C

CAAP Corporacion America Airports SA

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 $166M($57M)$181M($30M)($8M)$100M$294M$347M$393M$449M

Retained capital Retained $398M of earnings over 2016–2025; annual owner earnings grew $300M, $0.75 per $1 retained.

Balance sheet Modest net debt, $502M · dividend paid 4 of 10 yrs, cut at least once

CAAS China Automotive Systems, Inc.

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

Owner earnings 2023–2025 $2M($10M)$97M

Retained capital not read

Balance sheet Net cash, +$177M

CAE CAE Inc.

Revenue is Civil Aviation (58%) and Defense and Security (42%).

Owner earnings 2017–2025 C$342MC$283MC$279MC$262MC$259MC$146MC$140MC$237MC$540M

Retained capital Retained C$1.3B of earnings over 2017–2025; annual owner earnings grew C$5M, C$0.00 per C$1 retained.

Balance sheet Meaningful net debt, C$2.8B · dividend paid 4 of 9 yrs, cut at least once

CAMT Camtek Ltd.

Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry.

Owner earnings 2016–2025 ($19M)($487K)$15M$23M$23M$58M$54M$74M$112M$127M

Retained capital Retained $469M of earnings over 2016–2025; annual owner earnings grew $106M, $0.23 per $1 retained.

Balance sheet Net cash, +$253M

CAN Canaan Inc.

Revenue is Products (78%) and Mining (21%).

Owner earnings 2019–2025 ($41M)$6M$197M($200M)($127M)($219M)($296M)

Retained capital not read

Balance sheet Net cash, +$38M

CANG Cango Inc.

We Are We are a Bitcoin mining company with a vision to establish an integrated, global infrastructure platform capable of powering the future digital economy.

Owner earnings 2016–2024 CN¥82MCN¥586MCN¥178MCN¥412M(CN¥627M)(CN¥413M)(CN¥572M)CN¥1.0B(CN¥311M)

Retained capital Paid out CN¥627M more than it earned over 2016–2024; annual owner earnings fell CN¥235M.

Balance sheet Net cash, +CN¥2.5B · dividend paid 6 of 9 yrs, never cut

CBAT CBAK Energy Technology Inc.

We are a manufacturer of new energy high power lithium and sodium batteries that are mainly used in light electric vehicles, electric vehicles, energy storage such as residential energy supply & uninterruptible power supply application, and other high-power applications.

Owner earnings 2016–2025 ($15M)$5M$6M($24M)($8M)($8M)$7M$37M$32M$39M

Retained capital Paid out $16M more than it earned over 2016–2025; annual owner earnings grew $37M.

Balance sheet Net cash, +$28M

CCEP Coca-Cola Europacific Partners plc

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2016–2025 €911M€1.1B€1.3B€1.4B€1.1B€1.8B€2.4B€2.1B€2.3B€2.2B

Retained capital Retained €3.3B of earnings over 2016–2025; annual owner earnings grew €1.1B, €0.33 per €1 retained.

Balance sheet Meaningful net debt, €9.3B · dividend paid 10 of 10 yrs, cut at least once

CCG Cheche Group 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

CCJ Cameco Corporation

Revenue is led by WEC (99%) and U3O8 (83%), with 2 more segments behind.

Owner earnings 2016–2025 C$95MC$482MC$612MC$452M(C$21M)C$360MC$161MC$535MC$694MC$1.1B

Retained capital Retained C$269M of earnings over 2016–2025; annual owner earnings grew C$371M, C$1.38 per C$1 retained.

Balance sheet Net cash, +C$119M · dividend paid 10 of 10 yrs, cut at least once

CCM Concord Medical Services Holdings Ltd

Revenue is Hospital (82%) and Network (19%).

Owner earnings 2016–2025 (CN¥157M)(CN¥65M)(CN¥79M)(CN¥240M)(CN¥285M)(CN¥424M)(CN¥305M)(CN¥359M)(CN¥483M)(CN¥258M)

Retained capital not read

Balance sheet Net debt against an operating loss, CN¥2.7B

CCU Compania Cervecerias Unidas S.A.

CCU is a Chilean beverage maker. It brews and sells beer under its own labels and others it makes under license, and it also bottles and sells other drinks such as soft drinks, water, wine, and spirits, some of these through partnerships. It earns its money by turning raw materials and packaging into branded drinks and selling them to retailers and stores, in Chile and in other countries where it operates.

