E

EA Electronic Arts

Electronic Arts is a global leader in digital interactive entertainment.

Owner earnings 2017–2026 $1.5B$1.6B$1.4B$1.7B$1.8B$1.7B$1.3B$2.1B$1.9B$2.3B

Retained capital Paid out $728M more than it earned over 2017–2026; annual owner earnings grew $610M.

Balance sheet Net cash, +$2.5B · dividend paid 6 of 10 yrs, never cut

EAT Brinker Intl

We own, develop, operate and franchise the Chili's Grill & Bar and Maggiano's Little Italy restaurant brands.

Owner earnings 2016–2025 $287M$213M$183M$45M$141M$276M$102M$71M$223M$472M

Retained capital Paid out $174M more than it earned over 2016–2025; annual owner earnings grew $28M.

Balance sheet Meaningful net debt, $1.3B · buybacks at an average near $44.99 · dividend paid 9 of 10 yrs, cut at least once

EBAY eBay Inc.

EBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all.

Owner earnings 2016–2025 $2.2B$2.5B$2.0B$2.6B$2.0B$2.2B$1.8B$2.0B$2.0B$1.4B

Retained capital Paid out $5.7B more than it earned over 2016–2025; annual owner earnings fell $452M.

Balance sheet Modest net debt, $3.2B · buybacks at an average near $49.80 · dividend paid 7 of 10 yrs, never cut

EBC Eastern Bankshares Inc.

We offer a range of demand deposit accounts, interest checking accounts, money market accounts, savings accounts and time certificates of deposit accounts.

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 5 of 8 yrs, never cut

EBF Ennis Inc.

Ennis is primarily a "trade printer" that manufactures a broad range of printed products that are resold throughout the United States through a network of independent distributors.

Owner earnings 2017–2026 $56M$43M$47M$54M$49M$44M$42M$63M$60M$41M

Retained capital Paid out $51M more than it earned over 2017–2026; annual owner earnings grew $6M.

Balance sheet Net cash, +$5M · buybacks at an average near $17.56 · dividend paid 10 of 10 yrs, cut at least once

EBS Emergent BioSolutions Inc.

We are a global life sciences company focused on providing innovative preparedness and response solutions addressing accidental, deliberate and naturally occurring Public Health Threats.

Owner earnings 2016–2025 $27M$176M$6M$139M$487M$196M($150M)($258M)$36M$157M

Retained capital Paid out $579M more than it earned over 2016–2025; annual owner earnings fell $91M.

Balance sheet Meaningful net debt, $367M · buybacks at an average near $28.36

ECG Everus Construction Group Inc.

We are a leading construction solutions provider headquartered in Bismarck, North Dakota, offering specialty contracting services to a diverse set of end markets across the United States.

Owner earnings 2022–2025 ($45M)$150M$140M$128M

Retained capital Retained $607M of earnings over 2022–2025; annual owner earnings grew $58M, $0.09 per $1 retained.

Balance sheet Modest net debt, $111M

ECHO EchoStar Corporation

EchoStar Corporation is a holding company that was organized in October 2007 as a corporation under the laws of the State of Nevada.

Owner earnings 2016–2025 $370M$341M$179M$238M$296M$3.4B$2.4B$835M($292M)($1.1B)

Retained capital Paid out $11.4B more than it earned over 2016–2025; annual owner earnings fell $471M.

Balance sheet Net debt against an operating loss, $23.0B · buybacks at an average near $24.04

ECL Ecolab Inc.

We deliver sustainable solutions that help companies around the world achieve their business goals while reducing environmental impacts.

Owner earnings 2016–2025 $1.4B$1.5B$1.7B$1.9B$1.4B$1.4B$1.1B$1.8B$2.2B$2.3B

Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $543M, $0.30 per $1 retained.

Balance sheet Meaningful net debt, $7.5B · dividend paid 10 of 10 yrs, never cut

ECPG Encore Capital Group 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

ECVT Ecovyst Inc.

We are a leading integrated provider of virgin and regenerated sulfuric acid products and services.

Owner earnings 2016–2025 $1M$25M$137M$213M$169M$70M$128M$79M$94M$70M

Retained capital Paid out $1.2B more than it earned over 2016–2025; annual owner earnings grew $27M.

Balance sheet Meaningful net debt, $195M · dividend paid 2 of 10 yrs, cut at least once

ED Consolidated Edison Inc.

Revenue is Electric (74%), Gas (21%) and Steam (4%).

Owner earnings 2016–2022 $2.2B$2.0B$1.3B$1.4B$278M$701M$1.9B

Retained capital Retained $3.2B of earnings over 2016–2022; annual owner earnings fell $889M, $-0.28 per $1 retained.

Balance sheet Heavy net debt, $24.2B · dividend paid 7 of 7 yrs, never cut

EE Excelerate Energy Inc.

Excelerate Energy Inc. is substantially supported by long-term, take-or-pay agreements, which provide consistent revenue and cash flow from our high-quality customer base.

Owner earnings 2020–2025 $68M$106M$106M($81M)$131M$298M

Retained capital Retained $100M of earnings over 2020–2025; annual owner earnings grew $23M, $0.23 per $1 retained.

Balance sheet Modest net debt, $398M · dividend paid 4 of 6 yrs, never cut

EEFT Euronet Worldwide Inc.

