Owner Scorecard


← The Manual

Volume one · United States

B

157 entries, BA to BZH · entries 309–465 of 3,828

BA Boeing Company (The)

Boeing makes large aircraft: commercial jetliners it sells to airlines and aircraft-leasing companies, and defense and space systems it sells to the U.S. government and allied governments. It also runs a services arm that supports the fleet already flying, with parts, maintenance and support over the planes' long lives. Most of the money comes from selling the hardware, with a smaller slice from servicing the installed fleet.

Owner earnings 2016–2025 $7.9B$11.6B$13.6B($4.3B)($19.7B)($4.4B)$2.3B$4.4B($14.3B)($1.9B)

Retained capital Paid out $53.6B more than it earned over 2016–2025; annual owner earnings fell $14.9B.

Balance sheet Heavy net debt, $32.9B · buybacks at an average near $203 · dividend paid 6 of 10 yrs, cut at least once

BAC Bank of America Corp.

Bank of America is one of the largest banks in the United States. It takes in deposits from households, businesses, and institutions, then lends and invests that money, earning the spread between what it pays for the funds and what it earns on loans and securities. On top of that spread it collects fees — for managing wealth, advising and financing corporations, trading in the markets, and running the everyday machinery of cards and checking accounts.

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

BAH Booz Allen Hamilton Holding Corporation

Booz Allen Hamilton Holding Corporation is an advanced technology company building products and solutions for government and business.

Owner earnings 2017–2026 $328M$291M$431M$470M$631M$657M$527M$192M$911M$951M

Retained capital Paid out $200M more than it earned over 2017–2026; annual owner earnings grew $335M.

Balance sheet Meaningful net debt, $3.2B · buybacks at an average near $41.89 · dividend paid 10 of 10 yrs, never cut

BALL Ball Corp.

Ball Corporation and its consolidated subsidiaries is one of the world's leading suppliers of aluminum packaging for the beverage, personal care and household products industries.

Owner earnings 2016–2025 ($260M)$922M$750M$950M$764M$1.1B($293M)$1.3B($369M)$788M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $88M, $0.08 per $1 retained.

Balance sheet Heavy net debt, $5.8B · dividend paid 10 of 10 yrs, never cut

BALY Bally's Corporation

We are a global gaming, hospitality, entertainment and technology company with an expanding international footprint across casino, interactive and lottery markets.

Owner earnings 2017–2024 $86M$87M$66M$4M($15M)$59M($123M)($86M)

Retained capital Paid out $1.7B more than it earned over 2017–2024; annual owner earnings fell $129M.

Balance sheet Net debt against an operating loss, $4.3B · buybacks at an average near $18.93 · dividend paid 2 of 8 yrs, cut at least once

BAM Brookfield Asset Mgmt

Revenue is led by Infrastruture (33%) and Real estate (25%), with 3 more segments 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

BANC Banc of California

The Bank is one of the nation's premier relationship-based business banks, providing banking and treasury management services to small, middle-market, and venture-backed businesses.

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 · buybacks at an average near $14.55 · dividend paid 9 of 10 yrs, cut at least once

BAND Bandwidth Inc.

Bandwidth's go-to-market strategy is designed around the global shift from on-premises based technology to cloud-based communications.

Owner earnings 2016–2025 $1M$10M$19M($10M)($8M)$23M$16M$30M$70M$67M

Retained capital Paid out $39M more than it earned over 2016–2025; annual owner earnings grew $46M.

Balance sheet Net debt against an operating loss, $136M

BANF BancFirst Corporation

BancFirst's primary lending activity is the financing of business and industry in its market areas.

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, never cut

BANFP Bancfirst Corporation

BancFirst's primary lending activity is the financing of business and industry in its market areas.

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, never cut

BANR Banner Corporation

Banner anticipates this shift in client service delivery channel preference will continue and we strive to provide digital tools that support our client's banking 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

BATRA Atlanta Braves Holdings Inc. Series A

Revenue is Baseball (87%) and Mixed Use Development (13%).

Owner earnings 2022–2025 $36M($67M)($69M)($68M)

Retained capital Paid out $214M more than it earned over 2022–2025; annual owner earnings fell $35M.

Balance sheet Net debt against an operating loss, $639M

BATRK Atlanta Braves Holdings Inc. Series C

Revenue is Baseball (87%) and Mixed Use Development (13%).

Owner earnings 2022–2025 $36M($67M)($69M)($68M)

Retained capital Paid out $214M more than it earned over 2022–2025; annual owner earnings fell $35M.

Balance sheet Net debt against an operating loss, $639M

BAX Baxter International Inc.

A medical-device business, placing equipment that pulls consumables and service behind it.

Owner earnings 2016–2025 $935M$1.1B$1.4B$1.4B$1.2B$1.5B$834M$1.3B$573M$332M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings fell $397M.

Balance sheet Net debt against an operating loss, $2.4B · buybacks at an average near $69.72 · dividend paid 10 of 10 yrs, cut at least once

BB BlackBerry Limited

The Company's QNX division develops safe, reliable software for embedded systems across technology-driven industries, including automotive, medical devices, robotics, and industrial automation.

Owner earnings 2018–2026 $689M$83M$14M$74M($36M)($270M)($11M)$13M$47M

Retained capital Paid out $1.7B more than it earned over 2018–2026; annual owner earnings fell $246M.

Balance sheet Net cash, +$163M · buybacks at an average near $4.47

BBAI BigBear.ai Inc.

BigBear.ai Holdings, Inc.'s is a specialized provider of mission-ready artificial intelligence technology, founded originally to serve defense and national security mission customers.

Owner earnings 2019–2025 $4M($20M)($50M)($18M)($39M)($42M)

Retained capital not read

Balance sheet Net debt against an operating loss, $20M

BBBY Bed Bath & Beyond Inc.

Beyond, Inc., is an e-commerce-focused retailer with an affinity model that owns or has ownership interests in various brands, offering a comprehensive array of products and services that enable its customers to enhance everyday life through quality, style, and value.

Owner earnings 2017–2025 ($59M)($168M)($94M)$182M$67M($27M)($38M)($189M)($64M)

Retained capital not read

Balance sheet Net cash, +$143M

BBCP Concrete Pumping Holdings Inc.

Concrete Pumping Holdings, Inc. is a Delaware corporation headquartered in Thornton, Colorado.

Owner earnings 2018–2025 $22M$51M$47M$42M$42M$43M$18M

Retained capital Paid out $57M more than it earned over 2018–2025; annual owner earnings fell $6M.

Balance sheet Heavy net debt, $373M · buybacks at an average near $7.91 · dividend paid 1 of 7 yrs, never cut

BBIO BridgeBio Pharma Inc.

BridgeBio Pharma, Inc. is a commercial-stage, multi-product biopharmaceutical company organized around a portfolio operating model to discover, develop, and deliver medicines for patients with genetic diseases.

Owner earnings 2019–2025 ($254M)($401M)($504M)($424M)($529M)($522M)($447M)

Retained capital not read

Balance sheet Net debt against an operating loss, $1.4B

BBNX Beta Bionics Inc.