Owner earnings 2015–2024 CLP 137.9BCLP 106.5BCLP 170.0BCLP 336.0BCLP 137.3BCLP 163.7BCLP 169.2B(CLP 80.6B)CLP 169.7BCLP 134.6B

Retained capital Retained CLP 393.2B of earnings over 2015–2024; annual owner earnings fell CLP 63.6B, CLP -0.16 per CLP 1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, never cut

CDLR Cadeler A/S

Revenue is Time charter services and transportation and installation services (79%) and Other revenue, including fees earned for early termination of contracts by customers (21%).

Owner earnings 2021–2025 €30M€28M€63M€91M€391M

Retained capital Retained €397M of earnings over 2021–2025; annual owner earnings grew €141M, €0.36 per €1 retained.

Balance sheet Heavy net debt, €1.3B

CDRO Codere Online Luxembourg S.A.

Codere Online is an international online casino gaming and online sports betting group focused on providing its customers with a safe and enjoyable online gaming experience.

Owner earnings 2019–2024 (€1M)€3M(€6M)(€43M)(€12M)€4M

Retained capital not read

Balance sheet Net cash, debt-free, +€40M

CEPU Central Puerto S.A.

Central Puerto is a private-sector electricity generator in Argentina. It owns and runs power plants and sells the electricity and generation capacity they produce. Much of the output goes to the country's state-controlled wholesale-market administrator under a regulated remuneration scheme, with some sold under negotiated contracts priced in U.S. dollars.

Owner earnings 2015–2024 ARS 1.1BARS 2.0BARS 3.8BARS 5.4BARS 20.6BARS 46.1BARS 125.3BARS 354.6BARS 252.1BARS 147.1B

Retained capital Retained ARS 481.8B of earnings over 2015–2024; annual owner earnings grew ARS 249.0B, ARS 0.52 per ARS 1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

CGEN Compugen Ltd.

We are a clinical-stage therapeutic discovery and development company utilizing Unigen , our AI/ML powered computational discovery platform, to identify novel drug targets and to develop therapeutics in the field of cancer immunotherapy.

Owner earnings 2016–2025 ($21M)($31M)($13M)($28M)($28M)($23M)($35M)($36M)$49M$31M

Retained capital not read

Balance sheet Net cash, debt-free, +$100M

CGNT Cognyte Software Ltd.

Software can help organizations uncover the unknown by revealing patterns and anomalies, providing near real-time insights, and accelerating decision-making.

Owner earnings 2019–2026 $44M$53M$57M($9M)($45M)$28M$36M$30M

Retained capital Paid out $74M more than it earned over 2019–2026; annual owner earnings fell $20M.

Balance sheet Net cash, debt-free, +$117M

CHA Chagee Holdings Limited

A restaurant business, earning on traffic through its doors and the returns on each new unit.

Owner earnings 2023–2025 CN¥1.9BCN¥2.8BCN¥1.5B

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥7.7B

CHKP Check Point Software Technologies Ltd.

Our solutions deliver leading protection across infrastructure, to make sure organizations are protected from AI-driven attacks.

Owner earnings 2016–2025 $938M$1.1B$1.1B$1.1B$1.1B$1.2B$1.1B$1.0B$1.0B$1.2B

Retained capital Paid out $3.9B more than it earned over 2016–2025; annual owner earnings grew $20M.

Balance sheet Net cash, debt-free, +$2.5B

CHT Chunghwa Telecom Co. Ltd.

Chunghwa Telecom Co. Ltd. offer and Listing Details Market Price Information for Our Common Shares Our common shares have been listed on the TWSE under the number "2412" since October 27, 2000.

Owner earnings 2015–2024 NT$51.2BNT$41.4BNT$44.1BNT$37.8BNT$48.3BNT$50.9BNT$39.5BNT$44.4BNT$43.8BNT$50.5B

Retained capital Retained NT$5.7B of earnings over 2015–2024; annual owner earnings grew NT$663M.

Balance sheet Net cash, +NT$57.8B · dividend paid 10 of 10 yrs, cut at least once

CIG Comp En De Mn Cemig ADS

CEMIG's market consists of sales of energy to: Regulated customers in CEMIG's concession area in the State of Minas Gerais.

Owner earnings 2015–2024 R$2.9BR$1.1BR$497MR$931MR$2.0BR$8.5BR$3.5BR$6.4BR$5.6BR$4.8B

Retained capital Retained R$20.9B of earnings over 2015–2024; annual owner earnings grew R$4.1B, R$0.20 per R$1 retained.

Balance sheet Modest net debt, R$10.0B · dividend paid 7 of 10 yrs, cut at least once

CIGI Colliers International Group Inc.

