cut

CVLT Commvault Systems

Commvault Systems is a provider of cyber resiliency solutions designed to help the enterprise protect, secure, and recover their data, applications, and identity systems in a world of increasing cyber threats and attacks.

Owner earnings 2017–2026 $94M$77M$104M$85M$116M$173M$167M$200M$204M$237M

Retained capital Paid out $1.5B more than it earned over 2017–2026; annual owner earnings grew $122M.

Balance sheet Net cash, +$19M · buybacks at an average near $78.93

CVNA Carvana

Carvana Co. is a holding company that was formed as a Delaware corporation in 2016 in order to operate the business of Carvana Group, LLC.

Owner earnings 2017–2025 ($278M)($558M)($988M)($968M)($3.2B)($1.8B)$716M$827M$889M

Retained capital not read

Balance sheet Modest net debt, $2.7B

CVS CVS Health Corporation

CVS Health runs three businesses bolted together. It operates a wide network of retail drugstores, where people fill prescriptions and buy everyday goods; it runs a pharmacy benefits manager that sits between drugmakers, insurers, and employers to negotiate drug prices and pay pharmacy claims; and it owns a health insurer that covers a large membership weighted toward Medicare. The money comes from the spread on dispensing and managing drugs, from what the stores sell, and from taking in insurance premiums and paying out less than it collects.

Owner earnings 2016–2025 $7.9B$6.1B$6.8B$10.4B$13.4B$15.7B$13.4B$10.4B$6.3B$7.8B

Retained capital Retained $8.3B of earnings over 2016–2025; annual owner earnings grew $1.2B, $0.15 per $1 retained.

Balance sheet Heavy net debt, $62.0B · buybacks at an average near $85.73 · dividend paid 10 of 10 yrs, never cut

CVSA Covista Inc.

Revenue is Chamberlain (41%), Walden (39%) and Medical and Veterinary (21%).

Owner earnings 2016–2025 $180M$188M$206M$171M$68M$152M($20M)$166M$247M$288M

Retained capital Paid out $450M more than it earned over 2016–2025; annual owner earnings grew $42M.

Balance sheet Modest net debt, $344M · buybacks at an average near $40.56 · dividend paid 2 of 10 yrs, cut at least once

CVX Chevron Corporation

Chevron is an integrated oil and gas company. It finds and pumps crude oil and natural gas, then ships, refines, and sells the fuels, lubricants, and petrochemicals made from them to buyers around the world. The bulk of what it sells is a commodity priced by global markets, so the cash it earns rises and falls with the price of oil and gas more than with anything the company decides.

Owner earnings 2016–2025 ($5.4B)$6.9B$16.8B$13.2B$1.7B$21.1B$37.6B$19.8B$15.0B$16.6B

Retained capital Paid out $39.4B more than it earned over 2016–2025; annual owner earnings grew $11.0B.

Balance sheet Meaningful net debt, $32.5B · buybacks at an average near $112 · dividend paid 10 of 10 yrs, never cut

CW Curtiss-Wright

Curtiss-Wright Corporation is a Delaware corporation, with its principal executive office in Davidson, North Carolina.

Owner earnings 2016–2025 $376M$336M$283M$352M$214M$347M$257M$403M$483M$554M

Retained capital Retained $932M of earnings over 2016–2025; annual owner earnings grew $148M, $0.16 per $1 retained.

Balance sheet Modest net debt, $587M · buybacks at an average near $176 · dividend paid 10 of 10 yrs, never cut

CWAN Clearwater Analytics

Our front-to-back platform provides a single source of truth for global investment assets, made available daily or on-demand, instead of weekly or monthly.

Owner earnings 2019–2025 ($232M)($9M)($135K)$53M$79M$69M$164M

Retained capital Retained $125M of earnings over 2019–2025; annual owner earnings grew $184M, $1.48 per $1 retained.

Balance sheet Net debt against an operating loss, $731M · dividend paid 1 of 7 yrs

CWBC Community West Bancshares

The Bank is regulated by the California Department of Financial Protection and Innovation and its primary Federal regulator is the Federal Deposit Insurance Corporation.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

CWCO Consolidated Water Co. Ltd.

Consists of water treatment plants for which we are the "Certified Operator in Responsible Charge" under operations and maintenance and other service agreements.

Owner earnings 2016–2025 $4M$11M$2M$12M$16M$5M$14M$3M$30M$33M

Retained capital Retained $66M of earnings over 2016–2025; annual owner earnings grew $16M, $0.25 per $1 retained.

Balance sheet Net cash, +$124M · dividend paid 10 of 10 yrs, never cut

CWEN Clearway Energy Inc.

Clearway Energy, Inc. is a publicly-traded energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America.