Euronet is a leader in electronic payment and transaction processing solutions for Financial Institutions, Retailers, Service Providers, and Individual Consumers utilizing our global payments network, platforms, and technologies.

Owner earnings 2017–2025 $189M$285M$373M$156M$314M$644M$549M$616M$434M

Retained capital Retained $1.0B of earnings over 2017–2025; annual owner earnings grew $251M, $0.24 per $1 retained.

Balance sheet Modest net debt, $981M

EEX Emerald Holding Inc.

Emerald is a leading business-to-business event organizer principally in the United States, with expanding operations in the U.K. and other international markets.

Owner earnings 2016–2025 $91M$110M$103M$66M($38M)$89M$173M$40M$46M$41M

Retained capital Paid out $771M more than it earned over 2016–2025; annual owner earnings fell $59M.

Balance sheet Heavy net debt, $398M · buybacks at an average near $11.92 · dividend paid 6 of 10 yrs, cut at least once

EFOR Everforth Inc.

Everforth is a leading technology and digital engineering company with six core solution areas: Cloud and Infrastructure, Data and AI, Software Development and Engineering, Customer Experience, Cybersecurity, and Enterprise Platforms.

Owner earnings 2016–2025 $172M$172M$259M$281M$392M$159M$270M$417M$365M$288M

Retained capital Retained $591M of earnings over 2016–2025; annual owner earnings grew $156M, $0.26 per $1 retained.

Balance sheet Heavy net debt, $1.0B

EFSC Enterprise Financial Services Corp

Enterprise Financial Services Corp offers a broad range of business and personal banking services including wealth management.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $42.24 · dividend paid 10 of 10 yrs, never cut

EFSCP Enterprise Financial Services Corp

Enterprise Financial Services Corp offers a broad range of business and personal banking services including wealth management.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $42.24 · dividend paid 10 of 10 yrs, never cut

EFX Equifax Inc.

Equifax Inc. is a global data, analytics and technology company.

Owner earnings 2016–2025 $650M$598M$350M($86M)$525M$866M$133M$516M$813M$1.1B

Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $288M, $0.16 per $1 retained.

Balance sheet Heavy net debt, $4.9B · dividend paid 10 of 10 yrs, never cut

EG Everest Group

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

EGBN Eagle Bancorp Inc.

The Bank operates as a community bank alternative to the super-regional financial institutions that dominate its primary market area.

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 10 yrs, cut at least once

EGP EastGroup

EastGroup Properties, Inc., which we refer to in this Annual Report as the "Company," "EastGroup," "we," "us" or "our," is an internally-managed equity REIT first organized in 1969.

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

EGY VAALCO Energy Inc.

We are an independent energy company headquartered in Houston, Texas engaged in the acquisition, exploration, development and production of crude oil, natural gas and NGLs.

Owner earnings 2016–2024 ($7M)$7M$32M$19M$18M$34M$81M$126M$11M

Retained capital Retained $185M of earnings over 2016–2024; annual owner earnings grew $62M, $0.33 per $1 retained.

Balance sheet Net debt against an operating loss, $8M · dividend paid 3 of 9 yrs, never cut

EHC Encompass Health

We are the nation's largest owner and operator of inpatient rehabilitation hospitals in terms of patients treated, revenues, and number of hospitals.

Owner earnings 2016–2025 $463M$433M$563M$417M$502M$496M$462M$577M$703M$848M

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $223M, $0.10 per $1 retained.

Balance sheet Heavy net debt, $2.4B · dividend paid 10 of 10 yrs, cut at least once

EIG Employers Holdings Inc

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

EIX Edison International

Edison International is the ultimate parent holding company of SCE and Edison Energy, LLC, doing business as Trio.

Owner earnings 2016–2025 $1.2B$1.5B$1.2B($2.1B)($766M)($2.3B)$583M$766M$2.1B$2.6B

Retained capital Retained $2.1B of earnings over 2016–2025; annual owner earnings grew $534M, $0.26 per $1 retained.

Balance sheet Heavy net debt, $37.8B · buybacks at an average near $78.29 · dividend paid 10 of 10 yrs, never cut

EL Estee Lauder Companies Inc. (The)

Lauder, is one of the world's leading manufacturers, marketers and sellers of quality skin care, makeup, fragrance and hair care products.

Owner earnings 2017–2025 $1.3B$1.9B$2.0B$1.7B$3.0B$2.3B$987M$1.4B$670M

Retained capital Paid out $2.9B more than it earned over 2017–2025; annual owner earnings fell $694M.

Balance sheet Net debt against an operating loss, $3.9B · dividend paid 9 of 9 yrs, cut at least once

ELA Envela Corporation

Envela is a leading provider of recommerce and recycling services at the forefront of the circular economy.

Owner earnings 2017–2025 ($129K)$250K($646K)$6M$2M$10M$4M$9M$1M

Retained capital Retained $63M of earnings over 2017–2025; annual owner earnings grew $5M, $0.08 per $1 retained.

Balance sheet Net cash, +$5M · buybacks at an average near $4.77

ELAN Elanco Animal Health Incorporated

Elanco Animal Health Incorporated is a global leader in animal health, dedicated to innovating and delivering products and services to prevent and treat disease in farm animals and pets.

