Owner Scorecard


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Volume two · ADRs

F

16 entries, FER to FVRR · entries 3,124–3,139 of 3,828

Foreign filers on US exchanges. Figures as filed, in each company's home currency.

FER Ferrovial N.V.

Revenue is led by Construction division (79%) and Toll roads division (14%), with 3 more segments behind.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +€4.3B

FINV FinVolution Group

Revenue is led by Loan Facilitation Service Fees (38%) and Guarantee Income (30%), with 3 more lines 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 7 of 10 yrs, cut at least once

FLNG FLEX LNG 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 2017–2025 ($18M)$36M$23M$47M$145M$220M$175M$183M$141M

Retained capital Paid out $127M more than it earned over 2017–2025; annual owner earnings grew $153M.

Balance sheet Heavy net debt, $1.4B · dividend paid 7 of 9 yrs, cut at least once

FLX BingEx Limited

A logistics business, moving goods across a network of assets and partners.

Owner earnings 2022–2025 (CN¥90M)CN¥43MCN¥1MCN¥99M

Retained capital Paid out CN¥162M more than it earned over 2022–2025; annual owner earnings grew CN¥63M.

Balance sheet Net cash, debt-free, +CN¥951M

FMS Fresenius Medical Care AG

Not all healthcare systems provide payment for dialysis treatment.

Owner earnings 2016–2019 €1.0B€1.5B€1.3B€1.4B

Retained capital Retained €3.7B of earnings over 2016–2019; annual owner earnings grew €147M, €0.04 per €1 retained.

Balance sheet Modest net debt, €3.6B · dividend paid 4 of 4 yrs, never cut

FMX Mexican Economic Development, Inc.

FEMSA is a Mexican company built around small stores and soft drinks. Its best-known piece is OXXO, a chain of neighborhood convenience stores; alongside it sit a health-and-drugstore arm, a European proximity-retail arm, and one of the largest Coca-Cola bottling operations in the world. The money comes from the spread between what it pays for goods and what a shopper pays at the counter, a thin markup earned across a very large number of daily visits.

Owner earnings 2015–2024 MX$25.9BMX$36.4BMX$20.7BMX$29.7BMX$38.7BMX$34.5BMX$55.5BMX$43.2BMX$14.9BMX$27.8B

Retained capital Retained MX$183.0B of earnings over 2015–2024; annual owner earnings grew MX$975M, MX$0.01 per MX$1 retained.

Balance sheet Net cash, +MX$37.8B · dividend paid 10 of 10 yrs, cut at least once

FNV Franco-Nevada Corporation

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

Owner earnings 2016–2025 $471M$829M$1.5B

Retained capital not read

Balance sheet Net cash, +$631M

FORTY Formula Systems (1985) Ltd.

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

Owner earnings 2015–2024 $80M$66M$72M$71M$174M$271M$192M$217M$278M$308M

Retained capital Retained $310M of earnings over 2015–2024; annual owner earnings grew $195M, $0.63 per $1 retained.

Balance sheet Net cash, +$252M · dividend paid 10 of 10 yrs, cut at least once

FRO Frontline Plc

We are engaged in transporting crude oil and its related refined petroleum products and our vessels operate in the spot and time charter markets.

Owner earnings 2021–2025 ($80M)$220M$625M$397M$670M

Retained capital Retained $678M of earnings over 2021–2025; annual owner earnings grew $309M, $0.46 per $1 retained.

Balance sheet Heavy net debt, $2.7B · dividend paid 4 of 5 yrs, cut at least once

FSM Fortuna Mining Corp.

Fortuna Mining Corp. is engaged in the mining of gold, silver and base metals and related activities in Latin America and West Africa, including exploration, extraction, and processing.

Owner earnings 2016–2024 $20M$23M$39M$16M$51M$26M$23M$81M$138M

Retained capital Retained $131M of earnings over 2016–2024; annual owner earnings grew $53M, $0.41 per $1 retained.

Balance sheet Net cash, debt-free, +$627M

FSV FirstService Corporation

FirstService is the North American leader in residential property management and other essential property services to residential and commercial 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 10 of 10 yrs, never cut

FTS Fortis Inc.

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2016–2025 C$901MC$1.6BC$1.4BC$1.3BC$1.3BC$1.4BC$1.4BC$1.8BC$2.0BC$2.0B

Retained capital Retained C$8.8B of earnings over 2016–2025; annual owner earnings grew C$631M, C$0.07 per C$1 retained.

Balance sheet Heavy net debt, C$33.5B · dividend paid 10 of 10 yrs, cut at least once

FUFU BitFuFu Inc.

We provide or procure mining equipment hosting services, including rack space, power, network, hardware maintenance, and other infrastructure from various suppliers, and combine them with our proprietary services into an integrated hosting solution.

Owner earnings 2021–2025 $16M($11M)($196M)($220M)($122M)

Retained capital not read

Balance sheet Net debt against an operating loss, $89M

FUFUW BitFuFu Inc.

We provide or procure mining equipment hosting services, including rack space, power, network, hardware maintenance, and other infrastructure from various suppliers, and combine them with our proprietary services into an integrated hosting solution.

Owner earnings 2021–2025 $16M($11M)($196M)($220M)($122M)

Retained capital not read

Balance sheet Net debt against an operating loss, $89M

FUTU Futu Holdings Limited

We are a leading one-stop financial technology platform transforming the investing experience with our fully digitalized securities brokerage and wealth management product distribution 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 1 of 9 yrs, never cut

FVRR Fiverr International Ltd.

Revenue is Marketplace Revenue (69%) and Services Revenue (31%).

Owner earnings 2017–2025 ($6M)($52M)($15M)$15M$36M$29M$82M$82M$104M

Retained capital Paid out $330M more than it earned over 2017–2025; annual owner earnings grew $114M.

Balance sheet Net cash, debt-free, +$243M

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.