Trading Companies & Distributors

2768 Sojitz

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

Owner earnings 2018–2026 ¥75.7B¥75.2B¥15.8B¥61.1B¥46.7B¥146.0B¥85.1B(¥60.1B)(¥23.3B)

Retained capital Retained ¥408.9B of earnings over 2018–2026; annual owner earnings fell ¥55.0B, ¥-0.13 per ¥1 retained.

Balance sheet Net debt, ¥1.16T · dividend paid 9 of 9 yrs, cut at least once

8001 Itochu

Itochu is one of Japan's large general trading houses — a sogo shosha — that buys, sells, ships, and finances a wide range of goods around the world, and takes ownership stakes in the businesses along those supply chains. Among the majors it tilts more toward consumer-facing trade, with deep roots in textiles and a heavier weighting in food and the distribution that moves everyday goods, and less toward pulling resources out of the ground. It earns its keep two ways: a thin cut on the enormous volume of goods that passes through its hands, and its share of the profits from the many companies it part-owns.

Owner earnings 2018–2026 ¥280.4B¥363.0B¥678.6B¥730.9B¥644.0B¥744.0B¥775.6B¥769.8B¥846.8B

Retained capital Retained ¥3.72T of earnings over 2018–2026; annual owner earnings grew ¥356.8B, ¥0.10 per ¥1 retained.

Balance sheet Heavy net debt, ¥4.16T · dividend paid 9 of 9 yrs, never cut

8002 Marubeni

Marubeni is one of Japan's sogo shosha — a general trading house that buys, moves, finances, and resells goods across many industries, and owns stakes in the businesses it trades with. It earns money two ways: thin margins on the enormous flows of goods passing through its hands, and its share of the profits and dividends from a sprawling portfolio of subsidiaries and affiliates. The customer is rarely the public; it sits between producers and industrial buyers, and between capital and projects, taking a cut of the transaction and a piece of the equity.

Owner earnings 2018–2026 ¥150.2B¥191.7B¥217.1B¥273.0B¥210.1B¥502.1B¥289.1B¥420.4B¥381.9B

Retained capital Retained ¥1.85T of earnings over 2018–2026; annual owner earnings grew ¥177.5B, ¥0.10 per ¥1 retained.

Balance sheet Net debt, ¥1.86T · dividend paid 9 of 9 yrs, cut at least once

8015 Toyota Tsusho

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

Owner earnings 2018–2026 ¥151.1B¥123.8B¥164.0B¥120.7B(¥85.6B)¥283.3B¥367.1B¥331.0B¥297.2B

Retained capital Retained ¥1.55T of earnings over 2018–2026; annual owner earnings grew ¥185.5B, ¥0.12 per ¥1 retained.

Balance sheet Modest net debt, ¥765.0B · dividend paid 9 of 9 yrs, never cut

8031 Mitsui & Co.

Mitsui & Co. is one of Japan's general trading houses, a sogo shosha: it buys, sells, ships, and finances raw materials and industrial goods around the world, and it takes ownership stakes in the producers and projects that supply them. So the company earns two ways at once — partly as a middleman taking a margin on what moves through its network, and partly as an owner collecting profits and dividends from a sprawl of businesses it holds. In plain terms, it is a portfolio of commodity and industrial interests wrapped in a trading network, and money comes from both the flow of goods and the returns on the stakes.

Owner earnings 2018–2026 ¥379.5B¥103.0B¥238.5B¥557.0B¥621.4B¥819.5B¥569.6B¥671.4B(¥155.5B)

Retained capital Retained ¥3.35T of earnings over 2018–2026; annual owner earnings grew ¥121.5B, ¥0.04 per ¥1 retained.

Balance sheet Net debt, ¥3.59T · dividend paid 9 of 9 yrs, never cut

8053 Sumitomo Corp.

Sumitomo is one of Japan's general trading houses — a sprawling collection of businesses that buys, sells, ships and finances goods of nearly every kind, and also takes ownership stakes in the companies that make and move them. It earns two ways: a margin on the trading and logistics it arranges, and its share of the profits from the many operating ventures it part-owns, spanning lines from metals and energy to machinery, chemicals and real estate. In plain terms, it is a diversified portfolio of trading and operating interests under one roof, funded in part with borrowed money.

Owner earnings 2018–2026 ¥197.5B¥158.9B¥249.7B¥400.8B¥124.3B¥162.5B¥515.5B¥509.5B¥707.5B

Retained capital Retained ¥1.96T of earnings over 2018–2026; annual owner earnings grew ¥375.5B, ¥0.19 per ¥1 retained.

