S

SAIH SAIHEAT Limited

Revenue is Revenue – sales of products (69%) and Revenue Mining Member (31%).

Owner earnings 2020–2024 ($1M)($5M)($7M)($8M)($6M)

Retained capital not read

Balance sheet Net cash, debt-free, +$202K

SANG Sangoma Technologies Corporation

Revenue is Services (82%) and Products (18%).

Owner earnings 2021–2025 $17M$19M$22M$40M$39M

Retained capital Paid out $156M more than it earned over 2021–2025; annual owner earnings grew $14M.

Balance sheet Net debt against an operating loss, $34M

SAP SAP SE ADS

SAP makes the enterprise software that runs the back office of much of the corporate world — the systems that handle a large company's finance, supply chain, procurement and people. Once a business runs on SAP, replacing it is so costly and risky that it rarely does, which is the heart of the franchise.

Owner earnings 2016–2025 €3.6B€3.8B€2.8B€2.7B€6.4B€5.5B€4.8B€5.5B€4.4B€8.4B

Retained capital Retained €14.7B of earnings over 2016–2025; annual owner earnings grew €2.7B, €0.18 per €1 retained.

Balance sheet Net cash, +€3.2B · dividend paid 10 of 10 yrs, cut at least once

SB SAFE BULKERS, 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 not read

Retained capital not read

Balance sheet Heavy net debt, $402M

SBLK Star Bulk Carriers Corp.

We are a leading global shipping company that owns and operates a modern and diverse fleet of dry bulk vessels.

Owner earnings 2016–2025 ($115M)$181K$66M($36M)$98M$637M$744M$318M$416M$212M

Retained capital Paid out $252M more than it earned over 2016–2025; annual owner earnings grew $332M.

Balance sheet Modest net debt, $273M · dividend paid 7 of 10 yrs, cut at least once

SBS COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP

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

Owner earnings 2015–2024 R$2.6BR$3.0BR$3.3BR$3.8BR$4.1BR$4.9BR$3.9BR$3.9BR$4.7BR$7.3B

Retained capital Retained R$25.7B of earnings over 2015–2024; annual owner earnings grew R$2.4B, R$0.09 per R$1 retained.

Balance sheet Modest net debt, R$20.4B · dividend paid 10 of 10 yrs

SBSW D/B/A Sibanye-Stillwater Limited ADS

Revenue is led by Gold (33%) and Platinum (18%), with 7 more lines behind.

Owner earnings 2017–2024 (R 3.4B)R 5.1BR 1.8BR 19.6BR 24.0BR 8.5B(R 2.9B)R 1.3B

Retained capital Paid out R 15.2B more than it earned over 2017–2024; annual owner earnings grew R 1.1B.

Balance sheet Net debt against an operating loss, R 25.1B · dividend paid 8 of 8 yrs, cut at least once

SCAG Scage Future

We are a pioneering and leading zero-emission solution provider in China, focusing on the development and commercialization of heavy-duty NEV trucks and e-fuel solutions.

Owner earnings 2023–2025 ($5M)($6M)($6M)

Retained capital not read

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

SDA SunCar Technology Group Inc.

We are a leading provider of cloud and mobile app-based auto eInsurance services, technology services, and auto services in China.

Owner earnings 2021–2024 ($27M)($20M)($33M)$11M

Retained capital not read

Balance sheet Net cash, +$34M

SE Sea 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 2016–2025 ($119M)($283M)($550M)($47M)$375M($70M)($1.5B)$1.8B$3.0B$4.7B

Retained capital Paid out $6.3B more than it earned over 2016–2025; annual owner earnings grew $3.5B.

Balance sheet Net cash, +$10.6B

SFL SFL Corporation Ltd

We currently operate in several sectors of the maritime, shipping and offshore industries, including oil transportation, dry bulk shipments, oil products transportation, container transportation, car transportation and drilling rigs.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $2.4B

SFWL Shengfeng Development Limited

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

Owner earnings 2020–2025 ($2M)$14M($2M)$8M$9M$10M

Retained capital Retained $54M of earnings over 2020–2025; annual owner earnings grew $5M, $0.10 per $1 retained.

