Owner Scorecard


← The Manual

Volume one · United States

I

93 entries, IAC to IXHL · entries 1,292–1,384 of 3,828

IAC IAC Inc.

Since then, IAC has transformed itself into a leading Internet company through the development, building, acquisition and distribution to its stockholders of a number of businesses and continues to build companies and invest opportunistically.

Owner earnings 2018–2025 $315M$157M$94M$29M($223M)$96M$340M$45M

Retained capital Paid out $1.0B more than it earned over 2018–2025; annual owner earnings fell $28M.

Balance sheet Net debt against an operating loss, $466M · buybacks at an average near $44.10

IART Integra Lifesciences Holdings Corp

Integra LifeSciences Holdings Corporation is a global medical technology company dedicated to restoring lives.

Owner earnings 2016–2025 $69M$71M$122M$162M$165M$264M$222M$99M$87M$6M

Retained capital Paid out $275M more than it earned over 2016–2025; annual owner earnings fell $23M.

Balance sheet Net debt against an operating loss, $1.5B · buybacks at an average near $47.62

IAUX i-80 Gold Corp.

The Company is a Nevada-focused, growth-oriented gold and silver company engaged in the exploration and advancement of gold and silver mineral deposits.

Owner earnings 2023–2025 ($86M)($85M)($90M)

Retained capital not read

Balance sheet Net debt against an operating loss, $111M

IBCP Independent Bank Corporation

Bank's branches provide full-service lobby and drive-thru services, as well as automatic teller machines.

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 $20.33 · dividend paid 10 of 10 yrs, never cut

IBEX IBEX Limited

Ibex delivers innovative business process outsourcing, smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage, and retain valuable customers.

Owner earnings 2021–2025 ($5M)$14M$23M$27M$27M

Retained capital Retained $29M of earnings over 2021–2025; annual owner earnings grew $15M, $0.51 per $1 retained.

Balance sheet Net cash, +$14M · buybacks at an average near $16.10 · dividend paid 1 of 5 yrs, cut at least once

IBKR Interactive Brokers Group Inc.

Interactive Brokers Group Inc. is an automated global broker.

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

IBM International Business Machines Corp

IBM sells the machinery of corporate computing: software, consulting, and the mission-critical hardware that large enterprises and governments run their core operations on. It makes money from software, from fees for consulting that helps clients modernize and run those systems, and from selling that hardware and financing it. The buyer is the institution's technology department, not the household.

Owner earnings 2016–2025 $13.5B$13.5B$11.9B$12.5B$15.6B$10.7B$9.1B$12.7B$12.4B$12.1B

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings fell $560M.

Balance sheet Meaningful net debt, $47.7B · buybacks at an average near $146 · dividend paid 10 of 10 yrs, never cut

IBOC International Bancshares Corporation

We are a registered multibank financial holding company providing a diversified range of commercial and retail banking services in our main banking and branch facilities located in north, south, central, and southeast Texas and the State of Oklahoma.

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

IBP Installed Building Products

We are a provider of energy efficiency solutions to our customers through our primary line of business of installing insulation.

Owner earnings 2016–2025 $46M$37M$61M$84M$147M$101M$232M$291M$285M$301M

Retained capital Retained $489M of earnings over 2016–2025; annual owner earnings grew $244M, $0.50 per $1 retained.

Balance sheet Modest net debt, $565M · buybacks at an average near $133 · dividend paid 5 of 10 yrs, never cut

IBRX ImmunityBio Inc.

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

Owner earnings 2016–2025 ($42M)($54M)($73M)($156M)($173M)($289M)($356M)($385M)($398M)($309M)

Retained capital not read

Balance sheet Net debt against an operating loss, $82M

IBTA Ibotta Inc.

We source digital promotions from our clients, which are primarily consumer packaged goods brands, and distribute these promotions to consumers via our network of publishers, which is enabled by our technology platform.

Owner earnings 2022–2025 ($57M)$22M$115M$87M

Retained capital Paid out $209M more than it earned over 2022–2025; annual owner earnings grew $48M.

Balance sheet Net cash, debt-free, +$187M

ICE Intercontinental Exchange Inc.

Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities.

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 $91.18 · dividend paid 10 of 10 yrs, never cut

ICFI ICF International

ICF International mARKET OPPORTUNITY, SERVICES, AND SOLUTIONS Complex, long-term market factors, which include geopolitical, technological, environmental, and demographic trends, are accelerating change and reshaping priorities for government and industry.

