29 members, 3092 to W, A to Z by ticker.
Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.
From the latest filings · data as of July 9, 2026.
3092 ZOZO
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
Owner earnings 2017–2026 ¥17.4B¥18.9B¥13.3B¥22.7B¥42.7B¥38.7B¥34.6B¥39.1B¥55.3B¥47.7B
Retained capital Retained ¥73.7B of earnings over 2017–2026; annual owner earnings grew ¥30.8B, ¥0.42 per ¥1 retained.
Balance sheet Net cash, +¥49.4B · dividend paid 10 of 10 yrs, cut at least once
4385 Mercari
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
Owner earnings 2017–2025 ¥6.1B(¥3.8B)(¥7.8B)¥11.8B¥2.9B(¥26.9B)(¥36.4B)(¥43.5B)(¥12.2B)
Retained capital not read
Balance sheet Net cash, +¥21.8B
4755 Rakuten Group
Revenue is Internet Services (48%), Fin Tech (35%) and Mobile (17%).
Owner earnings 2018–2025 ¥122.2B¥210.3B¥889.9B¥385.4B(¥560.7B)¥530.4B¥1.11T¥358.4B
Retained capital Paid out ¥1.28T more than it earned over 2018–2025; annual owner earnings grew ¥257.8B.
Balance sheet Net cash, +¥4.04T · dividend paid 6 of 8 yrs, never cut
ACVA ACV Auctions Inc.
ACV Auctions Inc. provides an additional channel to provide dealers and commercial partners with auction services.
Owner earnings 2019–2025 ($74M)$7M$83M($78M)($20M)$61M$69M
Retained capital Paid out $520M more than it earned over 2019–2025; annual owner earnings grew $31M.
Balance sheet Net cash, +$81M
AMZN Amazon.com Inc.
Amazon sells hundreds of millions of products to consumers — some it stocks and ships itself, the rest offered by independent merchants on its marketplace, across dozens of categories. It also rents computing power, storage, and software to businesses and developers through Amazon Web Services, and sells advertising and Prime subscriptions alongside the store. The money comes from retail markups and the fees sellers pay, and from the cloud arm that serves enterprises.
Owner earnings 2016–2025 $10.5B$6.4B$17.3B$21.7B$40.9B$11.9B$4.8B$32.2B$63.1B$73.8B
Retained capital Retained $240.4B of earnings over 2016–2025; annual owner earnings grew $45.0B, $0.19 per $1 retained.
Balance sheet Net cash, +$54.6B · buybacks at an average near $130
BBBY Bed Bath & Beyond Inc.
Beyond, Inc., is an e-commerce-focused retailer with an affinity model that owns or has ownership interests in various brands, offering a comprehensive array of products and services that enable its customers to enhance everyday life through quality, style, and value.
Owner earnings 2017–2025 ($59M)($168M)($94M)$182M$67M($27M)($38M)($189M)($64M)
Retained capital not read
Balance sheet Net cash, +$143M
BWMX Betterware de Mexico S.A.P.I. de C.V.
Revenue is JAFRA (58%) and BWM (42%).
Owner earnings 2017–2023 MX$348MMX$317MMX$567MMX$1.8BMX$1.4BMX$1.1BMX$2.2B
Retained capital Retained MX$535M of earnings over 2017–2023; annual owner earnings grew MX$1.2B, MX$2.19 per MX$1 retained.
Balance sheet Modest net debt, MX$3.5B · dividend paid 6 of 7 yrs, cut at least once
BZUN Baozun Inc.
Revenue is Services (61%) and Products (39%).
Owner earnings 2016–2025 (CN¥22M)(CN¥220M)(CN¥171M)CN¥210MCN¥199M(CN¥303M)CN¥176MCN¥283M(CN¥31M)CN¥314M
Retained capital Paid out CN¥1.8B more than it earned over 2016–2025; annual owner earnings grew CN¥326M.
Balance sheet Net cash, debt-free, +CN¥2.7B · dividend paid 3 of 10 yrs, never cut
CARG CarGurus Inc. Class A Common Stock
CarGurus is a multinational automotive platform helping consumers and dealers confidently buy and sell vehicles.