Colliers is one of the world's largest commercial real estate services providers offering a full range of commercial real estate services in the United States, Canada, Australia, the United Kingdom, Germany, New Zealand, China and several other countries in Asia, Europe and Latin America.

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

CLBT Cellebrite DI Ltd.

Revenue is led by Subscription Services (70%) and Term-Licenses (20%), with 2 more lines behind.

Owner earnings 2019–2025 $12M$60M$31M$14M$97M$124M$160M

Retained capital Paid out $226M more than it earned over 2019–2025; annual owner earnings grew $92M.

Balance sheet Net cash, debt-free, +$276M · dividend paid 3 of 7 yrs, cut at least once

CLLS Cellectis S.A.

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

Owner earnings 2016–2025 ($35M)($55M)($71M)($76M)($90M)($112M)($90M)($25M)$20M($42M)

Retained capital not read

Balance sheet Net cash, debt-free, +$73M

CLPS CLPS Incorporation

We are a global information technology, consulting and solutions service provider focused on delivering services primarily to global institutions, including banking, wealth management, e-commerce, and automotive areas both in China and globally.

Owner earnings 2016–2025 $4M$562K($5M)($98K)$6M($3M)$2M$9M$8M($4M)

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

Balance sheet Net cash, +$29M · dividend paid 7 of 10 yrs, cut at least once

CM Canadian Imperial Bank of Commerce

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

CMBT CMB.TECH NV

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 FY2019 $231M

Retained capital not read

Balance sheet Meaningful net debt, $1.3B

CMCL Caledonia Mining Corporation Plc

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

Owner earnings 2015–2024 $4M$20M$21M$14M$14M$26M$23M$32M$283K$26M

Retained capital Retained $52M of earnings over 2015–2024; annual owner earnings grew $5M, $0.10 per $1 retained.

Balance sheet Net cash, +$2M · dividend paid 10 of 10 yrs, cut at least once

CMCM Cheetah Mobile Inc.

Revenue is Internet Business (53%) and AI and Others (47%).

Owner earnings 2016–2017 CN¥319MCN¥606M

Retained capital not read

Balance sheet Net cash, +CN¥1.4B

CMDB Costamare Bulkers Holdings Limited

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 not read

Retained capital not read

Balance sheet Net cash, +$56M

CMRE COSTAMARE INC.

We are an international owner and operator of containerships.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, $976M

CNCK Coincheck Group N.V.

Coincheck runs a cryptocurrency exchange in Japan, where retail customers buy and sell digital tokens through its Marketplace platform. It earns its keep chiefly on the trading itself — the spread and fees collected each time a customer transacts — so what it takes in tracks how much its users trade. Customer cash is held in trust accounts kept apart from the company's own funds, as Japanese rules require.

Owner earnings 2023–2025 (¥3.9B)¥3.6B(¥2.1B)

Retained capital not read

Balance sheet net position not read (debt under-captured)

CNI Canadian National Railway Company

A freight railroad, hauling goods across a heavy fixed-cost network it alone owns.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, C$20.9B

CNQ Canadian Natural Resources Limited

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

Owner earnings 2016–2021 (C$700M)C$2.7BC$5.9BC$8.8BC$4.7BC$14.5B

Retained capital Retained C$3.9B of earnings over 2016–2021; annual owner earnings grew C$6.7B, C$1.70 per C$1 retained.

Balance sheet Modest net debt, C$15.5B · dividend paid 6 of 6 yrs, never cut

COE 51Talk Online Education Group

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

Owner earnings 2016–2025 ($1M)$3M$2M$56M$101M($109M)($46M)$272K$6M$10M

Retained capital Paid out $287M more than it earned over 2016–2025; annual owner earnings grew $4M.

Balance sheet Net cash, +$141M

CPA Copa Holdings S.A.

We are a leading Latin American provider of airline passenger and cargo service through our two principal operating subsidiaries, Compa a Paname a de Aviaci n, S.A.

Owner earnings 2016–2025 $506M$726M$424M$722M($39M)$300M$504M$739M$666M$785M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $178M, $0.12 per $1 retained.

Balance sheet Modest net debt, $592M · dividend paid 8 of 10 yrs, cut at least once

CPAC Cementos Pacasmayo S.A.A.

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 2015–2024 PEN 217MPEN 147MPEN 179MPEN 123MPEN 127MPEN 284MPEN 85M(PEN 10M)PEN 287MPEN 257M

Retained capital Paid out PEN 355M more than it earned over 2015–2024; annual owner earnings fell PEN 3M.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

CRESY Cresud S.A.C.I.F. y A.