Balance sheet Net cash, +$43M

SGHC Super Group (SGHC) Limited

Revenue is Betway (65%) and Spin (43%).

Owner earnings 2019–2024 €242K€149M€207M€161M€124M€271M

Retained capital Retained €357M of earnings over 2019–2024; annual owner earnings grew €66M, €0.19 per €1 retained.

Balance sheet Net cash, +€372M · dividend paid 2 of 6 yrs, cut at least once

SGML Sigma Lithium Corporation

Sigma Lithium Corporation operates one of the world's largest lithium production sites at its Grota do Cirilo operation in Brazil.

Owner earnings 2020–2024 (C$2M)(C$4M)(C$6M)(C$38M)(C$47M)

Retained capital not read

Balance sheet Net debt against an operating loss, C$38M

SHEL Shell PLC

Shell is one of the world's largest integrated oil and gas companies — it finds and produces hydrocarbons, ships and trades them, refines them into fuels and chemicals, and sells them through one of the biggest retail networks on earth, alongside a sizeable gas and lower-carbon arm. Its fortunes rise and fall with a price it does not set.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $36.8B

SHG Shinhan Financial Group Co Ltd

Shinhan is one of South Korea's large financial holding groups, built around a bank. It takes in deposits and lends the money back out — to households, to small and mid-sized businesses, and to large companies — and earns the gap between what it pays savers and what it charges borrowers. Around that core sit fee businesses: stock brokerage, credit cards, insurance, and asset management, with the customer base concentrated in Korea and, for brokerage, in the Seoul area.

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, cut at least once

SHIP Seanergy Maritime Holdings Corp.

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 ($24M)($8M)($5M)$759K($22M)$64M$14M$31M$49M$28M

Retained capital Paid out $6M more than it earned over 2016–2025; annual owner earnings grew $48M.

Balance sheet Heavy net debt, $242M · dividend paid 4 of 10 yrs, cut at least once

SHMD SCHMID Group N.V.

SCHMID has an established customer and manufacturing footprint in these markets and proven delivery capability in these markets which we believe provide a competitive advantage as customers reactivate projects and initiate new ones.

Owner earnings 2021–2024 (€15M)(€4M)€3M(€8M)

Retained capital not read

Balance sheet Net debt against an operating loss, €18M

SHMDW SCHMID Group N.V.

SCHMID has an established customer and manufacturing footprint in these markets and proven delivery capability in these markets which we believe provide a competitive advantage as customers reactivate projects and initiate new ones.

Owner earnings 2021–2024 (€15M)(€4M)€3M(€8M)

Retained capital not read

Balance sheet Net debt against an operating loss, €18M

SID Companhia Siderurgica Nacional S.A.

Our subsidiary SWT is a long steel producer in Germany with annual production capacity of approximately 1.1 million tons of steel profiles, strengthening our steel products mix and geographical diversification.

Owner earnings 2015–2024 R$3.9B(R$1.0B)(R$488M)R$891MR$3.4BR$7.9BR$12.6B(R$1.3B)R$3.9BR$4.9B

Retained capital Retained R$2.6B of earnings over 2015–2024; annual owner earnings grew R$1.7B, R$0.65 per R$1 retained.

Balance sheet Heavy net debt, R$32.7B · dividend paid 9 of 10 yrs, cut at least once

SIFY Sify Technologies Limited

Revenue is Telecom services (40%), Data center services (36%) and Digital Service (25%).

Owner earnings 2016–2025 ₹958M₹152M₹452M(₹93M)₹2.8B₹4.3B(₹1.0B)₹4.1B₹1.2B₹3.0B

Retained capital Retained ₹5.6B of earnings over 2016–2025; annual owner earnings grew ₹2.3B, ₹0.40 per ₹1 retained.

Balance sheet Heavy net debt, ₹30.4B · dividend paid 6 of 10 yrs, cut at least once

SII Sprott Inc.

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$26M$51M$32M$28M$67M$96M

Retained capital Retained $48M of earnings over 2019–2025; annual owner earnings grew $28M, $0.59 per $1 retained.