A medical-device business, placing equipment that pulls consumables and service behind it.

Owner earnings 2023–2025 ($33M)($49M)($52M)

Retained capital not read

Balance sheet Net cash, debt-free, +$219M

BBSI Barrett Business Services Inc.

Business teams deliver plans that closely align with the objectives of each business owner client.

Owner earnings 2016–2025 $77M$109M$66M$73M($33M)($21M)$22M$60M$2M$58M

Retained capital Retained $149M of earnings over 2016–2025; annual owner earnings fell $44M, $-0.29 per $1 retained.

Balance sheet Net cash, +$128M · buybacks at an average near $24.23 · dividend paid 10 of 10 yrs, never cut

BBT Beacon Financial Corporation

Beacon Financial Corporation is the holding company for Beacon Bank & Trust and Clarendon Private.

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

BBW Build-A-Bear Workshop Inc.

Build-A-Bear Workshop Inc. build-A-Bear's pop-culture appeal plays a key role in expanding our total addressable market beyond children to teens and adults with sports licensing, collectible and gifting offerings, as well as to categories beyond plush.

Owner earnings 2016–2026 $16M$3M($2M)$9M$8M$20M$34M$51M$32M$50M

Retained capital Retained $41M of earnings over 2016–2026; annual owner earnings grew $39M, $0.93 per $1 retained.

Balance sheet Net cash, debt-free, +$28M · buybacks at an average near $25.66 · dividend paid 5 of 10 yrs, cut at least once

BBWI Bath & Body Works

Bath & Body Works is a global leader in personal care and home fragrance, driven by the belief that everybody deserves to feel good.

Owner earnings 2018–2026 $699M$748M$778M$1.8B$1.2B$816M$656M$660M$865M

Retained capital Paid out $906M more than it earned over 2018–2026; annual owner earnings fell $15M.

Balance sheet Meaningful net debt, $2.9B · buybacks at an average near $60.63 · dividend paid 9 of 9 yrs, cut at least once

BBY Best Buy Co. Inc.

Best Buy is a big-box retailer of consumer electronics. It sells televisions, computers, phones, appliances and the cables and accessories around them, both in large stores and online, and it fixes and installs that gear through its Geek Squad service arm. It earns the markup between what it pays manufacturers and what customers pay, plus fees for delivery, installation, repair and the memberships that bundle those services.

Owner earnings 2017–2026 $2.0B$1.5B$1.6B$1.8B$4.2B$2.5B$894M$675M$1.4B$1.3B

Retained capital Paid out $3.4B more than it earned over 2017–2026; annual owner earnings fell $565M.

Balance sheet Net cash, +$373M · buybacks at an average near $79.25 · dividend paid 10 of 10 yrs, cut at least once

BC Brunswick

Brunswick Corporation is a global leader in marine recreation, delivering innovation that transforms experiences on the water and beyond.

Owner earnings 2016–2025 $331M$313M$213M$296M$616M$396M$355M$444M$264M$396M

Retained capital Paid out $236M more than it earned over 2016–2025; annual owner earnings grew $82M.

Balance sheet Net debt against an operating loss, $1.8B · buybacks at an average near $64.89 · dividend paid 10 of 10 yrs, never cut

BCAL California BanCorp

We have kept a steady focus on our solution-driven, relationship-based approach to banking, providing clients accessibility to decision makers and enhancing value through strong client partnerships.

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 · buybacks at an average near $15.88 · dividend paid 1 of 4 yrs, never cut

BCC Boise Cascade L.L.C.

Boise Cascade is one of the largest U.S. wholesale distributors of building materials and a leading manufacturer of engineered wood products and plywood in North America.

Owner earnings 2016–2025 $68M$76M$84M$163M$215M$586M$927M$555M$294M$96M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $239M, $0.17 per $1 retained.

Balance sheet Net cash, +$32M · dividend paid 9 of 10 yrs, cut at least once

BCML BayCom Corp

BayCom's wholly owned banking subsidiary, United Business Bank, provides a broad range of financial services to businesses and business owners, as well as individual consumers, through its network of 34 full-service branches, with 16 locations in California, one in Nevada, one in Washington, five in New Mexico and 11 in Colorado.

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 · buybacks at an average near $21.01 · dividend paid 4 of 10 yrs, never cut

BCO Brinks Company (The)

The Brink's Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services.

Owner earnings 2016–2025 $78M$122M$209M$204M$199M$310M$297M$500M$204M$436M

Retained capital Paid out $526M more than it earned over 2016–2025; annual owner earnings grew $244M.

Balance sheet Heavy net debt, $2.5B · dividend paid 10 of 10 yrs, never cut

BCPC Balchem

We develop, manufacture, distribute and market specialty performance ingredients and products for the nutritional, food, pharmaceutical, animal health, plant nutrition, sterilization, fumigation, and industrial markets.

Owner earnings 2016–2022 $85M$83M$100M$99M$118M$124M$89M

Retained capital Retained $373M of earnings over 2016–2022; annual owner earnings grew $22M, $0.06 per $1 retained.

Balance sheet Modest net debt, $89M · dividend paid 7 of 7 yrs, never cut

BCRX BioCryst Pharmaceuticals Inc.

We are a global biotechnology company focused on developing and commercializing medicines for hereditary angioedema and other rare diseases, driven by our deep commitment to improving the lives of people living with these conditions.

Owner earnings 2016–2025 ($54M)($41M)($93M)($90M)($136M)($143M)($163M)($97M)($53M)$346M

Retained capital not read

Balance sheet Net cash, debt-free, +$275M

BCYC Bicycle Therapeutics plc

We are a clinical-stage pharmaceutical company developing a novel class of medicines, which we refer to as Bicycle molecules, for diseases that are underserved by existing therapeutics.

Owner earnings 2017–2025 ($2M)($27M)($30M)($19M)($16M)($90M)($64M)($166M)($252M)

Retained capital not read

Balance sheet Net cash, +$597M

BDC Belden Inc

Belden Inc is a leading global supplier of complete connection solutions that unlock untold possibilities for our customers, their customers and the world.

Owner earnings 2016–2025 $261M$191M$191M$167M$83M$181M$176M$203M$223M$219M

Retained capital Retained $733M of earnings over 2016–2025; annual owner earnings grew $448K, $0.00 per $1 retained.

Balance sheet Meaningful net debt, $896M · dividend paid 10 of 10 yrs, cut at least once

BDN Brandywine Realty Trust

We are a self-administered and self-managed real estate investment trust engaged in the acquisition, development, redevelopment, ownership, management, and operation of a portfolio of office, life science/lab, residential and mixed-use properties.

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

BDX Becton Dickinson and Company

A medical-device business, placing equipment that pulls consumables and service behind it.

Owner earnings 2016–2025 $1.9B$1.8B$2.0B$2.4B$2.8B$3.5B$1.5B$2.1B$3.1B$2.7B

Retained capital Paid out $454M more than it earned over 2016–2025; annual owner earnings grew $749M.

