Owner Scorecard


← The Manual

Volume one · United States

M

168 entries, M to MZTI · entries 1,591–1,758 of 3,828

M Macy's

Macy's is a department-store retailer. It buys apparel, shoes, accessories, cosmetics, and fragrances at wholesale and resells them to ordinary shoppers — mostly women — through its stores and its website, with women's accessories, shoes, cosmetics, and apparel making up the bulk of the sales. It also runs the higher-end Bloomingdale's and Bluemercury banners and owns a meaningful share of the real estate its stores occupy.

Owner earnings 2017–2026 $1.2B$1.5B$1.1B$706M$311M$2.4B$727M$674M$760M$1.1B

Retained capital Paid out $742M more than it earned over 2017–2026; annual owner earnings fell $427M.

Balance sheet Modest net debt, $1.8B · buybacks at an average near $23.58 · dividend paid 10 of 10 yrs, cut at least once

MA Mastercard Incorporated

Mastercard runs a global payments network that moves money between the banks that issue its branded cards, the merchants that accept them, and the consumers who pay. It does not lend or carry the credit risk; it takes a fee on each transaction routed across its rails and sells value-added services and solutions to the same banks and merchants. Most of its revenue comes from the core network, with the rest from those services.

Owner earnings 2016–2025 $4.4B$5.4B$5.9B$7.8B$6.9B$9.1B$10.8B$11.6B$14.3B$17.2B

Retained capital Paid out $309M more than it earned over 2016–2025; annual owner earnings grew $9.1B.

Balance sheet Modest net debt, $7.3B · dividend paid 10 of 10 yrs, never cut

MAA Mid-America Apartment Communities Inc.

Apartment units plus prevalent market rates asked for unoccupied apartment units, divided by the total number of units.

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 $136 · dividend paid 10 of 10 yrs, never cut

MAC Macerich

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

MAGN Magnera Corporation

The Company is a leading global supplier of a diverse portfolio of innovative specialty materials comprised of organic and synthetic raw ingredients.

Owner earnings 2016–2025 ($8M)$11M($48M)$75M$81M$41M($79M)$169M$120M$36M

Retained capital Paid out $767M more than it earned over 2016–2025; annual owner earnings grew $123M.

Balance sheet Heavy net debt, $1.6B · dividend paid 7 of 10 yrs, cut at least once

MAMA Mama's Creations Inc.

Mama's Creations Inc. is a leading marketer and manufacturer of fresh deli-prepared foods, found in over 12,000 grocery, mass, club and convenience stores nationally.

Owner earnings 2012–2026 ($2M)$777K$764K$2M$3M$130K$5M$11M$4M$10M

Retained capital Retained $22M of earnings over 2012–2026; annual owner earnings grew $8M, $0.38 per $1 retained.

Balance sheet Net cash, +$14M

MAN ManpowerGroup

ManpowerGroup Inc. is a global leader in innovative workforce solutions.

Owner earnings 2016–2025 $543M$346M$418M$762M$886M$581M$348M$270M$258M($161M)

Retained capital Paid out $742M more than it earned over 2016–2025; annual owner earnings fell $314M.

Balance sheet Heavy net debt, $772M · buybacks at an average near $83.55 · dividend paid 10 of 10 yrs, cut at least once

MANH Manhattan Associates

Manhattan Associates develops modern, cloud-based, supply chain commerce solutions that help our customers in three distinct areas of their business: Supply Chain Execution - We provide companies with the tools needed to manage distribution and optimize transportation costs throughout their entire commercial network.

Owner earnings 2016–2025 $133M$158M$130M$139M$138M$181M$173M$241M$289M$383M

Retained capital Paid out $364M more than it earned over 2016–2025; annual owner earnings grew $164M.

Balance sheet Net cash, debt-free, +$330M

MAR Marriott International

Marriott rents out its name. It franchises, manages, and licenses hotels — along with residences and timeshares — under a stable of brands that run from budget to luxury, but it owns or leases almost none of the buildings itself. The real estate and the capital belong to third-party owners; Marriott collects fees for the brand, the reservation system, and the loyalty program, plus reimbursements for costs it lays out on those owners' behalf.

Owner earnings 2016–2025 $1.5B$2.0B$2.1B$1.3B$1.5B$1.0B$2.2B$3.0B$2.6B$3.1B

Retained capital Paid out $10.2B more than it earned over 2016–2025; annual owner earnings grew $1.1B.

Balance sheet Meaningful net debt, $15.8B · dividend paid 9 of 10 yrs, cut at least once

MARA MARA Holdings Inc.

MARA is an energy and digital infrastructure company that leverages Bitcoin mining and artificial intelligence compute to monetize excess energy and underutilized power and optimize power management across its operations.

Owner earnings 2016–2025 $10M($11M)($10M)($3M)($11M)($34M)($218M)($343M)($928M)($1.2B)

Retained capital not read

Balance sheet Net debt against an operating loss, $2.8B

MAS Masco

Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products.

Owner earnings 2016–2025 $655M$624M$876M$671M$839M$802M$695M$1.3B$907M$866M

Retained capital Paid out $890M more than it earned over 2016–2025; annual owner earnings grew $294M.

Balance sheet Meaningful net debt, $2.8B · buybacks at an average near $47.56 · dividend paid 10 of 10 yrs, never cut

MASI Masimo

The Masimo Hospital Automation Platform facilitates data integration, connectivity and interoperability through solutions like Patient SafetyNet , Iris , iSirona , Replica and UniView to facilitate more efficient clinical workflows and to help clinicians provide the best possible care, both in-person and remotely.

Owner earnings 2015–2026 $83M$399M$36M$222M$198M$182M($23M)$56M$175M$198M

Retained capital Paid out $262M more than it earned over 2015–2026; annual owner earnings fell $30M.

Balance sheet Modest net debt, $372M · buybacks at an average near $88.35 · no dividend paid

MASS 908 Devices Inc.

Devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address some of the most critical problems in vital health, safety and defense tech applications, addressing the fentanyl and illicit drug crisis, toxic carcinogen exposure, and global security threats.

Owner earnings 2020–2025 $4M($30M)($23M)($27M)($31M)($25M)

Retained capital not read

Balance sheet Net cash, +$97M

MAT Mattel

Mattel is a leading global play and family entertainment company and owner of one of the most iconic brand portfolios in the world.

Owner earnings 2016–2025 $454M($157M)($102M)$118M$226M$408M$337M$784M$665M$483M

Retained capital Paid out $953M more than it earned over 2016–2025; annual owner earnings grew $579M.

Balance sheet Modest net debt, $1.1B · dividend paid 2 of 10 yrs, cut at least once

MATV Mativ Holdings

Mativ Holdings, Inc. is a global leader in specialty materials, solving our customers' most complex challenges by engineering bold, innovative solutions that connect, protect, and purify our world.

Owner earnings 2016–2025 $102M$94M$112M$132M$132M$39M$157M$41M$40M$94M

Retained capital Paid out $750M more than it earned over 2016–2025; annual owner earnings fell $45M.

Balance sheet Net debt against an operating loss, $1.2B · dividend paid 10 of 10 yrs, cut at least once

MATW Matthews International Corporation

Revenue is Memorialization (54%), Brand Solutions (23%) and Industrial Technologies (23%).

Owner earnings 2017–2025 $104M$104M$93M$146M$128M$66M$29M$34M($59M)

Retained capital Paid out $486M more than it earned over 2017–2025; annual owner earnings fell $100M.

Balance sheet Heavy net debt, $907M · buybacks at an average near $34.56 · dividend paid 9 of 9 yrs, never cut

MATX Matson

Matson, Inc. is a leading provider of ocean transportation and logistics services.

Owner earnings 2016–2025 $61M$124M$1.1B$368M$615M$380M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $15M, $0.01 per $1 retained.

Balance sheet Modest net debt, $219M · buybacks at an average near $92.51 · dividend paid 6 of 6 yrs, never cut

MAX MediaAlpha Inc.

We are the leading customer acquisition infrastructure for insurance carriers, supporting $2.2 billion in Transaction Value across our platform from our core verticals of property & casualty insurance, health insurance and life insurance during the year ended December 31, 2025.

Owner earnings 2018–2025 $22M$22M$51M$28M$28M$20M$46M$65M

Retained capital Paid out $30M more than it earned over 2018–2025; annual owner earnings grew $12M.

