Owner Scorecard


← The Manual

Volume one · United States

H

100 entries, H to HZO · entries 1,192–1,291 of 3,828

H Hyatt Hotels Corporation

Hyatt Hotels Corporation is a global hospitality company with widely recognized, industry-leading brands and a tradition of innovation developed over our almost 70-year history.

Owner earnings 2016–2025 $251M$289M$44M$27M($733M)$204M$473M$602M$463M$159M

Retained capital Paid out $2.0B more than it earned over 2016–2025; annual owner earnings grew $213M.

Balance sheet Heavy net debt, $3.5B · buybacks at an average near $85.86 · dividend paid 6 of 10 yrs, cut at least once

HAE Haemonetics

Haemonetics is a global medical technology company dedicated to improving the quality, effectiveness and efficiency of health care.

Owner earnings 2017–2026 $84M$146M$40M$109M$72M$76M$180M$144M$142M$260M

Retained capital Paid out $138M more than it earned over 2017–2026; annual owner earnings grew $92M.

Balance sheet Heavy net debt, $979M · buybacks at an average near $74.48

HAFC Hanmi Financial Corporation

The California Department of Financial Protection and Innovation is the Bank's primary state bank regulator and the FDIC is its primary federal regulator.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $19.55 · dividend paid 10 of 10 yrs, cut at least once

HAL Halliburton Company

Halliburton Company is one of the world's largest providers of products and services to the energy industry.

Owner earnings 2016–2025 ($2.5B)$1.1B$1.6B$915M$1.2B$1.1B$1.2B$2.5B$2.8B$1.7B

Retained capital Paid out $8.0B more than it earned over 2016–2025; annual owner earnings grew $2.3B.

Balance sheet Meaningful net debt, $5.1B · buybacks at an average near $29.34 · dividend paid 10 of 10 yrs, cut at least once

HALO Halozyme

Halozyme Therapeutics, Inc. is a biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies.

Owner earnings 2016–2025 ($53M)$133M($52M)($89M)$53M$298M$235M$377M$468M$645M

Retained capital Paid out $311M more than it earned over 2016–2025; annual owner earnings grew $487M.

Balance sheet Meaningful net debt, $1.7B · buybacks at an average near $42.85

HAS Hasbro Inc.

Hasbro Inc. is a leading game, intellectual property, and toy company whose mission is to create joy and community through the magic of play.

Owner earnings 2016–2025 $662M$590M$506M$520M$851M$685M$245M$590M$760M$830M

Retained capital Paid out $3.1B more than it earned over 2016–2025; annual owner earnings grew $141M.

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

HASI HA Sustainable Infrastructure Capital, Inc.

We have long-standing, programmatic relationships with some of the leading U.S. clean energy project developers, owners and operators, utilities, and energy service companies, which provide recurring, investment and fee-generating opportunities, while also enabling scale benefits and operational and transactional efficiencies.

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

HAYW Hayward Holdings Inc.

We are a leading global designer and manufacturer of a broad portfolio of pool equipment, outdoor living products and industrial flow control products.

Owner earnings 2019–2025 $69M$200M$163M$86M$156M$190M$227M

Retained capital Retained $149M of earnings over 2019–2025; annual owner earnings grew $47M, $0.32 per $1 retained.

Balance sheet Meaningful net debt, $561M · buybacks at an average near $14.74 · dividend paid 2 of 7 yrs, cut at least once

HBAN Huntington Bancshares Incorporated

We have a "Fair Play" banking philosophy: providing differentiated products and services, built on a strong foundation of customer-friendly products and advocacy.

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 $15.08 · dividend paid 10 of 10 yrs, never cut

HBANL Huntington Bancshares Incorporated

We have a "Fair Play" banking philosophy: providing differentiated products and services, built on a strong foundation of customer-friendly products and advocacy.

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 $15.08 · dividend paid 10 of 10 yrs, never cut

HBANM Huntington Bancshares Incorporated

We have a "Fair Play" banking philosophy: providing differentiated products and services, built on a strong foundation of customer-friendly products and advocacy.

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 $15.08 · dividend paid 10 of 10 yrs, never cut

HBANP Huntington Bancshares Incorporated

We have a "Fair Play" banking philosophy: providing differentiated products and services, built on a strong foundation of customer-friendly products and advocacy.

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 $15.08 · dividend paid 10 of 10 yrs, never cut

HBANZ Huntington Bancshares Incorporated

We have a "Fair Play" banking philosophy: providing differentiated products and services, built on a strong foundation of customer-friendly products and advocacy.

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 $15.08 · dividend paid 10 of 10 yrs, never cut

HBCP Home Bancorp Inc.

Home Bancorp Inc. is a Louisiana corporation and the holding company for Home Bank, N.A.

