Owner Scorecard


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Volume two · ADRs

L

23 entries, LAES to LZM · entries 3,262–3,284 of 3,828

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

LAES SEALSQ Corp

Revenue is Semiconductors (80%) and ASIC (20%).

Owner earnings 2020–2025 ($3M)($3M)$147K($6M)($11M)($32M)

Retained capital not read

Balance sheet Net cash, +$426M

LANV Lanvin Group Holdings Limited

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

Owner earnings 2020–2024 (€93M)(€83M)(€106M)(€101M)(€72M)

Retained capital not read

Balance sheet Net debt against an operating loss, €239M

LEGN Legend Biotech Corporation

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

Owner earnings 2018–2025 $307M($86M)($229M)($207M)($211M)($404M)($155M)($110M)

Retained capital not read

Balance sheet Net cash, debt-free, +$902M

LFS LEIFRAS Co. Ltd.

Revenue is School Business (73%) and Social Business (27%).

Owner earnings 2023–2025 ¥674M¥192M¥426M

Retained capital not read

Balance sheet Modest net debt, ¥170M

LGCL Lucas GC Limited

Our capability to constantly innovate remains an important differentiator as we continue to deliver new functions on our platforms.

Owner earnings 2021–2025 CN¥59M(CN¥18M)(CN¥41M)CN¥12MCN¥22M

Retained capital Retained CN¥203M of earnings over 2021–2025; annual owner earnings fell CN¥2M, CN¥-0.01 per CN¥1 retained.

Balance sheet Net cash, debt-free, +CN¥35M

LGO Largo Inc.

Largo is a Canadian natural resource company listed on the TSX and NASDAQ.

Owner earnings 2020–2025 ($78M)$12M($39M)($32M)($31M)($38M)

Retained capital Paid out $121M more than it earned over 2020–2025; annual owner earnings grew $964K.

Balance sheet Net debt against an operating loss, $97M

LI Li Auto Inc.

Li Auto Inc. is a company incorporated outside China.

Owner earnings 2018–2025 (CN¥1.4B)(CN¥1.9B)CN¥2.8BCN¥7.7BCN¥6.2BCN¥48.9BCN¥12.9B(CN¥12.8B)

Retained capital Retained CN¥14.5B of earnings over 2018–2025; annual owner earnings grew CN¥16.5B, CN¥1.14 per CN¥1 retained.

Balance sheet Net cash, +CN¥52.6B

LICN Lichen International Limited

We are a leading financial and taxation service provider in China, in terms of revenue, as cited in the industry report of Frost & Sullivan.

Owner earnings 2021–2025 $7M$9M($3M)($6M)($18M)

Retained capital not read

Balance sheet Net cash, debt-free, +$27M

LITB LightInTheBox Holding Co. Ltd.

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

Owner earnings 2016–2025 ($16M)($15M)($30M)$965K$28M($3M)$35M($22M)($49M)$6M

Retained capital not read

Balance sheet Net cash, debt-free, +$24M

LKFT Lakefront Biotherapeutics

We are a biotechnology company built to bring meaningful medicines to patients with serious diseases.

Owner earnings 2016–2025 €235M(€152M)(€148M)€3.2B(€446M)(€510M)(€507M)(€413M)(€328M)(€271M)

Retained capital Retained €39M of earnings over 2016–2025; annual owner earnings fell €315M, €-8.11 per €1 retained.

Balance sheet Net cash, debt-free, +€3.0B

LND BrasilAgro – Brazilian Agricultural Real Estate Company

Revenue is led by Agricultural activity Grains (49%) and Sugarcane (37%), with 3 more segments behind.

Owner earnings 2021–2025 R$99MR$154MR$135MR$50M(R$8M)

Retained capital Paid out R$152M more than it earned over 2021–2025; annual owner earnings fell R$71M.

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

LOMA LOMA NEGRA COMPANIA INDUSTRIALARGENTINA SOCIEDAD ANONIMA

Loma Negra makes and sells cement and related building materials to builders and construction firms across Argentina. It digs limestone from its own quarries, burns it in kilns fired with petcoke among other fuels, and ships the finished product to the markets nearest each plant. It is Argentina's largest cement producer, and because cement is heavy and cheap to move, the cost of freight ties every plant to the region around it.