Balance sheet Heavy net debt, $107M

MAZE Maze Therapeutics Inc.

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

Owner earnings FY2024 $75M

Retained capital not read

Balance sheet Net cash, debt-free, +$342M

MBC MasterBrand Inc.

MasterBrand Way enables our associates across all locations and levels of work to operate under common frameworks and a consistent lexicon to effectively develop cross-functional solutions to complex business issues.

Owner earnings 2021–2025 $97M$180M$348M$211M$118M

Retained capital Retained $626M of earnings over 2021–2025; annual owner earnings grew $17M, $0.03 per $1 retained.

Balance sheet Heavy net debt, $802M · buybacks at an average near $12.73

MBI MBIA Inc.

MBIA Services Corporation, also owned by MBIA Inc., is a service company that provides support services such as surveillance, risk management, legal, accounting, treasury and information technology, among others, to our businesses on a fee-for-service basis.

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

MBIN Merchants Bancorp

We have several lines of business and provide various banking and financial services through our 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

MBINL Merchants Bancorp

We have several lines of business and provide various banking and financial services through our 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

MBINM Merchants Bancorp

We have several lines of business and provide various banking and financial services through our 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

MBINN Merchants Bancorp

We have several lines of business and provide various banking and financial services through our 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

MBLY Mobileye Global Inc.

Mobileye is a leader in the development and deployment of advanced driver assistance systems and autonomous driving technologies and solutions.

Owner earnings 2020–2025 $258M$582M$523M$355M$338M$523M

Retained capital Paid out $4.3B more than it earned over 2020–2025; annual owner earnings fell $49M.

Balance sheet Net cash, debt-free, +$1.8B · dividend paid 1 of 6 yrs, cut at least once

MBOT Microbot Medical Inc.

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

Owner earnings 2009–2015 ($25M)($25M)($22M)($20M)($28M)($28M)($767K)

Retained capital not read

Balance sheet Net cash, +$78M

MBUU Malibu Boats Inc.

We are a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport boats, sterndrive and outboard boats under eight brands—Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes and Cobalt.

Owner earnings 2016–2025 $29M$29M$48M$64M$76M$108M$139M$156M$23M$29M

Retained capital Retained $407M of earnings over 2016–2025; annual owner earnings grew $34M, $0.08 per $1 retained.

Balance sheet Net cash, +$19M

MBWM Mercantile Bank Corporation

Our banks are state banking companies that operate under the laws of the State of Michigan, pursuant to charters issued by the Michigan Department of Insurance and Financial Services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

MCB Metropolitan Bank Holding Corp.

Metropolitan Commercial Bank, a New York state-chartered commercial bank, the Company provides a broad range of business, commercial and retail banking products and services to small businesses, middle-market enterprises, public entities and individuals primarily in the New York metropolitan 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

MCBS MetroCity Bankshares Inc.

We are a full-service commercial bank focused on delivering personalized service in an efficient and reliable manner to the small-to medium-sized businesses and individuals in our markets, including many customers in diverse and multi-ethnic communities in growing metropolitan markets in the Eastern U.S., Texas and California.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 9 yrs, never cut

MCD McDonald's Corporation

McDonald's sells fast food — burgers, fries, chicken, drinks and breakfast — to ordinary people walking up to a counter or pulling through a drive-thru, in the United States and around the world. Most of its restaurants are run not by the company but by franchisees and licensees, who pay it royalties on their sales and, in many cases, rent on the land and buildings the company owns or leases to them. So it earns money two ways: from the meals it sells at the stores it operates itself, and, as the larger engine, as a brand-and-property landlord collecting a cut off restaurants that other people staff and manage.

Owner earnings 2016–2025 $4.2B$4.2B$6.8B$7.9B$6.0B$8.8B$7.0B$9.2B$9.0B$10.1B

Retained capital Paid out $13.4B more than it earned over 2016–2025; annual owner earnings grew $4.4B.

Balance sheet Meaningful net debt, $39.9B · dividend paid 10 of 10 yrs, never cut

MCFT MasterCraft Boat Holdings Inc.

Revenue is Mastercraft (85%) and Pontoon (15%).

Owner earnings 2017–2025 $23M$44M$48M$20M$60M$64M$126M$4M$26M

Retained capital Retained $180M of earnings over 2017–2025; annual owner earnings grew $14M, $0.08 per $1 retained.

Balance sheet Net cash, debt-free, +$79M

MCHB Mechanics Bancorp

Mechanics Bank is a full-service community bank wit h 166 branches throughout California, Washington, Oregon and Hawaii .

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 6 of 10 yrs, cut at least once

MCHP Microchip Technology Incorporated

With over 35 years of technology leadership, our broad product portfolio offers a Total System Solution for our customers that can provide a large portion of the silicon requirements in their applications.

Owner earnings 2017–2026 $1.0B$1.2B$1.4B$1.5B$1.8B$2.5B$3.1B$2.6B$772M$871M

Retained capital Retained $2.0B of earnings over 2017–2026; annual owner earnings grew $181M, $0.09 per $1 retained.

Balance sheet Heavy net debt, $5.3B · buybacks at an average near $78.03 · dividend paid 3 of 10 yrs, never cut

MCHPP Microchip Technology Incorporated

With over 35 years of technology leadership, our broad product portfolio offers a Total System Solution for our customers that can provide a large portion of the silicon requirements in their applications.

Owner earnings 2017–2026 $1.0B$1.2B$1.4B$1.5B$1.8B$2.5B$3.1B$2.6B$772M$871M

Retained capital Retained $2.0B of earnings over 2017–2026; annual owner earnings grew $181M, $0.09 per $1 retained.

Balance sheet Heavy net debt, $5.3B · buybacks at an average near $78.03 · dividend paid 3 of 10 yrs, never cut

MCK McKesson Corporation

McKesson is a wholesale distributor that sits between drug makers and the places that dispense medicine. It buys branded and generic pharmaceuticals, plus medical-surgical supplies and laboratory equipment, in bulk and delivers them to retail, hospital, and alternate-site pharmacies and to non-acute care settings in the United States. It earns a thin spread on enormous volume, and sells the customers it supplies a layer of software, purchasing programs, and consulting on top of the goods.

Owner earnings 2017–2026 $4.3B$3.9B$3.7B$4.0B$4.2B$4.0B$4.9B$4.0B$5.8B$5.9B

Retained capital Paid out $12.1B more than it earned over 2017–2026; annual owner earnings grew $1.2B.

Balance sheet Modest net debt, $3.1B · buybacks at an average near $142 · dividend paid 10 of 10 yrs, never cut

MCO Moody's Corporation

Moody's Investors Service Overview MIS is a leading global provider of credit ratings, research, and risk analysis.

Owner earnings 2016–2025 $1.1B$664M$1.4B$1.6B$2.0B$1.9B$1.2B$1.9B$2.5B$2.6B

Retained capital Retained $3.2B of earnings over 2016–2025; annual owner earnings grew $1.3B, $0.40 per $1 retained.

Balance sheet Modest net debt, $4.5B · buybacks at an average near $109 · dividend paid 10 of 10 yrs, never cut

MCRI Monarch Casino & Resort Inc.

Monarch owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada and the Monarch Casino Resort Spa Black Hawk, a hotel and casino in Black Hawk, Colorado.

Owner earnings 2016–2025 $29M$34M$44M$48M$14M$81M$100M$124M$93M$128M

Retained capital Retained $251M of earnings over 2016–2025; annual owner earnings grew $79M, $0.32 per $1 retained.

Balance sheet Net cash, +$28M · dividend paid 3 of 10 yrs, cut at least once

MCS Marcus Corporation (The)

Our movie theatres operate under the Marcus Theatres , Movie Tavern by Marcus , and BistroPlex brands.

Owner earnings 2016–2025 $41M$57M$79M$77M($90M)$29M$56M$64M$25M$989K

Retained capital Paid out $57M more than it earned over 2016–2025; annual owner earnings fell $29M.

Balance sheet Heavy net debt, $157M · dividend paid 9 of 10 yrs, cut at least once

MCW Mister Car Wash

We serve a diverse mix of customers, including individual retail customers and UWC Members, which are comprised of both retail and corporate customers.

