K

KARO Karooooo Ltd.

Revenue is Cartrack (91%) and Karooooo Logistics (9%).

Owner earnings 2019–2025 R 236MR 618MR 565MR 379MR 547MR 307MR 1.3B

Retained capital Retained R 1.4B of earnings over 2019–2025; annual owner earnings grew R 235M, R 0.16 per R 1 retained.

Balance sheet Net cash, +R 1.0B · dividend paid 7 of 7 yrs, cut at least once

KAZR Skyline Builders Group Holding Limited

We operate in a single segment that represents the Company's core business as an Approved Public Works Contractor undertaking roads and drainage to its customers in Hong Kong.

Owner earnings 2023–2024 $2M($7M)

Retained capital not read

Balance sheet Heavy net debt, $12M

KBSX FST Corp.

FST Corp. is a renowned manufacturer and innovator in the golf industry with a growing portfolio of innovative golf products, including acclaimed golf club shafts and other equipment.

Owner earnings 2023–2025 ($13M)($4M)($2M)

Retained capital not read

Balance sheet Net debt against an operating loss, $6M

KC Kingsoft Cloud Holdings Limited

Revenue is Public cloud services (69%) and Enterprise Cloud Services (31%).

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +CN¥3.0B

KEN Kenon Holdings Ltd.

Kenon's market capitalization was $4 billion, as compared to our initial market capitalization at the time of our listing of $1.0 billion.

Owner earnings 2016–2025 $136M$362M$23M$51M$59M$187M$715M$199M$179M$217M

Retained capital Retained $678M of earnings over 2016–2025; annual owner earnings grew $25M, $0.04 per $1 retained.

Balance sheet Heavy net debt, $426M · dividend paid 8 of 10 yrs, cut at least once

KEP Korea Electric Power Corporation

Korea Electric Power Corporation, KEPCO, is South Korea's predominant electric utility. It generates electricity and owns the transmission and distribution network that carries power to homes and businesses across the country, and it earns its money selling that electricity. The South Korean government is its controlling shareholder and oversees the rates it is allowed to charge.

Owner earnings 2015–2024 ₩8.60T₩7.56T₩1.48T(₩5.59T)(₩2.92T)(₩72.8B)(₩8.20T)(₩35.82T)(₩12.39T)₩1.66T

Retained capital Paid out ₩16.78T more than it earned over 2015–2024; annual owner earnings fell ₩21.40T.

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

KGC Kinross Gold Corporation

Kinross is principally engaged in the mining and processing of gold and, as a by-product, silver ore and the exploration for, and the acquisition of, gold bearing properties in Canada, the United States, Brazil, Chile, Mauritania and Finland.

Owner earnings 2016–2025 $465M$54M$16M$494M$1.0B$314M$238M$507M$1.4B$2.6B

Retained capital Retained $3.9B of earnings over 2016–2025; annual owner earnings grew $1.3B, $0.33 per $1 retained.

Balance sheet Net cash, +$1.0B · dividend paid 6 of 10 yrs, never cut

KLAR Klarna Group plc

Revenue is led by Transaction revenue (60%) and Interest income (27%), with 2 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

KMDA Kamada Ltd.

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

Owner earnings 2016–2025 ($744K)$1M$8M$25M$16M($10M)$28M$3M$46M$24M

Retained capital Retained $89M of earnings over 2016–2025; annual owner earnings grew $22M, $0.24 per $1 retained.

Balance sheet Net cash, +$99M · dividend paid 1 of 10 yrs, never cut

KMRK K-Tech Solutions Company Limited

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

Owner earnings FY2023 ($321K)

Retained capital not read

Balance sheet Modest net debt, $1M

KNDI Kandi Technologies Group Inc.

Kandi Technologies is a holding company in British Virgin Islands and our majority of business is conducted through the operations by Company's subsidiaries in the PRC and the United States.

Owner earnings 2022–2025 $28M($114M)($19M)$96M

Retained capital Paid out $170M more than it earned over 2022–2025; annual owner earnings grew $23M.

Balance sheet Net cash, +$30M

KNOP KNOT Offshore Partners LP Common

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 Heavy net debt, $866M

KOF Coca-Cola FEMSA

Revenue is Mexico and Central America (60%) and South America (40%).