Balance sheet Heavy net debt, $18.5B · dividend paid 10 of 10 yrs, never cut

BE Bloom Energy Corporation

ITEM 1—BUSINESS Overview Description of Bloom Energy Bloom Energy is a global leader in onsite power generation, delivering a foundational platform purpose-built for the digital era and the global energy transition.

Owner earnings 2016–2025 ($292M)($153M)($137M)$113M($137M)($110M)($253M)($435M)$33M$57M

Retained capital not read

Balance sheet Modest net debt, $59M

BEAM Beam Therapeutics Inc.

We are a biotechnology company committed to establishing the leading, fully integrated platform for precision genetic medicines.

Owner earnings 2019–2025 ($76M)($100M)($74M)$8M($169M)($356M)($360M)

Retained capital not read

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

BELFA Bel Fuse Inc.

Bel Fuse Inc. designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits.

Owner earnings 2016–2025 $30M$18M($1M)$15M$41M($5M)$31M$96M$60M$69M

Retained capital Retained $151M of earnings over 2016–2025; annual owner earnings grew $59M, $0.39 per $1 retained.

Balance sheet Modest net debt, $140M · dividend paid 10 of 10 yrs

BELFB Bel Fuse Inc.

Bel Fuse Inc. designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits.

Owner earnings 2016–2025 $30M$18M($1M)$15M$41M($5M)$31M$96M$60M$69M

Retained capital Retained $151M of earnings over 2016–2025; annual owner earnings grew $59M, $0.39 per $1 retained.

Balance sheet Modest net debt, $140M · dividend paid 10 of 10 yrs

BEN Franklin Resources Inc.

Franklin Resources Inc. is a holding company with subsidiaries operating under our Franklin Templeton and/or subsidiary brand names.

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

BERY Berry Global

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

Owner earnings 2016–2024 $569M$706M$671M$802M$947M$904M$876M$926M$854M

Retained capital Retained $2.9B of earnings over 2016–2024; annual owner earnings grew $237M, $0.08 per $1 retained.

Balance sheet Heavy net debt, $7.2B · buybacks at an average near $58.59 · dividend paid 2 of 9 yrs, never cut

BETA Beta Technologies Inc.

Technologies, we offer customers a complete platform to support their adoption of electric aircraft to enable both existing and new missions.

Owner earnings 2023–2025 ($167M)($239M)($290M)

Retained capital not read

Balance sheet Net cash, +$1.5B

BETR Better Home & Finance Holding Company

Home Finance Home Finance offers a range of residential mortgage loan products for home purchase and refinance, including cash-out refinance and debt consolidation, and home equity, across various maturities and interest rate structures.

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

BF-B Brown-Forman

We primarily manufacture, distill, bottle, import, export, market, and sell a wide variety of beverage alcohol products under recognized brands.

Owner earnings 2017–2026 $598M$589M$728M$650M$755M$857M$560M$560M$511M$893M

Retained capital Retained $2.1B of earnings over 2017–2026; annual owner earnings grew $16M, $0.01 per $1 retained.

Balance sheet Meaningful net debt, $2.1B · buybacks at an average near $44.73 · dividend paid 10 of 10 yrs, cut at least once

BFAM Bright Horizons Family Solutions Inc.

We are a leading provider of high-quality early education and child care, comprehensive back-up care solutions and educational advisory services.

Owner earnings 2016–2025 $138M$160M$202M$219M$125M$164M$118M$165M$240M$259M

Retained capital Retained $3M of earnings over 2016–2025; annual owner earnings grew $55M.

Balance sheet Modest net debt, $608M · buybacks at an average near $112

BFC Bank First Corporation

Bank is a relationship-based community bank focused on providing innovative solutions that are value driven to the communities we serve.

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

BFLY Butterfly Network Inc.

Butterfly is the pioneer of the Ultrasound-on-Chip semiconductor platform and a leader in semiconductor-based point-of-care ultrasound technology.

Owner earnings 2019–2025 ($121M)($83M)($191M)($175M)($105M)($44M)($16M)

Retained capital not read

Balance sheet Net cash, debt-free, +$226M

BFS Saul Centers Inc.

Saul Centers is the sole general partner, are referred to collectively as the "Company."

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 7 of 7 yrs, never cut

BFST Business First Bancshares Inc.

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 · dividend paid 10 of 10 yrs, never cut

BG Bunge Limited

We are a premier agribusiness solutions company, connecting farmers to consumers and delivering essential food, feed and fuel to the world.

Owner earnings 2021–2025 ($3.3B)($6.1B)$2.2B$524M($879M)

Retained capital not read

Balance sheet Heavy net debt, $12.1B

BGC BGC Group Inc.

BGC and leading global investment banks and market making firms have partnered to create FMX, part of the BGC Group of companies, which includes a U.S. interest rate futures exchange, a cash U.S.

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 · buybacks at an average near $6.23 · dividend paid 10 of 10 yrs, cut at least once

BGDE Big Digital Energy Inc.

Big Digital Energy Inc. is a technology company focused on digital infrastructure platforms, headquartered in the United States.

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

BGS B&G Foods

Foods manufactures, sells and distributes a diverse portfolio of branded, high-quality, shelf-stable and frozen food and household products across the United States, Canada and Puerto Rico.

Owner earnings 2016–2026 $247M($22M)$168M$4M$255M($16M)$222M$104M$71M

Retained capital Paid out $631M more than it earned over 2016–2026; annual owner earnings grew $1M.

Balance sheet Heavy net debt, $1.9B · dividend paid 9 of 9 yrs, cut at least once

BH Biglari Holdings Inc.

Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas.

Owner earnings 2018–2025 $5M$76M$97M$164M$98M$50M$19M$77M

Retained capital Retained $44M of earnings over 2018–2025; annual owner earnings fell $11M, $-0.25 per $1 retained.

Balance sheet Net cash, +$22M

BHB Bar Harbor Bankshares Inc.

Bar Harbor Bankshares is the parent company of Bar Harbor Bank & Trust, which is the only community bank headquartered in Northern New England with branches in Maine, New Hampshire, and Vermont.

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, never cut

BHC Bausch Health Companies Inc.

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

Owner earnings 2016–2025 $1.9B$2.1B$1.3B$1.2B$809M$1.2B($946M)$817M$1.3B$1.0B

Retained capital Paid out $8.2B more than it earned over 2016–2025; annual owner earnings fell $745M.

Balance sheet Heavy net debt, $19.5B

BHE Benchmark Electronics Inc.

Benchmark Electronics Inc. is a Texas corporation that provides design engineering and advanced manufacturing services that include both electronic manufacturing services and precision metal machining services.

Owner earnings 2016–2025 $243M$95M$14M$61M$86M($41M)($221M)$129M$158M$88M

Retained capital Paid out $346M more than it earned over 2016–2025; annual owner earnings grew $8M.

Balance sheet Net cash, +$111M · buybacks at an average near $26.31 · dividend paid 8 of 10 yrs, never cut

BHF Brighthouse Financial Inc.