Owner earnings 2019–2025 $31M$57M$123M$168M$135M$167M$197M

Retained capital Retained $210M of earnings over 2019–2025; annual owner earnings grew $96M, $0.46 per $1 retained.

Balance sheet Meaningful net debt, $768M · dividend paid 1 of 7 yrs, cut at least once

MCY Mercury General

Mercury General Corporation are primarily engaged in writing personal automobile insurance through 12 insurance subsidiaries in 11 states, principally California.

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

MD Pediatrix Medical Group Inc.

Pediatrix is a leading provider of physician services including newborn, maternal-fetal, and other pediatric subspecialty care.

Owner earnings 2016–2025 $405M$485M$297M$338M$176M$44M$137M$104M$185M$253M

Retained capital Paid out $1.9B more than it earned over 2016–2025; annual owner earnings fell $215M.

Balance sheet Modest net debt, $256M

MDB MongoDB Inc.

MongoDB is the developer data platform company whose mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data.

Owner earnings 2017–2026 ($40M)($47M)($49M)($33M)($54M)($1M)($20M)$115M$138M$500M

Retained capital Paid out $2.1B more than it earned over 2017–2026; annual owner earnings grew $297M.

Balance sheet Net cash, +$867M · buybacks at an average near $254

MDGL Madrigal Pharmaceuticals Inc.

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

Owner earnings 2012–2025 ($55M)($22M)($26M)($42M)($158M)($184M)($225M)($325M)($457M)($190M)

Retained capital not read

Balance sheet Net debt against an operating loss, $98M

MDLN Medline Inc.

Medline Inc. is the largest provider of medical-surgical products and supply chain solutions serving all points of care, based on total net sales of med-surg products.

Owner earnings 2023–2025 $1.4B$1.4B$1.3B

Retained capital not read

Balance sheet Heavy net debt, $10.6B

MDLZ Mondelez International Inc.

Mondelez makes and sells packaged snacks — chiefly biscuits and chocolate under brands like Oreo, Ritz, LU, Cadbury and Tate's — to the retailers that stock their shelves around the world, who in turn sell them to shoppers. It earns its money the way any branded-food maker does: buy commodities like cocoa, wheat and dairy, turn them into branded packages, and sell each one for more than it cost to make. The bulk of sales come from Europe and North America, with the rest of the world behind.

Owner earnings 2016–2025 $2.0B$1.6B$3.1B$3.0B$3.1B$3.2B$3.0B$3.6B$3.5B$3.2B

Retained capital Paid out $3.4B more than it earned over 2016–2025; annual owner earnings grew $1.2B.

Balance sheet Heavy net debt, $17.3B · dividend paid 10 of 10 yrs, never cut

MDT Medtronic plc.

Medtronic makes medical devices and therapies — the equipment surgeons and physicians implant in patients or use to treat them. It sells mainly to hospitals and clinics, and gets paid when a device is bought and used in a procedure. The patient needs the treatment, but the customer writing the check is the health system, often buying through a purchasing group.

Owner earnings 2017–2026 $5.6B$3.6B$5.9B$6.0B$4.9B$6.0B$4.6B$5.2B$5.2B$5.4B

Retained capital Paid out $9.5B more than it earned over 2017–2026; annual owner earnings grew $232M.

Balance sheet Meaningful net debt, $17.0B · buybacks at an average near $97.65 · dividend paid 10 of 10 yrs, never cut

MDU MDU Resources Group, Inc.

MDU Resources Group, Inc. is a pure-play regulated energy delivery business.

Owner earnings 2016–2025 $74M$107M($68M)($34M)$210M$11M$67M($152M)($21M)($297M)

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings fell $194M, $-0.13 per $1 retained.

Balance sheet Heavy net debt, $2.6B · dividend paid 10 of 10 yrs, cut at least once

MDXG MiMedx Group Inc

MIMEDX provides a leading portfolio of products for applications in the wound care, burn, and surgical sectors of healthcare.

Owner earnings 2016–2025 $21M$59M$30M($41M)($34M)($5M)($19M)$25M$65M$73M

Retained capital Paid out $28M more than it earned over 2016–2025; annual owner earnings grew $18M.

Balance sheet Net cash, +$148M · buybacks at an average near $11.43

MEC Mayville Engineering Company Inc.

Mayville Engineering Company Inc. is a leading U.S.-based, vertically integrated, value-added manufacturing partner providing a full suite of manufacturing solutions from concept to production, including design, prototyping and tooling, fabrication, aluminum extrusion, coating, assembly and aftermarket components.

Owner earnings 2017–2025 $20M$19M$8M$29M($7M)$30M$24M$78M$27M

Retained capital Retained $6M of earnings over 2017–2025; annual owner earnings grew $27M, $4.29 per $1 retained.

Balance sheet Net debt against an operating loss, $201M · buybacks at an average near $13.18

MEDP Medpace Holdings

Medpace Holdings markets and Clinical Development Services Before a new drug can be commercialized, it often must undergo extensive pre-clinical and clinical testing and regulatory review to verify safety and efficacy.

Owner earnings 2016–2025 $84M$89M$147M$194M$247M$247M$369M$409M$581M$682M

Retained capital Paid out $458M more than it earned over 2016–2025; annual owner earnings grew $451M.

Balance sheet Net cash, debt-free, +$497M

MEI Methode Electronics Inc.

We are a leading global supplier of custom engineered solutions with sales, engineering, and manufacturing locations in North America, Europe, the Middle East, and Asia.

Owner earnings 2017–2026 $123M$90M$52M$96M$155M$61M$91M($3M)($15M)$16M

Retained capital Retained $134M of earnings over 2017–2026; annual owner earnings fell $89M, $-0.67 per $1 retained.

Balance sheet Heavy net debt, $185M · buybacks at an average near $37.66 · dividend paid 10 of 10 yrs, cut at least once

MELI MercadoLibre Inc.

The Mercado Libre Marketplace is a user-friendly online commerce platform that can be accessed through our mobile app or website.

Owner earnings 2016–2025 $161M$228M$185M$378M$1.1B$761M$2.5B$4.6B$7.3B$11.3B

Retained capital Retained $4.3B of earnings over 2016–2025; annual owner earnings grew $7.6B, $1.76 per $1 retained.

Balance sheet Modest net debt, $2.9B · dividend paid 3 of 10 yrs, cut at least once

MERC Mercer International Inc.

Mercer International Inc. markets for kraft pulp are global, cyclical and commodity-based.

Owner earnings 2016–2025 $98M$84M$150M$112M($37M)$23M$182M($205M)$6M($80M)

Retained capital Paid out $445M more than it earned over 2016–2025; annual owner earnings fell $204M.

Balance sheet Net debt against an operating loss, $1.3B · dividend paid 10 of 10 yrs, cut at least once

MET MetLife Inc.

MetLife is a life insurer and one of the largest providers of group, workplace benefits — life, dental, disability, vision — that employers buy to cover their people, alongside individual protection and institutional retirement and annuity products. It collects premiums and deposits up front, invests that money while the obligations sit on its books, and aims to earn more on those investments than it must pay out, plus fees for administering the benefits, taking in more than its claims and costs.

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

META Meta Platforms Inc.

Meta runs a set of apps — Facebook, Instagram, WhatsApp, Messenger — that let people connect, share, and find and build communities. The apps cost the user nothing; the money comes from selling advertisers the attention of those users, matched to them by what the company has learned about them. A small, separate arm builds virtual-reality headsets and AI glasses, but the audience and the advertising it carries are nearly the whole business.

Owner earnings 2016–2025 $13.8B$21.2B$25.0B$30.6B$31.9B$49.7B$41.8B$59.9B$75.8B$97.2B

Retained capital Retained $136.0B of earnings over 2016–2025; annual owner earnings grew $57.7B, $0.42 per $1 retained.

Balance sheet Net cash, +$22.8B · buybacks at an average near $252 · dividend paid 2 of 10 yrs, never cut

METC Ramaco Resources Inc.

We are a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth elements and critical minerals in Wyoming.

Owner earnings 2016–2025 ($4M)($12M)$24M$23M($11M)$24M$147M$107M$57M($61M)

Retained capital Retained $125M of earnings over 2016–2025; annual owner earnings grew $32M, $0.25 per $1 retained.