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 $33.39 · dividend paid 10 of 10 yrs, never cut

HBI Hanesbrands

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

Owner earnings 2016–2024 $522M$569M$557M$702M$395M($471M)$518M$226M

Retained capital Paid out $1.0B more than it earned over 2016–2024; annual owner earnings fell $458M.

Balance sheet Heavy net debt, $2.1B · buybacks at an average near $31.27 · dividend paid 6 of 8 yrs, cut at least once

HBT HBT Financial Inc.

We provide a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa.

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

HCA HCA Healthcare Inc.

HCA Healthcare runs a large network of general, acute-care hospitals across the United States, together with surgery centers and related facilities. Its hospitals provide a broad range of services across medical specialties — internal medicine, general surgery, cardiology, emergency and related care. It earns its money by billing for the care it delivers, with payment coming from government programs such as Medicare and Medicaid and from private insurers, and a significant share of revenue tied to those government programs rather than to patients paying out of pocket.

Owner earnings 2016–2025 $3.7B$3.3B$4.5B$5.0B$6.4B$6.1B$5.6B$6.4B$7.2B$9.1B

Retained capital Paid out $899M more than it earned over 2016–2025; annual owner earnings grew $3.7B.

Balance sheet Heavy net debt, $45.3B · buybacks at an average near $200 · dividend paid 8 of 10 yrs, cut at least once

HCC Warrior Met Coal Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2025 $342M$458M$426M$25M$294M$727M$574M$213M$41M

Retained capital Retained $1.3B of earnings over 2017–2025; annual owner earnings fell $132M, $-0.10 per $1 retained.

Balance sheet Net cash, +$146M · dividend paid 9 of 9 yrs, cut at least once

HCI HCI Group Inc.

We provide various homeowners' property and casualty insurance products for properties located in the State of Florida, which is our primary market, as well as in other states in the northeast and southeast regions of the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

HCSG Healthcare Services Group

We are the largest provider of housekeeping, laundry and dietary management services to the long-term care industry in the United States.

Owner earnings 2016–2025 $36M$2M$75M$89M$213M$31M($13M)$38M$24M$139M

Retained capital Retained $122M of earnings over 2016–2025; annual owner earnings grew $29M, $0.24 per $1 retained.

Balance sheet Net cash, debt-free, +$168M · buybacks at an average near $15.53 · dividend paid 7 of 10 yrs, cut at least once

HD Home Depot Inc.

Home Depot runs large warehouse-style stores that sell the things people and contractors need to build, fix, and tend a home: building materials, tools and hardware, lawn and garden goods, décor, and the maintenance, repair, and operations supplies that keep a building running. It makes money the way any retailer does — buying these goods and selling them at a markup, store by store, to do-it-yourselfers and to the professional tradespeople who shop on their behalf. The bulk of the take comes from this core selling; a smaller slice comes from related services around it.

Owner earnings 2017–2026 $8.2B$10.1B$10.7B$11.0B$16.4B$14.0B$11.5B$17.9B$16.3B$12.6B

Retained capital Retained $788M of earnings over 2017–2026; annual owner earnings grew $6.0B.

Balance sheet Meaningful net debt, $49.9B · buybacks at an average near $219 · dividend paid 10 of 10 yrs, never cut

HE Hawaiian Electric Industries Inc.

Electric Company, Limited, are regulated electric public utilities that provide essential electric service to approximately 95% of Hawaii's population through the operation of five separate grids that serve communities on the islands of Oahu, Hawaii, Maui, Lanai and Molokai.

Owner earnings 2016–2025 $291M$198M$244M$234M$139M$61M$184M$269M$143M$50M

Retained capital Paid out $577M more than it earned over 2016–2025; annual owner earnings fell $90M.

Balance sheet Heavy net debt, $1.9B · dividend paid 8 of 10 yrs, cut at least once

HEI Heico Corp.

HEICO Corporation through its subsidiaries believes it is the world's largest manufacturer of Federal Aviation Administration-approved jet engine and aircraft component replacement parts, other than the original equipment manufacturers and their subcontractors.

Owner earnings 2016–2025 $229M$262M$287M$408M$386M$408M$436M$399M$614M$861M

Retained capital Retained $3.3B of earnings over 2016–2025; annual owner earnings grew $366M, $0.11 per $1 retained.

Balance sheet Modest net debt, $2.0B · dividend paid 10 of 10 yrs, never cut

HELE Helen of Troy

We are a leading global consumer products company offering creative products and solutions for our customers through a diversified portfolio of brands.

Owner earnings 2017–2026 $213M$211M$169M$254M$276M$105M$164M$269M$83M$132M

Retained capital Paid out $426M more than it earned over 2017–2026; annual owner earnings fell $36M.