Balance sheet Net cash, debt-free, +$124M · dividend paid 7 of 7 yrs, never cut

SILC Silicom Ltd

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

Owner earnings 2016–2025 ($4M)($282K)$44M$25M$3M($2M)($6M)$31M$17M($3M)

Retained capital Paid out $35M more than it earned over 2016–2025; annual owner earnings grew $2M.

Balance sheet Net cash, debt-free, +$49M · dividend paid 2 of 10 yrs, never cut

SIM Grupo Simec S.A.B. de C.V.

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

Owner earnings 2016–2024 MX$4.3BMX$1.7BMX$2.1B(MX$229M)MX$2.7BMX$7.3BMX$7.8BMX$3.2BMX$4.5B

Retained capital Retained MX$33.9B of earnings over 2016–2024; annual owner earnings grew MX$2.5B, MX$0.07 per MX$1 retained.

Balance sheet Net cash, +MX$26.2B · dividend paid 1 of 9 yrs, never cut

SIMO Silicon Motion Technology Corporation

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

Owner earnings 2016–2025 $116M$92M$96M$67M$104M$158M$65M$127M$52M$31M

Retained capital Retained $331M of earnings over 2016–2025; annual owner earnings fell $31M, $-0.10 per $1 retained.

Balance sheet Net cash, +$203M · dividend paid 10 of 10 yrs, cut at least once

SJ SCIENJOY HOLDING CORPORATION

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

Owner earnings 2018–2025 CN¥107MCN¥228MCN¥155MCN¥116MCN¥56MCN¥102MCN¥68MCN¥70M

Retained capital Retained CN¥175M of earnings over 2018–2025; annual owner earnings fell CN¥83M, CN¥-0.48 per CN¥1 retained.

Balance sheet Net cash, +CN¥313M

SKM SK Telecom Co. Ltd.

SK Telecom is South Korea's largest mobile carrier. It sells wireless phone and data service to Korean households and businesses, billing them month after month for access to its network. The money comes from subscribers paying to stay connected, set against the cost of building and running that network and the airwaves it rides on.

Owner earnings 2015–2024 ₩1.30T₩1.75T₩1.14T₩1.54T₩659.1B₩2.26T₩2.12T₩2.25T₩1.97T₩2.60T

Retained capital Retained ₩7.93T of earnings over 2015–2024; annual owner earnings grew ₩877.4B, ₩0.11 per ₩1 retained.

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

SLF Sun Life Financial Inc.

Our operations in the Hong Kong Special Administrative Region offer a full range of products to address insurance and savings needs.

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 9 yrs, never cut

SLGB Smart Logistics Global Limited

Limited is engaged in the sale of lighting products and designer furniture.

Owner earnings 2023–2025 CN¥36MCN¥12M(CN¥41M)

Retained capital not read

Balance sheet net position not read

SLGL Sol-Gel Technologies Ltd.

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

Owner earnings 2016–2025 ($19M)($25M)($24M)($23M)($26M)($8M)($10M)($18M)($14M)$275K

Retained capital not read

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

SLMT Brera Holdings PLC

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2021–2024 €10K(€919K)(€2M)(€3M)

Retained capital not read

Balance sheet Net cash, +€604K

SMFG SUMITOMO MITSUI FINANCIAL GROUP, INC.

Financial and capital markets are affected by the monetary policy measures of the Bank of Japan.

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, never cut

SMWB Similarweb Ltd.

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

Owner earnings 2019–2025 ($10M)($5M)($30M)($57M)($5M)$29M$13M

Retained capital not read

Balance sheet Net cash, debt-free, +$72M

SNDL SNDL Inc.

SNDL Inc. operates its convenience format liquor stores in Alberta primarily under the brand names Liquor Depot and Ace Liquor .

Owner earnings 2018–2025 (C$6M)(C$113M)(C$61M)(C$160M)(C$17M)(C$24M)C$46MC$58M

Retained capital not read

Balance sheet Net cash, +C$221M

SNN Smith & Nephew SNATS Inc.

By the late 1990s, Smith+Nephew had expanded into being a diverse healthcare company with operations across the globe, producing various medical devices, personal care products and traditional and advanced wound care treatments.

