D

D Dominion Energy Inc.

Dominion Energy is required to provide collateral to counterparties under some circumstances.

Owner earnings 2016–2019 $2.6B$2.6B$3.1B$2.9B

Retained capital Retained $101M of earnings over 2016–2019; annual owner earnings grew $110M.

Balance sheet Heavy net debt, $49.2B · dividend paid 4 of 4 yrs, never cut

DAKT Daktronics Inc.

Daktronics designs, manufactures, and sells electronic display systems and related solutions used in sports, commercial, and transportation applications.

Owner earnings 2017–2026 $31M$12M$12M($7M)$58M($42M)($2M)$46M$78M$34M

Retained capital Paid out $10M more than it earned over 2017–2026; annual owner earnings grew $34M.

Balance sheet Net cash, +$118M · buybacks at an average near $12.02 · dividend paid 4 of 10 yrs, cut at least once

DAL Delta Air Lines Inc.

Delta is a legacy network airline. It flies passengers and cargo through a system of connecting hubs, sells loyalty miles in bulk to a partner bank behind a co-branded credit card, leans on a heavier mix of premium seats up front, and runs its own engine-and-airframe maintenance shop that also services other operators.

Owner earnings 2016–2025 $5.3B$2.8B$4.7B$5.8B($5.7B)$1.3B$4.3B$4.1B$5.5B$5.9B

Retained capital Retained $5.9B of earnings over 2016–2025; annual owner earnings grew $906M, $0.15 per $1 retained.

Balance sheet Modest net debt, $11.1B · dividend paid 8 of 10 yrs, cut at least once

DAN Dana Incorporated Common Stock

Divestiture of Off-Highway Business — Dana has embarked on a strategic plan to focus on our core on-highway markets, creating a more focused and nimble Dana through the divestiture of our Off-Highway business.

Owner earnings 2016–2025 $62M$161M$243M$211M$60M($211M)$209M$49M$138M$298M

Retained capital Retained $78M of earnings over 2016–2025; annual owner earnings grew $6M.

Balance sheet Heavy net debt, $2.1B · dividend paid 10 of 10 yrs, cut at least once

DAR Darling Ingredients Inc.

Darling is a partner with Valero Energy Corporation in Diamond Green Diesel, a renewable fuel producer, which converts used cooking oils, animal fats and other feedstocks into valuable renewable fuels/products, such as renewable diesel and SAF.

Owner earnings 2016–2026 $147M$136M$77M$3M$345M$422M$344M$507M$679M

Retained capital Retained $2.3B of earnings over 2016–2026; annual owner earnings grew $390M, $0.17 per $1 retained.

Balance sheet Heavy net debt, $3.9B

DASH DoorDash Inc.

Our Marketplaces operate in over 40 countries, including the United States, and account for the vast majority of our revenue today.

Owner earnings 2018–2025 ($168M)($499M)$146M$563M$191M$1.6B$2.0B$2.2B

Retained capital Paid out $4.1B more than it earned over 2018–2025; annual owner earnings grew $2.1B.

Balance sheet Net cash, +$1.7B · buybacks at an average near $69.86

DAVE Dave Inc.

Dave Inc. market Opportunity According to the Financial Health Network in 2025, approximately 185 million Americans, representing 69% of the U.S. population, are classified as financially "coping" or "vulnerable," up from 66% in 2021.

Owner earnings 2021–2025 ($912K)($46M)$33M$125M$290M

Retained capital Retained $12M of earnings over 2021–2025; annual owner earnings grew $154M, $12.75 per $1 retained.

Balance sheet Net cash, debt-free, +$81M

DBD Diebold Nixdorf Incorporated

Revenue is Services (57%) and Products (43%).

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, $573M

DBI Designer Brands Inc.

Designer Brands Inc., originally founded as DSW Inc., is one of the world's largest designers, producers, and retailers of footwear and accessories.

Owner earnings 2017–2026 $125M$135M$110M$119M($185M)$138M$146M$107M$31M$78M

Retained capital Paid out $797M more than it earned over 2017–2026; annual owner earnings fell $51M.

Balance sheet Heavy net debt, $384M · buybacks at an average near $12.47 · dividend paid 9 of 10 yrs, cut at least once

DBRG DigitalBridge Group Inc.

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 5 yrs, never cut

DBVT DBV Technologies S.A.

DBV Technologies is a late-stage specialty biopharmaceutical company focused on changing the field of immunotherapy by developing a novel technology platform called Viaskin.

Owner earnings 2019–2025 ($154M)($168M)($109M)($56M)($80M)($107M)($122M)

Retained capital not read

Balance sheet Net cash, +$193M

DBX Dropbox

Our market opportunity grew as we've expanded from keeping files in sync to keeping teams in sync.

Owner earnings 2016–2025 $137M$305M$362M$392M$491M$708M$764M$759M$872M$931M

Retained capital Paid out $4.6B more than it earned over 2016–2025; annual owner earnings grew $586M.

