D

DAC Danaos Corporation

We operate our drybulk carriers in the spot market, on short-term time charters and voyage charters.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$2M

DAO Youdao Inc.

We are a Cayman Islands exempted company and our affairs are governed by our memorandum and articles of association, as amended and restated from time to time, and Companies Act of the Cayman Islands, and the common law of the Cayman Islands.

Owner earnings 2017–2025 (CN¥90M)(CN¥107M)(CN¥383M)(CN¥337M)(CN¥1.4B)(CN¥645M)(CN¥456M)(CN¥80M)CN¥30M

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥738M

DAVA Endava plc

For over 25 years, Endava has successfully delivered digital transformations, utilizing a holistic approach that leverages innovative technologies and enhances our clients' systems to create modern value propositions that fuel their competitive edge in the market.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +£68M

DCBO Docebo Inc.

Docebo to provide an integrated learning platform and community while enhancing the social learning experience for existing Docebo customers.

Owner earnings 2019–2025 ($5M)$4M($4M)$1M$15M$28M$27M

Retained capital Retained $41M of earnings over 2019–2025; annual owner earnings grew $25M, $0.63 per $1 retained.

Balance sheet Net cash, debt-free, +$74M

DCX Digital Currency X Technology Inc.

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

Owner earnings 2021–2024 ($23M)$11M($45M)($27M)

Retained capital not read

Balance sheet Net debt against an operating loss, $53M

DDI DoubleDown Interactive Co., Ltd.

DoubleDown Casino was ranked the fifth among the top game titles by revenue during 2025, according to Eilers & Krejcik , which estimated that the global social casino market was approximately $6.8 billion in 2025.

Owner earnings 2019–2025 $76M$100M$96M$51M$24M$148M$137M

Retained capital Retained $261M of earnings over 2019–2025; annual owner earnings grew $12M, $0.05 per $1 retained.

Balance sheet Net cash, debt-free, +$469M · dividend paid 2 of 7 yrs, cut at least once

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

DEFT Defi Technologies Inc.

Defi Technologies Inc. is a publicly listed company with its Common Shares listed for trading on Cboe Canada under the symbol "DEFI", on The Nasdaq Stock Market LLC under the symbol "DEFT", and on FSE under the symbol "R9B" and with BDRs representing Common Shares listed for trading on B3 S.A.

Owner earnings FY2025 ($133M)

Retained capital not read

Balance sheet Net cash, debt-free, +$91M

DGNX Diginex Limited

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

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$710K

DHT DHT Holdings Inc.

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

Owner earnings 2017–2021 $102M$54M$156M$529M$61M

Retained capital Paid out $12M more than it earned over 2017–2021; annual owner earnings grew $145M.

Balance sheet Modest net debt, $310M · dividend paid 5 of 5 yrs, cut at least once

DLO DLocal

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

Owner earnings 2019–2025 $31M$88M$107M$153M$292M($34M)$413M

Retained capital Retained $321M of earnings over 2019–2025; annual owner earnings grew $149M, $0.46 per $1 retained.

Balance sheet Net cash, +$715M · dividend paid 3 of 7 yrs, cut at least once

DNN DENISON MINES CORP.

Denison's Shares were added to the S&P/TSX Composite Index, the headline index for the Canadian equity market.

Owner earnings 2023–2025 (C$34M)(C$48M)(C$86M)

Retained capital not read

Balance sheet Net cash, debt-free, +C$539M

DOO BRP Inc.

In 2012, BRP decided to cease the manufacturing of sport boats and announced that it would offer its jet boat propulsion technology to boat builders.

Owner earnings 2018–2026 C$412MC$384MC$275MC$701MC$496MC$339MC$1.3BC$292MC$915M

Retained capital Retained C$276M of earnings over 2018–2026; annual owner earnings grew C$467M.

Balance sheet Heavy net debt, C$1.9B · dividend paid 9 of 9 yrs, cut at least once

DOX Amdocs

Revenue is Managed services arrangements (58%) and Others (42%).

Owner earnings 2015–2024 $652M$490M$503M$326M$715M$530M$698M$619M

Retained capital Paid out $1.2B more than it earned over 2015–2024; annual owner earnings grew $67M.

Balance sheet Modest net debt, $300M · dividend paid 8 of 8 yrs, never cut

DOYU DouYu International Holdings Limited ADS

We operate our platform both on mobile apps and PC portals, through which users can enjoy immersive and interactive games and entertainment livestreaming, access to a wide array of video and graphic contents, and participate in community events and discussions.

Owner earnings 2017–2025 (CN¥405M)(CN¥370M)CN¥797MCN¥649M(CN¥593M)(CN¥74M)(CN¥53M)(CN¥240M)(CN¥53M)

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥1.8B

DPRO Draganfly Inc.

An aerospace and defense contractor, working a multi-year backlog of large programs.

Owner earnings 2021–2025 (C$22M)(C$16M)(C$19M)(C$12M)(C$24M)

Retained capital not read

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

DQ DAQO New Energy Corp.

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

Owner earnings 2016–2025 $76M$115M$68M$134M$141M$562M$2.4B$1.5B($642M)($123M)

Retained capital Retained $3.1B of earnings over 2016–2025; annual owner earnings grew $148M, $0.05 per $1 retained.

Balance sheet Net cash, debt-free, +$856M

DRD DRDGOLD Limited

We are a South African gold mining company engaged in surface gold tailings retreatment, including exploration, extraction, processing and smelting.

Owner earnings 2016–2025 R 316M(R 59M)R 108MR 119MR 948MR 1.3BR 1.2BR 1.4BR 1.6BR 3.1B

Retained capital Retained R 4.5B of earnings over 2016–2025; annual owner earnings grew R 1.9B, R 0.43 per R 1 retained.

Balance sheet Net cash, debt-free, +R 1.3B · dividend paid 9 of 10 yrs, cut at least once

DSGX Descartes Systems

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

Owner earnings 2016–2026 $51M$69M$67M$73M$99M$127M$171M$202M$213M$261M

Retained capital Retained $700M of earnings over 2016–2026; annual owner earnings grew $163M, $0.23 per $1 retained.

Balance sheet Net cash, +$327M

DSWL Deswell Industries Inc.

The Company's shares are traded exclusively on the NASDAQ Global Market under the symbol "DSWL."

Owner earnings 2016–2025 ($28K)($3M)$4M$1M$13M$3M($2M)$12M$13M$13M

Retained capital Retained $18M of earnings over 2016–2025; annual owner earnings grew $13M, $0.69 per $1 retained.

Balance sheet Net cash, debt-free, +$53M · dividend paid 10 of 10 yrs, cut at least once

DSX Diana Shipping inc.

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

Owner earnings 2016–2025 ($72M)($64M)$77M$47M$11M$72M$116M$41M$80M$46M

Retained capital Paid out $860M more than it earned over 2016–2025; annual owner earnings grew $75M.

Balance sheet Heavy net debt, $448M · dividend paid 5 of 10 yrs, cut at least once

DUO Fangdd Network Group Ltd.

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