Cresud is an Argentine company that owns and leases farmland in Argentina, where it grows crops and raises cattle and sells the harvest into world commodity markets. Alongside the farming it develops and sells parcels of that land, and it controls a separate business that holds urban real estate. The money comes from selling produce at prices it does not set, from gains booked when land changes hands, and from rents — all earned and reported in Argentine pesos.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 4 of 4 yrs

CRGO Freightos Limited

Our SaaS solutions focus on providing a comprehensive suite of freight rate management, freight quoting and freight booking solutions for freight forwarders, as well as freight procurement and market intelligence solutions used by both enterprise shippers as well as freight forwarders.

Owner earnings 2020–2025 ($8M)($18M)($15M)($27M)($12M)($9M)

Retained capital not read

Balance sheet Net cash, debt-free, +$25M

CRNT Ceragon Networks Ltd.

Our research and development department provides us with the ability to design and develop most of the aspects of our proprietary solutions, from chip-level, including both ASICs and RFICs, to full system integration.

Owner earnings 2016–2025 $18M$9M$15M($25M)$11M($24M)($15M)$21M$12M$18M

Retained capital Retained $24M of earnings over 2016–2025; annual owner earnings grew $3M, $0.13 per $1 retained.

Balance sheet Net cash, +$29M

CSAN Cosan S.A. ADS

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

Owner earnings 2018–2024 R$3.3BR$3.5BR$3.3BR$2.6BR$7.0BR$6.9BR$9.2B

Retained capital Paid out R$11.9B more than it earned over 2018–2024; annual owner earnings grew R$4.3B.

Balance sheet Heavy net debt, R$49.6B · dividend paid 7 of 7 yrs, cut at least once

CSIQ Canadian Solar Inc. Common Shares (ON)

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

Owner earnings 2016–2025 ($374M)$105M$87M($691M)$682M$378M($1.4B)($808M)

Retained capital Retained $771M of earnings over 2016–2025; annual owner earnings fell $545M, $-0.71 per $1 retained.

Balance sheet Net cash, +$813M

CSTE Caesarstone Ltd.

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 $79M$38M($6M)$59M$28M($11M)($41M)$55M$21M($47M)

Retained capital Paid out $228M more than it earned over 2016–2025; annual owner earnings fell $27M.

Balance sheet Net cash, +$51M · dividend paid 6 of 10 yrs, cut at least once

CTW CTW

Our cost of revenue primarily consists of the costs that are directly related to providing our platform and services to game developers, who are our customers.

Owner earnings 2023–2025 $2M$877K($473K)

Retained capital not read

Balance sheet Net cash, debt-free, +$12M

CURR Currenc Group Inc.

We are a leading operator of global money transfer services and airtime trading in Southeast Asia.

Owner earnings 2023–2025 ($16M)$3M$7M

Retained capital not read

Balance sheet Net cash, +$72M

CVE Cenovus Energy Inc

On February 28, 2023, Cenovus closed the acquisition of the remaining 50 percent interest in the Toledo Refinery for net proceeds of US$378 million, providing Cenovus with full ownership and operatorship of the refinery and further integrating Cenovus's heavy oil production and refining capabilities.

Owner earnings 2016–2020 (C$106M)C$1.5BC$832MC$2.2B(C$538M)

Retained capital Paid out C$1.0B more than it earned over 2016–2020; annual owner earnings grew C$69M.

Balance sheet Modest net debt, C$8.3B · dividend paid 5 of 5 yrs, cut at least once

CX Cemex S.A.B. de C.V. Sponsored ADR

We produce these products, we do so primarily for internal consumption and consequently have fairly insignificant third-party sales.

Owner earnings 2017–2024 $1.3B$966M$704M$1.1B$1.1B$613M$1.4B$894M

Retained capital Retained $2.2B of earnings over 2017–2024; annual owner earnings fell $28M, $-0.01 per $1 retained.

Balance sheet Meaningful net debt, $4.5B · dividend paid 2 of 8 yrs, cut at least once

CYD China Yuchai International Limited

Revenue is led by Heavy-duty engines (34%) and Medium-duty engines (27%), with 2 more lines behind.

Owner earnings 2015–2024 CN¥1.3BCN¥1.9BCN¥1.1BCN¥263MCN¥1.1BCN¥831M(CN¥67M)(CN¥550M)CN¥988MCN¥419M

Retained capital Retained CN¥2.4B of earnings over 2015–2024; annual owner earnings fell CN¥1.2B, CN¥-0.49 per CN¥1 retained.

Balance sheet Net cash, +CN¥3.4B · dividend paid 10 of 10 yrs, cut at least once