Balance sheet Modest net debt, $542M · buybacks at an average near $23.75

DCBG Dime Community Bancshares, Inc.

Strong community ties, customer focus, accountability, and development of the communities in which we operate will have a favorable long-term impact on our business performance.

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 $294 · dividend paid 6 of 6 yrs, cut at least once

DCH Dauch Corporation

Dauch Corporation is a premier Driveline and Metal Forming supplier serving the global automotive industry with a powertrain-agnostic product portfolio that supports electric, hybrid, and internal combustion vehicles.

Owner earnings 2016–2025 $185M$169M$247M$126M$239M$357M$278M$202M$207M$155M

Retained capital Paid out $526M more than it earned over 2016–2025; annual owner earnings fell $12M.

Balance sheet Heavy net debt, $3.4B · buybacks at an average near $10.52

DCI Donaldson

Donaldson is a global leader in technology-led filtration products and solutions, serving a broad range of industries and advanced markets.

Owner earnings 2016–2025 $218M$252M$186M$265M$299M$343M$167M$452M$407M$340M

Retained capital Retained $298M of earnings over 2016–2025; annual owner earnings grew $181M, $0.61 per $1 retained.

Balance sheet Modest net debt, $511M · buybacks at an average near $63.02 · dividend paid 10 of 10 yrs, never cut

DCO Ducommun Incorporated

Ducommun Incorporated is a leading designer and manufacturer of and provider of manufacturing solutions for high-performance products often used in high-cost-of failure applications primarily in the aerospace and defense, industrial, medical and other industries.

Owner earnings 2016–2025 $26M$8M$29M$33M$101K($17M)$13M$12M$20M($49M)

Retained capital Retained $281M of earnings over 2016–2025; annual owner earnings fell $27M, $-0.09 per $1 retained.

Balance sheet Net debt against an operating loss, $274M

DCOM Dime Commercial Bancshares Inc.

Dime Commercial Bancshares Inc. is engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community 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 $294 · dividend paid 6 of 6 yrs, cut at least once

DCTH Delcath Systems Inc.

We are an interventional oncology company focused on the treatment of cancers primary or metastatic to the liver.

Owner earnings 2021–2025 ($23M)($25M)($31M)($19M)$22M

Retained capital not read

Balance sheet Net cash, +$38M

DD DuPont de Nemours Inc.

DuPont is a leading provider of advanced solutions that improve everyday life across healthcare, water, construction and industrial markets.

Owner earnings 2016–2025 ($6.8B)($1.3B)$3.5B($1.1B)$2.9B$1.5B($74M)$543M$480M$227M

Retained capital Paid out $6.5B more than it earned over 2016–2025; annual owner earnings grew $1.9B.

Balance sheet Net debt against an operating loss, $7.1B · dividend paid 10 of 10 yrs, cut at least once

DDD 3D Systems Corporation

We provide comprehensive 3D printing and digital manufacturing solutions, including 3D printers for plastics and metals, materials, software, and services, including maintenance, advanced manufacturing and applications engineering.

Owner earnings 2016–2025 $41M($5M)($36M)$8M($34M)$29M($91M)($108M)($61M)($98M)

Retained capital not read

Balance sheet Net debt against an operating loss, $351M

DDOG Datadog Inc.

Datadog is the AI-powered observability and security platform for cloud applications.

Owner earnings 2017–2025 $11M$5M$11M$104M$277M$391M$632M$836M$1.0B

Retained capital Retained $215M of earnings over 2017–2025; annual owner earnings grew $814M, $3.79 per $1 retained.

Balance sheet Net debt against an operating loss, $582M

DDS Dillard's

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

Owner earnings 2017–2026 $407M$144M$230M$262M$192M$1.2B$828M$751M$610M$624M

Retained capital Retained $52M of earnings over 2017–2026; annual owner earnings grew $401M.

Balance sheet Net cash, +$496M · buybacks at an average near $113 · dividend paid 10 of 10 yrs, never cut

DDT Dillard's Capital Trust I

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

Owner earnings 2017–2026 $407M$144M$230M$262M$192M$1.2B$828M$751M$610M$624M

Retained capital Retained $52M of earnings over 2017–2026; annual owner earnings grew $401M.

Balance sheet Net cash, +$496M · buybacks at an average near $113 · dividend paid 10 of 10 yrs, never cut

DE Deere & Company

Deere builds the big machines that work the land — tractors, combines, planters and sprayers for farmers, and earthmoving and forestry gear for construction and forestry crews. It sells mostly through independent dealers, and a captive finance arm lends customers the money to buy the equipment. The bulk of the revenue comes from agricultural machinery, with construction and forestry a smaller share.

Owner earnings 2016–2025 $3.1B$1.6B$926M$2.3B$6.7B$6.9B$3.6B$7.1B$7.6B$6.1B

Retained capital Retained $14.4B of earnings over 2016–2025; annual owner earnings grew $5.0B, $0.35 per $1 retained.

Balance sheet Heavy net debt, $38.4B · dividend paid 10 of 10 yrs, never cut

DEA Easterly Government Properties Inc.