Owner earnings 2016–2025 $66M$103M$53M$65M$155M$90M$138M$130M$150M$120M

Retained capital Retained $633M of earnings over 2016–2025; annual owner earnings grew $60M, $0.09 per $1 retained.

Balance sheet Meaningful net debt, $396M · dividend paid 8 of 10 yrs, never cut

ICHR Ichor Holdings

Our primary product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices.

Owner earnings 2016–2025 $23M$31M$47M$45M$28M($6M)$2M$42M$10M($6M)

Retained capital Retained $111M of earnings over 2016–2025; annual owner earnings fell $18M, $-0.16 per $1 retained.

Balance sheet Net debt against an operating loss, $25M · buybacks at an average near $20.64

ICUI ICU Medical

ICU develops, manufactures and sells innovative medical products used in infusion therapy, vascular access, and vital care applications.

Owner earnings 2016–2025 $67M$80M$67M$25M$131M$199M($152M)$82M$125M$92M

Retained capital Retained $122M of earnings over 2016–2025; annual owner earnings grew $28M, $0.23 per $1 retained.

Balance sheet Heavy net debt, $962M

IDA IDACORP

IDACORP's other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small PURPA-qualifying hydropower generation projects.

Owner earnings 2016–2025 $197M$269M$323M$193M$212M$184M$178M$67M$366M$343M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings fell $4M, $-0.00 per $1 retained.

Balance sheet Heavy net debt, $3.2B · dividend paid 10 of 10 yrs, never cut

IDCC InterDigital Inc.

InterDigital Inc. is a global research and development company focused primarily on wireless, video, artificial intelligence, and related technologies.

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 $4.40 · dividend paid 10 of 10 yrs, never cut

IDR Idaho Strategic Resources Inc.

Idaho Strategic is a gold producer and critical minerals exploration company focused on a diversified asset base and cash flows from operations.

Owner earnings 2016–2025 ($703K)$193K($2M)$111K($985K)($2M)($3M)$1M$9M$17M

Retained capital Retained $19M of earnings over 2016–2025; annual owner earnings grew $10M, $0.52 per $1 retained.

Balance sheet Net cash, +$8M

IDT IDT Corporation

IDT is a provider of fintech and communications solutions focused on certain under-served consumer and B2B markets.

Owner earnings 2016–2025 $31M$13M($173K)$66M($46M)$50M$8M$30M$59M$106M

Retained capital Retained $215M of earnings over 2016–2025; annual owner earnings grew $51M, $0.24 per $1 retained.

Balance sheet Net cash, +$220M · dividend paid 5 of 10 yrs, cut at least once

IDXX IDEXX Laboratories Inc.

Revenue is Products (59%) and Services (41%).

Owner earnings 2016–2025 $274M$299M$317M$371M$541M$636M$431M$773M$808M$1.1B

Retained capital Retained $955M of earnings over 2016–2025; annual owner earnings grew $583M, $0.61 per $1 retained.

Balance sheet Modest net debt, $519M · buybacks at an average near $312

IDYA IDEAYA Biosciences Inc.

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

Owner earnings 2019–2025 ($41M)$55M($58M)($89M)($118M)($250M)($73M)

Retained capital not read

Balance sheet Net cash, debt-free, +$639M

IE Ivanhoe Electric Inc.

We are a technology-driven United States minerals exploration and development company with a focus on copper and other critical metals vital to electric transmission and generation, manufacturing, infrastructure development, technology, and national security.

Owner earnings 2021–2025 ($52M)($124M)($152M)($165M)($90M)

Retained capital not read

Balance sheet Net cash, debt-free, +$173M

IEP Icahn Enterprises L.P.

We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.

Owner earnings 2016–2025 $971M($1.7B)$651M($1.7B)($615M)$16M$717M$3.4B$552M($654M)

Retained capital Paid out $3.0B more than it earned over 2016–2025; annual owner earnings grew $1.1B.

Balance sheet Net debt against an operating loss, $5.2B · dividend paid 5 of 10 yrs, cut at least once

IESC IES Holdings Inc.

IES Holdings, Inc. designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing and commercial and industrial facilities.

Owner earnings 2016–2025 $22M$18M$8M$32M$72M$31M($13M)$136M$189M$239M

Retained capital Retained $788M of earnings over 2016–2025; annual owner earnings grew $173M, $0.22 per $1 retained.