Balance sheet Net debt against an operating loss, $762M

HES Hess Corporation

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

Owner earnings 2015–2024 ($2.0B)($1.2B)($843M)$85M($791M)($563M)$1.3B$2.2B$1.9B$3.1B

Retained capital Paid out $13.5B more than it earned over 2015–2024; annual owner earnings grew $3.7B.

Balance sheet Modest net debt, $7.4B · buybacks at an average near $64.85 · dividend paid 3 of 10 yrs, never cut

HESM Hess Midstream LP

We are a fee-based, growth-oriented, limited partnership that owns, operates, develops and acquires a diverse set of midstream assets and provides fee-based services to our Sponsor, its subsidiaries, and third-party customers.

Owner earnings 2017–2025 $192M$340M$328M$485M$632M$680M$643M$737M$728M

Retained capital Paid out $1.2B more than it earned over 2017–2025; annual owner earnings grew $416M.

Balance sheet Meaningful net debt, $3.8B

HFWA Heritage Financial Corporation

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

HG Hamilton Insurance Group Ltd. Class B

We are a global specialty insurance and reinsurance company founded in Bermuda in 2013.

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

HGTY Hagerty Inc.

We are a market leader in providing insurance for collector cars and enthusiast vehicles, helping the automotive enthusiast community protect and enjoy their special cars for more than 40 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

HGV Hilton Grand Vacations Inc. Common Stock

We are a global timeshare company engaged in developing, marketing, selling, managing and operating timeshare resorts, timeshare plans and ancillary reservation services, primarily under the Hilton Grand Vacations brands.

Owner earnings 2016–2025 $156M$321M($197M)$106M$71M$150M$689M$281M$267M$230M

Retained capital Paid out $372M more than it earned over 2016–2025; annual owner earnings grew $166M.

Balance sheet Net debt against an operating loss, $4.3B · buybacks at an average near $40.78

HHH Howard Hughes Holdings Inc.

Howard Hughes Holdings Inc. is a holding company that owns a real estate development subsidiary, The Howard Hughes Corporation.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

HI Hillenbrand

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 $217M$224M$221M$153M$319M$500M$153M$138M$137M$18M

Retained capital Retained $218M of earnings over 2016–2025; annual owner earnings fell $123M, $-0.57 per $1 retained.

Balance sheet Heavy net debt, $1.4B · buybacks at an average near $7.69 · dividend paid 10 of 10 yrs, never cut

HIG The Hartford Insurance Group Inc.

The Hartford Insurance Group Inc. sells diverse and innovative products through multiple distribution channels to individuals and businesses and is considered a leading property & casualty and employee group benefits insurer.

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 $75.69 · dividend paid 10 of 10 yrs, never cut

HII Huntington Ingalls

Huntington Ingalls is a global, all-domain defense partner, building and delivering the world's most powerful, survivable naval ships and technologies that safeguard America's seas, sky, land, space, and cyber.

Owner earnings 2016–2025 $636M$609M$711M$669M$846M$429M$482M$678M$26M$794M

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings fell $153M, $-0.06 per $1 retained.

Balance sheet Meaningful net debt, $1.9B · buybacks at an average near $208 · dividend paid 10 of 10 yrs, never cut

HIMS Hims & Hers Health

Hims & Hers platform offers a streamlined, personalized patient and clinician experience that includes access to consistent follow-up care, facilitated by proprietary algorithms and a customizable and integrated technology stack.

Owner earnings 2022–2025 ($34M)$64M$234M$246M

Retained capital Paid out $10M more than it earned over 2022–2025; annual owner earnings grew $93M.

Balance sheet Heavy net debt, $744M

HIPO Hippo Holdings Inc.

Hippo Holdings Inc. is a technology-native insurance holding company that, through its subsidiaries, delivers a broad range of insurance products to customers via its owned and partner MGAs which generated $1.1 billion of gross written premium in 2025.

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

HIVE HIVE Digital Technologies Ltd.

Our self-constructed Peer Group Index consists of the members of our March 31, 2026 peer group with available publicly traded market data as of and subsequent to, March 31, 2026, and consists of: CleanSpark Inc, Keel Infrastructure Corp. [formerly Bitfarms Ltd.], Hut 8 Corp, Marathon Digital Holdings Inc, and Riot Platforms Inc.

Owner earnings 2024–2026 ($54M)($48M)($86M)

Retained capital not read

Balance sheet Net cash, debt-free, +$23M

HIW Highwoods Properties

Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded 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

HL Hecla Mining Company

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

Owner earnings 2016–2025 $100M$18M($43M)($555K)$90M$111M($59M)($88M)$4M$397M

Retained capital Retained $35M of earnings over 2016–2025; annual owner earnings grew $79M, $2.25 per $1 retained.