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

DEC Diversified Energy Company

We are engaged in the production, transportation, and marketing of natural gas, NGLs, and oil, managing a diversified portfolio of mature, long-life assets.

Owner earnings 2023–2025 $217M$169M$280M

Retained capital not read

Balance sheet Heavy net debt, $2.9B

DECK Deckers Outdoor Corporation

We are a global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories developed for both everyday casual lifestyle use and high-performance activities.

Owner earnings 2017–2026 $155M$293M$330M$254M$564M$121M$490M$976M$958M$1.1B

Retained capital Retained $1.4B of earnings over 2017–2026; annual owner earnings grew $751M, $0.52 per $1 retained.

Balance sheet Net cash, debt-free, +$1.9B · buybacks at an average near $55.41

DEI Douglas Emmett

Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed REIT.

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

DELL Dell Technologies Inc.

Dell builds and sells computers — laptops and desktops for households and businesses, and servers, storage and networking gear for the data centers that run companies and train artificial intelligence. Most of the money comes from selling the hardware itself, much of it assembled to order from parts — processors, memory and drives — bought from other makers. A smaller slice comes from the support, financing and services wrapped around those machines.

Owner earnings 2017–2026 $1.7B$5.6B$5.5B$6.7B$9.3B$7.5B$562M$5.9B$1.9B$8.6B

Retained capital Paid out $14.2B more than it earned over 2017–2026; annual owner earnings grew $1.2B.

Balance sheet Meaningful net debt, $20.0B · dividend paid 5 of 10 yrs, cut at least once

DFH Dream Finders Homes Inc.

We design, build and sell homes primarily in high-growth markets using our asset-light lot acquisition strategy.

Owner earnings 2019–2025 $28M$94M$62M($33M)$369M($267M)($116M)

Retained capital Retained $1.3B of earnings over 2019–2025; annual owner earnings fell $66M, $-0.05 per $1 retained.

Balance sheet Heavy net debt, $1.4B · buybacks at an average near $23.32

DFIN Donnelley Financial Solutions, Inc.

Revenue is led by Capital Markets Compliance and Communications Management (39%) and Capital Markets Software Solutions (30%), with 2 more segments behind.

Owner earnings 2016–2025 $80M$64M$29M$10M$123M$138M$96M$62M$105M$108M

Retained capital Retained $81M of earnings over 2016–2025; annual owner earnings grew $34M, $0.42 per $1 retained.

Balance sheet Modest net debt, $147M · buybacks at an average near $44.30

DFS Discover Financial Services

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

DG Dollar General Corporation

Dollar General runs the largest chain of discount stores in the United States, counted by number of locations — small-format shops concentrated across the southern, midwestern and eastern parts of the country. It sells everyday goods cheaply, with consumables — the household and food items people buy and use up — making up most of the sales, and seasonal merchandise, home products and apparel behind. It carries both national brands and its own private labels priced below them, and earns its keep on the spread between what it pays for the goods and what shoppers pay at the register.

Owner earnings 2017–2026 $1.2B$1.4B$1.7B$1.7B$3.3B$2.2B$1.3B$1.5B$2.0B$2.4B

Retained capital Retained $2.3B of earnings over 2017–2026; annual owner earnings grew $549M, $0.24 per $1 retained.

Balance sheet Modest net debt, $3.4B · dividend paid 10 of 10 yrs, never cut

DGICA Donegal Group Inc.

Donegal Group Inc., or DGI, is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty insurance in 21 Mid-Atlantic, Midwestern, Southern and Southwestern 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

DGICB Donegal Group Inc.

Donegal Group Inc., or DGI, is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty insurance in 21 Mid-Atlantic, Midwestern, Southern and Southwestern 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

DGII Digi International Inc.

Digi offers wireless temperature and other condition-based monitoring services as well as employee task management, label printing and other services.

Owner earnings 2016–2025 $24M$702K($5M)$20M$34M$55M$36M$32M$81M$105M

Retained capital Retained $135M of earnings over 2016–2025; annual owner earnings grew $66M, $0.49 per $1 retained.

Balance sheet Modest net debt, $90M

DGX Quest Diagnostics

Revenue is DIS business (98%) and DS businesses (2%).

Owner earnings 2017–2025 $923M$817M$843M$1.6B$1.8B$1.3B$864M$909M$1.4B

Retained capital Retained $799M of earnings over 2017–2025; annual owner earnings grew $183M.

Balance sheet Meaningful net debt, $5.3B · dividend paid 9 of 9 yrs, never cut

DGXX Digi Power X Inc.

The Corporation is an innovative energy infrastructure company that develops cutting-edge data centers to drive the expansion of sustainable energy assets.

Owner earnings 2024–2025 ($21M)($32M)

Retained capital not read

Balance sheet Net cash, debt-free, +$78M

DHC Diversified Healthcare Trust

Healthcare market, which collectively represents approximately 18% of the U.S. gross domestic product, or GDP, according to the Centers for Medicare and Medicaid Services, or CMS.