Balance sheet Net cash, +$203M · buybacks at an average near $59.01

IEX IDEX Corp.

IDEX Corporation is a global applied solutions provider serving niche markets with mission critical components for everyday life.

Owner earnings 2016–2025 $362M$389M$423M$477M$518M$493M$489M$627M$603M$617M

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings grew $224M, $0.11 per $1 retained.

Balance sheet Modest net debt, $1.2B · buybacks at an average near $145 · dividend paid 10 of 10 yrs, never cut

IFF International Flavors & Fragrances Inc.

We are a leading creator and manufacturer of products for application in food, beverage, health & biosciences, and scent, as well as complementary adjacent products, including natural health ingredients, all of which are used in a wide variety of consumer and end-use products.

Owner earnings 2016–2025 $424M$262M$267M$463M$522M$1.0B($107M)$952M$607M$256M

Retained capital Paid out $7.2B more than it earned over 2016–2025; annual owner earnings grew $287M.

Balance sheet Net debt against an operating loss, $5.4B · buybacks at an average near $108 · dividend paid 10 of 10 yrs, cut at least once

IHRT iHeartMedia Inc.

IHeartMedia is the number one audio media company in the U.S. based on consumer reach.

Owner earnings 2015–2025 ($374M)($330M)($559M)$881M$131M$147M$259M$110M($26M)$11M

Retained capital Paid out $6.6B more than it earned over 2015–2025; annual owner earnings grew $453M.

Balance sheet Net debt against an operating loss, $4.8B

IIIN Insteel Industries Inc.

Insteel Industries Inc. is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications.

Owner earnings 2016–2025 $43M$9M$41M($4M)$49M$52M($10M)$129M$39M$19M

Retained capital Retained $138M of earnings over 2016–2025; annual owner earnings grew $31M, $0.23 per $1 retained.

Balance sheet Net cash, +$25M · buybacks at an average near $29.78 · dividend paid 10 of 10 yrs, cut at least once

IIIV i3 Verticals Inc.

Verticals provides mission-critical enterprise software solutions to public sector entities.

Owner earnings 2016–2025 $9M$8M$16M$26M$21M$43M$41M$33M$45M$4M

Retained capital Retained $60M of earnings over 2016–2025; annual owner earnings grew $16M, $0.28 per $1 retained.

Balance sheet Net cash, debt-free, +$67M

IIPR Innovative Industrial Properties

We are an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties 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

ILMN Illumina Inc.

Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical and applied markets.

Owner earnings 2017–2025 $719M$963M$842M$891M$337M$283M$709M$931M

Retained capital Retained $68M of earnings over 2017–2025; annual owner earnings fell $200M.

Balance sheet Net cash, +$143M · buybacks at an average near $98.69

ILPT Industrial Logistics Properties Trust

Properties provide for rents to be reset to fair market value periodically during the lease terms.

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 8 of 10 yrs, cut at least once

IMAX Imax Corporation

IMAX Corporation is a Canadian corporation that was formed in March 1994 as a result of an amalgamation between WGIM Acquisition Corp. and the former IMAX Corporation.

Owner earnings 2016–2025 $63M$61M$97M$83M($24M)$2M$9M$52M$62M$119M

Retained capital Paid out $173M more than it earned over 2016–2025; annual owner earnings grew $4M.

Balance sheet Net cash, +$149M

IMCR Immunocore Holdings plc

We are a commercial stage biotechnology company pioneering and delivering transformative immunomodulating medicines to radically improve outcomes for patients with cancer, infectious diseases, and autoimmune diseases.

Owner earnings 2021–2025 ($144M)($51M)($1M)$21M($14M)

Retained capital not read

Balance sheet Net cash, debt-free, +$864M

IMKTA Ingles Markets Incorporated

Ingles Markets, Incorporated is a leading supermarket chain in the southeast United States and operates a total of 194 supermarkets in North Carolina, Georgia, South Carolina, Tennessee, Virginia and Alabama, excluding three stores that remain temporarily closed due to damage sustained during Hurricane Helene.

Owner earnings 2017–2025 $29M$48M$99M$227M$166M$220M$150M$141M$40M

Retained capital Retained $1.1B of earnings over 2017–2025; annual owner earnings grew $52M, $0.05 per $1 retained.