Financial markets up to a stated level, while offering protection from a portion of declines.

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

BHFAL Brighthouse Financial, Inc.

Financial markets up to a stated level, while offering protection from a portion of declines.

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

BHFAM Brighthouse Financial Inc.

Financial markets up to a stated level, while offering protection from a portion of declines.

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

BHFAN Brighthouse Financial Inc.

Financial markets up to a stated level, while offering protection from a portion of declines.

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

BHFAO Brighthouse Financial Inc.

Financial markets up to a stated level, while offering protection from a portion of declines.

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

BHFAP Brighthouse Financial Inc.

Financial markets up to a stated level, while offering protection from a portion of declines.

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

BHRB Burke & Herbert Financial Services Corp.

Services that we offer include checking, savings and money market accounts, certificates of deposit, treasury and cash management services, commercial and industrial loans, commercial real estate loans, residential mortgage, acquisition, construction & development loans, online banking, mobile banking, and wealth & trust services.

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 5 of 5 yrs, never cut

BIIB Biogen Inc.

Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases.

Owner earnings 2016–2025 $4.0B$3.7B$5.4B$6.6B$3.8B$3.4B$1.1B$1.3B$2.7B$2.1B

Retained capital Retained $7.4B of earnings over 2016–2025; annual owner earnings fell $2.3B, $-0.32 per $1 retained.

Balance sheet Modest net debt, $1.7B

BILL BILL Holdings

We are a leading financial operations platform for small and midsize businesses.

Owner earnings 2018–2025 ($10M)($7M)($6M)($249K)($23M)$180M$278M$346M

Retained capital Paid out $1.4B more than it earned over 2018–2025; annual owner earnings grew $275M.

Balance sheet Net debt against an operating loss, $676M · buybacks at an average near $75.63

BIO Bio-Rad

Bio-Rad is a multinational life science and clinical diagnostics company that develops, manufactures, and markets a broad portfolio of instruments, systems, reagents, and consumables.

Owner earnings 2016–2025 $75M($7M)$156M$359M$476M$536M$82M$218M$290M$375M

Retained capital Retained $3.6B of earnings over 2016–2025; annual owner earnings grew $220M, $0.06 per $1 retained.

Balance sheet Net cash, +$331M

BIOA BioAge Labs Inc.

We are a clinical-stage biopharmaceutical company developing therapeutic product candidates for metabolic diseases by targeting the biology of human aging.

Owner earnings 2024–2025 ($52M)($82M)

Retained capital not read

Balance sheet Net cash, +$278M

BJ BJ's Wholesale

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

Owner earnings 2017–2026 $183M$73M$281M$198M$701M$651M$587M$491M$639M$741M

Retained capital Retained $1.4B of earnings over 2017–2026; annual owner earnings grew $445M, $0.31 per $1 retained.

Balance sheet Modest net debt, $473M · buybacks at an average near $24.44 · dividend paid 9 of 10 yrs, cut at least once

BJRI BJ's Restaurants Inc.

A restaurant business, earning on traffic through its doors and the returns on each new unit.

Owner earnings 2017–2025 $74M$36M$34M($3M)$22M($27M)$35M$41M

Retained capital Paid out $201M more than it earned over 2017–2025; annual owner earnings fell $32M.

Balance sheet Modest net debt, $53M · buybacks at an average near $34.26 · dividend paid 6 of 8 yrs, cut at least once

BK THE Bank of NEW York Mellon Corporation

The Bank of New York Mellon Corporation is a global financial services platforms company headquartered in New York, New York, with $59.3 trillion in assets under custody and/or administration and $2.2 trillion in assets under management as of Dec. 31, 2025.

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 · buybacks at an average near $53.01 · dividend paid 10 of 10 yrs, never cut

BKD Brookdale Senior Living Inc.

We are the nation's premier operator of senior living communities, operating and managing 584 communities in 41 states as of December 31, 2025, with the ability to serve approximately 51,000 residents.

Owner earnings 2016–2025 $40M$164M($22M)($88M)$20M($271M)($194M)($70M)($35M)$17M

Retained capital Paid out $2.7B more than it earned over 2016–2025; annual owner earnings fell $91M.

Balance sheet Heavy net debt, $4.0B · buybacks at an average near $6.88

BKE Buckle

Buckle is a retailer of medium to better-priced casual apparel, footwear, and accessories for fashion-conscious men, women, and kids.

Owner earnings 2017–2026 $117M$106M$99M$123M$220M$293M$224M$234M$219M$226M

Retained capital Paid out $76M more than it earned over 2017–2026; annual owner earnings grew $119M.

Balance sheet Net cash, debt-free, +$274M · dividend paid 10 of 10 yrs, cut at least once

BKH Black Hills

Black Hills Corporation is a customer-focused, growth-oriented utility company headquartered in Rapid City, South Dakota.

Owner earnings 2016–2025 $145M$240M$292M$296M$317M($301M)$334M$688M$449M$390M

Retained capital Retained $856M of earnings over 2016–2025; annual owner earnings grew $283M, $0.33 per $1 retained.

Balance sheet Heavy net debt, $4.5B · dividend paid 10 of 10 yrs, never cut

BKKT Bakkt Inc.

Our long-term strategy is to build and scale an integrated financial infrastructure platform through our three solutions: Bakkt Markets, Bakkt Agent, and Bakkt Global.

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

BKNG Booking Holdings Inc.

Booking Holdings runs online travel marketplaces, among them Booking.com, Priceline, Agoda, Kayak and OpenTable, that connect travelers with hotels and other travel providers and take a cut of each booking. On merchant bookings it handles the traveler’s payment; on agency bookings it does not, and simply passes the customer along. It also sells advertising.

Owner earnings 2016–2025 $3.8B$4.4B$4.9B$4.5B($201M)$2.5B$6.2B$7.0B$7.9B$9.1B

Retained capital Paid out $17.6B more than it earned over 2016–2025; annual owner earnings grew $3.6B.

Balance sheet Modest net debt, $1.5B · buybacks at an average near $95.87 · dividend paid 2 of 10 yrs, never cut

BKR Baker Hughes Company

Baker Hughes Company is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain.

Owner earnings 2016–2025 ($162M)($1.5B)$767M$886M$330M$1.5B$899M$1.8B$2.1B$2.5B

Retained capital Paid out $11.5B more than it earned over 2016–2025; annual owner earnings grew $2.4B.

Balance sheet Modest net debt, $2.4B · buybacks at an average near $30.11 · dividend paid 9 of 10 yrs

BKSY BlackSky Technology Inc.

Technology company that delivers real-time imagery, analytics and high-frequency monitoring of the world's most critical and strategic locations, economic assets, and events.

Owner earnings 2020–2025 ($32M)($55M)($56M)($33M)($22M)($45M)

Retained capital not read

Balance sheet Net debt against an operating loss, $83M

BKU BankUnited

BankUnited provides a full range of consumer and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions, and offers certain commercial lending and deposit products through national platforms and certain consumer deposit products through an online channel.