Balance sheet Net debt, ¥3.55T · dividend paid 9 of 9 yrs, cut at least once

8058 Mitsubishi Corp.

Mitsubishi Corporation is one of Japan's general trading houses — a sogo shosha — meaning it is less a single business than a sprawling portfolio of them. It buys, sells, ships and finances goods across many industries, and it owns stakes in operating companies whose profits it shares, so its earnings come partly from trading and intermediation and partly from the businesses it has invested in. Think of it as a holding company and a middleman rolled together, spread across commodities, industrial goods, and consumer-facing ventures around the world.

Owner earnings 2018–2026 ¥465.0B¥337.2B¥523.7B¥628.6B¥662.0B¥1.48T¥826.8B¥1.27T¥1.14T

Retained capital Retained ¥2.08T of earnings over 2018–2026; annual owner earnings grew ¥637.4B, ¥0.31 per ¥1 retained.

Balance sheet Net debt, ¥4.58T · dividend paid 9 of 9 yrs, never cut

AER AerCap Holdings N.V.

AerCap is the industry leader across all areas of aviation leasing, with a portfolio consisting of 3,500 aircraft, engines and helicopters that were owned, on order or managed as of December 31, 2025.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $42.2B

AIT Applied Industrial

Industrial distribution market is highly fragmented with participants varying in size, product focus, and capabilities.

Owner earnings 2016–2025 $149M$148M$130M$162M$277M$226M$169M$317M$347M$465M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $234M, $0.21 per $1 retained.

Balance sheet Modest net debt, $184M · dividend paid 10 of 10 yrs, never cut

AL Air Lease

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

Owner earnings 2016–2025 $809M$882M$967M$1.1B$929M$1.1B$1.2B$1.4B$1.3B$1.5B

Retained capital Retained $4.4B of earnings over 2016–2025; annual owner earnings grew $524M, $0.12 per $1 retained.

Balance sheet Heavy net debt, $19.3B · buybacks at an average near $37.54 · dividend paid 10 of 10 yrs, never cut

ARW Arrow Electronics Inc.

Arrow Electronics Inc. distributes electronic components to OEMs and EMS providers through its global components segment and provides enterprise computing solutions to VARs and MSPs through its global ECS segment.

Owner earnings 2016–2025 $195M($29M)$137M$715M$1.2B$336M($112M)$622M$1.0B($37M)

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $440M, $0.25 per $1 retained.

Balance sheet Meaningful net debt, $2.8B

AVT Avnet Inc.

Avnet, Inc. and its consolidated subsidiaries, is a leading global electronic component technology distributor and solutions provider that has served customers' evolving needs for more than a century.

Owner earnings 2017–2025 ($489M)$98M$412M$657M$41M($268M)($802M)$603M$653M

Retained capital Paid out $231M more than it earned over 2017–2025; annual owner earnings grew $144M.

Balance sheet Heavy net debt, $2.5B · buybacks at an average near $43.48 · dividend paid 9 of 9 yrs, never cut

BCC Boise Cascade L.L.C.

Boise Cascade is one of the largest U.S. wholesale distributors of building materials and a leading manufacturer of engineered wood products and plywood in North America.

Owner earnings 2016–2025 $68M$76M$84M$163M$215M$586M$927M$555M$294M$96M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $239M, $0.17 per $1 retained.

Balance sheet Net cash, +$32M · dividend paid 9 of 10 yrs, cut at least once

BXC Bluelinx Holdings Inc.

BlueLinx is a leading wholesale distributor of residential and commercial building products in the United States.

Owner earnings 2016–2026 $41M($3M)$39M($15M)$51M$373M$279M$45M$33M

Retained capital Retained $331M of earnings over 2016–2026; annual owner earnings grew $93M, $0.28 per $1 retained.

Balance sheet Heavy net debt, $210M · buybacks at an average near $105

CNM Core & Main Inc.

Core & Main is a leading specialty distributor dedicated to advancing reliable infrastructure with local service, nationwide.

Owner earnings 2020–2026 $180M$202M($51M)$376M$1.0B$586M$604M

Retained capital Retained $153M of earnings over 2020–2026; annual owner earnings grew $630M.

Balance sheet Meaningful net debt, $1.9B

CTOS Custom Truck One Source Inc.

Custom Truck One Source Inc. are engaged in the business of providing a range of services and products to customers through rentals and sales of specialty equipment, rentals and sales of aftermarket parts and services related to the specialty equipment, and repair, maintenance, and customization services related to that equipment.

Owner earnings 2017–2020 $17M$40M$16M$42M

Retained capital Paid out $91M more than it earned over 2017–2020; annual owner earnings grew $8M.