Owner earnings 2016–2025 $457M$714M$584M$1.0B$764M$705M$263M$401M$759M$1.0B

Retained capital Retained $947M of earnings over 2016–2025; annual owner earnings grew $149M, $0.16 per $1 retained.

Balance sheet Modest net debt, $827M · dividend paid 10 of 10 yrs, never cut

SNT Senstar Technologies Corporation

We develop, manufacture, market and sell comprehensive lines of perimeter intrusion detection sensors, video analytics and video and security management systems, as well as security video observation and surveillance systems to high profile customers.

Owner earnings 2021–2025 $5M($10M)($120K)$6M$1M

Retained capital Retained $15M of earnings over 2021–2025; annual owner earnings grew $4M, $0.27 per $1 retained.

Balance sheet Net cash, debt-free, +$22M

SNY Sanofi ADS

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

Owner earnings 2019–2025 €5.9B€5.3B€8.5B€8.4B€7.4B€5.9B€7.2B

Retained capital Retained €10.9B of earnings over 2019–2025; annual owner earnings grew €236M, €0.02 per €1 retained.

Balance sheet Modest net debt, €5.8B · dividend paid 7 of 7 yrs, never cut

SOBO South Bow Corporation

Revenue is Capacity arrangements and transportation (82%), Marketing activities (20%) and Other (6%).

Owner earnings 2023–2025 $732M$388M$539M

Retained capital not read

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

SOGP Sound Group Inc.

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

Owner earnings 2017–2025 (CN¥34M)CN¥8M(CN¥107M)CN¥19M(CN¥61M)CN¥125M(CN¥123M)(CN¥38M)CN¥277M

Retained capital Paid out CN¥483M more than it earned over 2017–2025; annual owner earnings grew CN¥83M.

Balance sheet Net cash, debt-free, +CN¥766M · dividend paid 1 of 9 yrs, never cut

SOHU Sohu.com Limited

Sohu's Business Marketing Services Business Sohu's main business is the marketing services business, which consists primarily of advertising and other marketing-related services.

Owner earnings 2016–2025 $135M$109M$59M$196M$89M($69M)$24M($29M)($49M)($5M)

Retained capital Retained $155M of earnings over 2016–2025; annual owner earnings fell $129M, $-0.83 per $1 retained.

Balance sheet Net cash, debt-free, +$831M

SONY Sony Group Corporation

Sony is a Japanese group that sells entertainment and the hardware that carries it. Its pieces include the PlayStation business — consoles, the games that run on them, and the online network around the platform — alongside recorded music and music publishing, films and television, image sensors and other electronics, and a financial-services arm in Japan. It earns from selling devices and content, from royalties and subscriptions on catalogs it owns, and from fees on insurance and banking.

Owner earnings 2016–2025 ¥373.7B¥474.0B¥991.0B¥946.1B¥910.0B¥662.3B¥792.5B(¥298.9B)¥749.3B¥1.67T

Retained capital Retained ¥5.93T of earnings over 2016–2025; annual owner earnings grew ¥95.3B, ¥0.02 per ¥1 retained.

Balance sheet Modest net debt, ¥784.7B · dividend paid 10 of 10 yrs, never cut

SOPH SOPHiA GENETICS SA

We collaborate not only to provide valuable technologies to hospitals and laboratories around the world directly or through collaborators, but also to increase our channels and to offer a variety of application and product choices to our large customer base.

Owner earnings 2019–2025 ($33M)($32M)($61M)($74M)($55M)($45M)($36M)

Retained capital not read

Balance sheet Net cash, +$20M

SORA AsiaStrategy

Our Products Through our Operating Subsidiary in Hong Kong, Top Win International Trading Limited, we are a wholesaler engaged in trading, distribution, and retail of luxury watches of international brands.

Owner earnings FY2025 ($4M)

Retained capital not read

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

SPCB SuperCom Ltd. Ordinary Shares (Israel)

Revenue is IoT (91%), e-Gov (6%) and Cyber Security (3%).

Owner earnings 2016–2025 ($11M)($2M)($7M)($8M)($7M)($11M)($5M)($4M)($3M)($6M)

Retained capital not read

Balance sheet Net debt against an operating loss, $7M

SPHL Springview Holdings Ltd

Revenue is New Construction (54%), Reconstruction (29%) and A&A (16%).