Owner earnings 2016–2025 $18M$22M$46M$62M$154M$91M$250M$100M$230M$289M
Retained capital Paid out $109M more than it earned over 2016–2025; annual owner earnings grew $178M.
Balance sheet Net cash, debt-free, +$191M · buybacks at an average near $19.65
CHWY Chewy Inc.
We are the preeminent online source for pet products, supplies and prescriptions as a result of our broad selection of high-quality products and services, which we offer at competitive prices and deliver with an exceptional level of care and a personal touch to build brand loyalty and drive repeat purchasing.
Owner earnings 2018–2026 ($92M)($37M)$16M$97M$136M$266M$377M$482M$562M
Retained capital Paid out $1.5B more than it earned over 2018–2026; annual owner earnings grew $511M.
Balance sheet Net cash, debt-free, +$879M
CPNG Coupang Inc.
Coupang is one of South Korea's largest online retailers. It sells goods it buys and stocks itself, and it also rents its site to outside sellers who pay to reach its shoppers. What sets it apart is that it owns the delivery — its own warehouses, trucks, and drivers carry orders to the door, often the same or next day. The money comes from the markup on its own goods, the fees from third-party sellers, and a paid membership, spread across a dense home market.
Owner earnings 2019–2025 ($383M)$174M($612M)$334M$2.4B$1.5B$1.3B
Retained capital Paid out $1.5B more than it earned over 2019–2025; annual owner earnings grew $2.0B.
Balance sheet Net cash, +$5.3B · buybacks at an average near $27.61
DDL Dingdong (Cayman) Limited
A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.
Owner earnings 2019–2025 (CN¥999M)(CN¥2.2B)(CN¥5.9B)(CN¥40M)(CN¥318M)CN¥831MCN¥438M
Retained capital not read
Balance sheet Net cash, debt-free, +CN¥4.0B
GCT GigaCloud Technology Inc
GigaCloud Marketplace is one of the fastest growing large parcel B2B marketplaces with over $1,576.8 million, $1,341.4 million and $794.4 million of GMV transacted in our marketplace in 2025, 2024 and 2023, respectively.
Owner earnings 2021–2025 $8M$49M$131M$150M$183M
Retained capital Retained $411M of earnings over 2021–2025; annual owner earnings grew $92M, $0.22 per $1 retained.
Balance sheet Net cash, debt-free, +$416M
GRPN Groupon Inc.
Groupon is a global scaled two-sided marketplace that connects consumers to merchants.
Owner earnings 2016–2025 $50M$69M$121M$4M($112M)($174M)($172M)($97M)$41M$50M
Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings fell $82M.
Balance sheet Modest net debt, $47M · buybacks at an average near $3.25
HEPS D-Market Electronic Services & Trading
A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.
Owner earnings 2019–2024 TRY 310MTRY 852M(TRY 692M)(TRY 199M)TRY 5.6BTRY 3.7B
Retained capital Paid out TRY 12.9B more than it earned over 2019–2024; annual owner earnings grew TRY 2.9B.
Balance sheet net position not read (debt under-captured)
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
JMIA Jumia Technologies AG
Revenue is led by Sales of goods (50%) and Third-party sales (42%), with 2 more lines behind.
Owner earnings 2019–2025 ($211M)($115M)($178M)($251M)($75M)($61M)($53M)
Retained capital not read
Balance sheet Net cash, +$112M
LITB LightInTheBox Holding Co. Ltd.
A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.
Owner earnings 2016–2025 ($16M)($15M)($30M)$965K$28M($3M)$35M($22M)($49M)$6M
Retained capital not read
Balance sheet Net cash, debt-free, +$24M
LUXE LuxExperience B.V.
A retailer, earning thin margins on high volume, where inventory turns, unit economics and scale decide the outcome.