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

BKV BKV Corporation

BKV Corporation is a forward-thinking, growth-driven energy company focused on creating long-term risk-adjusted stockholder value through the development of natural gas producing assets, the ownership and operation of natural gas-fired power generation assets, and selective accretive acquisitions.

Owner earnings 2022–2025 $349M($65M)$18M($57M)

Retained capital Retained $557M of earnings over 2022–2025; annual owner earnings fell $136M, $-0.24 per $1 retained.

Balance sheet Modest net debt, $287M · buybacks at an average near $28.92

BL BlackLine

BlackLine has pioneered customer-centric innovation in financial software, optimizing mission-critical processes for the Office of the CFO.

Owner earnings 2016–2025 ($7M)$2M$10M$25M$48M$71M$45M$121M$189M$161M

Retained capital Paid out $309M more than it earned over 2016–2025; annual owner earnings grew $155M.

Balance sheet Heavy net debt, $276M · buybacks at an average near $52.34

BLBD Blue Bird Corporation

We are the leading independent designer and manufacturer of school buses, with more than 619,000 buses sold since our formation in 1927.

Owner earnings 2016–2025 $16M$38M$39M$45M($11M)($66M)($31M)$111M$96M$161M

Retained capital Retained $297M of earnings over 2016–2025; annual owner earnings grew $92M, $0.31 per $1 retained.

Balance sheet Net cash, +$139M · buybacks at an average near $8.77 · no dividend paid

BLCO Bausch + Lomb Corporation

Revenue is Vision Care (57%), Pharmaceuticals (25%) and Surgical (18%).

Owner earnings 2020–2025 $269M$680M$170M($198M)($59M)($66M)

Retained capital Paid out $767M more than it earned over 2020–2025; annual owner earnings fell $481M.

Balance sheet Heavy net debt, $4.7B

BLD TopBuild

We are a leader in delivering these benefits for new and existing homes and commercial/industrial facilities across the United States and Canada.

Owner earnings 2016–2025 $63M$97M$128M$226M$317M$347M$419M$785M$707M$697M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $634M, $0.46 per $1 retained.

Balance sheet Meaningful net debt, $2.7B · buybacks at an average near $182

BLDR Builders FirstSource

We deliver integrated homebuilding solutions by manufacturing, supplying, and installing a full range of structural and related building products.

Owner earnings 2016–2025 $116M$116M$181M$391M$148M$1.5B$3.3B$1.8B$1.5B$853M

Retained capital Retained $378M of earnings over 2016–2025; annual owner earnings grew $1.3B.

Balance sheet Heavy net debt, $4.3B · buybacks at an average near $80.61

BLFS BioLife Solutions Inc.

We are a life sciences company that develops, manufactures, and markets bioproduction products and services which are designed to improve quality and de-risk biologic manufacturing, distribution, and transportation in the cell and gene therapy industry.

Owner earnings 2017–2025 $461K$2M$538K$5M($9M)($15M)($19M)$5M$18M

Retained capital Paid out $269M more than it earned over 2017–2025; annual owner earnings grew $393K.

Balance sheet Net cash, +$28M

BLK BlackRock Inc.

BlackRock manages other people's money. Individuals and institutions — pension plans, governments, insurers, savers — hand it their capital, and BlackRock invests it across stocks, bonds, and other assets, both through low-cost index and exchange-traded funds and through funds it actively picks. It earns most of its keep as a fee charged on the pile it manages, so its revenue rides on the size of those assets; it also licenses its investment and risk software to other firms.

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 3 of 4 yrs, never cut

BLKB Blackbaud Inc.

We are the world's leading provider of AI-powered solutions for social impact.

Owner earnings 2016–2025 $136M$166M$187M$171M$118M$202M$192M$195M$289M$258M

Retained capital Paid out $940M more than it earned over 2016–2025; annual owner earnings grew $84M.

Balance sheet Heavy net debt, $1.1B · buybacks at an average near $64.77 · dividend paid 5 of 10 yrs, cut at least once

BLLN BillionToOne Inc.

Our novel smNGS platform technologies combined with our AI-enhanced integrated workflow, allows us to push the technology frontier forward and deliver on the full promise of non-invasive liquid biopsy.

Owner earnings 2023–2025 ($60M)($47M)$18M

Retained capital not read

Balance sheet Net cash, +$439M

BLMN Bloomin' Brands Inc.

Bloomin' Brands Inc. is one of the largest casual dining restaurant companies in the world, with a portfolio of leading, differentiated restaurant concepts.

Owner earnings 2016–2025 $80M$148M$80M$156M$51M$280M$198M$250M$7M$97M

Retained capital Paid out $988M more than it earned over 2016–2025; annual owner earnings grew $15M.

Balance sheet Heavy net debt, $774M · buybacks at an average near $19.62 · dividend paid 9 of 10 yrs, cut at least once

BLND Blend Labs Inc.

We help financial institutions deliver transparency, speed, and scale across all major product lines in home lending and consumer banking, supporting end-to-end mortgage applications, home equity, refinance, vehicle, credit card, personal loan, and deposit account opening.

Owner earnings 2019–2025 ($60M)($66M)($129M)($192M)($128M)($23M)($81K)

Retained capital not read

Balance sheet Net cash, debt-free, +$105M

BLZE Backblaze Inc.

We are a high-performance cloud storage platform for data-intensive use cases in the artificial intelligence era and across a broad range of modern cloud workloads, designed to help customers address complex storage needs by reducing the barriers of lock-in, complexity, and cost.

Owner earnings 2020–2025 $11M($4M)($21M)($13M)$11M$19M

Retained capital Paid out $216M more than it earned over 2020–2025; annual owner earnings grew $10M.

Balance sheet Net cash, debt-free, +$51M

BMBL Bumble Inc.

Bumble app is a leader in the online dating sector across several countries, including the United States, the United Kingdom, Australia and Canada.

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, $413M

BMI Badger Meter

Badger Meter is a leading innovator, manufacturer and marketer of products incorporating flow measurement, quality, control and other system solutions serving markets worldwide.

Owner earnings 2016–2025 $46M$35M$52M$73M$81M$81M$77M$98M$142M$173M

Retained capital Retained $407M of earnings over 2016–2025; annual owner earnings grew $94M, $0.23 per $1 retained.

Balance sheet Net cash, debt-free, +$87M · buybacks at an average near $183 · dividend paid 10 of 10 yrs, never cut

BMNP Bitmine Immersion Technologies, Inc.

Our results are now driven primarily by: operating efficiency and working capital management in a lower-capex model; and ETH market conditions, principally as they affect the value of the ETH held in, and the activities of, our treasury.

Owner earnings 2021–2025 ($504K)($2M)($1M)($106K)($5M)

Retained capital not read

Balance sheet Net cash, +$512M

BMNR BitMine Immersion Technologies Inc.

Our results are now driven primarily by: operating efficiency and working capital management in a lower-capex model; and ETH market conditions, principally as they affect the value of the ETH held in, and the activities of, our treasury.