Owner earnings 2015–2024 ARS 1.0BARS 2.0BARS 5.1BARS 4.9BARS 10.8BARS 24.2BARS 48.3BARS 143.5BARS 106.7BARS 51.7B

Retained capital Paid out ARS 66.7B more than it earned over 2015–2024; annual owner earnings grew ARS 97.9B.

Balance sheet Net debt against an operating loss, ARS 161.8B · dividend paid 6 of 10 yrs, cut at least once

LOT Lotus Technology Inc.

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

Owner earnings 2021–2025 ($129M)($364M)($442M)($906M)($389M)

Retained capital not read

Balance sheet Net debt against an operating loss, $434M

LOTWW Lotus Technology Inc.

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

Owner earnings 2021–2025 ($129M)($364M)($442M)($906M)($389M)

Retained capital not read

Balance sheet Net debt against an operating loss, $434M

LPL LG Display Co., Ltd.

LG Display makes the flat panels that go inside other companies' products — the screens used in televisions, monitors, laptops, phones and tablets. It sells these panels to electronics manufacturers, including its affiliate LG Electronics, which fit them into finished goods. The money comes from building panels in large fabrication plants and shipping them in volume, so earnings turn on the price each panel fetches and the cost to make it.

Owner earnings 2015–2024 ₩361.6B(₩95.0B)₩171.8B(₩3.46T)(₩4.22T)(₩316.6B)₩2.61T(₩2.07T)(₩1.80T)₩282.0B

Retained capital Paid out ₩7.59T more than it earned over 2015–2024; annual owner earnings fell ₩1.34T.

Balance sheet Meaningful net debt, ₩6.15T · dividend paid 5 of 10 yrs, never cut

LSE Leishen Energy Holding Co. Ltd.

Revenue is led by Saleof Clean Energy Equipment (46%) and Saleof New Energy (40%), with 2 more segments behind.

Owner earnings 2022–2025 ($7M)$4M$14M($4M)

Retained capital Retained $27M of earnings over 2022–2025; annual owner earnings grew $1M, $0.04 per $1 retained.

Balance sheet Net cash, +$16M

LSPD LIGHTSPEED COMMERCE INC.

Lightspeed's technology and insights makes work flow across teams, channels and locations to help accelerate growth and provide the best customer experience.

Owner earnings 2020–2025 ($32M)($95M)($98M)($135M)($105M)($37M)

Retained capital not read

Balance sheet Net cash, debt-free, +$558M

LTM LATAM Airlines Group S.A.

An airline, a high-fixed-cost business selling a perishable seat.

Owner earnings 2016–2025 $287M$1.8B$1.4B$1.6B($819M)($771M)($684M)$1.5B$1.8B$2.0B

Retained capital Paid out $5.8B more than it earned over 2016–2025; annual owner earnings grew $576M.

Balance sheet Meaningful net debt, $5.2B · dividend paid 7 of 10 yrs, never cut

LU Lufax Holding 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

LUXE LuxExperience B.V.

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

Owner earnings 2019–2025 €522K€8M(€20M)€46M(€67M)(€2M)(€35M)

Retained capital not read

Balance sheet Net cash, +€217M

LX LexinFintech Holdings Ltd.

LexinFintech Holdings Ltd. is a company incorporated outside the PRC.

Owner earnings 2016–2025 CN¥375MCN¥1.6BCN¥2.8B(CN¥828M)(CN¥264M)CN¥2.6B(CN¥38M)CN¥2.7BCN¥971MCN¥3.5B

Retained capital Retained CN¥11.1B of earnings over 2016–2025; annual owner earnings grew CN¥803M, CN¥0.07 per CN¥1 retained.

Balance sheet Net cash, +CN¥1.7B · dividend paid 3 of 10 yrs, never cut

LYG Lloyds Banking Group Plc

Lloyds Banking Group is a leading provider of financial services to individual and business customers in the UK.

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 9 of 10 yrs, cut at least once

LZM Lifezone Metals 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 2021–2025 ($7M)($23M)($78M)($66M)($37M)

Retained capital not read

Balance sheet Net cash, debt-free, +$20M

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.