Balance sheet Modest net debt, $222M · dividend paid 10 of 10 yrs, cut at least once

HLF Herbalife Ltd.

Herbalife is a global health and wellness company, that, for 46 years, has empowered millions of people to reach their nutrition, health and wellness goals using our science-backed products and the individual coaching provided by our network of independent members.

Owner earnings 2016–2025 $224M$495M$564M$351M$517M$309M$196M$223M$163M$253M

Retained capital Paid out $886M more than it earned over 2016–2025; annual owner earnings fell $215M.

Balance sheet Meaningful net debt, $1.6B · buybacks at an average near $42.77 · no dividend paid

HLI Houlihan Lokey

Houlihan Lokey, Inc. is a leading global independent investment bank with expertise in mergers and acquisitions, capital markets, financial restructurings, liability management, and financial and valuation advisory services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $164 · dividend paid 10 of 10 yrs, never cut

HLIO Helios Technologies Inc.

We are a global operating company and have enhanced our Helios Business System to establish our operating rhythm to drive accountability across the organization.

Owner earnings 2014–2026 $52M$32M$27M$49M$65M$94M$78M$50M$95M$104M

Retained capital Retained $302M of earnings over 2014–2026; annual owner earnings grew $46M, $0.15 per $1 retained.

Balance sheet Meaningful net debt, $144M · dividend paid 10 of 10 yrs, cut at least once

HLIT Harmonic Inc.

We are a leading global provider of broadband access solutions that enable broadband operators to more efficiently and effectively deploy high-speed internet for data, voice and video services for their customers.

Owner earnings 2016–2025 ($15M)($8M)$5M$21M$7M$28M($4M)($1M)$53M$97M

Retained capital Paid out $204M more than it earned over 2016–2025; annual owner earnings grew $55M.

Balance sheet Net cash, +$83M · buybacks at an average near $10.29 · no dividend paid

HLLY Holley Inc.

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

Owner earnings 2019–2025 $2M$79M$10M$2M$82M$40M$37M

Retained capital Retained $95M of earnings over 2019–2025; annual owner earnings grew $23M, $0.24 per $1 retained.

Balance sheet Heavy net debt, $485M

HLMN Hillman Solutions Corp.

Hillman Solutions Corp. are one of the largest providers of hardware-related products and related merchandising services to retail markets in North America.

Owner earnings 2019–2025 ($5M)$47M($162M)$49M$172M$98M$35M

Retained capital Paid out $129M more than it earned over 2019–2025; annual owner earnings grew $142M.

Balance sheet Heavy net debt, $666M · buybacks at an average near $9.07

HLNE Hamilton Lane

We are a global private markets investment solutions provider dedicated to private markets investing.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs

HLT Hilton Worldwide Holdings Inc.

Hilton is one of the largest global hospitality companies, with 9,158 properties comprising 1,351,351 rooms in 143 countries and territories as of December 31, 2025.

Owner earnings 2016–2025 $993M$791M$1.2B$1.3B$662M$74M$1.6B$1.8B$1.9B$2.0B

Retained capital Paid out $7.7B more than it earned over 2016–2025; annual owner earnings grew $924M.

Balance sheet Heavy net debt, $11.4B · dividend paid 9 of 10 yrs, cut at least once

HLX Helix Energy Solutions Group Inc.

We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations.

Owner earnings 2016–2025 ($75M)($57M)$60M$29M$79M$132M$18M$133M$163M$120M

Retained capital Paid out $58M more than it earned over 2016–2025; annual owner earnings grew $163M.

Balance sheet Meaningful net debt, $147M

HMN Horace Mann Educators Corporation

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

HNGE Hinge Health Inc.

We are a research-led organization and routinely expand our platform with new programs, capabilities, and features.

Owner earnings 2023–2025 ($66M)$48M$171M

Retained capital not read

Balance sheet Net cash, debt-free, +$208M

HNI HNI Corporation

HNI is a manufacturer of workplace furnishings and residential building products.

Owner earnings 2016–2026 $141M$60M$123M$152M$173M$13M$188M$174M$209M

Retained capital Paid out $153M more than it earned over 2016–2026; annual owner earnings grew $82M.

Balance sheet Heavy net debt, $1.1B · buybacks at an average near $67.67 · dividend paid 9 of 9 yrs, never cut

HNRG Hallador Energy Company

Hallador Energy Company is a vertically integrated, independent power producer and fuel company with operations primarily in Indiana.

Owner earnings 2019–2025 $3M$32M$20M$149K($16M)$13M$40M

Retained capital Paid out $197M more than it earned over 2019–2025; annual owner earnings fell $6M.

Balance sheet Meaningful net debt, $129M · dividend paid 2 of 7 yrs, cut at least once

HNST The Honest Company Inc.

Our distribution strategy positions us for continued growth through our trusted brand and award-winning multi-category product offering.