Balance sheet Heavy net debt, $1.6B

DSGR Distribution Solutions Group Inc.

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

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

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

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

DXPE DXP Enterprises Inc.

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

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

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

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

EQPT EquipmentShare.com Inc

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

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

Retained capital not read

Balance sheet Heavy net debt, $3.0B

FAST Fastenal Company

We began with a marketing strategy of supplying threaded fasteners to customers through a branch network in small, medium, and, in subsequent years, large cities.

Owner earnings 2016–2025 $416M$465M$540M$698M$934M$614M$767M$1.3B$998M$1.1B

Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $651M, $0.36 per $1 retained.

Balance sheet Net cash, +$152M · buybacks at an average near $16.51 · dividend paid 10 of 10 yrs, cut at least once

FERG Ferguson Enterprises

Ferguson buys plumbing, heating and cooling, and waterworks parts from many makers and resells them to the trade — contractors, builders, and city water departments — out of a wide network of branches and warehouses. It makes nothing itself; it keeps the right pipe, valve, or fitting on the shelf and gets it to a job site fast. The money comes from a markup on each part, multiplied across a deep catalog and a fragmented base of working customers.

Owner earnings 2022–2025 $859M$2.3B$1.5B$1.6B

Retained capital Retained $1.0B of earnings over 2022–2025; annual owner earnings grew $248M, $0.24 per $1 retained.

Balance sheet Modest net debt, $3.5B · dividend paid 4 of 4 yrs, cut at least once

FSTR L.B. Foster Company

L.B. Foster Company is a global technology solutions provider of engineered, manufactured products and services that builds and supports infrastructure.

Owner earnings 2017–2025 $33M$22M$23M$11M($5M)($18M)$32M$13M$25M

Retained capital Retained $3M of earnings over 2017–2025; annual owner earnings fell $3M.

Balance sheet Modest net debt, $38M · buybacks at an average near $26.92 · no dividend paid

FTAI FTAI Aviation Ltd.

FTAI Aviation Ltd. is a Cayman Islands exempted company.

Owner earnings 2016–2025 ($26M)($18M)($211K)($18M)($78M)($179M)($165M)$123M($197M)($338M)

Retained capital Paid out $742M more than it earned over 2016–2025; annual owner earnings fell $123M.

Balance sheet Heavy net debt, $3.1B · dividend paid 10 of 10 yrs, cut at least once

FTAIM Ftai Aviation Ltd.

Ftai Aviation Ltd. is a Cayman Islands exempted company.

Owner earnings 2016–2025 ($26M)($18M)($211K)($18M)($78M)($179M)($165M)$123M($197M)($338M)

Retained capital Paid out $742M more than it earned over 2016–2025; annual owner earnings fell $123M.

Balance sheet Heavy net debt, $3.1B · dividend paid 10 of 10 yrs, cut at least once

GATX Gatx Corp

Revenue is led by Rail North America (68%) and Rail International (22%), with 2 more segments behind.

Owner earnings 2016–2023 $319M$174M$158M$93M$94M$129M$162M$128M

Retained capital Retained $766M of earnings over 2016–2023; annual owner earnings fell $77M, $-0.10 per $1 retained.

Balance sheet Heavy net debt, $11.8B · buybacks at an average near $64.31 · dividend paid 8 of 8 yrs, never cut

GIC Global Industrial Company

Industrial equipment and supplies in North America going to market through a system of branded e-commerce websites and relationship marketers.

Owner earnings 2016–2025 ($60M)$43M($27M)$64M$66M$46M$46M$108M$47M$75M

Retained capital Paid out $14M more than it earned over 2016–2025; annual owner earnings grew $91M.

Balance sheet Net cash, +$67M · buybacks at an average near $26.71 · dividend paid 10 of 10 yrs, cut at least once

GPC Genuine Parts Company

Genuine Parts Company is a leading global service provider of automotive and industrial replacement parts and value-added solutions.

Owner earnings 2016–2025 $785M$658M$919M$614M$1.9B$992M$1.1B$1.1B$843M$421M

Retained capital Retained $792M of earnings over 2016–2025; annual owner earnings fell $4M, $-0.01 per $1 retained.

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

GWW W.W. Grainger Inc.

Grainger exited the U.K. market by completing the sale of the Cromwell business and closing the Zoro U.K. business.

Owner earnings 2017–2025 $820M$818M$821M$926M$764M$1.1B$1.8B$1.8B$1.7B

Retained capital Retained $928M of earnings over 2017–2025; annual owner earnings grew $927M.