Owner earnings 2019–2025 €522K€8M(€20M)€46M(€67M)(€2M)(€35M)
Retained capital not read
Balance sheet Net cash, +€217M
NSIT Insight Enterprises
Our recent acquisitions from 2023 through today include: 2023 - Amdaris Group Limited is a service provider with core expertise in providing software application and development services for clients, which added to Insight's global application and Data & artificial intelligence practices.
Owner earnings 2016–2025 $84M($326M)$275M$82M$331M$112M$41M$580M$586M$279M
Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $471M, $0.47 per $1 retained.
Balance sheet Meaningful net debt, $1.0B · buybacks at an average near $94.76
PLBL Polibeli Group Ltd
As Polibeli launched the Polibeli App in 2022 and Polisales App in 2023 specifically for the Indonesian market, which together operate as one Polibeli Platform, it has a limited operating history and limited experience in providing digital solutions, intelligence services and warehousing, logistics and fulfillment services in Indonesia.
Owner earnings 2023–2025 ($5M)($6M)($7M)
Retained capital not read
Balance sheet Net debt against an operating loss, $36K
PTRN Pattern Group Inc. Series A
Pattern is a global ecommerce acceleration platform that helps consumer brands sell products on global ecommerce marketplaces.
Owner earnings 2023–2025 $27M$56M$79M
Retained capital not read
Balance sheet Net cash, debt-free, +$289M
REAL The RealReal Inc.
RealReal is the world's largest online marketplace for authenticated, resale luxury goods.
Owner earnings 2017–2025 ($44M)($56M)($68M)($153M)($166M)($114M)($90M)$13M$18M
Retained capital not read
Balance sheet Net debt against an operating loss, $80M
RVLV Revolve Group
REVOLVE, we offer an assortment of premium apparel, footwear, beauty and accessories from emerging, established and owned brands.
Owner earnings 2017–2025 $14M$24M$42M$71M$60M$18M$39M$22M$55M
Retained capital Retained $341M of earnings over 2017–2025; annual owner earnings grew $12M, $0.04 per $1 retained.
Balance sheet Net cash, debt-free, +$292M
SFIX Stitch Fix Inc.
Stitch Fix is the leading online personal styling service that helps people discover the styles they will love that fit perfectly so they always look - and feel - their best.
Owner earnings 2016–2025 $42M$31M$62M$62M$20M($43M)$42M$54M$14M$9M
Retained capital Paid out $532M more than it earned over 2016–2025; annual owner earnings fell $19M.
Balance sheet Net cash, debt-free, +$235M · buybacks at an average near $13.05
TDUP ThredUp Inc.
ThredUp operates one of the world's largest online resale platforms for apparel, shoes and accessories.
Owner earnings 2019–2025 ($14M)($25M)($44M)($66M)($36M)($2M)$180K
Retained capital not read
Balance sheet Net cash, +$20M
UZX Linkage Global Inc.
Revenue is Other subsidiaries (88%) and EXTEND (12%).
Owner earnings 2021–2025 ($2M)$688K($4M)($5M)
Retained capital not read
Balance sheet Net debt against an operating loss, $85K
VIPS Vipshop Holdings Limited
Revenue is Vip.Com (95%) and Shan Shan Outlets (4%).
Owner earnings 2016–2025 CN¥2.2BCN¥260MCN¥5.0BCN¥11.5BCN¥10.9BCN¥5.6BCN¥9.3BCN¥13.1BCN¥7.7BCN¥5.9B
Retained capital Retained CN¥24.6B of earnings over 2016–2025; annual owner earnings grew CN¥6.4B, CN¥0.26 per CN¥1 retained.
Balance sheet Net cash, +CN¥28.7B · dividend paid 2 of 10 yrs, never cut
W Wayfair
Our CastleGate facilities enable suppliers to forward-position their inventory in our warehouses, allowing us to offer faster delivery.
Owner earnings 2016–2025 $7M($67M)($39M)($389M)$1.2B$309M($860M)$201M$244M$464M
Retained capital Paid out $5.5B more than it earned over 2016–2025; annual owner earnings grew $336M.
Balance sheet Heavy net debt, $1.7B · no dividend paid
The same four lines for every member, 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 header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.
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