Owner earnings 2016–2025 $46M$75M$353M$84M($176M)$324M$281M$131M$394M$284M

Retained capital Paid out $2.5B more than it earned over 2016–2025; annual owner earnings grew $112M.

Balance sheet Heavy net debt, $3.5B

ELF e.l.f. Beauty

Beauty" and together with our subsidiaries is a multi-brand beauty company that offers inclusive, accessible, clean, vegan and cruelty free cosmetics and skin care products.

Owner earnings 2016–2026 ($7M)$5M$47M$35M$23M$15M$100M$62M$115M$190M

Retained capital Retained $303M of earnings over 2016–2026; annual owner earnings grew $108M, $0.36 per $1 retained.

Balance sheet Heavy net debt, $552M · buybacks at an average near $14.00

ELMD Electromed Inc.

Electromed Inc. develops, manufactures, markets and sells innovative products that provide airway clearance therapy, including the SmartVest Airway Clearance System to patients with compromised pulmonary function with a commitment to excellence and compassionate service.

Owner earnings 2016–2025 $2M$572K$2M$2M$4M$3M($1M)$765K$9M$11M

Retained capital Retained $20M of earnings over 2016–2025; annual owner earnings grew $6M, $0.28 per $1 retained.

Balance sheet Net cash, +$14M

ELS Equity Lifestyle Properties Inc.

Properties generally provide a clubhouse for social activities and recreation and other amenities, which can include swimming pools, shuffleboard courts, tennis courts, pickleball courts, golf courses, lawn bowling, restaurants, laundry facilities, cable television and internet service.

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 $3.18 · dividend paid 10 of 10 yrs, never cut

ELV Elevance Health Inc.

Elevance Health sells health insurance. It collects premiums from employers, individuals, and government programs, then pays the medical, pharmacy, and behavioral-health bills of the people it covers and keeps the difference. It is among the largest Blue Cross Blue Shield licensees, operating Blue-branded plans across many states, and it also runs a health-services arm that manages pharmacy benefits and the delivery of care.

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 $326 · dividend paid 10 of 10 yrs, never cut

EME EMCOR Group

We are one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services.

Owner earnings 2016–2025 $223M$331M$228M$307M$758M$283M$449M$848M$1.4B$1.2B

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings grew $884M, $0.44 per $1 retained.

Balance sheet Net cash, +$865M · buybacks at an average near $172 · dividend paid 10 of 10 yrs, never cut

EMN Eastman Chemical

Eastman has 36 manufacturing facilities and has equity interests in four manufacturing joint ventures in 12 countries that supply products to customers throughout the world.

Owner earnings 2016–2025 $759M$1.0B$1.0B$1.1B$1.1B$1.1B$364M$546M$688M$424M

Retained capital Retained $4.1B of earnings over 2016–2025; annual owner earnings fell $375M, $-0.09 per $1 retained.

Balance sheet Meaningful net debt, $4.2B · dividend paid 10 of 10 yrs, never cut

EMR Emerson Electric Company

Emerson is an industrial automation company. It sells the control systems, measuring instruments, valves, and software that run process plants — refineries, chemical works, power stations, food and life-sciences lines — and the factories that turn out discrete goods, then earns again on the parts, service, and software those installed systems need to keep running. The customer is the plant owner who wants production to stay safe, accurate, and uninterrupted.

Owner earnings 2012–2025 $2.4B$1.4B$2.3B$2.4B$2.5B$3.2B$2.6B$274M$2.9B$2.7B

Retained capital Retained $11.9B of earnings over 2012–2025; annual owner earnings fell $82M, $-0.01 per $1 retained.

Balance sheet Meaningful net debt, $7.3B · buybacks at an average near $74.68 · dividend paid 10 of 10 yrs, never cut

ENOV Enovis Corporation

Enovis associates in every business develop strategic and operating plans that are based on the principle of the Voice of the Customer .

Owner earnings 2017–2025 $150M$157M$6M$187M$252M($161M)$13M($67M)$20M

Retained capital Paid out $2.4B more than it earned over 2017–2025; annual owner earnings fell $116M.

Balance sheet Net debt against an operating loss, $1.3B

ENPH Enphase Energy

Energy storage, by leveraging our design expertise across power electronics, semiconductors and cloud-based software technologies.

Owner earnings 2016–2025 ($45M)($33M)$12M$124M$196M$321M$698M$622M$480M$96M

Retained capital Paid out $4M more than it earned over 2016–2025; annual owner earnings grew $421M.

Balance sheet Net cash, +$308M · buybacks at an average near $125

ENR Energizer Holdings

Energizer, through its operating subsidiaries, is a global diversified household products leader in batteries, auto care and portable lights.

Owner earnings 2017–2025 $172M$205M$94M$311M$115M($77M)$338M$332M$63M

Retained capital Paid out $543M more than it earned over 2017–2025; annual owner earnings grew $87M.

Balance sheet Heavy net debt, $3.2B · buybacks at an average near $34.96 · dividend paid 9 of 9 yrs, never cut

ENS EnerSys

EnerSys is a world leader in stored energy solutions for industrial applications.

Owner earnings 2017–2026 $196M$157M$127M$152M$288M($140M)$191M$371M$139M$468M

Retained capital Retained $638M of earnings over 2017–2026; annual owner earnings grew $166M, $0.26 per $1 retained.