Owner earnings 2016–2025 $557M$327M$415M$249M$421M$550M$675M$490M$483M$369M

Retained capital Retained $459M of earnings over 2016–2025; annual owner earnings grew $14M, $0.03 per $1 retained.

Balance sheet Heavy net debt, $8.4B · dividend paid 3 of 10 yrs, never cut

CWH Camping World Holdings

Camping World Holdings offer a Unique and Comprehensive Assortment of RV Products and Services.

Owner earnings 2016–2022 $191M($48M)$87M$192M$696M$88M$109M

Retained capital Retained $133M of earnings over 2016–2022; annual owner earnings grew $221M, $1.67 per $1 retained.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $34.84 · dividend paid 7 of 7 yrs, cut at least once

CWK Cushman & Wakefield Ltd.

Cushman & Wakefield Ltd. is a leading global commercial real estate services firm driven to solve complex problems for real estate occupiers and investors.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

CWST Casella Waste Systems Inc.

Casella Waste Systems, Inc. is a regional, vertically integrated solid waste services company.

Owner earnings 2016–2025 $26M$43M$48M$37M$32M$59M$86M$78M$78M$85M

Retained capital Retained $242M of earnings over 2016–2025; annual owner earnings grew $42M, $0.17 per $1 retained.

Balance sheet Heavy net debt, $1.0B

CWT California Water Service

Utility Services holds non-utility property and provides non-regulated services to private companies and municipalities outside of California.

Owner earnings 2016–2025 $95M$69M$93M$78M$17M$120M$126M$95M$157M$156M

Retained capital Retained $415M of earnings over 2016–2025; annual owner earnings grew $50M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $1.4B · dividend paid 10 of 10 yrs, never cut

CXM Sprinklr Inc.

We Are Sprinklr provides a Unified Customer Experience Management platform that helps organizations manage customer interactions across channels and teams.

Owner earnings 2020–2026 $16M$5M($39M)$21M$63M$72M$158M

Retained capital Paid out $508M more than it earned over 2020–2026; annual owner earnings grew $104M.

Balance sheet Net cash, debt-free, +$163M

CXT Crane NXT Co.

Crane NXT is a premier industrial technology company that provides proprietary and trusted technology solutions to secure, detect, and authenticate what matters most to its customers.

Owner earnings 2016–2025 $267M$269M$305M$330M$275M$258M$285M$245M$169M$198M

Retained capital Retained $788M of earnings over 2016–2025; annual owner earnings fell $76M, $-0.10 per $1 retained.

Balance sheet Meaningful net debt, $906M · buybacks at an average near $87.14 · dividend paid 8 of 10 yrs, cut at least once

CXW CoreCivic Inc.

We provide to our federal customers continue to be a significant component of our business.

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

CYH Community Health Systems Inc.

Our affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 36 distinct markets across 14 states.

Owner earnings 2016–2025 $393M$209M($253M)($53M)$1.7B($600M)($115M)($257M)$120M$208M

Retained capital Paid out $5.0B more than it earned over 2016–2025; annual owner earnings fell $93M.

Balance sheet Heavy net debt, $13.1B

CYRX CryoPort Inc.

We are a leading global provider of integrated, temperature-controlled supply chain solutions for the life sciences, with a strong focus on supporting the rapidly growing cell and gene therapy market.

Owner earnings 2017–2025 ($4M)($4M)($4M)($24M)($16M)($24M)($28M)($34M)($25M)

Retained capital not read

Balance sheet Net cash, +$33M

CYTK Cytokinetics

We are a biopharmaceutical company focused on discovering, developing and commercializing novel muscle activators and muscle inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining.

Owner earnings 2016–2025 $35M($105M)($102M)($94M)($2M)($191M)($311M)($416M)($400M)($535M)

Retained capital not read

Balance sheet Net debt against an operating loss, $165M

CZFS Citizens Financial Services Inc.

These activities and services principally include checking, savings, and time deposit accounts; residential, commercial and agricultural real estate, commercial and industrial, state and political subdivision and consumer loans; and a variety of other specialized financial 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 · buybacks at an average near $55.80 · dividend paid 10 of 10 yrs, never cut

CZNC Citizens & Northern Corp

The Bank has expanded its presence over the past several decades through a series of mergers as well as by opening new branch and lending offices and providing access to banking services via the internet and through ATMs.

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

CZR Caesars Entertainment Inc.

In addition to the Caesars Sportsbook app, we have a partnership with NYRABets LLC, the official online wagering platform of the New York Racing Association, Inc., and operate the Caesars Racebook app in 22 states.

Owner earnings 2016–2025 $52M$47M$176M$142M($725M)$679M$41M$545M($221M)$497M

Retained capital Paid out $3.8B more than it earned over 2016–2025; annual owner earnings grew $182M.

Balance sheet Heavy net debt, $10.9B

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.