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

DHCNI Diversified Healthcare Trust

Healthcare market, which collectively represents approximately 18% of the U.S. gross domestic product, or GDP, according to the Centers for Medicare and Medicaid Services, or CMS.

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

DHCNL Diversified Healthcare Trust

Healthcare market, which collectively represents approximately 18% of the U.S. gross domestic product, or GDP, according to the Centers for Medicare and Medicaid Services, or CMS.

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

DHI D.R. Horton Inc.

D.R. Horton builds houses and sells them, weighted toward entry-level and first-move-up buyers across many states. It buys raw land, develops it into lots, frames the homes, and closes the sale, often pairing it with its own mortgage and title services. The money comes from the gap between what a finished house fetches and what the land, materials, and labor to build it cost.

Owner earnings 2016–2025 $563M$386M$477M$820M$1.3B$441M$480M$4.2B$2.1B$3.3B

Retained capital Retained $17.4B of earnings over 2016–2025; annual owner earnings grew $2.7B, $0.16 per $1 retained.

Balance sheet Modest net debt, $3.0B · buybacks at an average near $101 · dividend paid 10 of 10 yrs, never cut

DHR Danaher Corporation

Danaher is a science and technology company whose instruments, reagents, consumables, and services are used in life sciences research, diagnostics, and the manufacture of biotechnology and pharmaceutical products. Its customers are laboratories, hospitals, and drug makers, most of them outside the United States. It earns more from the supplies and service that keep installed instruments running than from the machines themselves, and it has assembled its businesses largely by acquiring companies and running them on a single operating playbook of its own.

Owner earnings 2016–2025 $2.9B$2.9B$3.4B$3.3B$5.4B$7.1B$7.4B$5.8B$6.0B$5.7B

Retained capital Retained $24.8B of earnings over 2016–2025; annual owner earnings grew $2.7B, $0.11 per $1 retained.

Balance sheet Meaningful net debt, $13.8B · dividend paid 10 of 10 yrs, never cut

DIN Dine Brands Global Inc.

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

Owner earnings 2016–2025 $112M$52M$126M$136M$86M$179M$54M$94M$94M$53M

Retained capital Paid out $649M more than it earned over 2016–2025; annual owner earnings fell $16M.

Balance sheet Heavy net debt, $1.1B · dividend paid 9 of 10 yrs, cut at least once

DINO HF Sinclair

We provide petroleum product and crude oil transportation, terminalling, storage and throughput services to our refineries and the petroleum industry.

Owner earnings 2020–2025 $187M($97M)$3.3B$1.9B$640M$866M

Retained capital Retained $168M of earnings over 2020–2025; annual owner earnings grew $25M.

Balance sheet Modest net debt, $1.8B · buybacks at an average near $53.62 · dividend paid 6 of 6 yrs, cut at least once

DIOD Diodes

Diodes Incorporated, together with its subsidiaries), delivers high-quality semiconductor products to the world's leading companies in the automotive, industrial, computing, consumer electronics, and communications markets.

Owner earnings 2016–2025 $66M$104M$98M$131M$111M$232M$280M$130M$46M$137M

Retained capital Retained $910M of earnings over 2016–2025; annual owner earnings grew $15M, $0.02 per $1 retained.

Balance sheet Net cash, +$350M

DIS Walt Disney Company (The)

Disney makes money three ways: it produces and distributes films and television, which it sells in theaters, through licensing, and on streaming services like Disney+; it runs theme parks, resorts, and cruise ships and sells the merchandise that goes with them; and it owns sports media, chiefly ESPN, carried on cable and direct to viewers. Households and advertisers pay for the content; guests pay to visit the parks and buy the goods. The largest share of revenue comes from the entertainment and experiences sides, with sports the smaller piece.

Owner earnings 2017–2025 $9.6B$11.3B$1.1B$3.6B$2.0B$1.1B$4.9B$8.6B$12.8B

Retained capital Retained $22.6B of earnings over 2017–2025; annual owner earnings grew $1.4B, $0.06 per $1 retained.

Balance sheet Meaningful net debt, $36.3B · buybacks at an average near $106 · dividend paid 6 of 9 yrs, cut at least once

DJCO Daily Journal Corp. (S.C.)

These organizations use the Journal Technologies family of products to help manage cases and information electronically, to interface with other critical justice partners and to extend electronic services to the public, including e-filing and a website to pay traffic citations and fees online.

Owner earnings 2016–2025 ($3M)($3M)($2M)$1M$2M$3M($5M)$15M($138K)$13M

Retained capital Retained $288M of earnings over 2016–2025; annual owner earnings grew $12M, $0.04 per $1 retained.

Balance sheet Net cash, +$514M

DJT Trump Media & Technology Group Corp.

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

Owner earnings 2022–2025 ($24M)($10M)($64M)$14M

Retained capital not read

Balance sheet Net debt against an operating loss, $508M

DJTWW Trump Media & Technology Group Corp.