Balance sheet Modest net debt, $649M · buybacks at an average near $88.39 · dividend paid 10 of 10 yrs, never cut

ENSG Ensign Group

Ensign Group is a holding company with independent subsidiaries that provide skilled nursing, senior living and rehabilitative services, as well as other ancillary businesses, in 17 states.

Owner earnings 2016–2019 $35M$37M$159M$141M

Retained capital Retained $213M of earnings over 2016–2019; annual owner earnings grew $35M, $0.17 per $1 retained.

Balance sheet Net cash, +$431M · dividend paid 4 of 4 yrs, never cut

ENTA Enanta Pharmaceuticals Inc.

We are a biotechnology company that uses our robust, chemistry-driven approach and drug discovery capabilities to discover and develop small molecule drugs for virology and immunology indications.

Owner earnings 2016–2025 $31M$50M$26M$66M$6M($71M)($87M)($112M)($97M)($32M)

Retained capital not read

Balance sheet Net cash, debt-free, +$190M

ENTG Entegris Inc.

Entegris Inc. is a leading supplier of critical advanced materials and process solutions for the semiconductor and other high-technology industries.

Owner earnings 2016–2025 $142M$200M$202M$270M$315M$262M$228M$472M$444M$490M

Retained capital Retained $1.5B of earnings over 2016–2025; annual owner earnings grew $287M, $0.19 per $1 retained.

Balance sheet Heavy net debt, $3.3B · dividend paid 9 of 10 yrs, never cut

ENVA Enova International Inc.

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

Owner earnings 2016–2025 $379M$432M$670M$834M$721M$442M$850M$1.1B$1.5B$1.8B

Retained capital Retained $675M of earnings over 2016–2025; annual owner earnings grew $969M, $1.44 per $1 retained.

Balance sheet Heavy net debt, $4.4B

ENVX Enovix Corporation

Enovix Corporation is a global high-performance battery company focused on designing, developing, manufacturing, and commercializing advanced Lithium-ion, or Li-ion, batteries, including proprietary silicon-anode architectures, for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications.

Owner earnings 2020–2025 ($21M)($53M)($139M)($154M)($114M)

Retained capital not read

Balance sheet Net debt against an operating loss, $7M

EOG EOG Resources Inc.

EOG finds crude oil and natural gas in the ground, drills for it, and sells what comes out — almost entirely in the United States, with a small operation in Trinidad. The buyers are refiners, pipelines, and the other handlers of raw hydrocarbons, who pay the going market price. The work is to spend heavily up front on land and wells, then earn it back as the production sells.

Owner earnings 2016–2025 ($131M)$314M$4.3B$4.4B$1.8B$5.2B$7.6B$7.8B$8.0B$5.6B

Retained capital Retained $31.2B of earnings over 2016–2025; annual owner earnings grew $5.6B, $0.18 per $1 retained.

Balance sheet Modest net debt, $4.5B · buybacks at an average near $122

EOLS Evolus Inc.

We are a global performance beauty company delivering breakthrough products with a customer-centric approach.

Owner earnings 2018–2025 ($26M)($94M)($59M)($34M)($87M)($34M)($19M)($46M)

Retained capital not read

Balance sheet Net debt against an operating loss, $92M

EOSE Eos Energy Enterprises Inc.

Historically, most energy storage deployments have relied on short duration systems capable of providing less than four hours of power.

Owner earnings 2019–2025 ($26M)($28M)($119M)($204M)($155M)($162M)($225M)

Retained capital not read

Balance sheet Net debt against an operating loss, $245M

EPAC Enerpac Tool Group

Enerpac Tool Group's businesses are global leaders in providing high pressure hydraulic tools, controlled force products and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world.

Owner earnings 2017–2025 $71M$95M$39M($15M)$42M$43M$68M$70M$92M

Retained capital Paid out $368M more than it earned over 2017–2025; annual owner earnings grew $8M.

Balance sheet Modest net debt, $52M · buybacks at an average near $25.56 · dividend paid 9 of 9 yrs, never cut

EPAM EPAM Systems

EPAM has used its software engineering expertise to become a leading global provider of digital engineering, cloud and artificial intelligence-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious start-ups.

Owner earnings 2016–2025 $144M$163M$255M$242M$476M$489M$382M$534M$527M$613M

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings grew $371M, $0.19 per $1 retained.

Balance sheet Net cash, +$1.3B · buybacks at an average near $202

EPC Edgewell Personal Care

Edgewell Personal Care Company, is one of the world's largest manufacturers and marketers of personal care products in the Wet Shave, Sun and Skin Care, and Feminine Care segments.

Owner earnings 2017–2025 $245M$197M$133M$185M$172M$46M($266M)($288M)$41M

Retained capital Paid out $538M more than it earned over 2017–2025; annual owner earnings fell $362M.

Balance sheet Heavy net debt, $1.5B · buybacks at an average near $45.65 · dividend paid 5 of 9 yrs, never cut

EPD Enterprise Products Partners L.P.

EPD owns the pipelines, storage, processing plants, and export terminals that move crude oil, natural gas liquids, natural gas, and petrochemicals across North America. It is a master limited partnership built on midstream asset networks, charging fees to gather, process, transport, and store hydrocarbons rather than owning the molecules, so the relevant question is whether its take rides on the volume crossing the system or on the price of the commodity itself. The bulk of the revenue comes from crude-oil and natural-gas-liquids pipelines and services, with other segments behind.

