M

MAAS Maase Inc.

Revenue is Life insurance business (80%), Non-life insurance business (13%) and Wealth management and others (7%).

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

MANU Manchester

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

Owner earnings 2016–2025 £181M£219M£82M£231M(£19M)£107M£88M£80M£68M£56M

Retained capital Paid out £526M more than it earned over 2016–2025; annual owner earnings fell £93M.

Balance sheet Heavy net debt, £437M · dividend paid 7 of 10 yrs, cut at least once

MATH Metalpha Technology Holding Limited

Limited to market demand, regulatory developments, macroeconomic trends and monetary policies, technological advancements and security vulnerabilities and market manipulation risks.

Owner earnings 2016–2025 ($60K)$3M($1M)$744K($1M)($12M)$69K

Retained capital not read

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

MB MasterBeef Group

We are a full-service restaurant group in Hong Kong, specializing in Taiwanese hotpot and Taiwanese barbecue.

Owner earnings 2022–2024 HK$109MHK$39MHK$48M

Retained capital not read

Balance sheet Net cash, debt-free, +HK$130M

MDWD MediWound Ltd.

Our solutions selectively remove non-viable hazardous tissue while preserving healthy tissue, offering a safer and more effective alternative to traditional methods.

Owner earnings 2016–2025 ($17M)($17M)($13M)$8M($7M)($9M)($12M)($11M)($14M)($17M)

Retained capital not read

Balance sheet Net cash, debt-free, +$9M

MDXH MDxHealth SA

We are a commercial-stage precision diagnostics company providing non-invasive, clinically actionable and cost-effective urologic solutions to improve patient care.

Owner earnings 2019–2025 ($22M)($21M)($23M)($35M)($24M)($20M)($3M)

Retained capital not read

Balance sheet Net debt against an operating loss, $47M

MEOH Methanex Corporation

Methanex Corporation is the world's largest producer and supplier of methanol, serving methanol customers across the globe.

Owner earnings 2016–2025 $127M$677M$790M$307M$332M$891M$842M$482M$636M$917M

Retained capital Retained $836M of earnings over 2016–2025; annual owner earnings grew $147M, $0.18 per $1 retained.

Balance sheet Heavy net debt, $2.3B · dividend paid 10 of 10 yrs, cut at least once

MESO Mesoblast Limited

Mesoblast is a commercial-stage biotechnology company and a world leader in developing allogeneic cellular medicines for the treatment of severe and life-threatening inflammatory conditions.

Owner earnings 2023–2025 ($64M)($49M)($51M)

Retained capital not read

Balance sheet Net cash, +$3M

MFC Manulife Financial Corporation

We announced new milestones to strengthen our presence in the world's largest economies and augment our capabilities to deliver differentiated products and solutions for our 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

MFG Mizuho Financial Group, Inc.

Mizuho is one of Japan's large banking groups. It takes deposits and lends the money out — to companies and individuals, at home and abroad — and earns the spread between what it pays for funds and what it collects on loans and securities. Alongside the lending it runs the usual bank sidelines: payments, trust and asset management, securities dealing, and fee work for corporate clients.

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

MFI mF International Limited

Revenue is led by Subscriptions (45%) and Hosting Support and Maintenance Services (15%), with 4 more lines behind.

Owner earnings 2021–2025 HK$12MHK$13MHK$11M(HK$22M)(HK$16M)

Retained capital not read

Balance sheet Net cash, +HK$220M

MGA Magna International Inc.

Magna Overview Magna is one of the world's largest suppliers and a trusted partner to automakers in the industry's most critical markets North America, Europe, and China.

Owner earnings 2016–2025 $2.2B$2.2B$2.4B$2.5B$2.1B$1.6B$414M$1.7B$2.1B$2.3B

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings fell $230M, $-0.09 per $1 retained.

Balance sheet Modest net debt, $3.1B · dividend paid 10 of 10 yrs, never cut

MGRT Mega Fortune Company Limited

We are an Internet of Things solution provider in Hong Kong.

Owner earnings 2023–2024 ($34K)($105K)

Retained capital not read

Balance sheet Net cash, +$103K

MICC The Magnum Ice Cream Company N.V.

Revenue is Europe and ANZ (40%), Americas (35%) and AMEA (25%).

Owner earnings 2023–2025 €636M€792M€126M

Retained capital not read

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

MKDW MKDWELL Tech Inc. Ordinary Share

Our main products are intelligent camper vans control systems, LiDAR sensors, intelligent container control systems for logistics vehicles, vehicle seat control system, and we provide customers with ODM and OEM customized services.

Owner earnings 2022–2025 ($563K)($2M)($3M)($2M)

Retained capital not read

Balance sheet Net debt against an operating loss, $3M

MLCO Melco Resorts & Entertainment Limited

Revenue is led by Casino (82%) and Rooms (9%), with 2 more lines behind.

Owner earnings 2016–2025 $1.0B$820M$802M$828M($1.1B)($801M)($1.1B)$490M$592M$802M

Retained capital Paid out $6.7B more than it earned over 2016–2025; annual owner earnings fell $255M.