Owner earnings 2021–2025 ($504K)($2M)($1M)($106K)($5M)

Retained capital not read

Balance sheet Net cash, +$512M

BMRC Bank of Marin Bancorp

Bank is an insured bank by the Federal Deposit Insurance Corporation.

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, never cut

BMRN BioMarin

BioMarin is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions.

Owner earnings 2016–2025 ($325M)($97M)($75M)($57M)($29M)$209M$55M$63M$487M$748M

Retained capital Retained $977M of earnings over 2016–2025; annual owner earnings grew $598M, $0.61 per $1 retained.

Balance sheet Net cash, +$1.4B

BMY Bristol-Myers Squibb Company

Bristol-Myers Squibb discovers, develops, and makes branded prescription medicines for serious diseases. It sells these drugs worldwide, principally through wholesalers, distributors, and specialty pharmacies, who in turn supply the retailers, hospitals, and clinics that reach patients. The money is made on patent-protected drugs that, for a stretch of years, no one else is allowed to copy.

Owner earnings 2016–2025 $2.7B$4.5B$6.4B$7.4B$13.3B$15.2B$11.9B$12.7B$13.9B$12.8B

Retained capital Paid out $45.2B more than it earned over 2016–2025; annual owner earnings grew $8.6B.

Balance sheet Meaningful net debt, $34.5B · buybacks at an average near $93.69 · dividend paid 10 of 10 yrs, never cut

BNED Barnes & Noble Education Inc

Our selling and administrative expenses consist primarily of store payroll and store operating expenses.

Owner earnings 2017–2026 $33M$17M$75M($45M)$5M($32M)$67M($19M)($98M)$34M

Retained capital Paid out $764M more than it earned over 2017–2026; annual owner earnings fell $70M.

Balance sheet Heavy net debt, $188M · buybacks at an average near $27.30

BNL Broadstone Net Lease Inc.

Our investments in these alternatives fluctuate from time to time depending on macroeconomic conditions and business or market trends.

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

BNY The Bank of New York Mellon Corporation

The Bank of New York Mellon Corporation is a global financial services platforms company headquartered in New York, New York, with $59.3 trillion in assets under custody and/or administration and $2.2 trillion in assets under management as of Dec. 31, 2025.

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 · buybacks at an average near $53.01 · dividend paid 10 of 10 yrs, never cut

BOC Boston Omaha Corporation

We are a leading outdoor billboard advertising company in the markets we serve in the Midwest.

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

BOH Bank of Hawaii Corporation

The Bank, directly and through its subsidiaries, provides a broad range of financial products and services primarily to customers in Hawai i, Guam, and other Pacific Islands.

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 · buybacks at an average near $85.88 · dividend paid 8 of 8 yrs, never cut

BOKF BOK Financial

BOK Financial offers full service banking in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri.

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, never cut

BOOT Boot Barn Holdings

Our product offering is anchored by an extensive selection of western and work boots and is complemented by a wide assortment of coordinating apparel and accessories.

Owner earnings 2017–2026 $27M$28M$45M$4M$127M$62M$53M$187M$85M$226M

Retained capital Retained $1.1B of earnings over 2017–2026; annual owner earnings grew $133M, $0.13 per $1 retained.

Balance sheet Modest net debt, $106M

BOW Bowhead Specialty Holdings Inc.

Our principal objective is to create and sustain superior returns for our stockholders by generating consistent, underwriting profits across our product offerings and through all market cycles, while prudently managing capital.

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

BOX Box, Inc.

Box is the leading Intelligent Content Management provider.

Owner earnings 2017–2026 ($17M)$24M$41M$39M$293M$314M$330M$350M

Retained capital Paid out $1.0B more than it earned over 2017–2026; annual owner earnings grew $316M.

Balance sheet Net cash, +$27M

BPOP Popular Inc.

We provide retail, mortgage and commercial banking services, as well as auto and equipment leasing and financing through our principal banking subsidiary, Banco Popular de Puerto Rico, and broker- dealer and insurance services through specialized subsidiaries.

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, never cut

BPOPM Popular, Inc.

We provide retail, mortgage and commercial banking services, as well as auto and equipment leasing and financing through our principal banking subsidiary, Banco Popular de Puerto Rico, and broker- dealer and insurance services through specialized subsidiaries.

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, never cut

BR Broadridge Financial Solutions Inc.

Broadridge Business Broadridge is a global financial technology leader powering investing, corporate governance, and communications.

Owner earnings 2016–2025 $380M$431M$617M$566M$536M$588M$415M$785M$999M$1.1B

Retained capital Retained $804M of earnings over 2016–2025; annual owner earnings grew $495M, $0.62 per $1 retained.

Balance sheet Meaningful net debt, $2.7B · buybacks at an average near $112 · dividend paid 10 of 10 yrs, never cut

BRBR BellRing Brands Inc. Common Stock

We are a leader in the global convenient nutrition category, aiming to enhance the lives of our consumers by providing them with nutritious, great-tasting products they can enjoy throughout the day.

Owner earnings 2018–2025 $136M$95M$95M$225M$19M$214M$198M$256M

Retained capital Retained $719M of earnings over 2018–2025; annual owner earnings grew $114M, $0.16 per $1 retained.

Balance sheet Meaningful net debt, $1.0B

BRC Brady Corporation

Brady is a global manufacturer and supplier of identification solutions and workplace safety products that identify and protect premises, products and people.

Owner earnings 2017–2025 $129M$121M$138M$114M$178M$84M$190M$225M$154M

Retained capital Retained $488M of earnings over 2017–2025; annual owner earnings grew $60M, $0.12 per $1 retained.

Balance sheet Net cash, +$75M · dividend paid 9 of 9 yrs, never cut

BRCB Black Rock Coffee Bar Inc.

Black Rock is a platform to do well by our baristas, guests, and the communities we serve.

Owner earnings 2023–2025 ($3M)$3M($10M)

Retained capital not read

Balance sheet Net cash, +$2M

BRCC BRC Inc.

We are a mission-driven company committed to delivering quality products while giving back to the communities we serve.

Owner earnings 2019–2025 $3M$10M($11M)($121M)($32M)$3M($13M)

Retained capital not read

Balance sheet Net debt against an operating loss, $30M

BRK-A Berkshire Hathaway Inc.

Berkshire Hathaway is a holding company. It owns insurance businesses outright and puts the premiums it holds before claims come due — the float — to work as investable capital, and it owns whole operating companies in railroad, energy, manufacturing, services, and retail and wholesale distribution, alongside large stakes in public companies. It earns money two ways: the profits of the businesses it controls, and the return on the capital it invests.

Owner earnings 2016–2025 $23.7B$36.5B$27.6B$28.6B$26.8B$26.2B$26.5B$36.7B$17.7B$32.5B

Retained capital Retained $438.4B of earnings over 2016–2025; annual owner earnings fell $322M, $-0.00 per $1 retained.

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

BRK-B Berkshire Hathaway Inc.