Owner earnings 2016–2025 $2.5B$3.0B$4.3B$4.6B$3.8B$6.8B$6.1B$5.7B$6.1B$6.5B

Retained capital Retained $43.7B of earnings over 2016–2025; annual owner earnings grew $2.8B, $0.06 per $1 retained.

Balance sheet Heavy net debt, $33.4B · buybacks at an average near $28.79

EPR EPR Properties

Our position is further supported by the fact that our customers offer popular and affordable entertainment and social outlet options, particularly through our theatres, eat & play and cultural venues.

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

EPRT Essential Properties

We are an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or experience-based businesses.

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

EQBK Equity Bancshares Inc.

Our wholly-owned banking subsidiary, Equity Bank, provides a broad range of financial services primarily to businesses and business owners as well as individuals through our network of 77 full-service branches located in Arkansas, Kansas, Missouri and Oklahoma.

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 $13.73 · dividend paid 6 of 10 yrs, never cut

EQH Equitable Holdings Inc.

Equitable Holdings is one of America's leading financial services companies and has helped clients prepare for their financial future with confidence since 1859.

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

EQIX Equinix Inc. Common Stock REIT

Equinix is the world's digital infrastructure company, shortening the path to boundless connectivity anywhere in the world to enable the innovations that enrich our work, life and planet.

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

EQPT EquipmentShare.com Inc

EquipmentShare is a vertically integrated platform that combines proprietary technology, a connected equipment fleet, and a nationwide footprint to serve the construction industry.

Owner earnings 2023–2025 ($16M)($50M)($101M)

Retained capital not read

Balance sheet Heavy net debt, $3.0B

EQR Equity Residential

The Company is one of the largest U.S. publicly-traded owners and operators of high quality rental apartment properties, with a primary concentration in the major coastal markets of Boston, New York, Washington, D.C., Southern California, San Francisco and Seattle, diversified by a targeted presence in Denver, Atlanta, Dallas/Ft.

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, cut at least once

EQT EQT Corporation

We are a vertically integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin.

Owner earnings 2016–2025 $122M$667M$1.4B$249M$495M$607M$2.1B$1.2B$573M$2.8B

Retained capital Paid out $619M more than it earned over 2016–2025; annual owner earnings grew $792M.

Balance sheet Meaningful net debt, $7.7B · dividend paid 9 of 10 yrs, cut at least once

ERIE Erie Indemnity Company

Erie Indemnity Company is a publicly held Pennsylvania business corporation that has since its incorporation in 1925 served as the attorney-in-fact for the subscribers at the Erie Insurance Exchange.

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

ERII Energy Recovery Inc.

Energy Recovery Inc. designs and manufactures world-class energy-saving technology for critical infrastructure that communities rely on every day, driving a more resilient and sustainable future.

Owner earnings 2016–2025 $4M($771K)$4M$873K$13M$9M$8M$23M$19M$17M

Retained capital Retained $28M of earnings over 2016–2025; annual owner earnings grew $18M, $0.64 per $1 retained.

Balance sheet Net cash, +$75M

ES Eversource Energy (D/B/A)

Eversource Energy, headquartered in Boston, Massachusetts and Hartford, Connecticut, is a public utility holding company subject to regulation by the Federal Energy Regulatory Commission under the Public Utility Holding Company Act of 2005.

Owner earnings 2016–2025 $1.4B$1.1B$759M$929M$523M$628M$758M$830M$383M$1.7B

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings fell $130M, $-0.07 per $1 retained.

Balance sheet Heavy net debt, $28.0B · dividend paid 10 of 10 yrs, never cut

ESAB Esab Corporation

ESAB provides its partners with fabrication technology advanced equipment, consumables, gas control equipment, robotics and digital solutions.

Owner earnings 2020–2025 $269M$215M$174M$282M$304M$213M

Retained capital Retained $1.3B of earnings over 2020–2025; annual owner earnings grew $47M, $0.04 per $1 retained.

Balance sheet Meaningful net debt, $1.0B · dividend paid 4 of 6 yrs, never cut

ESE ESCO Technologies Inc.

Revenue is A&D (44%), USG (35%) and Test (22%).

Owner earnings 2016–2025 $60M$38M$78M$81M$50M$96M$103M$57M$99M$206M

Retained capital Retained $884M of earnings over 2016–2025; annual owner earnings grew $62M, $0.07 per $1 retained.

Balance sheet Modest net debt, $85M · buybacks at an average near $74.55 · dividend paid 10 of 10 yrs, never cut

ESGR Enstar Group

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

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $735M

ESI Element Solutions Inc.

Solutions enable customers' manufacturing processes in multiple high-value industries, including consumer electronics, power electronics, semiconductor fabrication, high-performance computing, communications and data storage infrastructure, automotive systems, industrial surface finishing and offshore energy.

Owner earnings 2016–2025 $152M$151M($29M)$141M$247M$280M$248M$281M$294M$228M

Retained capital Paid out $727M more than it earned over 2016–2025; annual owner earnings grew $176M.

Balance sheet Heavy net debt, $4.6B · buybacks at an average near $19.37 · dividend paid 6 of 10 yrs, never cut

ESNT Essent Group Ltd.