Owner earnings 2019–2025 ($21M)($12M)($38M)($78M)$18M$1M$14M

Retained capital not read

Balance sheet Net cash, debt-free, +$90M

HOG Harley-Davidson Inc.

Revenue is HDMC (99%) and LiveWire (1%).

Owner earnings 2016–2025 $918M$799M$992M$687M$1.0B$856M$397M$547M$867M$415M

Retained capital Retained $395M of earnings over 2016–2025; annual owner earnings fell $293M.

Balance sheet Net cash, +$135M · buybacks at an average near $47.87 · dividend paid 10 of 10 yrs, cut at least once

HOLX Hologic

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

Owner earnings 2016–2025 $751M($50M)$675M$593M$798M$2.2B$2.1B$959M$1.2B$998M

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $598M, $0.26 per $1 retained.

Balance sheet Modest net debt, $316M · buybacks at an average near $110

HOMB Home BancShares

We are primarily engaged in providing a broad range of commercial and retail banking and related financial services to businesses, real estate developers and investors, individuals and municipalities through our wholly owned community bank subsidiary Centennial 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 $22.04 · dividend paid 10 of 10 yrs, never cut

HON Honeywell International Inc.

Honeywell is a diversified industrial company that sells both equipment and the work to keep it running. Its products include aircraft engines, cockpit avionics and auxiliary power units sold to plane makers and airlines; control systems and software that run buildings and factories; specialty chemicals and materials; and safety and automation gear such as sensors and scanners for manufacturers and warehouses. It makes money twice: once on the original sale, and again servicing the installed base — parts, repairs and upgrades — over the long life of the gear.

Owner earnings 2016–2025 $4.4B$4.9B$5.6B$6.1B$5.3B$5.1B$4.5B$4.6B$5.2B$5.4B

Retained capital Paid out $8.6B more than it earned over 2016–2025; annual owner earnings grew $101M.

Balance sheet Modest net debt, $16.1B · buybacks at an average near $167 · dividend paid 10 of 10 yrs, never cut

HOOD Robinhood Markets Inc.

We use technology to provide access to the financial system in a way that is simple and convenient for 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

HOPE Hope Bancorp Inc.

We offer commercial and retail banking loan and deposit products through our wholly-owned subsidiary, Bank of Hope, a California state-chartered 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 $15.23 · dividend paid 6 of 10 yrs, never cut

HOV Hovnanian Enterprises Inc.

Our financial services operations provide mortgage loans and title services to the customers of our homebuilding operations.

Owner earnings 2016–2025 $383M$297M($70M)($253M)$289M$204M$84M$426M$16M$174M

Retained capital Retained $756M of earnings over 2016–2025; annual owner earnings grew $2M, $0.00 per $1 retained.

Balance sheet Heavy net debt, $508M · buybacks at an average near $39.50 · dividend paid 4 of 10 yrs, never cut

HP Helmerich & Payne

We provide performance-driven drilling solutions and technologies that are intended to make hydrocarbon recovery safer and more economical for oil and gas exploration and production companies.

Owner earnings 2017–2025 ($26M)$91M$397M$398M$54M($17M)$438M$190M$117M

Retained capital Paid out $1.8B more than it earned over 2017–2025; annual owner earnings grew $94M.

Balance sheet Heavy net debt, $1.8B · dividend paid 9 of 9 yrs, cut at least once

HPE Hewlett Packard Enterprise Company

Hewlett Packard Enterprise sells the gear that runs businesses and data centers — servers that do the computing, storage that holds the data, and the networking equipment, including its Aruba line, that ties them together. The customers are companies, governments, and the operators of large data centers. It earns money selling the hardware, and increasingly by wrapping software around it and renting the whole thing as a subscription rather than a one-time sale.

Owner earnings 2016–2025 $1.8B($1.8B)$8M$1.1B($143M)$3.4B$1.5B$1.6B$2.0B$627M

Retained capital Paid out $3.6B more than it earned over 2016–2025; annual owner earnings grew $1.4B.

Balance sheet Net debt against an operating loss, $19.8B · dividend paid 10 of 10 yrs, never cut

HPK HighPeak Energy Inc.

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

Owner earnings 2019–2025 ($5M)$93M$481M$741M$676M$505M

Retained capital Retained $501M of earnings over 2019–2025; annual owner earnings grew $451M, $0.90 per $1 retained.

Balance sheet Heavy net debt, $1.0B · dividend paid 5 of 6 yrs, cut at least once

HPP Hudson Pacific Properties

The purchase of properties with a value-add component, typically sourced through off-market transactions, also facilitates our long-term 7 growth.

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

HPQ HP Inc.

