W

WAVE Eco Wave Power Global AB (publ)

We are a wave energy company primarily engaged in the development of a smart and cost-efficient WEC technology that converts ocean and sea waves into clean electricity.

Owner earnings 2019–2025 ($1M)($2M)($3M)($2M)($3M)($2M)($3M)

Retained capital not read

Balance sheet Net cash, +$6M

WB WEIBO CORPORATION

Revenue is Revenues From Advertising Agencies (54%), Revenues From Advertisers Signing Contracts With Company Directly (32%) and Value Added Services (15%).

Owner earnings 2016–2025 $223M$524M$468M$610M$707M$779M$521M$636M$578M$477M

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings grew $159M, $0.06 per $1 retained.

Balance sheet Net cash, +$309M · dividend paid 3 of 10 yrs, cut at least once

WBX Wallbox N.V.

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 2019–2024 (€6M)(€14M)(€78M)(€155M)(€76M)(€60M)

Retained capital not read

Balance sheet Net debt against an operating loss, €149M

WDH Waterdrop Inc.

Revenue is led by Insurance Brokerage Income (65%) and Technical Service Income (25%), 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

WDS Woodside Energy Group Limited

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2022–2025 $5.7B$2.2B$945M$2.1B

Retained capital Retained $3.1B of earnings over 2022–2025; annual owner earnings fell $1.2B, $-0.38 per $1 retained.

Balance sheet Modest net debt, $6.0B · dividend paid 4 of 4 yrs, cut at least once

WF Woori Financial Group Inc.

We are one of the largest financial holding companies in Korea, in terms of consolidated total assets, and our operations include Woori Bank, one of the largest commercial banks in Korea.

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

WFG West Fraser Timber Co. Ltd

West Fraser is a diversified wood products company with facilities in Canada, the U.S., the U.K. and Europe, manufacturing, marketing, selling, and distributing lumber, engineered wood products, northern bleached softwood kraft pulp, paper, wood chips and other residuals.

Owner earnings 2020–2025 $788M$2.9B$1.7B$48M$174M($315M)

Retained capital Retained $177M of earnings over 2020–2025; annual owner earnings fell $1.8B.

Balance sheet Net debt against an operating loss, $98M · dividend paid 6 of 6 yrs, never cut

WILC G. Willi-Food International Ltd.

G. Willi-Food International Ltd. is an Israeli-based company specializing in high-quality, great-tasting kosher food products.

Owner earnings 2016–2025 ₪15M₪12M(₪3M)(₪54M)₪10M(₪2M)(₪30M)₪31M₪40M₪55M

Retained capital Retained ₪209M of earnings over 2016–2025; annual owner earnings grew ₪34M, ₪0.16 per ₪1 retained.

Balance sheet Net cash, debt-free, +₪124M · dividend paid 6 of 10 yrs, cut at least once

WIT Wipro Limited

Wipro is one of India's large information-technology services and consulting firms. It sells software development, systems and infrastructure work, and the running of clients' back-office processes to big companies across several continents, staffing the work with a large, mostly offshore workforce and billing clients for that effort. It is an asset-light, people business: the payroll is the main cost, and the spread between what it bills and what it pays its workers is the profit.

Owner earnings 2016–2025 ₹64.9B₹71.9B₹62.4B₹93.5B₹77.1B₹128.0B₹90.6B₹115.8B₹165.7B₹154.7B

Retained capital Retained ₹374.2B of earnings over 2016–2025; annual owner earnings grew ₹79.0B, ₹0.21 per ₹1 retained.

Balance sheet Net cash, +₹469.5B · dividend paid 10 of 10 yrs, cut at least once

WIX Wix.com Ltd.

Revenue is Creative Subscription (71%) and Business Solutions (29%).

Owner earnings 2016–2020 $36M$77M$107M$137M$133M

Retained capital Paid out $395M more than it earned over 2016–2020; annual owner earnings grew $52M.

Balance sheet Net cash, debt-free, +$661M

WKEY WISeKey International Holding Ltd

Revenue is Semiconductor (76%), ASIC (19%) and Non-reportable (5%).

Owner earnings 2017–2025 ($6M)($10M)($14M)($13M)($22M)($17M)($17M)($18M)($33M)

Retained capital not read

Balance sheet Net cash, +$437M

WLDSW Wearable Devices Ltd.

We are a growth company developing a non-invasive neural input interface in the form of a wearable wristband for controlling digital devices using subtle finger gestures and hand movements.

Owner earnings 2020–2025 ($1M)($2M)($6M)($9M)($8M)($7M)

Retained capital not read

Balance sheet Net cash, debt-free, +$7M

WPM WHEATON PRECIOUS METALS CORP.

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

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$1.2B

WPP WPP plc

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 £1.5B£1.1B£1.4B£1.5B£1.8B£1.8B£492M£1.1B£1.2B£633M

Retained capital Paid out £4.4B more than it earned over 2016–2025; annual owner earnings fell £369M.

Balance sheet Heavy net debt, £2.2B · dividend paid 10 of 10 yrs, cut at least once

WPRT Westport Fuel Systems Inc

Westport is a technology and innovation company connecting synergistic technologies to power a cleaner tomorrow.

Owner earnings 2016–2025 ($90M)($75M)($38M)($25M)($42M)($58M)($49M)($20M)$3M($17M)

Retained capital not read

Balance sheet Net debt against an operating loss, $69M

WRD WeRide Inc.

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

Owner earnings 2022–2024 (CN¥751M)(CN¥512M)(CN¥678M)

Retained capital not read

Balance sheet Net cash, +CN¥3.7B

WSE Wise Group plc

Our cost base is affected by the need to maintain regulatory compliance across numerous jurisdictions in which we operate, which requires continued investment in our infrastructure, servicing, technology and products.

Owner earnings 2024–2026 $4.1B$5.7B$7.5B

Retained capital not read

Balance sheet Net cash, +$27.5B

WSHP WeShop Holdings Limited

WeShop operates a social commerce platform designed to connect product discovery, user-generated content, affiliate commerce and equity-linked rewards.

Owner earnings 2024–2025 (£2M)(£4M)

Retained capital not read

Balance sheet net position not read

WTF Waton Financial Limited

An exchange, a toll booth on trading and the market data that trading generates.

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

WTO UTime 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 2019–2024 (CN¥20M)(CN¥20M)(CN¥27M)(CN¥27M)(CN¥375M)

Retained capital not read

Balance sheet Net cash, +CN¥287M

WXM WF International 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 FY2024 $705K

Retained capital not read

Balance sheet Net debt against an operating loss, $763K

WYHG Wing Yip Food Holdings Group Limited

Revenue is led by Revenue from sales of cured pork sausages (40%) and Revenue from sales of snack products (35%), with 4 more lines behind.

Owner earnings 2022–2025 ($9M)$17M$2M($18M)

Retained capital Retained $44M of earnings over 2022–2025; annual owner earnings fell $3M, $-0.06 per $1 retained.

Balance sheet Net cash, +$67M