Balance sheet Modest net debt, $144M · dividend paid 9 of 9 yrs

IMNM Immunome Inc.

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

Owner earnings 2023–2025 ($8M)($112M)($193M)

Retained capital not read

Balance sheet Net cash, +$653M

IMSR Terrestrial Energy Inc. Common Stock

Terrestrial Energy Inc. is an advanced nuclear technology company developing the Integral Molten Salt Reactor nuclear plant, which uses the Company's proprietary design of Molten Salt Reactor.

Owner earnings FY2024 ($9M)

Retained capital not read

Balance sheet Net cash, debt-free, +$298M

IMSRW Terrestrial Energy Inc.

Terrestrial Energy Inc. is an advanced nuclear technology company developing the Integral Molten Salt Reactor nuclear plant, which uses the Company's proprietary design of Molten Salt Reactor.

Owner earnings FY2024 ($9M)

Retained capital not read

Balance sheet Net cash, debt-free, +$298M

IMXI International Money Express Inc.

International Money Express Inc. is a global leading omnichannel money remittance services company focused primarily on the United States of America to Latin America and the Caribbean corridor, which includes Mexico, Central and South America and the Caribbean.

Owner earnings 2018–2025 $15M$46M($5M)$68M$6M$131M$39M$16M

Retained capital Retained $84M of earnings over 2018–2025; annual owner earnings grew $43M, $0.52 per $1 retained.

Balance sheet Modest net debt, $26M · buybacks at an average near $19.80 · no dividend paid

INBX Inhibrx Biosciences Inc.

We are a clinical-stage biopharmaceutical company with a pipeline of novel biologic therapeutic candidates, developed using our proprietary modular protein engineering platforms.

Owner earnings 2023–2025 ($195M)($197M)($130M)

Retained capital not read

Balance sheet Net cash, +$24M

INCY Incyte

Incyte is a global biopharmaceutical company engaged in the discovery, development and commercialization of proprietary therapeutics.

Owner earnings 2016–2022 $246M($145M)$281M$656M($176M)$692M$892M

Retained capital Retained $1.3B of earnings over 2016–2022; annual owner earnings grew $342M, $0.25 per $1 retained.

Balance sheet Heavy net debt, $16.4B

INDB Independent Bank Group

Independent Bank Group is the sole stockholder of Rockland Trust Company, a Massachusetts trust company chartered in 1907.

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

INDI indie Semiconductor Inc.

Our go-to-market strategy focuses on collaborating with key customers and partnering with Tier 1s through aligned product development, in pursuit of solutions addressing the automotive industry's highest growth applications.

Owner earnings 2020–2025 ($22M)($59M)($84M)($117M)($73M)($71M)

Retained capital not read

Balance sheet Net debt against an operating loss, $208M

INDV Indivior Pharmaceuticals Inc.

Indivior Pharmaceuticals, Inc. is the market leader in long-acting injectable medications for opioid use disorder.

Owner earnings 2022–2025 ($9M)($308M)$20M($37M)

Retained capital not read

Balance sheet Modest net debt, $124M

INGM Ingram Micro Holding Corporation

Ingram Micro is a leading solutions provider by revenue and/or by global footprint for the global information technology ecosystem helping power the world's leading technology brands.

Owner earnings 2022–2025 ($497M)($143M)$191M$785M

Retained capital Retained $1.5B of earnings over 2022–2025; annual owner earnings grew $427M, $0.29 per $1 retained.

Balance sheet Modest net debt, $1.3B · dividend paid 4 of 4 yrs, cut at least once

INGR Ingredion

Ingredion Incorporated is a leading global ingredient solutions provider that transforms grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets.

Owner earnings 2016–2025 $575M$560M$456M$460M$616M$172M($63M)$838M$1.2B$722M

Retained capital Retained $2.9B of earnings over 2016–2025; annual owner earnings grew $397M, $0.14 per $1 retained.

Balance sheet Modest net debt, $927M · dividend paid 10 of 10 yrs, never cut

INN Summit Hotel Properties Inc.

Summit Hotel Properties, Inc. is a self-managed lodging property investment company that was organized on June 30, 2010 as a Maryland 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 · buybacks at an average near $4.30 · dividend paid 5 of 10 yrs, cut at least once

INNV InnovAge Holding Corp.