Balance sheet Net debt against an operating loss, $22M · dividend paid 5 of 10 yrs, never cut

METCB Ramaco Resources Inc.

We are a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth elements and critical minerals in Wyoming.

Owner earnings 2016–2025 ($4M)($12M)$24M$23M($11M)$24M$147M$107M$57M($61M)

Retained capital Retained $125M of earnings over 2016–2025; annual owner earnings grew $32M, $0.25 per $1 retained.

Balance sheet Net debt against an operating loss, $22M · dividend paid 5 of 10 yrs, never cut

MG Mistras Group Inc

Mistras Group, Inc. is a global leader in technology-enabled industrial asset integrity and laboratory testing solutions, serving critical industries including oil & gas, aerospace & defense, power & utilities, manufacturing, and civil infrastructure.

Owner earnings 2016–2025 $53M$36M$21M$37M$52M$24M$14M$6M$32M$8M

Retained capital Paid out $51M more than it earned over 2016–2025; annual owner earnings fell $21M.

Balance sheet Meaningful net debt, $150M

MGEE MGE Energy

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 $64M$23M($59M)($34M)($31M)($16M)($21M)$15M$41M($80M)

Retained capital Retained $493M of earnings over 2016–2025; annual owner earnings fell $17M, $-0.04 per $1 retained.

Balance sheet Heavy net debt, $808M · dividend paid 10 of 10 yrs, never cut

MGM MGM Resorts International

Resorts in their respective markets requires capital investments to maintain the best possible experiences for our guests.

Owner earnings 2016–2025 $684M$1.2B$544M$1.1B($1.8B)$883M$991M$1.8B$1.5B$1.5B

Retained capital Paid out $3.9B more than it earned over 2016–2025; annual owner earnings grew $770M.

Balance sheet Heavy net debt, $4.2B · dividend paid 6 of 10 yrs, cut at least once

MGNI Magnite Inc.

Magnite, Inc.,, provides technology solutions to automate the purchase and sale of digital advertising inventory.

Owner earnings 2016–2025 $37M($11M)($34M)$21M($26M)$109M$162M$188M$202M$182M

Retained capital Paid out $518M more than it earned over 2016–2025; annual owner earnings grew $194M.

Balance sheet Modest net debt, $12M · buybacks at an average near $9.84

MGPI MGP Ingredients Inc.

MGP is a leading producer of branded and distilled spirits, as well as food ingredient solutions.

Owner earnings 2016–2025 $8M$22M$22M$8M$40M$69M$67M$62M$80M$97M

Retained capital Retained $262M of earnings over 2016–2025; annual owner earnings grew $62M, $0.24 per $1 retained.

Balance sheet Net debt against an operating loss, $243M · buybacks at an average near $50.84 · dividend paid 10 of 10 yrs, cut at least once

MGR Affiliated Managers Group, Inc.

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

MGRB Affiliated Managers Group, Inc.

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

MGRC McGrath RentCorp

McGrath RentCorp is a diversified business-to-business rental company with three rental divisions: relocatable modular buildings, portable storage containers and electronic test equipment.

Owner earnings 2016–2025 $130M$108M$127M$176M$167M$193M$177M$51M$334M$211M

Retained capital Retained $842M of earnings over 2016–2025; annual owner earnings grew $77M, $0.09 per $1 retained.

Balance sheet Meaningful net debt, $515M · buybacks at an average near $48.25 · dividend paid 10 of 10 yrs, never cut

MGRD Affiliated Managers Group, Inc.

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

MGRE Affiliated Managers Group, Inc.

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

MGTX MeiraGTx Holdings plc

We are a vertically integrated, clinical-stage genetic medicines company with a broad pipeline of late-stage clinical programs, including radiation-induced xerostomia, Parkinson's disease and AIPL1-associated retinal dystrophy.

Owner earnings 2019–2025 $18M($68M)($18M)($82M)($119M)($109M)($50M)

Retained capital not read

Balance sheet Net cash, +$16M

MGY Magnolia Oil & Gas

Revenue is Oil revenues (70%), Natural Gas Liquids (NGL) (16%) and Natural Gas (15%).

Owner earnings 2017–2025 $128M$222M$112M$601M$1.1B$531M$434M$409M

Retained capital Retained $1.0B of earnings over 2017–2025; annual owner earnings grew $304M, $0.30 per $1 retained.

Balance sheet Modest net debt, $126M · dividend paid 5 of 8 yrs, never cut

MH McGraw Hill Inc.

McGraw Hill is a leading global provider of education solutions for K-12, higher education and professional learning markets.

Owner earnings 2024–2026 $154M$575M$246M

Retained capital not read

Balance sheet Heavy net debt, $2.3B

MHK Mohawk Industries Inc.

Mohawk is a leading global flooring manufacturer that creates products to enhance residential and commercial spaces around the world.

Owner earnings 2016–2025 $936M$747M$660M$873M$1.3B$633M$89M$716M$680M$616M

Retained capital Retained $3.4B of earnings over 2016–2025; annual owner earnings fell $110M, $-0.03 per $1 retained.

Balance sheet Meaningful net debt, $1.2B

MHLA Maiden Holdings, Ltd.

Maiden Global had previously operated internationally by providing branded auto and credit life insurance products through insurer partners, particularly those in Europe and other global 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

MHNC Maiden Holdings, Ltd.

Maiden Global had previously operated internationally by providing branded auto and credit life insurance products through insurer partners, particularly those in Europe and other global 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

MHO M/I Homes Inc.

Homes, Inc. and subsidiaries is one of the nation's leading builders of single-family homes.

Owner earnings 2016–2025 $21M($62M)($11M)$61M$157M($34M)$175M$546M$171M$128M

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $299M, $0.13 per $1 retained.

Balance sheet Net cash, +$394M · buybacks at an average near $85.01 · dividend paid 2 of 10 yrs, cut at least once

MIAX Miami International Holdings Inc.

We are a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies.

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

MIDD Middleby

Revenue is Commercial Foodservice Equipment Group (73%) and Food Processing Group (27%).

Owner earnings 2017–2026 $250M$333M$331M$490M$265M$570M$650M$559M

Retained capital Retained $733M of earnings over 2017–2026; annual owner earnings grew $289M, $0.39 per $1 retained.

Balance sheet Meaningful net debt, $2.0B · buybacks at an average near $150

MIR Mirion Technologies Inc.

Mirion, we deliver vital protection that unlocks the transformative potential of radiation to move science, industry and medicine forward.

Owner earnings 2019–2025 ($2M)$20M$30M$5M$58M$50M$107M

Retained capital Paid out $830M more than it earned over 2019–2025; annual owner earnings grew $56M.

Balance sheet Heavy net debt, $342M

MIRM Mirum Pharmaceuticals Inc.

We market and commercialize Livmarli in the U.S., Canada and certain countries in Europe through our specialized and focused commercial team.

Owner earnings 2020–2025 ($89M)($133M)($120M)($71M)$9M$55M

Retained capital not read

Balance sheet Net cash, +$74M

MITK Mitek Systems Inc.

Mitek Systems Inc. is a global provider of digital identity verification and fraud prevention solutions.

Owner earnings 2016–2025 $8M$10M$5M$13M$23M$36M$20M$31M$30M$54M

Retained capital Paid out $2M more than it earned over 2016–2025; annual owner earnings grew $31M.

Balance sheet Net cash, +$189M · buybacks at an average near $11.89

MKC McCormick & Company Incorporated

McCormick de Mexico is a prominent food company in Mexico, with a broad portfolio, including mayonnaise, spices, marmalades, mustard, hot sauce, and tea, sold under McCormick brands.

Owner earnings 2016–2025 $549M$690M$652M$773M$876M$642M$451M$1.0B$713M$740M

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings grew $200M, $0.07 per $1 retained.

Balance sheet Meaningful net debt, $3.5B · dividend paid 10 of 10 yrs, never cut

MKL Markel Group 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

MKSI MKS Instruments

We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications.

Owner earnings 2016–2025 $161M$324M$351M$181M$428M$553M$365M$232M$410M$497M

Retained capital Retained $253M of earnings over 2016–2025; annual owner earnings grew $101M, $0.40 per $1 retained.