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

Owner earnings 2022–2025 ($24M)($10M)($64M)$14M

Retained capital not read

Balance sheet Net debt against an operating loss, $508M

DK Delek US Holdings

Our refining system produces a variety of petroleum-based products used in transportation and industrial markets, which are sold to a wide range of customers located principally in inland, domestic markets and which comply with current EPA clean fuels standards.

Owner earnings 2016–2025 $202M$148M$361M$381M($552M)$149M$145M$621M($495M)$138M

Retained capital Paid out $1.4B more than it earned over 2016–2025; annual owner earnings fell $149M.

Balance sheet Heavy net debt, $2.6B · buybacks at an average near $33.15 · dividend paid 9 of 10 yrs, cut at least once

DKL Delek Logistics Partners L.P. Common

Revenue is Gathering and Processing (49%), Wholesale Marketing and Terminalling (41%) and Storage and Transportation (10%).

Owner earnings 2016–2025 $89M$73M$140M$121M$180M$252M$129M$129M$110M$112M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $16M, $0.01 per $1 retained.

Balance sheet Heavy net debt, $2.3B

DKNG DraftKings Inc.

We provide users with online and retail sports betting, online casino, daily fantasy sports, digital lottery courier, prediction markets and other product offerings.

Owner earnings 2020–2025 ($206M)($435M)($658M)($23M)$408M$648M

Retained capital not read

Balance sheet Net debt against an operating loss, $132M

DKS Dick's Sporting Goods

Dick's Sporting Goods is a leading global sports retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories.

Owner earnings 2017–2026 $535M$509M$515M$187M$1.3B$1.3B$558M$1.1B$911M$1.0B

Retained capital Retained $1.0B of earnings over 2017–2026; annual owner earnings grew $512M, $0.49 per $1 retained.

Balance sheet Modest net debt, $586M · buybacks at an average near $71.88 · dividend paid 10 of 10 yrs, cut at least once

DLB Dolby Laboratories

We derive the majority of our revenue from licensing audio and video technology to electronics manufacturers, and a lesser portion of our revenue by offering premium audio and video technologies to cinema exhibitors.

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 $69.46 · dividend paid 10 of 10 yrs, never cut

DLR Digital Realty Trust Inc.

Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. and the subsidiaries of the Operating Partnership, is a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals.

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

DLTR Dollar Tree Inc.

We are a leading operator of retail discount stores operating under the brand names of Dollar Tree and Dollar Tree Canada.

Owner earnings 2017–2026 $1.1B$878M$949M$835M$1.8B$410M$976M$1.5B$893M$1.1B

Retained capital Paid out $1.3B more than it earned over 2017–2026; annual owner earnings grew $168M.

Balance sheet Modest net debt, $1.7B

DLX Deluxe Corporation

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

Owner earnings 2016–2025 $273M$291M$277M$220M$98M$100M$175M

Retained capital Paid out $280M more than it earned over 2016–2025; annual owner earnings fell $156M.

Balance sheet Heavy net debt, $1.4B · buybacks at an average near $54.57 · dividend paid 7 of 7 yrs, never cut

DMAC DiaMedica Therapeutics Inc.

Our lead candidate DM199, is the first pharmaceutically active recombinant form of the human tissue kallikrein-1 protein to be clinically studied in patients and has been granted Fast Track Designation by the U.S.

Owner earnings FY2018 ($6M)

Retained capital not read

Balance sheet Net cash, debt-free, +$60M

DMC Del Monte Corporation

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 $198M$56M$96M$47M$30M$14M$120M$131M$181M

Retained capital Retained $164M of earnings over 2016–2025; annual owner earnings grew $28M, $0.17 per $1 retained.

Balance sheet Heavy net debt, $689M · buybacks at an average near $43.86 · dividend paid 9 of 9 yrs, cut at least once

DMLP Dorchester Minerals L.P. Common

Dorchester Minerals Operating LP owns working interests and other properties underlying our Net Profits Interest, provides day-to-day operational and administrative services to us and our General Partner, and is the employer of all the employees who perform such services.

Owner earnings 2017–2018 $43M$62M

Retained capital not read

Balance sheet Net cash, debt-free, +$42M

DNA Ginkgo Bioworks Holdings Inc.

Ginkgo does not make end products; instead, we offer biological R&D services on our platform to enable our customers to bring their products to market.

Owner earnings 2019–2025 ($55M)($150M)($283M)($304M)($336M)($382M)($179M)

Retained capital not read

Balance sheet Net cash, debt-free, +$423M

DNOW DNOW Inc.

We are a premier provider of energy and industrial solutions, serving as a global leader in the distribution of pipe, valves and fittings, and pumps, as well as in the fabrication, assembly and testing of process and production equipment.

Owner earnings 2016–2025 $231M($119M)$62M$212M$181M$25M($9M)$171M$289M$134M

Retained capital Paid out $503M more than it earned over 2016–2025; annual owner earnings grew $140M.

Balance sheet Net debt against an operating loss, $247M

DNTH Dianthus Therapeutics Inc.