We Are InnovAge is the leading healthcare delivery platform by number of participants focused on providing all-inclusive, capitated care to high-cost, seniors, many of whom are dual-eligible.

Owner earnings 2020–2025 $32M($20M)$13M$5M($45M)$27M

Retained capital Paid out $204M more than it earned over 2020–2025; annual owner earnings fell $13M.

Balance sheet Net cash, +$46M · dividend paid 1 of 6 yrs, never cut

INOD Innodata Inc.

Innodata Inc. is a global data engineering and AI systems services company that supports the development, training, post-training, evaluation, and deployment of advanced artificial intelligence systems.

Owner earnings 2016–2025 ($5M)($3M)$2M$3M$4M$2M($5M)$339K$29M$40M

Retained capital Retained $37M of earnings over 2016–2025; annual owner earnings grew $25M, $0.69 per $1 retained.

Balance sheet Net cash, +$76M

INR Infinity Natural Resources Inc.

We are a growth oriented independent energy company focused on the acquisition, development, and production of hydrocarbons in the Appalachian Basin.

Owner earnings 2023–2025 $53M$178M$262M

Retained capital not read

Balance sheet Heavy net debt, $148M

INSM Insmed Incorporated

We are a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases.

Owner earnings 2016–2025 ($149M)($163M)($262M)($256M)($226M)($371M)($406M)($542M)($690M)($945M)

Retained capital not read

Balance sheet Net cash, +$889M

INSP Inspire Medical Systems

We are a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea.

Owner earnings 2016–2025 ($18M)($16M)($19M)($33M)($54M)($21M)$10M$22M$124M$103M

Retained capital Paid out $232M more than it earned over 2016–2025; annual owner earnings grew $101M.

Balance sheet Net cash, +$284M

INSW International Seaways Inc. Common Stock

Revenue is International Crude Tankers (52%) and International Product Carriers (48%).

Owner earnings 2016–2025 $127M($61M)($85M)$87M$216M($77M)$287M$687M$546M$379M

Retained capital Retained $357M of earnings over 2016–2025; annual owner earnings grew $544M, $1.52 per $1 retained.

Balance sheet Modest net debt, $400M · buybacks at an average near $28.72 · dividend paid 6 of 10 yrs, cut at least once

INTA Intapp

We are a leading global provider of AI-powered solutions for the world's premier accounting, consulting, investment banking, legal, private capital and real assets firms.

Owner earnings 2020–2025 ($4M)($12M)$14M$25M$65M$122M

Retained capital Paid out $312M more than it earned over 2020–2025; annual owner earnings grew $71M.

Balance sheet Net cash, +$38M

INTC Intel Corporation

Intel designs and builds semiconductors — chiefly the microprocessors that serve as the central brains of personal computers and data-center servers, along with related chips. It sells mostly to the makers of computers and servers and to the operators of large data centers, who design their machines around its parts. Unlike most chip designers, Intel also owns the factories that fabricate its chips, so it carries the cost of running and refilling those plants whether or not demand shows up.

Owner earnings 2016–2025 $12.2B$10.3B$14.3B$16.9B$21.6B$10.7B($9.4B)($14.3B)($15.7B)($4.9B)

Retained capital Retained $3.3B of earnings over 2016–2025; annual owner earnings fell $23.9B.

Balance sheet Net debt against an operating loss, $32.3B · dividend paid 9 of 10 yrs, cut at least once

INTU Intuit Inc.

Intuit sells financial software to two kinds of customers: ordinary people and small businesses. Consumers use TurboTax to file their taxes and Credit Karma to watch their credit; small firms use QuickBooks to keep their books, run payroll, and get paid, and Mailchimp to find customers. Most of the money arrives as subscriptions and per-use fees collected over the internet, and because the product is code rather than a physical thing, serving one more customer costs the company almost nothing.

Owner earnings 2016–2025 $1.3B$1.5B$2.1B$2.2B$2.4B$3.2B$3.7B$4.9B$4.7B$6.1B

Retained capital Paid out $499M more than it earned over 2016–2025; annual owner earnings grew $3.6B.

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

INV Innventure Inc.

Innventure's team screens opportunities that are reflective of the four dimensions of the DownSelect Process: technology developed by an MNC or other technology innovator, significant market need, transformative solution and strategic execution.

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

INVA Innoviva Inc.