Balance sheet Heavy net debt, $3.7B · buybacks at an average near $89.19 · dividend paid 10 of 10 yrs, never cut

MKTW MarketWise Inc.

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

Owner earnings 2019–2025 $54M$56M$63M$48M$62M($22M)$46M

Retained capital Paid out $1.5B more than it earned over 2019–2025; annual owner earnings fell $29M.

Balance sheet Net cash, debt-free, +$70M · buybacks at an average near $6.19

MKTX MarketAxess

MarketAxess operates leading electronic trading platforms delivering greater trading efficiency, a diversified pool of liquidity and significant cost savings to approximately 2,100 institutional investor and broker-dealer clients across the global fixed-income and other 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

MLAB Mesa Laboratories Inc.

We are a global leader in the design and manufacture of life sciences tools and critical quality control solutions for regulated applications in the pharmaceutical, healthcare and medical device industries.

Owner earnings 2018–2026 $23M$29M$25M$35M$35M$23M$42M$43M$40M

Retained capital Paid out $265M more than it earned over 2018–2026; annual owner earnings grew $15M.

Balance sheet Meaningful net debt, $43M · dividend paid 9 of 9 yrs, never cut

MLI Mueller Industries

Mueller Industries is a leading manufacturer of copper, brass, and aluminum products.

Owner earnings 2016–2025 $120M$10M$129M$169M$201M$280M$686M$633M$593M$687M

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings grew $551M, $0.20 per $1 retained.

Balance sheet Net cash, debt-free, +$1.4B · dividend paid 10 of 10 yrs, cut at least once

MLKN MillerKnoll Inc.

MillerKnoll is a collective of dynamic brands that comes together to design the world we live in.

Owner earnings 2016–2025 $157M$143M$96M$131M$153M$273M($107M)$80M$274M$102M

Retained capital Paid out $92M more than it earned over 2016–2025; annual owner earnings grew $20M.

Balance sheet Heavy net debt, $1.2B · buybacks at an average near $27.87 · dividend paid 10 of 10 yrs, cut at least once

MLM Martin Marietta Materials Inc.

Martin Marietta Materials Inc. is a leading natural resource-based building materials company.

Owner earnings 2016–2025 $404M$360M$329M$573M$690M$715M$509M$1.0B$886M$1.1B

Retained capital Retained $5.5B of earnings over 2016–2025; annual owner earnings grew $652M, $0.12 per $1 retained.

Balance sheet Meaningful net debt, $5.3B · buybacks at an average near $318 · dividend paid 10 of 10 yrs, never cut

MLP Maui Land & Pineapple Company Inc.

Consists of a landholding and operating parent company, has a principal subsidiary, Kapalua Land Company, Ltd., and certain other 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

MLR Miller Industries Inc.

Miller Industries, Inc. is The World's Largest Manufacturer of Towing and Recovery Equipment , with executive offices in Ooltewah, Tennessee, domestic manufacturing operations in Tennessee and Pennsylvania, and foreign manufacturing operations in France, the United Kingdom and, most recently, Italy.

Owner earnings 2016–2025 $16M$8M$14M$26M$51M$6M($31M)($1M)$2M$85M

Retained capital Retained $235M of earnings over 2016–2025; annual owner earnings grew $16M, $0.07 per $1 retained.

Balance sheet Net cash, +$11M · buybacks at an average near $45.82 · dividend paid 10 of 10 yrs, never cut

MMC Marsh & Mclennan Companies, Inc.

An insurance broker, paid a commission to place coverage without bearing the risk itself.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

MMED MiniMed Group Inc.

We are a scaled global medical technology company that develops, manufactures, and markets a comprehensive suite of solutions for the management of diabetes.

Owner earnings 2024–2026 ($107M)($3M)($353M)

Retained capital not read

Balance sheet Net cash, debt-free, +$298M

MMI Marcus & Millichap Inc.

Marcus & Millichap Inc. is a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and 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 $33.62 · dividend paid 4 of 10 yrs, cut at least once

MMM 3M Company

3M is a diversified manufacturer that turns coatings, adhesives, abrasives and related materials science into tens of thousands of small products — tapes, films, abrasives, filters, respirators, medical supplies, and consumer staples like Post-it notes and Scotch tape. It sells through industrial distributors, retailers and healthcare channels to customers across factories, hospitals, offices and homes, mostly in modest repeat purchases rather than big-ticket sales. The money comes from making a specialty input that a buyer specifies into a product or process and then keeps reordering.

Owner earnings 2016–2025 $5.2B$4.9B$4.9B$5.4B$6.6B$5.9B$3.8B$5.1B$638M$1.4B

Retained capital Paid out $12.9B more than it earned over 2016–2025; annual owner earnings fell $2.6B.

Balance sheet Modest net debt, $7.0B · buybacks at an average near $168 · dividend paid 10 of 10 yrs, cut at least once

MMS Maximus

Maximus is a leading provider of tech-enabled services to government agencies.

Owner earnings 2018–2025 $290M$304M$204M$481M$248M$260M$481M$388M

Retained capital Retained $1.1B of earnings over 2018–2025; annual owner earnings grew $110M, $0.10 per $1 retained.

Balance sheet Meaningful net debt, $1.1B · buybacks at an average near $70.42

MMSI Merit Medical Systems

Merit Medical Systems, Inc. is a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.

Owner earnings 2016–2025 $21M$24M$23M($360K)$119M$119M$69M$111M$186M$216M

Retained capital Retained $551M of earnings over 2016–2025; annual owner earnings grew $148M, $0.27 per $1 retained.

Balance sheet Modest net debt, $299M

MNKD MannKind Corporation

We are a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions.

Owner earnings 2016–2025 ($79M)($38M)($89M)($29M)($64M)($84M)$30M$35M$14M

Retained capital not read

Balance sheet Heavy net debt, $183M

MNR Mach Natural Resources LP Common

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

Owner earnings 2021–2025 $161M$465M$354M$296M$245M

Retained capital Retained $1.1B of earnings over 2021–2025; annual owner earnings fell $28M, $-0.03 per $1 retained.

Balance sheet Heavy net debt, $1.1B

MNRO Monro Inc.

We are a leading nation-wide operator of retail tire and automotive repair stores in the United States.

Owner earnings 2017–2026 $95M$82M$108M$65M$133M$146M$176M$100M$106M$39M

Retained capital Paid out $17M more than it earned over 2017–2026; annual owner earnings fell $14M.

Balance sheet Heavy net debt, $223M · dividend paid 10 of 10 yrs, never cut

MNST Monster Beverage Corp.

We regularly assess the market risk of our investments and believe our current policies and investment practices adequately limit those risks.

Owner earnings 2016–2025 $661M$939M$1.1B$1.1B$1.3B$1.1B$826M$1.6B$1.8B$2.0B

Retained capital Retained $2.1B of earnings over 2016–2025; annual owner earnings grew $921M, $0.44 per $1 retained.

Balance sheet Net cash, +$2.4B

MNTN MNTN Inc.

Our market opportunity sits at the center of three large advertising markets: performance marketing, traditional TV advertising, and CTV advertising.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$210M

MO Altria Group Inc.

Altria sells tobacco to adult smokers in the United States. Most of the money comes from cigarettes, with Marlboro as the centerpiece, and the rest from oral tobacco such as moist snuff and nicotine pouches. It makes its money by owning brands people ask for by name and moving them through wholesale distributors to retailers, at prices set well above what the product costs to make.

Owner earnings 2016–2025 $3.6B$4.7B$8.2B$7.6B$8.2B$8.2B$8.1B$9.1B$8.6B$9.1B

Retained capital Paid out $6.9B more than it earned over 2016–2025; annual owner earnings grew $3.4B.

Balance sheet Meaningful net debt, $21.2B · buybacks at an average near $53.10 · dividend paid 10 of 10 yrs, never cut

MOD Modine Manufacturing Company

We sell customer-centric thermal management solutions in a wide array of commercial, industrial, and building heating, ventilating, air conditioning, and refrigeration markets.

Owner earnings 2017–2026 ($23M)$53M$29M($13M)$117M($29M)$57M$159M$129M$169M

Retained capital Retained $546M of earnings over 2017–2026; annual owner earnings grew $132M, $0.24 per $1 retained.