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

Owner earnings 2016–2025 ($7M)($24M)($50M)($60M)($37M)($78M)($129M)

Retained capital not read

Balance sheet Net cash, debt-free, +$404M

DNUT Krispy Kreme Inc.

Krispy Kreme Inc. is one of the most beloved and well-known sweet treat brands in the world.

Owner earnings 2019–2025 $4M($69M)$22M($76M)($75M)($64M)

Retained capital Paid out $935M more than it earned over 2019–2025; annual owner earnings fell $57M.

Balance sheet Net debt against an operating loss, $935M · dividend paid 6 of 6 yrs, cut at least once

DOC Healthpeak

Healthpeak Properties, Inc. is a Standard & Poor's 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery 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 · buybacks at an average near $32.30 · dividend paid 10 of 10 yrs, cut at least once

DOCN DigitalOcean

DigitalOcean is an agentic inference cloud platform that helps AI and Digital Native Enterprises build, run, and scale intelligent applications with speed, simplicity, and predictable economics.

Owner earnings 2019–2025 ($14M)($17M)$36M$89M$116M$153M$181M

Retained capital Paid out $1.3B more than it earned over 2019–2025; annual owner earnings grew $148M.

Balance sheet Heavy net debt, $1.0B · buybacks at an average near $44.03

DOCS Doximity

We are the leading physician-first tech company, with over 3 million registered members 1 as of March 31, 2026.

Owner earnings 2020–2026 $26M$83M$125M$178M$184M$273M$326M

Retained capital Paid out $8M more than it earned over 2020–2026; annual owner earnings grew $183M.

Balance sheet Net cash, debt-free, +$219M

DOCU DocuSign

Docusign IAM platform is a system of record that enables customers of all sizes to ingest a vast, complex body of agreements into a single repository, build agreement workflows that operate at scale, and take action on high-accuracy insights from agreement data.

Owner earnings 2017–2026 ($33M)$36M$46M$66M$215M$445M$429M$887M$920M$1.1B

Retained capital Paid out $1.5B more than it earned over 2017–2026; annual owner earnings grew $939M.

Balance sheet Net cash, debt-free, +$602M · buybacks at an average near $65.34

DOLE Dole plc

Dole plc is a global leader in the production, sourcing, distribution, and marketing of fresh fruits and vegetables.

Owner earnings 2023–2025 $221M$180M$2M

Retained capital not read

Balance sheet Meaningful net debt, $593M

DOMO Domo, Inc.

Because Domo can digitally connect an organization and empower employees to engage with data in a governed way, we believe our market potential is broad.

Owner earnings 2017–2026 ($149M)($156M)($138M)($87M)($22M)($6M)($16M)($4M)($18M)($2M)

Retained capital not read

Balance sheet Net debt against an operating loss, $84M

DORM Dorman Products Inc.

Products are sold primarily through aftermarket retailers, including their online platforms; dealers; and national, regional, and local wholesale distributors and specialty markets.

Owner earnings 2016–2025 $101M$70M$52M$66M$137M$80M$4M$165M$192M$76M

Retained capital Retained $1.3B of earnings over 2016–2025; annual owner earnings grew $70M, $0.05 per $1 retained.

Balance sheet Modest net debt, $390M

DOV Dover Corporation

Dover's five segments are structured around businesses with similar business models, go-to-market strategies, product categories, and manufacturing practices.

Owner earnings 2016–2025 $595M$569M$618M$759M$939M$944M$595M$1.2B$920M$1.1B

Retained capital Retained $4.6B of earnings over 2016–2025; annual owner earnings grew $469M, $0.10 per $1 retained.

Balance sheet Modest net debt, $1.7B · dividend paid 10 of 10 yrs, never cut

DOW Dow Inc. Common Stock

Dow is one of the world's large chemical makers. It turns hydrocarbon feedstocks — oil and natural gas liquids — into plastics and industrial chemicals, led by its packaging and specialty plastics franchise, polyethylene above all, alongside the industrial intermediates that feed infrastructure, coatings, and consumer goods. It sells these by the ton to manufacturers around the world, and earns the spread between what feedstock and energy cost it and what the market will pay for the product.

Owner earnings 2017–2025 ($7.7B)$2.2B$4.0B$5.0B$5.5B$5.7B$2.8B($26M)($1.4B)

Retained capital Paid out $4.3B more than it earned over 2017–2025; annual owner earnings grew $990M.

Balance sheet Net debt against an operating loss, $14.0B · dividend paid 8 of 9 yrs, cut at least once

DPZ Domino's Pizza Inc.

Domino's is the largest pizza company in the world with more than 22,100 locations in over 90 markets around the world as of December 28, 2025, and operates two distinct service models within its stores, with a significant business in both delivery and carryout.

Owner earnings 2014–2025 $157M$259M$297M$341M$437M$528M$560M$510M$537M$703M

Retained capital Paid out $2.9B more than it earned over 2014–2025; annual owner earnings grew $346M.