Innoviva Inc. is a diversified biopharmaceutical company with a core royalties portfolio, a leading critical care and infectious disease platform known as Innoviva Specialty Therapeutics, and a portfolio of strategic healthcare assets.

Owner earnings 2016–2025 $61M$142M$224M$257M$313M$364M$202M$141M$188M$196M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $33M, $0.03 per $1 retained.

Balance sheet Net cash, +$276M · dividend paid 4 of 10 yrs, cut at least once

INVH Invitation Homes Inc.

Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across 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 · buybacks at an average near $23.83 · dividend paid 9 of 10 yrs, never cut

INVX Innovex International Inc.

We are a global company, a nd for the year ended December 31, 2025, the NAM market made up approximately 52% of our revenue, while the International and Offshore markets constituted 48%.

Owner earnings 2016–2023 $221M$80M$13M$3M($33M)$28M($25M)$53M

Retained capital Paid out $344M more than it earned over 2016–2023; annual owner earnings fell $86M.

Balance sheet Net cash, +$204M · buybacks at an average near $37.98 · no dividend paid

IONQ IonQ Inc.

IonQ is the world's first and only quantum platform company.

Owner earnings 2020–2025 ($13M)($29M)($50M)($89M)($124M)($300M)

Retained capital not read

Balance sheet Net cash, debt-free, +$2.4B

IONS Ionis Pharmaceuticals

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

Owner earnings 2016–2025 ($119M)$167M$592M$333M$23M$19M($290M)($318M)($511M)($279M)

Retained capital not read

Balance sheet Net cash, +$917M

IOSP Innospec

Innospec develops, manufactures, blends, markets and supplies a wide range of specialty chemicals to customers in the Americas, Europe, the Middle East, Africa and Asia-Pacific.

Owner earnings 2016–2025 $89M$59M$76M$132M$116M$54M$42M$168M$143M$88M

Retained capital Retained $555M of earnings over 2016–2025; annual owner earnings grew $58M, $0.10 per $1 retained.

Balance sheet Net cash, debt-free, +$293M · buybacks at an average near $92.57 · dividend paid 10 of 10 yrs, never cut

IOT Samsara Inc.

We pioneered the Connected Operations Platform, which is an open platform that connects the people, assets, and systems of some of the world's most complex operations, allowing them to develop actionable insights and improve their operations.

Owner earnings 2021–2026 ($183M)($182M)($115M)($23M)$111M$207M

Retained capital not read

Balance sheet Net cash, debt-free, +$319M

IOVA Iovance Biotherapeutics Inc.

Our multi-center trials, scalable manufacturing, regulatory approvals and commercial infrastructure have transformed TIL cell therapy from a research product available to only a small number of patients, into a commercially viable treatment that is accessible for thousands of cancer patients.

Owner earnings 2013–2025 ($4M)$7M($20M)($34M)($80M)($102M)($384M)($364M)($336M)

Retained capital not read

Balance sheet Net cash, +$288M

IP International Paper Company

International Paper Company is a global leader in sustainable packaging solutions.

Owner earnings 2016–2025 $1.2B$477M$1.7B$2.5B$2.4B$1.6B$1.2B$692M$757M($159M)

Retained capital Paid out $4.2B more than it earned over 2016–2025; annual owner earnings fell $693M.

Balance sheet Meaningful net debt, $8.7B · dividend paid 10 of 10 yrs, cut at least once

IPAR Inter Parfums

We operate in the fragrance business, and manufacture, market and distribute a wide array of prestige fragrances, and fragrance related products.

Owner earnings 2016–2025 $51M$33M$59M$73M$54M$107M$50M$99M$183M$190M

Retained capital Retained $426M of earnings over 2016–2025; annual owner earnings grew $110M, $0.26 per $1 retained.

Balance sheet Net cash, +$159.6B · dividend paid 10 of 10 yrs, cut at least once

IPG Interpublic

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

Owner earnings 2015–2024 $527M$312M$726M$388M$1.3B$1.7B$1.9B$464M$375M$913M

Retained capital Retained $1.4B of earnings over 2015–2024; annual owner earnings grew $62M, $0.05 per $1 retained.

Balance sheet Modest net debt, $731M · buybacks at an average near $25.86 · dividend paid 10 of 10 yrs, never cut

IPGP IPG Photonics Corporation

IPG Photonics Corporation develops, manufactures and sells high-performance fiber lasers, fiber amplifiers, diode lasers and laser-based systems that are used for diverse applications in materials processing, medical and advanced applications.