Balance sheet Heavy net debt, $5.7B · dividend paid 9 of 10 yrs, cut at least once

MMYT MakeMyTrip Limited

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

Owner earnings 2016–2025 ($72M)($117M)($130M)($82M)($116M)$64M$3M$25M$120M$181M

Retained capital not read

Balance sheet Net cash, +$273M

MNDY monday.com Ltd.

We design and assess our program based on the ISO 27001 and National Institute of Standards and Technology frameworks.

Owner earnings 2019–2025 ($37M)($39M)$14M$19M$208M$298M$320M

Retained capital Paid out $496M more than it earned over 2019–2025; annual owner earnings grew $296M.

Balance sheet Net cash, debt-free, +$1.7B

MNSO MINISO Group Holding Limited

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

Owner earnings 2019–2024 CN¥922MCN¥770MCN¥736MCN¥1.1BCN¥1.5BCN¥1.4B

Retained capital Retained CN¥377M of earnings over 2019–2024; annual owner earnings grew CN¥529M, CN¥1.40 per CN¥1 retained.

Balance sheet Net cash, +CN¥5.9B · dividend paid 4 of 6 yrs, cut at least once

MNY MoneyHero Limited

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

Owner earnings 2021–2024 ($15M)($15M)($17M)($25M)

Retained capital not read

Balance sheet Net cash, +$34M

MOB Mobilicom Limited

We are a provider of software and cybersecurity solutions and hardware products that we design, develop and manufacture and that are embedded into small-sized drones or small-sized unmanned aerial vehicles, or SUAVs, and into robotic systems, or robotics.

Owner earnings 2022–2025 ($3M)($4M)($3M)($2M)

Retained capital not read

Balance sheet Net cash, debt-free, +$19M

MOBBW Mobilicom Limited

We are a provider of software and cybersecurity solutions and hardware products that we design, develop and manufacture and that are embedded into small-sized drones or small-sized unmanned aerial vehicles, or SUAVs, and into robotic systems, or robotics.

Owner earnings 2022–2025 ($3M)($4M)($3M)($2M)

Retained capital not read

Balance sheet Net cash, debt-free, +$19M

MOMO Hello Group Inc.

Our ADSs currently trade on The Nasdaq Global Select Market under the symbol "MOMO."

Owner earnings 2016–2025 CN¥1.4BCN¥2.8BCN¥3.2BCN¥5.3BCN¥3.0BCN¥1.5BCN¥1.1BCN¥2.2BCN¥1.6BCN¥1.1B

Retained capital Retained CN¥3.9B of earnings over 2016–2025; annual owner earnings fell CN¥842M, CN¥-0.22 per CN¥1 retained.

Balance sheet Net cash, +CN¥5.4B · dividend paid 7 of 10 yrs, cut at least once

MRX Marex Group plc

We provide market access, infrastructure services and essential liquidity to clients across global commodity and financial markets.

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, cut at least once

MSC STUDIO CITY INTERNATIONAL HOLDINGS LIMITED

A hotel and lodging business, earning on rooms filled and the brand that fills them.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $1.9B

MT Arcelor Mittal NY Registry Shares NEW

ArcelorMittal is an established metals & mining industry leader, with a unique offering of global scale, product diversity and supply chain integration, backed by continuous innovation and a strong balance sheet.

Owner earnings 2016–2025 $264M$1.7B$891M$2.4B$1.6B$6.9B$6.7B$3.0B$447M$471M

Retained capital Retained $34.2B of earnings over 2016–2025; annual owner earnings grew $350M, $0.01 per $1 retained.

Balance sheet Modest net debt, $6.4B · dividend paid 10 of 10 yrs, cut at least once

MTA Metalla Royalty & Streaming Ltd.

Revenue is led by Brazil (38%) and Mexico (28%), with 2 more segments behind.

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, $2M

MTC MMTec Inc.

We provide comprehensive, Internet-based technology services and solutions to the Chinese language speaking hedge funds, mutual funds, registered investment advisors, proprietary trading groups, and brokerage firms engaging in securities market transactions and settlements globally.

Owner earnings 2017–2024 ($968K)($2M)($2M)($2M)($4M)($6M)($5M)$718K

Retained capital not read

Balance sheet Net cash, +$8M

MTLS Materialise NV

We are a leading provider of additive manufacturing and medical software tools and of sophisticated 3D printing services.

Owner earnings 2019–2024 €15M€19M€18M€7M€11M€16M

Retained capital Retained €26M of earnings over 2019–2024; annual owner earnings fell €6M, €-0.23 per €1 retained.

Balance sheet Net cash, +€54M

MUFG Mitsubishi UFJ Financial Group Inc.

Mitsubishi UFJ Financial Group is one of Japan's large banking groups: a holding company whose subsidiaries take in deposits and lend that money to households, companies, and governments, in Japan and abroad. It earns the spread between what it pays depositors and what it charges borrowers, and adds fees from the trust, lending, and related services it sells alongside. Like any bank, it is in the business of renting out other people's money and being paid for credit, time, and convenience.

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

MWC Micware Co. Ltd.

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

Owner earnings 2024–2026 ¥222M¥1.8B¥1.8B

Retained capital not read

Balance sheet Net cash, +¥5.7B