Balance sheet Heavy net debt, $4.7B · buybacks at an average near $241 · dividend paid 10 of 10 yrs, never cut

DRH Diamondrock Hospitality Company

Our hotels and resorts are primarily categorized as luxury and upper upscale as defined by STR, Inc. and are generally located in high barrier-to-entry markets with multiple demand generators.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

DRI Darden Restaurants Inc.

Restaurants will be franchise-owned and will operate as members of our Olive Garden International family.

Owner earnings 2016–2025 $592M$623M$707M$931M$362M$939M$888M$1.2B$1.2B$1.1B

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $489M.

Balance sheet Modest net debt, $1.9B · buybacks at an average near $83.05 · dividend paid 10 of 10 yrs, cut at least once

DRIO DarioHealth Corp.

We are a vertically integrated health intelligence platform with a mission to power the behavior changes that drive better health.

Owner earnings 2016–2025 ($9M)($11M)($12M)($16M)($18M)($51M)($48M)($31M)($39M)($26M)

Retained capital not read

Balance sheet Net debt against an operating loss, $14M

DRS Leonardo DRS Inc.

Leonardo DRS, Inc. provides advanced defense technology to U.S. national security customers and allied defense forces worldwide.

Owner earnings 2019–2025 $102M$69M$118M($32M)$145M$186M$273M

Retained capital Retained $947M of earnings over 2019–2025; annual owner earnings grew $105M, $0.11 per $1 retained.

Balance sheet Net cash, +$273M · dividend paid 1 of 7 yrs, cut at least once

DRVN Driven Brands Holdings Inc.

Driven Brands is the largest automotive services company in North America with a growing and highly-franchised base of over 4,200 locations across 49 U.S. states and Canada.

Owner earnings 2019–2025 $13M$32M$171M$50M$152M$165M$249M

Retained capital Paid out $943M more than it earned over 2019–2025; annual owner earnings grew $117M.

Balance sheet Heavy net debt, $2.6B · buybacks at an average near $13.87

DSGR Distribution Solutions Group Inc.

Distribution Solutions Group Inc. is a global specialty distribution company providing value-added distribution solutions to the maintenance, repair and operations, original equipment manufacturer and industrial technology markets.

Owner earnings 2018–2025 $18M$7M$31M$7M($19M)$87M$43M$63M

Retained capital Paid out $17M more than it earned over 2018–2025; annual owner earnings grew $46M.

Balance sheet Heavy net debt, $638M · buybacks at an average near $33.33

DSP Viant Technology Inc.

We are an advertising technology company.

Owner earnings 2019–2025 $13M$18M$28M($4M)$37M$49M$52M

Retained capital Paid out $3M more than it earned over 2019–2025; annual owner earnings grew $26M.

Balance sheet Cash equals debt, $0 · dividend paid 1 of 7 yrs, cut at least once

DT Dynatrace

Dynatrace to address a significant market opportunity through our differentiated platform, deep cloud ecosystem integrations, and trusted customer and partner relationships.

Owner earnings 2018–2026 $110M$140M($150M)$211M$240M$342M$363M$440M$543M

Retained capital Paid out $135M more than it earned over 2018–2026; annual owner earnings grew $416M.

Balance sheet Net cash, debt-free, +$1.2B · buybacks at an average near $44.01

DTB DTE Energy Co

DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million customers in southeastern Michigan.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $25.6B

DTE DTE Energy Company

DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million customers in southeastern Michigan.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $25.6B

DTG DTE Energy Co

DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million customers in southeastern Michigan.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $25.6B

DTM DT Midstream Inc. Common Stock

We provide multiple, integrated natural gas services to customers through our interstate pipelines, intrastate pipelines, storage systems, gathering lateral pipelines and compression and surface facilities, and gathering systems including related treatment plants, and compression and surface facilities.

Owner earnings 2019–2025 $297M$445M$432M$555M$616M$554M$609M

Retained capital Retained $1.2B of earnings over 2019–2025; annual owner earnings grew $202M, $0.17 per $1 retained.

Balance sheet Heavy net debt, $3.3B · dividend paid 5 of 7 yrs, never cut

DTW DTE Energy Co

DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million customers in southeastern Michigan.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $25.6B

DUK Duke Energy Corporation

Duke Energy is a regulated utility. It generates and delivers electricity, and distributes natural gas, to homes and businesses across the U.S. — most of the money comes from the electric side, the rest from gas. In nearly all the places it serves, it is the only supplier a customer can buy electricity from.

Owner earnings 2016–2025 $3.0B$2.6B$2.5B$3.0B$3.4B$2.6B$84M$3.8B$5.9B$4.6B

Retained capital Retained $12.8B of earnings over 2016–2025; annual owner earnings grew $2.1B, $0.16 per $1 retained.

Balance sheet Heavy net debt, $89.5B · dividend paid 7 of 10 yrs, never cut

DUKB Duke Energy Corporation

Duke Energy operates in the U.S. primarily through its direct and indirect subsidiaries.