Balance sheet Modest net debt, $357M

MOH Molina Healthcare

Molina runs health insurance plans for people covered by government programs, chiefly Medicaid, alongside Medicare and the insurance marketplaces. Its paying customers are state Medicaid agencies and the federal government, which hand it a fixed sum for each enrolled member every month to arrange that member's medical care. Molina keeps the difference between those premiums and what it pays doctors and hospitals for the care its members actually 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

MORN Morningstar Inc.

Revenue is led by Morningstar Data and Analytics (34%) and PitchBook (27%), with 3 more segments behind.

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

MOS Mosaic Company (The)

Mosaic Company is the world's leading producer and marketer of concentrated phosphate and potash crop nutrients.

Owner earnings 2018–2025 $455M$213M$735M$1.4B$3.0B$1.4B$47M($225M)

Retained capital Retained $2.6B of earnings over 2018–2025; annual owner earnings fell $45M, $-0.02 per $1 retained.

Balance sheet Heavy net debt, $4.0B · buybacks at an average near $45.90 · dividend paid 8 of 8 yrs, cut at least once

MOV Movado Group Inc.

Movado Group designs, sources, markets and distributes quality watches globally.

Owner earnings 2017–2026 $52M$49M$76M$19M$65M$125M$47M$69M($9M)$53M

Retained capital Paid out $31M more than it earned over 2017–2026; annual owner earnings fell $21M.

Balance sheet Net cash, debt-free, +$264M · buybacks at an average near $24.53 · dividend paid 9 of 10 yrs, cut at least once

MOVE Corvex Inc.

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

Owner earnings FY2024 ($23M)

Retained capital not read

Balance sheet Net cash, +$7M

MP MP Materials

Materials Corp. is the largest producer of rare earth materials in the Western Hemisphere.

Owner earnings 2019–2025 ($3M)($4M)$78M$325M$7M($65M)($245M)

Retained capital Retained $43M of earnings over 2019–2025; annual owner earnings fell $125M, $-2.87 per $1 retained.

Balance sheet Net cash, +$167M · buybacks at an average near $14.81

MPB Mid Penn Bancorp

Mid Penn's primary business is to supervise and coordinate the business of the Bank and its nonbank subsidiaries, and to provide them with the capital and resources to fulfill their respective missions.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $23.71 · dividend paid 10 of 10 yrs, cut at least once

MPC Marathon Petroleum Corporation

Marathon Petroleum buys crude oil and other feedstocks and runs them through large, complex refineries to make gasoline, diesel, jet fuel and related products, which it sells wholesale and through fuel stations carrying its brand. Around this core it runs a midstream business of pipelines, storage, gathering and processing that moves hydrocarbons for oil and gas producers, plus a smaller renewable diesel operation. The bulk of revenue, and nearly all the swing in profit, comes from refining and marketing.

Owner earnings 2016–2025 $2.0B$4.5B$4.0B$6.2B($368M)$2.9B$13.9B$12.2B$6.1B$4.8B

Retained capital Paid out $18.7B more than it earned over 2016–2025; annual owner earnings grew $4.2B.

Balance sheet Meaningful net debt, $29.6B · buybacks at an average near $97.46 · dividend paid 10 of 10 yrs, never cut

MPLX MPLX LP Common

We are a diversified, large-cap master limited partnership formed by MPC in 2012 that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services.

Owner earnings 2016–2025 $900M$1.2B$2.2B$2.8B$3.3B$4.4B$4.2B$4.5B$4.9B$4.6B

Retained capital Retained $21.4B of earnings over 2016–2025; annual owner earnings grew $3.2B, $0.15 per $1 retained.

Balance sheet Heavy net debt, $23.9B · buybacks at an average near $34.14

MPT Medical Properties Trust Inc.

We are a self-advised REIT formed in 2003 to acquire and develop net-leased healthcare facilities.

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

MPTI M-tron Industries Inc.

Tron Industries, Inc. is engaged in the designing, manufacturing and marketing of highly engineered, high reliability frequency and spectrum control products used to control the frequency or timing of signals in electronic circuits in various applications.

Owner earnings 2021–2025 $2M$1M$4M$7M$10M

Retained capital Retained $23M of earnings over 2021–2025; annual owner earnings grew $4M, $0.18 per $1 retained.

Balance sheet Net cash, +$21M

MPWR Monolithic Power Systems Inc.

Monolithic Power Systems, Inc. is a fabless global company that provides high-performance, semiconductor-based power electronics solutions.

Owner earnings 2016–2025 $93M$118M$129M$201M$249M$291M$210M$598M$752M$786M

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings grew $599M, $0.30 per $1 retained.

Balance sheet Net cash, debt-free, +$1.0B · buybacks at an average near $637 · dividend paid 9 of 10 yrs, never cut

MQ Marqeta Inc.

Marqeta's open APIs provide instant access to a highly scalable, cloud-based payment infrastructure that enables customers to embed the payments experience into apps or websites for a personalized user experience.

Owner earnings 2019–2025 ($19M)$48M$54M($15M)$20M$56M$161M

Retained capital Paid out $1.5B more than it earned over 2019–2025; annual owner earnings grew $51M.

Balance sheet Net cash, debt-free, +$709M · buybacks at an average near $6.68

MRAM Everspin Technologies Inc.

We consider a design win to occur when an OEM or contract manufacturer notifies us that it has qualified one of our products as a component in a product or system for production.

Owner earnings 2017–2025 ($20M)($16M)($9M)($3M)$8M$9M$12M$5M$7M

Retained capital Paid out $42M more than it earned over 2017–2025; annual owner earnings grew $23M.

Balance sheet Net cash, +$43M

MRCY Mercury Systems Inc

Mercury Systems is a technology company that delivers mission-critical processing to the edge - where signals and data are collected - to solve the most pressing aerospace and defense challenges.

Owner earnings 2016–2025 $29M$26M$28M$71M$72M$52M($47M)($60M)$26M$119M

Retained capital Retained $23M of earnings over 2016–2025; annual owner earnings grew $506K, $0.02 per $1 retained.

Balance sheet Net debt against an operating loss, $282M

MREO Mereo BioPharma Group plc

We are a biopharmaceutical company focused on the development of innovative therapeutics for rare diseases.

Owner earnings 2022–2025 ($49M)($21M)($33M)($31M)

Retained capital not read

Balance sheet Net cash, debt-free, +$41M

MRK Merck & Company Inc. Common Stock (new)

Merck is a pharmaceutical company. It discovers, makes, and sells prescription medicines — including biologic therapies and vaccines — for human disease, and it sells animal health products as well. It markets these mostly to drug wholesalers and retailers, hospitals, and government agencies, and earns its keep on patent-protected branded drugs that command a price the underlying chemistry does not.

Owner earnings 2016–2025 $8.8B$4.6B$8.3B$10.1B$8.6B$11.5B$17.3B$11.2B$19.4B$13.4B

Retained capital Paid out $2.9B more than it earned over 2016–2025; annual owner earnings grew $7.4B.

Balance sheet Modest net debt, $34.7B · dividend paid 10 of 10 yrs, never cut

MRNA Moderna Inc.

Moderna is a pioneer and leader in the field of mRNA medicine.

Owner earnings 2016–2025 $52M($352M)($356M)($491M)$2.0B$13.3B$4.6B($3.8B)($3.2B)($2.1B)

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings fell $2.8B, $-1.40 per $1 retained.

Balance sheet Net cash, +$2.0B · buybacks at an average near $157

MRP Millrose Properties Inc.

Millrose or provide any new business opportunities to Millrose, including referrals of Lennar Related Ventures.

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

MRSH Marsh

Marsh McLennan Agency provides business insurance, employee health and benefits, retirement and wealth management and private client insurance solutions to individuals and mid-market organizations.

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

MRTN Marten Transport

We are one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$16M

MRVI Maravai LifeSciences Holdings Inc.

Maravai LifeSciences Holdings Inc. is a life sciences company providing critical products and services to enable the development of drugs, therapeutics, vaccines, and diagnostics, and support research on human disease.

Owner earnings 2019–2025 $7M$127M$354M$519M$61M($22M)($71M)

Retained capital Retained $58M of earnings over 2019–2025; annual owner earnings fell $173M, $-2.96 per $1 retained.

Balance sheet Net debt against an operating loss, $75M

MRVL Marvell Technology Inc.