Essent Guaranty, a Pennsylvania-domiciled monoline mortgage guaranty insurance company licensed in all 50 states and the District of Columbia and approved by Fannie Mae and Freddie Mac, and also offer other credit risk management solutions, including contract underwriting, to our 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 $56.37 · dividend paid 7 of 10 yrs, never cut

ESOA Energy Services of America Corporation

Energy Services of America Corporation, formed in 2006, is a contractor and service company that operates primarily in the mid-Atlantic and central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries.

Owner earnings 2017–2025 ($2M)$7M$962K$11M($4M)$3M$14M$10M($2M)

Retained capital Retained $2M of earnings over 2017–2025; annual owner earnings grew $5M, $2.41 per $1 retained.

Balance sheet Heavy net debt, $50M · buybacks at an average near $5.18 · dividend paid 5 of 9 yrs, cut at least once

ESPR Esperion Therapeutics Inc.

Esperion is a commercial stage biopharmaceutical company currently focused on bringing new medicines to patients that address unmet medical needs.

Owner earnings 2018–2025 ($149M)($71M)($86M)($264M)($175M)($135M)($24M)($13M)

Retained capital not read

Balance sheet Net cash, +$16M

ESQ Esquire Financial Holdings Inc.

Esquire Bank, National Association, we are a full service commercial bank dedicated to serving the financial needs of the legal and small business communities on a national basis, as well as commercial and retail customers in the New York and Los Angeles metropolitan 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 $27.20 · dividend paid 4 of 10 yrs, never cut

ESRT Empire State Realty Trust Inc.

Empire State Realty Trust Inc. is a recognized leader in energy efficiency and indoor environmental quality.

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 $8.18 · dividend paid 10 of 10 yrs, cut at least once

ESS Essex Property Trust Inc.

Essex Property Trust Inc. is an S&P 500 company that operates as a self-administered and self-managed real estate investment trust.

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

ESTA Establishment Labs Holdings Inc.

We are a global medical technology company focused on improving patient safety and aesthetic outcomes, initially in the breast aesthetics and reconstruction market.

Owner earnings 2017–2025 ($33M)($35M)($32M)($14M)($30M)($55M)($91M)($63M)($57M)

Retained capital not read

Balance sheet Net debt against an operating loss, $172M

ESTC Elastic

We offer three Elasticsearch-powered solutions—Search & AI, Elastic Observability, and Elastic Security—that are built on our platform.

Owner earnings 2017–2026 ($17M)($24M)($27M)($33M)$19M$3M$33M$145M$263M$324M

Retained capital Paid out $963M more than it earned over 2017–2026; annual owner earnings grew $267M.

Balance sheet Net cash, +$799M · buybacks at an average near $76.93

ET Energy Transfer LP Common

Energy Transfer is a midstream energy partnership. It owns a sprawling network of pipelines, treating and processing plants, and storage that gathers, treats, moves, and stores natural gas, natural gas liquids, crude oil, and refined products across much of the United States, and it markets those commodities. Part of the take is a fee for carrying and holding other companies' hydrocarbons — a toll on volume — and part rides on the price of the commodities the partnership itself buys and sells.

Owner earnings 2016–2025 $1.1B$1.9B$4.6B$4.9B$3.7B$8.3B$5.7B$6.4B$7.3B$3.8B

Retained capital Retained $29.9B of earnings over 2016–2025; annual owner earnings grew $3.3B, $0.11 per $1 retained.

Balance sheet Heavy net debt, $67.1B

ETD Ethan Allen Interiors Inc.

Ethan Allen is a leading interior design company, manufacturer and retailer in the home furnishings marketplace.

Owner earnings 2016–2025 $35M$61M$30M$46M$37M$118M$56M$87M$71M$50M

Retained capital Retained $98M of earnings over 2016–2025; annual owner earnings grew $27M, $0.28 per $1 retained.

Balance sheet Modest net debt, $64M · buybacks at an average near $21.74 · dividend paid 10 of 10 yrs, cut at least once

ETN Eaton Corporation PLC

Eaton makes the gear that moves, controls, and protects electric power — circuit breakers and the broader electrical equipment, systems, and services that go with them — sold to the people who build and run data centers, utilities, factories, commercial buildings, homes, aircraft, and vehicles. The largest share of sales comes from electrical products in the Americas, with the rest of the world and a few smaller lines behind. It earns its keep by manufacturing this equipment and selling the systems and services built around it.

Owner earnings 2016–2025 $2.1B$2.1B$2.1B$2.9B$2.6B$1.6B$1.9B$2.9B$3.5B$3.6B

Retained capital Retained $3.5B of earnings over 2016–2025; annual owner earnings grew $1.2B, $0.35 per $1 retained.

Balance sheet Meaningful net debt, $9.1B · buybacks at an average near $93.69 · dividend paid 10 of 10 yrs, never cut

ETON Eton Pharmaceuticals Inc.

Eton Eton is an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases.

Owner earnings 2019–2025 ($18M)($22M)($5M)$5M$7M$943K$10M

Retained capital not read

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

ETR Entergy Corporation

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

Owner earnings 2016–2025 $875M$545M$345M$634M$2.4B$2.1B$600M$2.2B$2.3B$2.8B

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings grew $1.9B, $0.67 per $1 retained.