Balance sheet Modest net debt, $1.9B · dividend paid 9 of 9 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

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

ITRN Ituran Location and Control Ltd.

We are a leading provider of telematics services, consisting predominantly of stolen vehicle recovery, fleet management services and other tracking services as well as connected car and usage base insurance.

Owner earnings 2016–2025 $32M$34M$44M$41M$50M$39M$30M$63M$61M$75M

Retained capital Retained $219M of earnings over 2016–2025; annual owner earnings grew $29M, $0.13 per $1 retained.

Balance sheet Net cash, +$96M · dividend paid 10 of 10 yrs, cut at least once

JXG JX Luxventure Group Inc.

Revenue is Cross-border products (53%), Travel service (44%) and Technology (3%).

Owner earnings 2015–2024 $2M$3M$975K($4M)($829K)($7M)($8M)($5M)($5M)$7M

Retained capital not read

Balance sheet Modest net debt, $460K

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

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

NPKI NPK International Inc.

NPK International Inc. is a temporary worksite access solutions company that manufactures, sells, and rents recyclable composite matting products, along with a full suite of services, including planning, logistics, and site restoration.

Owner earnings 2016–2025 ($27M)$7M$18M$27M$40M($25M)($53M)$71M($5M)$26M

Retained capital Paid out $365M more than it earned over 2016–2025; annual owner earnings grew $31M.

Balance sheet Meaningful net debt, $173M · buybacks at an average near $5.66

NPT Texxon Holding Limited

We are exposed to the risk of changes in market interest rates relating primarily to our short-term and long-term borrowings.

Owner earnings 2023–2025 ($14M)($31M)$2M

Retained capital not read

Balance sheet Net debt against an operating loss, $50M

POOL Pool Corporation

Pool Corporation is the world's largest wholesale distributor of swimming pool supplies, equipment and related leisure products and is one of the leading distributors of irrigation and landscape maintenance products in the United States.

Owner earnings 2016–2025 $145M$151M$87M$265M$376M$285M$454M$857M$622M$323M

Retained capital Retained $632M of earnings over 2016–2025; annual owner earnings grew $473M, $0.75 per $1 retained.

Balance sheet Modest net debt, $1.1B · buybacks at an average near $109 · dividend paid 10 of 10 yrs, never cut

PRG PROG Holdings Inc.

PROG Holdings is a financial technology holding company that provides transparent and competitive payment options to consumers.

Owner earnings 2018–2025 $278M$224M$392M$236M$233M$195M$130M$325M

Retained capital Paid out $13M more than it earned over 2018–2025; annual owner earnings fell $81M.

Balance sheet Modest net debt, $286M · dividend paid 5 of 8 yrs, cut at least once

QXO QXO Inc.

QXO was primarily a technology solutions and professional services company, providing critical software applications, consulting and other professional services, including specialized programming, training and technical support to small and mid-size companies in the manufacturing, distribution and services industries.

Owner earnings 2017–2025 $2M$1M($974K)$2M$111K$2M$463K$85M$183M

Retained capital Paid out $272M more than it earned over 2017–2025; annual owner earnings grew $89M.

Balance sheet Net debt against an operating loss, $696M · dividend paid 6 of 9 yrs, cut at least once

SHW Sherwin-Williams Company (The)

These stores market and sell Sherwin-Williams and other controlled brand architectural paint and coatings, protective and marine products, OEM product finishes and related products.

Owner earnings 2016–2025 $1.1B$1.7B$1.7B$2.1B$3.1B$2.0B$1.7B$3.2B$2.9B$3.1B

Retained capital Retained $13.9B of earnings over 2016–2025; annual owner earnings grew $1.6B, $0.11 per $1 retained.

Balance sheet Meaningful net debt, $9.5B · dividend paid 10 of 10 yrs, never cut

SITE SiteOne Landscape

We are the largest and only national full product line wholesale distributor of landscape supplies in the United States and have an established presence in Canada.

Owner earnings 2017–2025 $2M$63M$111M$211M$178M$265M$243M$265M

Retained capital Retained $853M of earnings over 2017–2025; annual owner earnings grew $199M, $0.23 per $1 retained.

Balance sheet Modest net debt, $195M · buybacks at an average near $115

SUNB Sunbelt Rentals Holdings Inc.

Sunbelt Rentals is the second largest equipment rental business in North America and the largest equipment rental company in the United Kingdom, in each case, by rental revenue.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, $7.6B

TEL TE Connectivity plc

We are a global industrial technology leader creating a safer, sustainable, productive, and connected future.