Owner earnings 2016–2025 $171M$279M$233M$190M$198M$267M$103M$186M$149M($3M)

Retained capital Retained $251M of earnings over 2016–2025; annual owner earnings fell $117M, $-0.47 per $1 retained.

Balance sheet Net cash, +$816M · buybacks at an average near $105

IPI Intrepid Potash Inc

We are a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed and the oil and gas industry.

Owner earnings 2011–2025 $38M($59M)($186M)$66M($23M)($33M)$3M($22M)$34M$26M

Retained capital Paid out $676M more than it earned over 2011–2025; annual owner earnings grew $81M.

Balance sheet Net cash, +$54M · dividend paid 1 of 10 yrs, cut at least once

IPSC Century Therapeutics Inc.

We are a biotechnology company harnessing the power of allogeneic pluripotent stem cell therapies to develop potentially curative cell therapy products for autoimmune diseases, including type 1 diabetes, or T1D, and cancer.

Owner earnings 2022–2025 $6M($102M)($110M)($105M)

Retained capital not read

Balance sheet Net cash, +$107M

IQV IQVIA Holdings Inc.

IQVIA is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries.

Owner earnings 2016–2025 $696M$601M$795M$835M$1.3B$2.3B$1.6B$1.5B$2.1B$2.1B

Retained capital Paid out $3.5B more than it earned over 2016–2025; annual owner earnings grew $1.2B.

Balance sheet Heavy net debt, $13.6B

IR Ingersoll Rand Inc.

Ingersoll Rand Inc. is a diversified, global provider of mission-critical flow creation products, and industrial and life science solutions.

Owner earnings 2016–2025 $91M$144M$392M$305M$872M$564M$771M$1.3B$1.2B$1.2B

Retained capital Retained $987M of earnings over 2016–2025; annual owner earnings grew $1.0B, $1.05 per $1 retained.

Balance sheet Meaningful net debt, $3.5B · dividend paid 5 of 10 yrs, never cut

IRD Opus Genetics Inc.

Opus Genetics Inc. is a clinical-stage biopharmaceutical company developing gene therapies to restore vision and prevent blindness in patients with inherited retinal diseases, and other types of therapies for additional ophthalmic disorders.

Owner earnings 2011–2020 ($16M)($8M)($4M)($7M)

Retained capital not read

Balance sheet Net cash, +$44M

IRDM Iridium Communications Inc

Iridium Communications Inc is a leading provider of global voice, data, and positioning, navigation and timing satellite services.

Owner earnings 2016–2025 $176M$137M$46M$80M$211M$261M$273M$241M$306M$300M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $163M.

Balance sheet Heavy net debt, $1.7B · dividend paid 3 of 10 yrs, never cut

IREN IREN Limited

Our HPC and AI services include AI Cloud Services, launched in 2024, that generates revenue by providing access to cloud-based GPU computing to customers for AI training and inference workloads.

Owner earnings 2023–2025 ($25M)$2M$65M

Retained capital not read

Balance sheet Heavy net debt, $398M

IRM Iron Mountain Inc

We are a global leader in information management services, and we are trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds.

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

IRMD iRadimed Corporation

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

Owner earnings 2016–2025 $9M$3M$7M$10M$5M$11M$9M$13M$25M$24M

Retained capital Retained $40M of earnings over 2016–2025; annual owner earnings grew $14M, $0.36 per $1 retained.

Balance sheet Net cash, debt-free, +$59M · dividend paid 4 of 10 yrs, never cut

IRT Independence Realty Trust

Trust that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 6 of 6 yrs, cut at least once

IRTC iRhythm Technologies

IRhythm is a leading digital healthcare company that creates trusted solutions that detect, predict, and prevent disease.

Owner earnings 2016–2025 ($17M)($17M)($31M)($25M)($21M)($48M)($36M)($66M)($17M)$60M

Retained capital not read

Balance sheet Net debt against an operating loss, $66M

IRWD Ironwood Pharmaceuticals Inc.

We are a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal, or GI, and rare diseases.

Owner earnings 2016–2025 ($30M)($104M)($71M)$5M$167M$262M$274M$183M$103M$127M

Retained capital Paid out $778M more than it earned over 2016–2025; annual owner earnings grew $206M.

Balance sheet Modest net debt, $85M · buybacks at an average near $11.40

ISRG Intuitive Surgical Inc.