Balance sheet Heavy net debt, $28.3B · dividend paid 10 of 10 yrs, never cut

ETSY Etsy Inc.

About our Company Etsy op erates two-sided online marketplaces that connect millions of creative entrepreneurs with buyers around the world.

Owner earnings 2016–2025 $25M$65M$198M$199M$678M$640M$673M$693M$738M$678M

Retained capital Paid out $2.2B more than it earned over 2016–2025; annual owner earnings grew $607M.

Balance sheet Heavy net debt, $1.6B · buybacks at an average near $74.21

EU enCore Energy Corp.

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 ($21M)($29M)($48M)($30M)

Retained capital not read

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

EVC Entravision Communications Corporation

Revenue is led by Digital Advertising (68%) and Advertising (23%), with 3 more lines behind.

Owner earnings 2016–2025 $48M$289M$17M$6M$54M$59M$67M$48M$66M$4M

Retained capital Paid out $197M more than it earned over 2016–2025; annual owner earnings fell $79M.

Balance sheet Net debt against an operating loss, $104M · dividend paid 10 of 10 yrs, cut at least once

EVCM EverCommerce

EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based small- and medium-sized businesses.

Owner earnings 2019–2025 ($8M)$53M$34M$62M$102M$112M$109M

Retained capital Paid out $641M more than it earned over 2019–2025; annual owner earnings grew $81M.

Balance sheet Heavy net debt, $394M · buybacks at an average near $9.83

EVER EverQuote Inc.

We operate a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents.

Owner earnings 2017–2025 ($3M)($3M)$2M$7M$4M($20M)($7M)$62M$92M

Retained capital Paid out $31M more than it earned over 2017–2025; annual owner earnings grew $50M.

Balance sheet Net cash, +$167M · buybacks at an average near $6.88

EVGO EVgo Inc.

We are one of the nation's leading public EV fast charging providers.

Owner earnings 2020–2025 ($39M)($54M)($95M)($89M)($73M)($82M)

Retained capital not read

Balance sheet Net debt against an operating loss, $55M

EVH Evolent Health

Evolent is a market leader in connecting care for people with complex conditions like cancer, cardiovascular disease, and musculoskeletal diagnoses.

Owner earnings 2016–2019 ($51M)($56M)($60M)($78M)

Retained capital not read

Balance sheet Net debt against an operating loss, $819M

EVLV Evolv Technologies Holdings Inc.

Evolv Technologies Holdings, Inc. is a leading security technology company pioneering Artificial Intelligence-powered screening solutions designed to help create safer environments while maintaining efficient visitor flow and a positive visitor experience.

Owner earnings 2020–2021 ($24M)($60M)

Retained capital not read

Balance sheet Net cash, +$57M

EVMN Evommune Inc.

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

Owner earnings 2024–2025 ($58M)($77M)

Retained capital not read

Balance sheet Net cash, debt-free, +$149M

EVR Evercore

Evercore is the leading independent investment banking firm in the world based on the dollar volume of announced worldwide merger and acquisition transactions on which we have advised in the last five years .

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

EVRG Evergy

Evergy is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas.

Owner earnings 2016–2025 $465M$541M$879M$887M$874M$455M$873M$904M$870M$882M

Retained capital Paid out $726M more than it earned over 2016–2025; annual owner earnings grew $257M.

Balance sheet Heavy net debt, $13.4B · buybacks at an average near $59.09 · dividend paid 10 of 10 yrs, cut at least once

EVTC Evertec Inc.

EVERTEC is a leading full-service transaction-processing business and financial technology provider in Latin America, Puerto Rico and the Caribbean, providing a broad range of merchant acquiring, payment services and business solutions.

Owner earnings 2016–2025 $154M$134M$159M$163M$182M$211M$201M$190M$235M$204M

Retained capital Retained $599M of earnings over 2016–2025; annual owner earnings grew $60M, $0.10 per $1 retained.

Balance sheet Heavy net debt, $793M · buybacks at an average near $29.17 · dividend paid 10 of 10 yrs, cut at least once

EW Edwards Lifesciences Corporation

Edwards Lifesciences Corporation is the leading global structural heart innovation company, driven by a passion to improve patient lives.

Owner earnings 2016–2025 $633M$919M$849M$1.1B$947M$1.6B$1.1B$751M$387M$1.4B

Retained capital Retained $5.1B of earnings over 2016–2025; annual owner earnings grew $58M, $0.01 per $1 retained.

Balance sheet Net cash, +$3.6B

EWBC East West Bancorp

The Bank is also the largest independent bank in the U.S. focused on the financial service needs of individuals and businesses that operate both in the U.S. and Asia, and has a strong focus on the Asian American community.

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 $32.64

EXAS Exact Sciences

A healthcare-services business, paid to deliver or facilitate care.

Owner earnings 2016–2025 ($141M)($86M)($89M)($146M)$71M($188M)($324M)$32M$75M$357M

Retained capital Paid out $4.2B more than it earned over 2016–2025; annual owner earnings grew $260M.

Balance sheet Net debt against an operating loss, $1.4B

EXC Exelon Corporation

Exelon Corporate is a holding company that conducts substantially all of its business operations through its subsidiaries.