Marvell Technology, Inc. is a leading supplier of data infrastructure semiconductor solutions, spanning the data center core to network edge.

Owner earnings 2020–2026 $278M$711M$650M$1.1B$1.2B$1.5B$1.5B

Retained capital Paid out $3.2B more than it earned over 2020–2026; annual owner earnings grew $872M.

Balance sheet Modest net debt, $1.9B · buybacks at an average near $60.86 · dividend paid 7 of 7 yrs, never cut

MS Morgan Stanley

Morgan Stanley is a global investment bank and wealth manager. It advises companies, governments, and institutions on mergers and on raising money, trades stocks, bonds, and other securities for clients, and manages money and runs brokerage accounts for individuals and institutions. It earns advisory and underwriting fees, trading profits, and recurring fees charged on the client assets it oversees.

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

MSA MSA Safety Incorporated

MSA Safety Incorporated is the global leader in advanced safety products, technology and solutions.

Owner earnings 2016–2025 $109M$207M$230M$128M$158M$155M$115M$50M$242M$295M

Retained capital Retained $664M of earnings over 2016–2025; annual owner earnings grew $14M, $0.02 per $1 retained.

Balance sheet Modest net debt, $416M · dividend paid 10 of 10 yrs, never cut

MSB Mesabi Trust

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

MSBI Midland States Bancorp Inc.

Our banking subsidiary, Midland States Bank, an Illinois state-chartered bank formed in 1881, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, insurance and financial planning 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 · dividend paid 10 of 10 yrs, never cut

MSBIP Midland States Bancorp Inc.

Our banking subsidiary, Midland States Bank, an Illinois state-chartered bank formed in 1881, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, insurance and financial planning 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 · dividend paid 10 of 10 yrs, never cut

MSCI MSCI Inc.

We use advanced technology, including artificial intelligence, to improve how we collect and validate data and enhance the capabilities and insights we deliver to clients.

Owner earnings 2016–2025 $410M$371M$583M$680M$789M$923M$1.1B$1.2B$1.5B$1.6B

Retained capital Paid out $4.2B more than it earned over 2016–2025; annual owner earnings grew $966M.

Balance sheet Meaningful net debt, $5.6B · buybacks at an average near $78.00 · dividend paid 10 of 10 yrs, never cut

MSEX Middlesex Water

Middlesex also operates water and wastewater systems under contract on behalf of municipal and private clients primarily in New Jersey and Delaware.

Owner earnings 2016–2024 $34M$28M$30M$19M$33M$6M$34M$23M$31M

Retained capital Retained $141M of earnings over 2016–2024; annual owner earnings fell $1M, $-0.01 per $1 retained.

Balance sheet Heavy net debt, $384M · dividend paid 9 of 9 yrs, never cut

MSFT Microsoft Corp.

Microsoft writes and licenses software for businesses and individuals: the productivity tools people use to write, calculate and communicate, the operating system that runs personal computers, and the server software that runs behind the scenes. It sells much of that software as a subscription and rents computing power and storage from its own datacenters. Buyers range from one person paying for an email account to the largest enterprises running their operations on its cloud.

Owner earnings 2016–2025 $28.4B$33.4B$36.2B$42.5B$50.0B$67.4B$76.4B$76.6B$103.3B$114.2B

Retained capital Retained $178.7B of earnings over 2016–2025; annual owner earnings grew $65.4B, $0.37 per $1 retained.

Balance sheet Net cash, +$51.4B · buybacks at an average near $171 · dividend paid 10 of 10 yrs, never cut

MSGE Madison Square Garden Entertainment Corp.

Entertainment is a leader in live entertainment experiences, comprised of iconic venues and marquee entertainment content.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $556M

MSGS Madison Square Garden Sports Corp.

Madison Square Garden Sports Corp. owns and operates a portfolio of assets featuring some of the most recognized teams in all of sports, including the New York Knickerbockers of the National Basketball Association and the New York Rangers of the National Hockey League.

Owner earnings 2016–2025 $54M$179M$26M($28M)($359M)($36M)$177M$151M$91M$88M

Retained capital Paid out $496M more than it earned over 2016–2025; annual owner earnings grew $24M.

Balance sheet Modest net debt, $20M · buybacks at an average near $168 · dividend paid 3 of 10 yrs, cut at least once

MSI Motorola Solutions Inc.

Motorola Solutions is a global leader in mission-critical safety and security technologies for public safety, government, including defense, and enterprise customers.

Owner earnings 2016–2025 $894M$1.1B$878M$1.6B$1.4B$1.6B$1.6B$1.8B$2.1B$2.6B

Retained capital Retained $564M of earnings over 2016–2025; annual owner earnings grew $1.2B.

Balance sheet Meaningful net debt, $7.2B · buybacks at an average near $159 · dividend paid 10 of 10 yrs, never cut

MSM MSC Industrial Direct Company Inc.

MSC is a leading North American distributor of a broad range of metalworking and maintenance, repair and operations products and services.

Owner earnings 2016–2025 $313M$200M$295M$277M$350M$171M$185M$607M$311M$241M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $117M, $0.07 per $1 retained.

Balance sheet Modest net debt, $477M

MSTR Strategy Inc Common Stock Class A

Strategy is the world's first and largest Bitcoin Treasury Company.

Owner earnings 2016–2025 $108M$74M$4M$51M$50M$91M$725K$10M($56M)($75M)

Retained capital Paid out $6.7B more than it earned over 2016–2025; annual owner earnings fell $103M.

Balance sheet Net debt against an operating loss, $5.9B

MTB M&T Bank Corporation

The banks collectively offer a wide range of retail and commercial banking, wealth management, trust and institutional services to their customers.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 8 of 8 yrs, never cut

MTCH Match Group Inc.

We are Match Group, Inc., through its portfolio companies, is a leading provider of digital technologies designed to help people make meaningful connections.

Owner earnings 2016–2025 $266M$341M$957M$899M$746M$871M$477M$829M$882M$1.0B

Retained capital Retained $386M of earnings over 2016–2025; annual owner earnings grew $390M.

Balance sheet Meaningful net debt, $2.9B · buybacks at an average near $38.01 · dividend paid 2 of 10 yrs, cut at least once

MTD Mettler-Toledo International Inc.

We are a leading global supplier of precision instruments and services.

Owner earnings 2016–2025 $428M$483M$528M$564M$683M$864M$812M$917M$918M$905M

Retained capital Paid out $976M more than it earned over 2016–2025; annual owner earnings grew $434M.

Balance sheet Modest net debt, $2.1B · buybacks at an average near $869

MTDR Matador Resources

We are an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays.

Owner earnings 2016–2025 $12M$122M$343M$202M$116M$708M$1.5B$1.2B$1.3B$1.2B

Retained capital Retained $3.6B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.29 per $1 retained.

Balance sheet Meaningful net debt, $3.4B · buybacks at an average near $41.33 · dividend paid 5 of 10 yrs, never cut

MTG MGIC Investment Corporation

We are a holding company and through wholly-owned subsidiaries we provide private mortgage insurance, other mortgage credit risk management solutions, and ancillary 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 $17.58 · dividend paid 7 of 10 yrs, never cut

MTN Vail Resorts Inc.

Resorts operate year-round and provide a comprehensive resort experience to a diverse clientele with an attractive demographic profile.

Owner earnings 2016–2025 $328M$327M$408M$442M$223M$410M$518M$323M$378M$320M

Retained capital Paid out $933M more than it earned over 2016–2025; annual owner earnings fell $14M.

Balance sheet Heavy net debt, $2.8B · buybacks at an average near $197 · dividend paid 9 of 10 yrs, cut at least once

MTRN Materion Corporation

Materion Corporation, through its wholly owned subsidiaries, is an integrated producer of high-performance advanced engineered materials used in a variety of electrical, electronic, thermal, and structural applications with $1.8 billion in net sales in 2025.

Owner earnings 2016–2025 $41M$40M$49M$75M$59M$46M$63M$83M$19M$50M

Retained capital Retained $347M of earnings over 2016–2025; annual owner earnings grew $7M, $0.02 per $1 retained.

Balance sheet Heavy net debt, $445M · buybacks at an average near $28.07 · dividend paid 10 of 10 yrs, never cut

MTRX Matrix Service Company

We provide engineering, fabrication, construction, and maintenance services to support critical energy infrastructure and industrial markets.