Owner earnings 2022–2023 (S$605K)(S$1M)

Retained capital not read

Balance sheet Net debt against an operating loss, S$577K

SPOT Spotify Technology S.A.

We offer both Premium and Ad-Supported Services to our customers.

Owner earnings 2016–2025 €74M€143M€323M€502M€181M€276M€21M€674M€2.3B€2.9B

Retained capital Paid out €1.3B more than it earned over 2016–2025; annual owner earnings grew €1.8B.

Balance sheet net position not read (debt under-captured) · no dividend paid

SPPL SIMPPLE LTD.

SIMPPLE LTD. is an advanced technology solution provider in the emerging property-technology space, focused on helping facility owners and managers manage their facilities autonomously.

Owner earnings 2021–2025 (S$373K)S$15K(S$8M)(S$1M)(S$2M)

Retained capital not read

Balance sheet Net cash, debt-free, +S$3M

SQM Sociedad Quimica y Minera S.A.

We are the world's largest producer of potassium nitrate and iodine and one of the world's largest lithium producers.

Owner earnings 2015–2024 $316M$502M$616M$280M$226M($22M)$608M$3.8B($477M)$932M

Retained capital Retained $1.6B of earnings over 2015–2024; annual owner earnings grew $951M, $0.61 per $1 retained.

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

SRAD Sportradar Group AG

Sportradar is a leading technology platform enabling next generation engagement in sports and the number one provider of B2B solutions to the global sports betting industry based on revenue.

Owner earnings 2019–2025 €139M€149M€126M€160M€244M€348M€398M

Retained capital Retained €73M of earnings over 2019–2025; annual owner earnings grew €192M, €2.63 per €1 retained.

Balance sheet Net cash, +€353M

SSL Sasol Ltd.

Sasol takes coal and natural gas and, using its own synthesis process, turns them into liquid fuels and chemicals. It sells motor fuel into the South African market and chemicals to industrial buyers abroad. The plants are large and burn coal — which also lets the company generate much of its own power — and the earnings track the price of oil and of the chemicals it ships.

Owner earnings 2016–2025 R 29.6BR 27.1BR 24.9BR 14.1BR 7.4BR 18.1BR 26.2BR 18.9BR 14.1BR 24.3B

Retained capital Paid out R 91.6B more than it earned over 2016–2025; annual owner earnings fell R 8.1B.

Balance sheet Heavy net debt, R 94.3B · dividend paid 10 of 10 yrs, cut at least once

SSYS Stratasys Ltd. Ordinary Shares (Israel)

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

Owner earnings 2016–2025 $17M$39M$40M($34M)$859K$11M($89M)($75M)($3M)($7M)

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings fell $61M.

Balance sheet Net cash, +$67M

STAK STAK Inc.

We generate revenues primarily from sales of specialized oilfield vehicles, sales of specialized oilfield equipment, automation solutions services and others.

Owner earnings 2023–2025 ($2M)($3M)($3M)

Retained capital not read

Balance sheet Net cash, debt-free, +$1M

STKE Sol Strategies Inc.

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

Owner earnings FY2025 (C$11M)

Retained capital not read

Balance sheet Net cash, debt-free, +C$222K

STLA Stellantis N.V.

Revenue is led by North America (40%) and Europe (38%), with 4 more segments behind.

Owner earnings 2016–2025 €5.0B€4.9B€4.6B€6.5B€3.5B€12.8B€13.2B€10.4B(€5.7B)(€12.6B)

Retained capital Retained €25.9B of earnings over 2016–2025; annual owner earnings fell €7.5B, €-0.29 per €1 retained.

Balance sheet Net debt against an operating loss, €829M · dividend paid 9 of 10 yrs, cut at least once

STM STMicroelectronics N.V.

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

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$771M

STN Stantec

Revenue is led by Infrastructure (26%) and Buildings (24%), with 3 more lines behind.

Owner earnings 2016–2022 C$227MC$205MC$123MC$396MC$573MC$351MC$236M

Retained capital Retained C$298M of earnings over 2016–2022; annual owner earnings grew C$202M, C$0.68 per C$1 retained.