Owner earnings 2016–2025 ($92M)($104M)$1.1B($589M)($3.8B)($5.0B)($2.3B)($2.7B)($1.5B)($2.3B)

Retained capital Retained $9.2B of earnings over 2016–2025; annual owner earnings fell $2.5B, $-0.27 per $1 retained.

Balance sheet Heavy net debt, $50.5B · dividend paid 10 of 10 yrs, cut at least once

EXE Expand Energy Corporation

Expand Energy is the largest independent natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all.

Owner earnings 2015–2025 ($2.4B)($1.6B)$387M$1.6B$1.6B$22M$2.3B$551M$8M$1.8B

Retained capital Paid out $25.3B more than it earned over 2015–2025; annual owner earnings grew $2.0B.

Balance sheet Modest net debt, $4.4B · dividend paid 5 of 10 yrs, cut at least once

EXEL Exelixis Inc.

Exelixis Inc. is an oncology company innovating next-generation medicines and regimens at the forefront of cancer care.

Owner earnings 2015–2026 ($142M)$209M$164M$411M$519M$387M$342M$308M$672M$876M

Retained capital Retained $708M of earnings over 2015–2026; annual owner earnings grew $541M, $0.76 per $1 retained.

Balance sheet Net cash, +$870M · buybacks at an average near $31.37

EXLS ExlService

We deliver business outcomes for our clients at speed and scale, by reinventing their business models through advanced analytics and AI powered digital operations to help them achieve superior customer experience, higher productivity, cost efficiency and business growth.

Owner earnings 2016–2025 $77M$78M$52M$128M$161M$147M$121M$158M$222M$298M

Retained capital Retained $131M of earnings over 2016–2025; annual owner earnings grew $158M, $1.20 per $1 retained.

Balance sheet Net cash, +$30M · buybacks at an average near $28.19

EXP Eagle Materials

Eagle Materials operates all its quarries, and mining at our quarries is done by Company personnel.

Owner earnings 2017–2026 $275M$206M$228M$267M$589M$443M$432M$444M$353M$449M

Retained capital Retained $178M of earnings over 2017–2026; annual owner earnings grew $179M.

Balance sheet Meaningful net debt, $1.5B · buybacks at an average near $134 · dividend paid 10 of 10 yrs, cut at least once

EXPD Expeditors International of Washington, Inc.

Expeditors International of Washington, Inc. provides a full suite of global logistics services.

Owner earnings 2016–2025 $483M$439M$525M$725M$607M$832M$2.1B$1.0B$683M$953M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings grew $401M.

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

EXPE Expedia Group Inc.

Expedia Group, Inc. is the global travel marketplace with one purpose: to help travelers explore the world, one journey at a time.

Owner earnings 2016–2025 $1.1B$1.1B$1.1B$1.9B($4.6B)$3.1B$2.8B$1.8B$2.3B$3.1B

Retained capital Paid out $7.5B more than it earned over 2016–2025; annual owner earnings grew $1.3B.

Balance sheet Modest net debt, $428M · buybacks at an average near $137 · dividend paid 4 of 10 yrs, cut at least once

EXPO Exponent

Exponent is an engineering and scientific consulting firm providing solutions to complex problems.

Owner earnings 2015–2026 $43M$61M$63M$85M$101M$118M$87M$118M$138M$122M

Retained capital Retained $22M of earnings over 2015–2026; annual owner earnings grew $70M.

Balance sheet Net cash, debt-free, +$267M · buybacks at an average near $54.22 · dividend paid 10 of 10 yrs, never cut

EXR Extra Space Storage

Stores offer month-to-month rental of storage space for personal or business use.

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 $138 · dividend paid 4 of 4 yrs, never cut

EXTR Extreme Networks Inc.

Extreme is a leader in AI-powered cloud networking, focused on delivering simple and secure solutions that help businesses address challenges and enable connections among devices, applications, and users.

Owner earnings 2016–2025 $25M$49M($4M)$82M$21M$127M$113M$235M$37M$137M

Retained capital Paid out $484M more than it earned over 2016–2025; annual owner earnings grew $114M.

Balance sheet Net cash, +$58M · buybacks at an average near $13.42

EYE National Vision Holdings Inc.

We are one of the largest optical retailers in the United States and a leader in the value segment of the U.S. optical retail industry.

Owner earnings 2016–2026 $45M$28M$32M$64M$158M$31M$83M$38M$73M

Retained capital Paid out $192M more than it earned over 2016–2026; annual owner earnings grew $30M.

Balance sheet Meaningful net debt, $198M · buybacks at an average near $29.68 · dividend paid 1 of 9 yrs, cut at least once

EYPT EyePoint Inc.

EyePoint is headquartered in Watertown, Massachusetts with a commercial manufacturing facility in Northbridge, Massachusetts.

Owner earnings 2016–2025 ($16M)($21M)($22M)($57M)($15M)($50M)($65M)$1M($128M)($242M)

Retained capital not read

Balance sheet Net cash, +$277M

EZPW EZCORP Inc. Class A Non Voting

EZCORP, Inc. is a leading provider of pawn services in the United States and Latin America with 1,360 locations and approximately 8,500 Team Members.

Owner earnings 2016–2025 $55M$26M$63M$75M$21M$23M$35M$70M$78M$110M

Retained capital Retained $157M of earnings over 2016–2025; annual owner earnings grew $38M, $0.24 per $1 retained.

Balance sheet Modest net debt, $49M