Owner earnings 2016–2025 $20M($31M)$66M$22M$26M($7M)($58M)$1M$66M$110M

Retained capital Paid out $223M more than it earned over 2016–2025; annual owner earnings grew $41M.

Balance sheet Net cash, debt-free, +$225M · buybacks at an average near $16.24

MTSI MACOM Technology Solutions Holdings Inc.

Technology, circuit design and packaging technology defines the performance parameters and differentiation of our products.

Owner earnings 2012–2025 $15M$28M($17M)($17M)$154M$130M$150M$142M$140M$193M

Retained capital Paid out $338M more than it earned over 2012–2025; annual owner earnings grew $150M.

Balance sheet Net cash, +$285M · dividend paid 1 of 10 yrs, never cut

MTUS Metallus Inc.

We manufacture alloy steel, as well as carbon and micro-alloy steel, using electric arc furnace technology.

Owner earnings 2016–2025 $32M($25M)($22M)$32M$157M$185M$107M$74M($24M)($93M)

Retained capital Paid out $148M more than it earned over 2016–2025; annual owner earnings fell $10M.

Balance sheet Net cash, +$117M · no dividend paid

MTW Manitowoc Company Inc. (The)

Manitowoc, through its wholly-owned subsidiaries, provides high quality, customer-focused lifting products and services world-wide through its Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment brands and its support-focused subsidiary MGX Equipment Services.

Owner earnings 2016–2025 ($672M)($354M)($545M)($88M)($61M)$36M$15M$6M$4M($15M)

Retained capital not read

Balance sheet Heavy net debt, $399M

MTX Minerals Technologies Inc.

Minerals company that develops, produces, and markets a wide range of minerals and mineral-based products and services.

Owner earnings 2016–2025 $163M$131M$128M$173M$174M$146M$23M$140M$147M$87M

Retained capital Retained $805M of earnings over 2016–2025; annual owner earnings fell $16M, $-0.02 per $1 retained.

Balance sheet Heavy net debt, $629M · dividend paid 10 of 10 yrs, never cut

MTZ MasTec

We offer our services under the MasTec and other service marks and we are ranked among the top five contractors within Engineering News-Record's Top 400 Contractors.

Owner earnings 2016–2025 $88M$21M$350M$424M$724M$623M$89M$494M$973M$286M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $431M, $0.25 per $1 retained.

Balance sheet Meaningful net debt, $1.9B · buybacks at an average near $46.95

MU Micron Technology Inc.

Micron makes memory and storage chips — mainly DRAM, the working memory inside computers and phones, and NAND flash, which holds data when the power is off. It sells these to the makers of computers, servers, phones and other electronics, and also under its own Micron and Crucial brands. It earns its money by running its own chip factories, so most of the cost is sunk in the plants and the bits they turn out.

Owner earnings 2016–2025 $188M$3.4B$12.6B$7.8B$2.7B$6.3B$8.1B($6.1B)$121M$9.2B

Retained capital Retained $36.5B of earnings over 2016–2025; annual owner earnings fell $4.4B, $-0.12 per $1 retained.

Balance sheet Modest net debt, $4.6B · dividend paid 4 of 10 yrs, never cut

MUR Murphy Oil

Murphy Oil Corporation is a global oil and natural gas exploration and production company, with both onshore and offshore operations and properties.

Owner earnings 2016–2025 ($326M)($297M)($26M)$145M$803M$1.4B$2.1B$1.7B$1.7B$1.2B

Retained capital Paid out $720M more than it earned over 2016–2025; annual owner earnings grew $1.8B.

Balance sheet Heavy net debt, $2.2B · buybacks at an average near $29.50 · dividend paid 10 of 10 yrs, cut at least once

MUSA Murphy USA

Revenue is Products (77%), Merchandise (22%) and Other operating revenues (1%).

Owner earnings 2016–2025 $239M$167M$265M$161M$403M$525M$774M$555M$600M$537M

Retained capital Paid out $184M more than it earned over 2016–2025; annual owner earnings grew $341M.

Balance sheet Meaningful net debt, $2.2B · buybacks at an average near $178 · dividend paid 6 of 10 yrs, never cut

MUX McEwen Inc.

McEwen Inc. is a gold and silver mining production and exploration company with an advanced copper development project, focused on the Americas.

Owner earnings 2016–2018 $6M($31M)($9M)

Retained capital not read

Balance sheet Heavy net debt, $64M

MVBF MVB Financial Corp.

We offer our customers a full range of products and services including: l Various demand deposit accounts, savings accounts, money market accounts and certificates of deposit; l Commercial, consumer and real estate mortgage loans and lines of credit; l Debit cards; l Cashier's checks; and l Safe deposit rental facilities.

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

MVST Microvast Holdings Inc.

Microvast Holdings Inc. is a global leader in advanced specialized battery technologies.

Owner earnings 2019–2025 ($7M)($3M)($133M)($205M)($262M)($25M)$56M

Retained capital not read

Balance sheet Modest net debt, $1M

MWA Mueller Water Products

Mueller Water Products is a leading manufacturer and marketer of products and solutions used in the transmission, distribution and measurement of water in North America.

Owner earnings 2016–2025 $83M$19M$89M$40M$73M$94M($2M)$61M$191M$172M

Retained capital Retained $462M of earnings over 2016–2025; annual owner earnings grew $78M, $0.17 per $1 retained.

Balance sheet Modest net debt, $20M · buybacks at an average near $12.95 · dividend paid 10 of 10 yrs, never cut

MX Magnachip Semiconductor Corporation

A semiconductor business, riding a brutal capacity cycle on the edge of Moore's Law.

Owner earnings 2016–2025 ($9M)($53M)$10M$28M($29M)$56M($18M)($10M)($18M)($54M)

Retained capital Retained $201M of earnings over 2016–2025; annual owner earnings fell $10M, $-0.05 per $1 retained.

Balance sheet Net debt against an operating loss, $100M · buybacks at an average near $6.35

MXL MaxLinear Inc.

We are a provider of communications systems-on-chip, or SoCs, used in broadband, mobile and wireline infrastructure, data center, and industrial and multi-market applications.

Owner earnings 2016–2025 $109M$68M$95M$71M$61M$129M$347M$30M($63M)$7M

Retained capital Paid out $456M more than it earned over 2016–2025; annual owner earnings fell $99M.

Balance sheet Net debt against an operating loss, $51M · buybacks at an average near $34.71

MYE Myers Industries Inc.

Myers Industries Inc. designs, manufactures, and markets a variety of plastic, metal and rubber products.

Owner earnings 2016–2025 $21M$39M$56M$44M$33M$27M$48M$77M$61M$67M

Retained capital Retained $41M of earnings over 2016–2025; annual owner earnings grew $30M, $0.72 per $1 retained.

Balance sheet Heavy net debt, $301M · dividend paid 10 of 10 yrs, never cut

MYFW First Western Financial Inc.

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

MYGN Myriad Genetics Inc.

GENETICS S.A. to develop a global liquid biopsy companion diagnostic solution.

Owner earnings 2016–2022 $161M$100M$108M$75M$51M$600K($152M)

Retained capital Paid out $310M more than it earned over 2016–2022; annual owner earnings fell $156M.

Balance sheet Net cash, +$30M · buybacks at an average near $31.71

MYRG MYR Group

We are a holding company of specialty electrical construction service providers that was established in 1995 through the merger of long-standing specialty contractors.

Owner earnings 2016–2025 $29M($40M)$45M$20M$131M$85M$109M$12M$11M$260M

Retained capital Retained $282M of earnings over 2016–2025; annual owner earnings grew $83M, $0.29 per $1 retained.

Balance sheet Net cash, +$91M · buybacks at an average near $48.44

MZTI Marzetti Co.

Marzetti Company is a manufacturer and marketer of specialty food products for the retail and foodservice channels.

Owner earnings 2017–2025 $119M$130M$166M$133M$130M$56M$175M$184M$203M

Retained capital Retained $420M of earnings over 2017–2025; annual owner earnings grew $49M, $0.12 per $1 retained.

Balance sheet Net cash, debt-free, +$161M · dividend paid 9 of 9 yrs, never cut

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.