HP Inc. sells personal computers and printers. The PCs are laptops and desktops for households, businesses, and schools; the printing side sells the machines and, more profitably, the ink and toner cartridges that feed them. Most of the revenue is the hardware itself, much of it built to order from parts bought from other makers, but a meaningful slice of the printing profit comes from the steady resupply of consumables long after the printer is sold.

Owner earnings 2016–2025 $2.8B$3.3B$4.0B$4.0B$3.7B$5.8B$3.7B$3.0B$3.2B$2.8B

Retained capital Retained $525M of earnings over 2016–2025; annual owner earnings fell $380M.

Balance sheet Modest net debt, $4.9B · buybacks at an average near $23.74 · dividend paid 10 of 10 yrs, never cut

HQY HealthEquity

We are a leader and an innovator in providing technology-enabled services that empower consumers to make healthcare saving, spending, and investing decisions.

Owner earnings 2017–2026 $42M$76M$110M$98M$169M$132M$147M$241M$338M$455M

Retained capital Retained $73M of earnings over 2017–2026; annual owner earnings grew $269M, $3.70 per $1 retained.

Balance sheet Modest net debt, $638M · buybacks at an average near $91.17 · no dividend paid

HR Healthcare Realty Trust

Healthcare Realty Trust Incorporated is a self-managed and self-administered real estate investment trust that owns, leases, manages, acquires, finances, develops and redevelops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout 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 $28.01 · dividend paid 6 of 6 yrs, never cut

HRB H&R Block

Block provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small business solutions.

Owner earnings 2016–2025 $445M$463M$751M$511M$27M$573M$747M$752M$657M$599M

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings grew $116M, $0.04 per $1 retained.

Balance sheet Modest net debt, $509M · dividend paid 10 of 10 yrs, never cut

HRI Herc Holdings Inc. Common Stock

Our revenues are primarily derived from rental and related charges and consist of: Equipment rental; Sales of rental equipment and sales of new equipment, parts and supplies; and Service and other revenue.

Owner earnings 2016–2025 $386M$275M$482M$579M$570M$696M$813M$930M$1.1B$928M

Retained capital Retained $889M of earnings over 2016–2025; annual owner earnings grew $593M, $0.67 per $1 retained.

Balance sheet Heavy net debt, $15.9B · dividend paid 5 of 10 yrs, never cut

HRL Hormel Foods Corporation

Hormel Foods Corporation develops, processes, and distributes a wide array of food products in a variety of markets and manufactures its products through various processing facilities and trusted co-manufacturers.

Owner earnings 2016–2025 $908M$903M$1.1B$758M$922M$770M$856M$778M$1.0B$534M

Retained capital Retained $3.3B of earnings over 2016–2025; annual owner earnings fell $190M, $-0.06 per $1 retained.

Balance sheet Meaningful net debt, $2.2B · dividend paid 10 of 10 yrs, never cut

HRMY Harmony Biosciences Holdings Inc.

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

Owner earnings 2019–2025 ($76M)($3M)$98M$144M$219M$220M$348M

Retained capital Retained $360M of earnings over 2019–2025; annual owner earnings grew $256M, $0.71 per $1 retained.

Balance sheet Net cash, +$612M

HROW Harrow Inc.

We are a leading provider of ophthalmic disease management solutions in North America, and were founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes.

Owner earnings 2017–2025 ($10M)($1M)($518K)($2M)$3M$452K$3M($23M)$43M

Retained capital Paid out $80M more than it earned over 2017–2025; annual owner earnings grew $11M.

Balance sheet Heavy net debt, $168M

HRTG Heritage Insurance Holdings Inc.

Insurance holding company that primarily provides personal and commercial residential insurance through our insurance company subsidiaries.

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 $8.72 · dividend paid 8 of 10 yrs, cut at least once

HSIC Henry Schein Inc.

Henry Schein, Inc. is a solutions company for health care professionals powered by a network of people and technology.

Owner earnings 2016–2025 $572M$483M$613M$578M$550M$631M$506M$353M$700M$573M

Retained capital Retained $751M of earnings over 2016–2025; annual owner earnings fell $14M, $-0.02 per $1 retained.

Balance sheet Meaningful net debt, $2.2B

HST Host Hotels & Resorts Inc.

Hotels in other markets, which we believe have high growth potential and diverse 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 · buybacks at an average near $16.03 · dividend paid 9 of 10 yrs, cut at least once

HSTM HealthStream Inc.

HealthStream's solutions help them to professionally develop their knowledge and skills, manage and fulfill their required continuing education and certifications, manage their schedules, including swapping and filling shifts, engage with peers, provide personalized competency development, and optimize their career pathways.

Owner earnings 2016–2025 $19M$41M$36M$44M$34M$39M$49M$62M$56M$60M

Retained capital Retained $18M of earnings over 2016–2025; annual owner earnings grew $27M, $1.54 per $1 retained.