Balance sheet Modest net debt, C$1.1B · dividend paid 7 of 7 yrs, never cut

STNG Scorpio Tankers 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 $52M($100M)$32M$207M$419M$73M$311M

Retained capital Paid out $533M more than it earned over 2016–2025; annual owner earnings grew $273M.

Balance sheet Net cash, +$152M · dividend paid 7 of 7 yrs, cut at least once

STVN Stevanato Group S.p.A.

Revenue is Biopharmaceutical and Diagnostic Solutions (88%) and Engineering (12%).

Owner earnings 2019–2025 (€4M)€102M€77M€38M€27M€75M€198M

Retained capital Retained €715M of earnings over 2019–2025; annual owner earnings grew €42M, €0.06 per €1 retained.

Balance sheet Net cash, debt-free, +€141M · dividend paid 7 of 7 yrs, never cut

SU Suncor Energy Inc.

Suncor Energy is Canada's leading integrated energy company.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, C$5.9B

SUPV Grupo Supervielle S.A.

Grupo Supervielle is an Argentine financial group built around a bank that takes deposits and lends to individuals and businesses. It earns the spread between what it pays depositors and what it charges borrowers, and adds fee income from services that include a digital brokerage, IOL invertironline, through which customers buy and sell investments. In short, it is a peso-denominated lender and financial-services shop in Argentina.

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

SUPX SuperX AI Technology Limited

Revenue is Design and fit out (69%), Sales of AI server and related IT equipment (29%) and Others (3%).

Owner earnings 2022–2025 ($240K)$30K($758K)($9M)

Retained capital not read

Balance sheet Net cash, +$17M

SUZ Suzano S.A.

Revenue is Market pulp (75%), Printing and writing paper (16%) and Paperboard (8%).

Owner earnings 2016–2025 R$2.2BR$2.2BR$3.9BR$5.6BR$11.6BR$15.5BR$14.2BR$10.0BR$11.4BR$13.6B

Retained capital Retained R$30.9B of earnings over 2016–2025; annual owner earnings grew R$8.9B, R$0.29 per R$1 retained.

Balance sheet Heavy net debt, R$76.0B · dividend paid 8 of 10 yrs, cut at least once

SVM Silvercorp Metals Inc.

Silvercorp operates several silver-lead-zinc mines at the Ying Mining District in Henan Province, China and the GC silver-lead-zinc mine in Guangdong Province, China. 3.2 Three Year History Silvercorp has been acquiring, exploring, developing, and operating mineral properties in China since 2003.

Owner earnings 2017–2025 $69M$62M$64M$70M$77M$97M$84M$80M$132M

Retained capital Retained $321M of earnings over 2017–2025; annual owner earnings grew $34M, $0.11 per $1 retained.

Balance sheet Net cash, +$360M · dividend paid 9 of 9 yrs, never cut

SVREW SaverOne 2014 Ltd.

We are a technology company engaged in the design, development and commercialization of transportation and safety solutions, designed to save lives by preventing car accidents based on our patented technology of detecting, analyzing and locating cellular phone radio frequency, or RF, Signals.

Owner earnings 2020–2025 (₪12M)(₪23M)(₪28M)(₪35M)(₪34M)(₪29M)

Retained capital not read

Balance sheet Net cash, +₪14M

SXTC China SXT Pharmaceuticals Inc.

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

Owner earnings 2017–2025 $114K$1M($297K)$803K($1M)$207K($2M)($2M)

Retained capital not read

Balance sheet Net cash, +$28M

SY So-Young International Inc.

We filed a transfer application to transfer from The Nasdaq Global Market to The Nasdaq Capital Market on February 11, 2025.

Owner earnings 2017–2025 CN¥91MCN¥197MCN¥378MCN¥165MCN¥54M(CN¥129M)(CN¥29M)(CN¥72M)(CN¥163M)

Retained capital Paid out CN¥1.1B more than it earned over 2017–2025; annual owner earnings fell CN¥309M.

Balance sheet Net cash, debt-free, +CN¥418M · dividend paid 2 of 9 yrs, cut at least once