Owner earnings 2017–2025 $1.6B$1.8B$1.7B$1.4B$2.0B$1.7B$2.4B$2.8B$3.2B

Retained capital Retained $1.8B of earnings over 2017–2025; annual owner earnings grew $1.1B, $0.61 per $1 retained.

Balance sheet Modest net debt, $4.4B · buybacks at an average near $91.58 · dividend paid 9 of 9 yrs, never cut

TSCO Tractor Supply Company

Tractor Supply Company is the largest rural lifestyle retailer in the United States.

Owner earnings 2017–2025 $466M$517M$594M$1.2B$869M$1.0B$941M$974M$1.1B

Retained capital Retained $369M of earnings over 2017–2025; annual owner earnings grew $493M.

Balance sheet Modest net debt, $1.6B · buybacks at an average near $27.41 · dividend paid 9 of 9 yrs, never cut

UPBD Upbound Group Inc.

We are a technology and data-driven leader in accessible and inclusive financial solutions that address the evolving needs and aspirations of underserved consumers.

Owner earnings 2016–2025 $293M$45M$200M$194M$202M$330M$407M$147M$48M$254M

Retained capital Paid out $432M more than it earned over 2016–2025; annual owner earnings fell $30M.

Balance sheet Heavy net debt, $1.0B · buybacks at an average near $18.31 · dividend paid 9 of 10 yrs, cut at least once

URI United Rentals

Rentals is the largest equipment rental company in the world, operates throughout the United States and Canada, and has a smaller presence in Europe, Australia and New Zealand.

Owner earnings 2016–2024 $1.8B$2.1B$2.7B$2.8B$2.5B$3.3B$4.1B$4.3B$4.1B

Retained capital Retained $6.4B of earnings over 2016–2024; annual owner earnings grew $1.9B, $0.30 per $1 retained.

Balance sheet Meaningful net debt, $15.4B · dividend paid 2 of 9 yrs, never cut

WCC WESCO Intl

Wesco provides innovative solutions to meet customer needs across commercial and industrial businesses, technology companies, telecommunications providers, and utilities.

Owner earnings 2016–2025 $282M$128M$261M$180M$487M$12M($88M)$401M$1.0B$25M

Retained capital Retained $3.0B of earnings over 2016–2025; annual owner earnings grew $254M, $0.08 per $1 retained.

Balance sheet Heavy net debt, $5.2B · buybacks at an average near $53.93 · dividend paid 4 of 10 yrs, cut at least once

WLFC Willis Lease Finance Corporation

Willis Lease Finance Corporation with its subsidiaries is a leading lessor and servicer of commercial aircraft and aircraft engines.

Owner earnings 2016–2025 $91M$126M$185M$224M$90M$88M$138M$225M$269M$252M

Retained capital Retained $369M of earnings over 2016–2025; annual owner earnings grew $114M, $0.31 per $1 retained.

Balance sheet Heavy net debt, $2.7B · dividend paid 2 of 10 yrs, cut at least once

WSC WillScot

Our diverse product offering includes modular office complexes, mobile offices, classrooms, blast-resistant modules, clearspan structures, sanitation solutions, portable storage containers, and climate-controlled containers and trailers.

Owner earnings 2016–2025 $56M($6M)$33M$164M$288M$509M$701M$739M$543M$738M

Retained capital Retained $759M of earnings over 2016–2025; annual owner earnings grew $646M, $0.85 per $1 retained.

Balance sheet Heavy net debt, $3.6B · dividend paid 1 of 10 yrs, never cut

WSO Watsco

We distribute products manufactured by Flexible Technologies, Inc., a subsidiary of Smiths Group plc, Resideo Technologies, Inc.

Owner earnings 2016–2025 $262M$289M$153M$318M$518M$324M$536M$526M$743M$535M

Retained capital Retained $824M of earnings over 2016–2025; annual owner earnings grew $367M, $0.45 per $1 retained.

Balance sheet Net cash, +$372M · dividend paid 10 of 10 yrs, never cut

YDDL One and One Green Technologies. Inc

We provide economical and flexible solutions to the challenges of electronic waste, metal scrap and industrial recycling.

Owner earnings 2023–2025 $3M$2M($10M)

Retained capital not read

Balance sheet Net cash, debt-free, +$957K

ZKH ZKH Group Limited

Our methodology for estimating whether adjustments are necessary is continually evaluated for factors including significant changes in product demand, market conditions, condition of the inventory, or liquidation value.

Owner earnings 2021–2025 (CN¥1.5B)(CN¥541M)(CN¥618M)CN¥150M(CN¥44M)

Retained capital not read

Balance sheet Net cash, +CN¥1.8B