Intuitive Surgical makes robotic-assisted systems that let a surgeon operate through small incisions while seated at a console, sold mainly to hospitals under the da Vinci and Ion names. It places the system once, then sells the instruments and accessories that each procedure consumes, plus service contracts and surgeon training. Most of its revenue comes not from the systems themselves but from those per-procedure instruments and accessories — the placed system is the razor, and every operation sells the blades.

Owner earnings 2016–2025 $1.0B$1.1B$1.1B$1.4B$1.3B$1.7B$1.2B$1.4B$2.0B$2.5B

Retained capital Retained $6.9B of earnings over 2016–2025; annual owner earnings grew $913M, $0.13 per $1 retained.

Balance sheet Net cash, debt-free, +$5.9B · buybacks at an average near $117

ISSC Innovative Solutions and Support Inc.

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

Owner earnings 2017–2025 $6M($2M)$2M$4M$4M$6M$2M$5M$10M

Retained capital Retained $6M of earnings over 2017–2025; annual owner earnings grew $4M, $0.63 per $1 retained.

Balance sheet Modest net debt, $21M · dividend paid 2 of 9 yrs, never cut

ISTR Investar Holding Corporation

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 5 of 5 yrs, never cut

IT Gartner Inc.

Revenue is led by Insights (78%) and Conferences (10%), with 2 more segments behind.

Owner earnings 2016–2025 $316M$144M$344M$416M$819M$1.3B$993M$1.1B$1.4B$1.2B

Retained capital Paid out $1.5B more than it earned over 2016–2025; annual owner earnings grew $936M.

Balance sheet Modest net debt, $1.3B

ITGR Integer Holdings

Integer Holdings Corporation, headquartered in Plano, Texas, is one of the world's largest medical device contract development and manufacturing organizations, serving the Cardio and Vascular, Neuromodulation, and Cardiac Rhythm Management markets.

Owner earnings 2016–2025 $47M$102M$122M$117M$135M$103M$42M$60M$100M$105M

Retained capital Retained $841M of earnings over 2016–2025; annual owner earnings fell $2M, $-0.00 per $1 retained.

Balance sheet Heavy net debt, $1.2B

ITIC Investors Title Company

ITIC and NITIC offer primary title insurance coverage to owners and mortgagees of real estate and assume reinsurance of title insurance risks from other title insurance companies.

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

ITRI Itron Inc.

Itron is a global leader in grid edge intelligence, energy and water management, smart city applications, Industrial Internet of Things and critical infrastructure and related services.

Owner earnings 2016–2025 $72M$142M$50M$112M$63M$120M$5M$98M$208M$383M

Retained capital Retained $277M of earnings over 2016–2025; annual owner earnings grew $142M, $0.51 per $1 retained.

Balance sheet Modest net debt, $228M · buybacks at an average near $53.49

ITT ITT Inc.

ITT Inc., through its worldwide subsidiaries, is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial and energy markets.

Owner earnings 2016–2025 $129M$134M$276M$266M$372M($97M)$174M$430M$439M$548M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $292M, $0.27 per $1 retained.

Balance sheet Net cash, +$960M · buybacks at an average near $46.90 · dividend paid 10 of 10 yrs, never cut

ITW Illinois Tool Works Inc.

Illinois Tool Works Inc. is a global manufacturer of a diversified range of industrial products and equipment with 88 divisions in 49 countries.

Owner earnings 2016–2025 $2.0B$2.1B$2.5B$2.7B$2.6B$2.3B$2.1B$3.3B$3.0B$2.8B

Retained capital Paid out $2.0B more than it earned over 2016–2025; annual owner earnings grew $791M.

Balance sheet Modest net debt, $8.1B · dividend paid 10 of 10 yrs, never cut

IVT InvenTrust Properties Corp.

We evaluate the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition.

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

IVZ Invesco

Revenue is Investment Advice (72%), Service and distribution fees (24%) and Other (3%).

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 $15.94 · dividend paid 10 of 10 yrs, cut at least once

IXHL Incannex Healthcare Inc.

We are a clinical-stage biopharmaceutical company dedicated to developing innovative medicines for patients living with serious chronic diseases and significant unmet needs.

Owner earnings 2024–2025 ($16M)($13M)

Retained capital not read

Balance sheet Net cash, debt-free, +$15M

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.