Berkshire Hathaway is a holding company. It owns insurance businesses outright and puts the premiums it holds before claims come due — the float — to work as investable capital, and it owns whole operating companies in railroad, energy, manufacturing, services, and retail and wholesale distribution, alongside large stakes in public companies. It earns money two ways: the profits of the businesses it controls, and the return on the capital it invests.

Owner earnings 2016–2025 $23.7B$36.5B$27.6B$28.6B$26.8B$26.2B$26.5B$36.7B$17.7B$32.5B

Retained capital Retained $438.4B of earnings over 2016–2025; annual owner earnings fell $322M, $-0.00 per $1 retained.

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

BRKR Bruker

We are a developer, manufacturer, and distributor of high-performance scientific instruments and analytical and diagnostic solutions that enable our customers to explore life and materials at microscopic, molecular and cellular levels.

Owner earnings 2016–2025 $94M$111M$191M$140M$235M$190M$186M$243M$136M$43M

Retained capital Retained $454M of earnings over 2016–2025; annual owner earnings grew $9M, $0.02 per $1 retained.

Balance sheet Heavy net debt, $1.6B · dividend paid 10 of 10 yrs, cut at least once

BRKRP Bruker Corporation

We are a developer, manufacturer, and distributor of high-performance scientific instruments and analytical and diagnostic solutions that enable our customers to explore life and materials at microscopic, molecular and cellular levels.

Owner earnings 2016–2025 $94M$111M$191M$140M$235M$190M$186M$243M$136M$43M

Retained capital Retained $454M of earnings over 2016–2025; annual owner earnings grew $9M, $0.02 per $1 retained.

Balance sheet Heavy net debt, $1.6B · dividend paid 10 of 10 yrs, cut at least once

BRLS Borealis Foods Inc. Class A

The Borealis Foods Strategic Difference Unique Approach to the Product We developed and launched the first plant-based instant ramen meals providing 20 grams of complete protein per serving.

Owner earnings 2023–2024 ($22M)($17M)

Retained capital not read

Balance sheet Net debt against an operating loss, $8M

BRO Brown & Brown Inc.

We are a diversified insurance agency, wholesale brokerage, insurance programs, specialty insurance business and service organization headquartered in Daytona Beach, Florida.

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, never cut

BROS Dutch Bros Inc.

Revenue is Company-operated shops (92%) and Franchising and other (8%).

Owner earnings 2019–2025 $47M$38M$55M$15M$71M$153M$180M

Retained capital Retained $99M of earnings over 2019–2025; annual owner earnings grew $88M, $0.89 per $1 retained.

Balance sheet Net cash, +$67M

BRSP BrightSpire Capital Inc.

Our investment strategy is dynamic and flexible, enabling us to adapt to shifts in economic, real estate and capital market conditions and to exploit market inefficiencies.

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 · buybacks at an average near $8.33 · dividend paid 8 of 10 yrs, cut at least once

BRX Brixmor

Brixmor Property Group Inc. and subsidiaries is an internally-managed corporation that has elected to be taxed as a real estate investment trust.

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

BRZE Braze

Braze is a leading customer engagement platform that empowers brands to Be Absolutely Engaging.

Owner earnings 2020–2026 ($8M)($8M)($38M)($27M)($113K)$27M$62M

Retained capital Paid out $644M more than it earned over 2020–2026; annual owner earnings grew $47M.

Balance sheet Net cash, debt-free, +$124M

BSM Black Stone Minerals L.P. Common

Revenue is Crude Oil (50%), Natural Gas (45%) and Real Estate (5%).

Owner earnings 2016–2025 $195M$279M$379M$370M$282M$247M$425M$507M$280M$203M

Retained capital Retained $2.4B of earnings over 2016–2025; annual owner earnings grew $45M, $0.02 per $1 retained.

Balance sheet Modest net debt, $153M

BSRR Sierra Bancorp

The Bank Bank of the Sierra, a California state-chartered bank headquartered in Porterville, California, offers a wide range of retail and commercial banking services via branch offices located throughout California's South San Joaquin Valley, the Central Coast, Ventura County, and neighboring communities.

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 · buybacks at an average near $26.73 · dividend paid 10 of 10 yrs, never cut

BSVN Bank7 Corp.

Bank7, we operate twelve full-service branches in Oklahoma, Texas, and Kansas.

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

BSX Boston Scientific Corporation

Boston Scientific makes the tools and implants that physicians use inside the body during minimally-invasive procedures — devices that open and treat blood vessels, that pace and manage the heart's rhythm, and instruments used in endoscopy, urology, and the stimulation of nerves. The buyers are hospitals and the physicians who perform the procedures, not patients directly. Many of the products are single-use or are left in the body, so each procedure consumes the device and the next one requires a fresh purchase.

Owner earnings 2016–2025 $806M$1.1B($6M)$1.4B$1.1B$1.3B$938M$1.8B$2.6B$3.7B

Retained capital Retained $14.0B of earnings over 2016–2025; annual owner earnings grew $2.1B, $0.15 per $1 retained.

Balance sheet Meaningful net debt, $9.2B · dividend paid 4 of 10 yrs, cut at least once

BSY Bentley Systems Incorporated

Bentley Systems is the infrastructure engineering software company.

Owner earnings 2018–2025 $143M$154M$242M$270M$256M$392M$421M$520M

Retained capital Retained $439M of earnings over 2018–2025; annual owner earnings grew $265M, $0.60 per $1 retained.

Balance sheet Meaningful net debt, $1.1B · dividend paid 8 of 8 yrs, cut at least once

BTBT Bit Digital Inc.

Bit Digital Inc. is a strategic asset company focused on active participation in Ethereum-native treasury, staking strategies.

Owner earnings 2022–2025 ($28M)($13M)($45M)($326M)

Retained capital not read

Balance sheet Net cash, +$8M

BTSG BrightSpring Health Services Inc.

We are a leading home and community-based healthcare services platform, focused on delivering complementary pharmacy and provider services to complex patients.

Owner earnings 2022–2025 ($75M)$137M($57M)$395M

Retained capital Paid out $80M more than it earned over 2022–2025; annual owner earnings grew $156M.

Balance sheet Heavy net debt, $2.4B

BTSGU Brightspring Health Services, Inc.

We are a leading home and community-based healthcare services platform, focused on delivering complementary pharmacy and provider services to complex patients.

Owner earnings 2022–2025 ($75M)$137M($57M)$395M

Retained capital Paid out $80M more than it earned over 2022–2025; annual owner earnings grew $156M.

Balance sheet Heavy net debt, $2.4B

BTU Peabody Energy Corporation Common Stock

Peabody is a leading producer of metallurgical and thermal coal.

Owner earnings 2015–2025 ($141M)($179M)$1.2B$392M($201M)$237M$952M$687M$205M($78M)

Retained capital Paid out $3.6B more than it earned over 2015–2025; annual owner earnings fell $18M.

Balance sheet Net cash, +$239M · buybacks at an average near $21.79 · dividend paid 6 of 10 yrs, cut at least once

BURL Burlington Stores

We are a nationally recognized off-price retailer of high-quality, branded merchandise at everyday low prices.