Balance sheet Net cash, debt-free, +$83M · buybacks at an average near $20.91 · dividend paid 7 of 10 yrs, cut at least once

HSY The Hershey Company

Hershey is a global confectionery leader known for making more moments of goodness through chocolate, sweets, mints, and other great tasting snacks.

Owner earnings 2016–2025 $744M$992M$1.3B$1.4B$1.4B$1.8B$1.9B$1.9B$2.1B$1.8B

Retained capital Retained $2.4B of earnings over 2016–2025; annual owner earnings grew $932M, $0.40 per $1 retained.

Balance sheet Meaningful net debt, $4.3B · dividend paid 10 of 10 yrs, never cut

HTB HomeTrust Bancshares Inc.

The Bank is a member of the FHLB of Atlanta, which is one of the 11 regional banks in the FHLB System.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 10 yrs, never cut

HTFL Heartflow Inc.

We provide software and artificial intelligence designed to deliver a more accurate and clinically effective non-invasive solution for diagnosing and managing coronary artery disease, a leading cause of death worldwide.

Owner earnings 2023–2025 ($81M)($73M)($59M)

Retained capital not read

Balance sheet Net cash, debt-free, +$177M

HTH Hilltop Holdings Inc.

Our primary line of business is to provide business and consumer banking services from offices located throughout Texas through the Bank.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $26.22 · dividend paid 10 of 10 yrs, never cut

HTLD Heartland Express Inc.

We are a short, medium, and long-haul truckload carrier and transportation services provider.

Owner earnings 2016–2025 $70M$6M$45M$45M$68M$19M$34M($43M)$35M($67M)

Retained capital Retained $276M of earnings over 2016–2025; annual owner earnings fell $65M, $-0.24 per $1 retained.

Balance sheet Net debt against an operating loss, $137M · buybacks at an average near $15.56 · dividend paid 10 of 10 yrs, cut at least once

HTO H2O America

H2O America is the holding company for SJWTX, Inc., doing business as The Texas Water Company, Texas Water Operation Services, LLC and Texas Water Resources, LLC.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $1.9B

HTZ Hertz Global Holdings Inc

We are one of the largest worldwide vehicle rental companies and our Hertz brand name is among the most recognized globally.

Owner earnings 2016–2025 $2.4B$2.2B$2.4B$2.7B$855M$1.7B$2.4B$2.3B$2.1B$1.5B

Retained capital Paid out $6.3B more than it earned over 2016–2025; annual owner earnings fell $354M.

Balance sheet Net debt against an operating loss, $16.5B

HTZWW Hertz Global Holdings Inc

We are one of the largest worldwide vehicle rental companies and our Hertz brand name is among the most recognized globally.

Owner earnings 2016–2025 $2.4B$2.2B$2.4B$2.7B$855M$1.7B$2.4B$2.3B$2.1B$1.5B

Retained capital Paid out $6.3B more than it earned over 2016–2025; annual owner earnings fell $354M.

Balance sheet Net debt against an operating loss, $16.5B

HUBB Hubbell

Hubbell Utility Solutions supports the electrical distribution, electrical substation, electrical transmission, gas distribution, telecommunications, utility meters & AMI, and grid protection and controls markets.

Owner earnings 2016–2025 $344M$299M$421M$505M$565M$424M$507M$715M$811M$875M

Retained capital Retained $3.2B of earnings over 2016–2025; annual owner earnings grew $446M, $0.14 per $1 retained.

Balance sheet Modest net debt, $1.8B · dividend paid 5 of 10 yrs, never cut

HUBG Hub Group

Hub Group is a leading supply chain solutions provider that offers comprehensive transportation and logistics management services focused on reliability, visibility and value for our customers.

Owner earnings 2016–2024 $58M$51M$127M$160M$60M$120M$304M$282M$144M

Retained capital Retained $950M of earnings over 2016–2024; annual owner earnings grew $165M, $0.17 per $1 retained.

Balance sheet Modest net debt, $166M · dividend paid 1 of 9 yrs, never cut

HUBS HubSpot Inc.

We provide an agentic customer platform that helps marketing, sales, and customer service teams drive business growth.

Owner earnings 2016–2025 $8M$34M$63M$90M$52M$210M$236M$317M$561M$708M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $494M.

Balance sheet Net cash, +$499M

HUM Humana Inc.

Humana is a health insurer built around Medicare, the government program for older Americans. It sells private Medicare Advantage plans, along with Medicaid coverage for lower-income members; it collects premiums, much of which the federal government pays on a per-member basis, and out of those premiums it pays members' medical claims, keeping whatever is left after claims and the cost of running the plans. Through its CenterWell arm it also delivers care to members directly rather than only paying others to provide it.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

HUN Huntsman

We are a global manufacturer of diversified organic chemical products.