Owner earnings 2016–2025 $3.0B$2.6B$2.5B$3.0B$3.4B$2.6B$84M$3.8B$5.9B$4.6B

Retained capital Retained $12.8B of earnings over 2016–2025; annual owner earnings grew $2.1B, $0.16 per $1 retained.

Balance sheet Heavy net debt, $89.5B · dividend paid 7 of 10 yrs, never cut

DUOL Duolingo Inc.

We Are Duolingo is a technology company founded by two engineers, Luis von Ahn and Severin Hacker.

Owner earnings 2020–2025 $15M$6M$48M$150M$273M$373M

Retained capital Retained $382M of earnings over 2020–2025; annual owner earnings grew $242M, $0.63 per $1 retained.

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

DUOT Duos Technologies Group Inc.

Duos also continues to operate as a technology company which designs, develops, deploys and operates intelligent technology solutions with a focus on software applications and artificial intelligence in addition to large project, consulting, implementation and asset management.

Owner earnings 2016–2025 ($2M)($4M)($419K)($4M)($4M)($7M)($8M)($9M)($5M)($16M)

Retained capital not read

Balance sheet Net cash, +$13M

DV DoubleVerify

We are one of the industry's leading media effectiveness platforms that leverages artificial intelligence to drive superior outcomes for global brands.

Owner earnings 2019–2025 $23M$11M$73M$55M$103M$133M$173M

Retained capital Retained $18M of earnings over 2019–2025; annual owner earnings grew $100M.

Balance sheet Net cash, +$255M

DVA DaVita

DaVita is a leading healthcare provider focused on transforming care delivery to improve quality of life for patients globally.

Owner earnings 2016–2025 $1.5B$1.4B$1.2B$1.5B$1.3B$1.3B$961M$1.5B$1.5B$1.3B

Retained capital Paid out $5.0B more than it earned over 2016–2025; annual owner earnings grew $75M.

Balance sheet Heavy net debt, $9.6B · buybacks at an average near $80.69 · no dividend paid

DVLT Datavault AI Inc.

Datavault AI Inc. is a pioneering technology licensing company that owns a portfolio of patented, secure platforms designed to redefine how data is managed, valued, and monetized in the modern era.

Owner earnings 2017–2025 ($10M)($10M)($11M)($10M)($12M)($18M)($15M)($18M)($24M)

Retained capital not read

Balance sheet Net debt against an operating loss, $8M

DVN Devon Energy Corporation

Revenue is Oil, Gas and NGL Sales (67%) and Marketing and Midstream Revenues (33%).

Owner earnings 2016–2025 $651M$2.9B$1.5B$2.0B$311M$2.9B$6.0B$4.0B$3.0B$3.1B

Retained capital Retained $867M of earnings over 2016–2025; annual owner earnings grew $1.7B.

Balance sheet Net debt against an operating loss, $4.7B · buybacks at an average near $37.83 · dividend paid 6 of 10 yrs, cut at least once

DX Dynex Capital Inc.

Dynex Capital, Inc. is a real estate investment trust structured to deliver dividends to shareholders supported by long term returns from investments in mortgage assets backed by U.S. housing and commercial real estate.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

DXC DXC Technology Company Common Stock

DXC Technology is a leading enterprise technology and innovation partner delivering software, services, and solutions to global enterprises and public sector organizations - helping them harness AI to drive outcomes at a time of exponential change with speed.

Owner earnings 2017–2026 $373M$2.3B$1.5B$2.0B($137M)$1.2B$1.1B$1.2B$1.1B$1.0B

Retained capital Paid out $5.2B more than it earned over 2017–2026; annual owner earnings fell $279M.

Balance sheet Modest net debt, $1.8B · buybacks at an average near $24.58 · dividend paid 5 of 10 yrs, cut at least once

DXCM DexCom Inc.

We are a medical device company primarily focused on the design, development and commercialization of continuous glucose monitoring, or CGM, systems for the management of diabetes and metabolic health by patients, caregivers, and clinicians around the world.

Owner earnings 2016–2025 $41M$76M$94M$266M$409M$341M$514M$563M$772M$1.2B

Retained capital Retained $324M of earnings over 2016–2025; annual owner earnings grew $771M, $2.38 per $1 retained.

Balance sheet Modest net debt, $231M · buybacks at an average near $85.97

DXPE DXP Enterprises Inc.

Revenue is Service Centers (68%), Innovative Pumping Solutions (19%) and Supply Chain Services (13%).

Owner earnings 2016–2025 $43M$10M$27M$31M$103M$31M$978K$98M$93M$84M

Retained capital Retained $179M of earnings over 2016–2025; annual owner earnings grew $65M, $0.36 per $1 retained.

Balance sheet Meaningful net debt, $523M · dividend paid 10 of 10 yrs, cut at least once

DY Dycom Industries

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 2016–2026 $151M$109M($41M)($63M)$324M$152M$21M$96M$151M$402M

Retained capital Retained $731M of earnings over 2016–2026; annual owner earnings grew $143M, $0.20 per $1 retained.

Balance sheet Heavy net debt, $2.1B · buybacks at an average near $85.70