Owner earnings 2017–2026 $428M$406M$422M$681M($54M)$584M$326M$562M$516M$814M

Retained capital Retained $707M of earnings over 2017–2026; annual owner earnings grew $212M, $0.30 per $1 retained.

Balance sheet Modest net debt, $846M

BUSE First Busey Corporation

Busey conducts the business of banking and provides related banking services, asset management, brokerage, and fiduciary services through Busey Bank, and provides payment technology solutions through FirsTech.

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 · buybacks at an average near $18.89 · dividend paid 10 of 10 yrs, never cut

BUSEP First Busey Corporation

Busey conducts the business of banking and provides related banking services, asset management, brokerage, and fiduciary services through Busey Bank, and provides payment technology solutions through FirsTech.

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 · buybacks at an average near $18.89 · dividend paid 10 of 10 yrs, never cut

BV BrightView Holdings Inc.

We are the largest provider of commercial landscaping services in the United States, with revenues approximately 4 times those of our next largest commercial landscaping competitor.

Owner earnings 2016–2025 $36M$94M$80M$192M$87M($400K)$59M$127M$150M

Retained capital Paid out $121M more than it earned over 2016–2025; annual owner earnings grew $42M.

Balance sheet Heavy net debt, $716M

BVS Bioventus Inc.

We are a global medical device company focused on helping patients recover and live life to the fullest by relieving pain and addressing musculoskeletal challenges through a diverse portfolio of high-quality, innovative, and clinically-proven solutions.

Owner earnings 2019–2025 $38M$55M$9M($15M)$8M$38M$72M

Retained capital Paid out $286M more than it earned over 2019–2025; annual owner earnings grew $5M.

Balance sheet Heavy net debt, $243M

BW Babcock & Wilcox Enterprises Inc.

We are a globally-focused energy technologies provider with nearly 160 years of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers.

Owner earnings 2016–2025 ($20M)($204M)($287M)($180M)($49M)($118M)($44M)($52M)($130M)($86M)

Retained capital not read

Balance sheet Heavy net debt, $247M

BWA BorgWarner Inc.

BorgWarner Inc. is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles.

Owner earnings 2016–2025 $644M$772M$695M$527M$743M$792M$947M$815M$711M$1.2B

Retained capital Retained $2.4B of earnings over 2016–2025; annual owner earnings grew $198M, $0.08 per $1 retained.

Balance sheet Meaningful net debt, $1.6B · dividend paid 10 of 10 yrs, cut at least once

BWB Bridgewater Bancshares Inc.

The Company's simple, highly efficient business model of providing responsive support and simple solutions to clients continues to be the underlying principle that drives the Company's profitable growth.

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

BWBBP Bridgewater Bancshares Inc.

The Company's simple, highly efficient business model of providing responsive support and simple solutions to clients continues to be the underlying principle that drives the Company's profitable growth.

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

BWFG Bankwell Financial Group Inc.

The Bank provides a wide range of services to clients in our market, an area encompassing approximately a 100 mile radius around our branch network.

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 · buybacks at an average near $28.92 · dividend paid 8 of 8 yrs, never cut

BWIN The Baldwin Insurance Group Inc.

Baldwin Insurance Group, Inc. is a holding company and sole managing member of The Baldwin Insurance Group Holdings, LLC and its sole material asset is its ownership interest in Baldwin Holdings, through which all of our business is conducted.

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

BWMN Bowman Consulting Group Ltd.

Bowman is a professional services firm delivering integrated engineering, technical consulting and program management services to customers who own, develop, and maintain the built environment.

Owner earnings 2020–2025 $10M$4M$8M$10M$24M$33M

Retained capital Paid out $29M more than it earned over 2020–2025; annual owner earnings grew $15M.

Balance sheet Meaningful net debt, $47M

BWNB Babcock & Wilcox Enterprises, Inc.

We are a globally-focused energy technologies provider with nearly 160 years of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers.

Owner earnings 2016–2025 ($20M)($204M)($287M)($180M)($49M)($118M)($44M)($52M)($130M)($86M)

Retained capital not read

Balance sheet Heavy net debt, $247M

BWXT BWX Technologies Inc.

BWX Technologies, Inc. is a specialty manufacturer of nuclear components, a developer of nuclear technologies and a service provider with an operating history of more than 100 years.

Owner earnings 2016–2025 $187M$165M$109M$218M$136M$317M$171M$285M$323M$371M

Retained capital Retained $928M of earnings over 2016–2025; annual owner earnings grew $172M, $0.19 per $1 retained.

Balance sheet Meaningful net debt, $1.5B · dividend paid 10 of 10 yrs, never cut

BX Blackstone Inc.

Blackstone is an alternative asset manager. It raises money from institutions and individuals, pools it into funds, and invests that capital across real estate, private equity, credit and insurance, and other strategies. It earns a management fee on the money it oversees, and a share of the profits when its funds do well.

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

BXC Bluelinx Holdings Inc.

BlueLinx is a leading wholesale distributor of residential and commercial building products in the United States.

Owner earnings 2016–2026 $41M($3M)$39M($15M)$51M$373M$279M$45M$33M

Retained capital Retained $331M of earnings over 2016–2026; annual owner earnings grew $93M, $0.28 per $1 retained.

Balance sheet Heavy net debt, $210M · buybacks at an average near $105

BXMT Blackstone Mortgage Trust Inc.

Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and Australia.

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

BXP BXP Inc.

BXP is a fully integrated, self-administered and self-managed REIT, and it is one of the largest publicly-traded office REITs in the United States that develops, owns and manages primarily premier workplaces.

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

BY Byline Bancorp Inc.

We offer a broad range of banking products and services to small and medium sized businesses, commercial real estate and financial sponsors and to consumers who generally live or work near our branches.

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 · buybacks at an average near $23.74 · dividend paid 6 of 10 yrs, never cut

BYD Boyd Gaming

Boyd Gaming Corporation is a multi-jurisdictional gaming company that has been in operation since 1975.

Owner earnings 2016–2025 $140M$232M$273M$341M$114M$811M$707M$658M$680M$674M

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings grew $456M, $0.23 per $1 retained.

Balance sheet Meaningful net debt, $1.7B · buybacks at an average near $60.74 · dividend paid 8 of 10 yrs, cut at least once

BYND Beyond Meat Inc.

Beyond Meat is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats and other innovative plant-based food and beverage products.

Owner earnings 2017–2025 ($28M)($43M)($55M)($53M)($323M)($353M)($118M)($110M)($157M)

Retained capital not read

Balance sheet Net debt against an operating loss, $938M

BZH Beazer Homes USA Inc.

Beazer Homes offers a diverse portfolio of products tailored to meet the evolving needs of homebuyers that value a well-constructed and energy efficient home .

Owner earnings 2017–2025 $92M$38M$99M$278M$17M$66M$166M($152M)$13M

Retained capital Retained $554M of earnings over 2017–2025; annual owner earnings fell $68M, $-0.12 per $1 retained.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $19.91

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.