Owner earnings 2016–2025 $770M$985M$956M$623M$16M$626M$642M($21M)$79M$116M

Retained capital Retained $380M of earnings over 2016–2025; annual owner earnings fell $846M.

Balance sheet Net debt against an operating loss, $1.6B · buybacks at an average near $28.04 · dividend paid 10 of 10 yrs, cut at least once

HURN Huron Consulting

Huron is a global professional services firm that partners with clients to put possible into practice by creating sound strategies, optimizing operations, accelerating digital transformation, and empowering businesses to own their future.

Owner earnings 2016–2025 $115M$75M$93M$119M$129M$7M$73M$126M$193M$183M

Retained capital Paid out $316M more than it earned over 2016–2025; annual owner earnings grew $73M.

Balance sheet Meaningful net debt, $485M

HUT Hut 8 Corp.

Hut 8: Where Power Unlocks Potential Hut 8 is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases.

Owner earnings 2022–2025 ($55M)($32M)($116M)($241M)

Retained capital not read

Balance sheet Net debt against an operating loss, $256M

HVT Haverty Furniture Companies Inc.

Havertys is a specialty retailer of residential furniture and accessories.

Owner earnings 2016–2025 $30M$28M$49M$47M$119M$63M$23M$44M$27M$33M

Retained capital Paid out $47M more than it earned over 2016–2025; annual owner earnings fell $1M.

Balance sheet Net cash, debt-free, +$125M · dividend paid 10 of 10 yrs

HWC Hancock Whitney

The Bank provides trust and investment management services to retirement plans, corporations and individuals and provides its customers with access to investment advisory and brokerage products.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $52.86 · dividend paid 10 of 10 yrs, never cut

HWCPZ Hancock Whitney Corporation

The Bank provides trust and investment management services to retirement plans, corporations and individuals and provides its customers with access to investment advisory and brokerage products.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $52.86 · dividend paid 10 of 10 yrs, never cut

HWKN Hawkins

We are a leading water treatment and specialty ingredients company that formulates, manufactures, distributes, and blends products for our Water Treatment, Food and Health Sciences, and Industrial Solutions customers.

Owner earnings 2018–2026 $8M$35M$34M$23M$14M$50M$128M$70M$86M

Retained capital Retained $330M of earnings over 2018–2026; annual owner earnings grew $69M, $0.21 per $1 retained.

Balance sheet Meaningful net debt, $250M · dividend paid 9 of 9 yrs, cut at least once

HWM Howmet Aerospace

Howmet Aerospace Inc. is a Delaware corporation with its principal office in Pittsburgh, Pennsylvania.

Owner earnings 2016–2025 ($1.0B)($635M)($551M)($180M)($258M)$250M$540M$682M$977M$1.4B

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $1.8B, $1.75 per $1 retained.

Balance sheet Modest net debt, $3.4B · buybacks at an average near $56.81

HXL Hexcel

Hexcel operates in, including delays in aircraft production rates, related to, among other impacts, global logistics, supply chain issues, economic conditions, inflationary pressures, tariff impacts, and effects from geopolitical issues and conflicts.

Owner earnings 2016–2025 $74M$151M$237M$287M$214M$124M$97M$149M$203M$157M

Retained capital Paid out $213M more than it earned over 2016–2025; annual owner earnings grew $16M.

Balance sheet Heavy net debt, $922M · buybacks at an average near $64.00 · dividend paid 9 of 10 yrs, cut at least once

HY Hyster-Yale Inc.

Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets.

Owner earnings 2016–2025 ($92M)$124M$29M$27M$115M($298M)$12M$115M$123M$40M

Retained capital Paid out $75M more than it earned over 2016–2025; annual owner earnings grew $73M.

Balance sheet Net debt against an operating loss, $593M · buybacks at an average near $41.16 · dividend paid 10 of 10 yrs, never cut

HYLN Hyliion Holdings Corp.

Hyliion Holdings Corp. is a Delaware corporation headquartered in Cedar Park, Texas, with research and development facilities in Cincinnati, Ohio, that designs and develops power generators for stationary and mobile applications and provides R&D services.

Owner earnings 2019–2025 ($11M)($23M)($81M)($118M)($120M)($60M)($53M)

Retained capital not read

Balance sheet Net cash, +$92M

HZO MarineMax Inc. (FL)

We are the world's largest recreational boat and yacht retailer, marina operator and superyacht services company.

Owner earnings 2016–2025 $15M($5M)$60M($24M)$292M$358M$57M($263M)($70M)$12M

Retained capital Retained $665M of earnings over 2016–2025; annual owner earnings fell $130M, $-0.20 per $1 retained.

Balance sheet Heavy net debt, $221M

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