Owner earnings 2015–2024 MX$16.1BMX$22.1BMX$23.5BMX$17.7BMX$21.0BMX$25.5BMX$23.4BMX$25.1BMX$31.8BMX$30.3B

Retained capital Retained MX$30.6B of earnings over 2015–2024; annual owner earnings grew MX$8.5B, MX$0.28 per MX$1 retained.

Balance sheet Modest net debt, MX$38.1B · dividend paid 10 of 10 yrs, never cut

KRKR 36Kr Holdings 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, which we refer to as the "Companies Act" below, and the common law of the Cayman Islands.

Owner earnings 2017–2025 (CN¥12M)(CN¥62M)(CN¥164M)(CN¥19M)CN¥193M(CN¥6M)(CN¥128M)(CN¥33M)CN¥19M

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥104M

KRNT Kornit Digital Ltd.

We are a leading global developer and provider of innovative digital solutions for the printed textile industry.

Owner earnings 2016–2025 ($2M)$330K$28M$6M$28M$47M($113M)($42M)$34M$13M

Retained capital Paid out $307M more than it earned over 2016–2025; annual owner earnings fell $7M.

Balance sheet Net cash, debt-free, +$241M

KSPI Joint Stock Company Kaspi.kz

Kaspi.kz runs a consumer "super-app" in Kazakhstan that bundles three businesses on one account: a payments network that moves money between people and merchants, an online marketplace that connects shoppers with sellers, and a fintech arm that takes deposits and lends to individuals. It earns money from payment and transaction fees, from merchant commissions on the marketplace, and from the spread on consumer loans funded largely by customer deposits. The same customer who pays a bill, shops, and borrows does all of it inside one app, so the three pieces feed each other.

Owner earnings 2021–2025 KZT 58.3BKZT 1.00TKZT 1.08TKZT 553.1BKZT 595.4B

Retained capital Retained KZT 2.07T of earnings over 2021–2025; annual owner earnings grew KZT 28.6B, KZT 0.01 per KZT 1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 4 of 5 yrs, cut at least once

KT KT Corporation

KT is South Korea's incumbent telephone company — the former national monopoly — and it sells communication service: fixed-line and broadband Internet into homes and businesses, and wireless service to mobile subscribers across the country. Around that core network it also sells media and pay-television, corporate IT and data-center services, and runs financial businesses, including credit-card processing. Customers pay monthly, so the money arrives as recurring subscription and usage fees, and the whole thing rests on owning and operating the physical network.

Owner earnings 2015–2024 ₩1.11T₩2.01T₩1.44T₩1.75T₩481.8B₩1.53T₩2.07T₩157.2B₩1.81T₩2.16T

Retained capital Retained ₩3.55T of earnings over 2015–2024; annual owner earnings fell ₩144.1B, ₩-0.04 per ₩1 retained.

Balance sheet Meaningful net debt, ₩1.65T · dividend paid 10 of 10 yrs, cut at least once

KYIV Kyivstar Group Ltd.

Kyivstar segment, we operate two related business lines: mobile telecommunications services and digital, which accounted for approximately 89%, and 11% of our revenue for year ended December 31, 2025, respectively and approximately 98% and 2% of our revenue for the year ended December 31, 2024, respectively.

Owner earnings 2023–2025 $317M$312M$418M

Retained capital not read

Balance sheet Net cash, +$180M

KYIVW Kyivstar Group Ltd.

Kyivstar segment, we operate two related business lines: mobile telecommunications services and digital, which accounted for approximately 89%, and 11% of our revenue for year ended December 31, 2025, respectively and approximately 98% and 2% of our revenue for the year ended December 31, 2024, respectively.

Owner earnings 2023–2025 $317M$312M$418M

Retained capital not read

Balance sheet Net cash, +$180M

KZIA Kazia Therapeutics Limited

Kazia Therapeutics Limited is an emerging oncology-focused biotechnology company that has a portfolio of development candidates, diversified across several distinct technologies, with the potential to yield first-in-class and best-in-class agents in a range of oncology indications.

Owner earnings 2016–2017 (A$13M)(A$11M)

Retained capital not read

Balance sheet Net cash, +A$69M