K

K Kellanova

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

Owner earnings 2016–2024 $764M($98M)$958M$590M$1.5B$1.2B$968M$1.1B

Retained capital Retained $664M of earnings over 2016–2024; annual owner earnings grew $546M.

Balance sheet Meaningful net debt, $5.2B · buybacks at an average near $67.36 · dividend paid 8 of 8 yrs, never cut

KAI Kadant

We are a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing .

Owner earnings 2016–2026 $45M$48M$46M$87M$85M$74M$134M$134M$154M

Retained capital Retained $568M of earnings over 2016–2026; annual owner earnings grew $94M, $0.17 per $1 retained.

Balance sheet Modest net debt, $256M · dividend paid 9 of 9 yrs, never cut

KALU Kaiser Aluminum Corporation

Revenue is led by Packaging (44%) and Aero Hs Products (25%), with 2 more lines behind.

Owner earnings 2016–2025 $130M$102M$106M$172M$155M$21M($170M)$103M$51M($26M)

Retained capital Paid out $150M more than it earned over 2016–2025; annual owner earnings fell $70M.

Balance sheet Heavy net debt, $1.0B · buybacks at an average near $86.76 · dividend paid 10 of 10 yrs, never cut

KBH KB Home

Home is one of the largest and most trusted homebuilders in the U.S.

Owner earnings 2018–2025 $219M$224M$282M($66M)$151M$1.0B$323M$298M

Retained capital Retained $1.7B of earnings over 2018–2025; annual owner earnings grew $315M, $0.18 per $1 retained.

Balance sheet Net cash, debt-free, +$230M · dividend paid 8 of 8 yrs, never cut

KBR Kbr, Inc.

KBR, Inc., a Delaware corporation, delivers science, technology, engineering and logistics support solutions to the U.S. federal government, allied nations and commercial clients around the world .

Owner earnings 2016–2026 $50M$185M$148M$236M$347M$248M$325M$269M$410M$515M

Retained capital Paid out $149M more than it earned over 2016–2026; annual owner earnings grew $270M.

Balance sheet Meaningful net debt, $2.1B · buybacks at an average near $43.30 · dividend paid 10 of 10 yrs, never cut

KD Kyndryl Holdings Inc.

Kyndryl is a leading provider of mission-critical enterprise technology services, offering advisory, implementation and managed service capabilities to thousands of customers in more than 60 countries.

Owner earnings 2019–2026 ($56M)($408M)($871M)($84M)($197M)$337M$340M

Retained capital Paid out $6.9B more than it earned over 2019–2026; annual owner earnings grew $605M.

Balance sheet Heavy net debt, $3.1B

KDK Kodiak AI Inc. Common Stock

Kodiak is a leading provider of physical AI, with a focus on AI-powered autonomous vehicle technology, that is designed to help tackle some of the toughest driving jobs.

Owner earnings 2023–2025 ($47M)($54M)($98M)

Retained capital not read

Balance sheet Net cash, +$9M

KDP Keurig Dr Pepper Inc.

Keurig Dr Pepper Inc. is a leading beverage company in North America that manufactures, markets, distributes, and sells hot and cold beverages and single serve brewing systems.

Owner earnings 2017–2025 $1.7B$1.4B$2.1B$2.1B$2.5B$2.5B$904M$1.8B$1.5B

Retained capital Retained $2.3B of earnings over 2017–2025; annual owner earnings fell $351M, $-0.16 per $1 retained.

Balance sheet Meaningful net debt, $12.9B · buybacks at an average near $90.68 · dividend paid 9 of 9 yrs, cut at least once

KE Kimball Electronics Inc.

We deliver a package of value that includes durable, high-reliability electronics, higher level and final assemblies, and contract manufacturing organization solutions.

Owner earnings 2017–2025 $23M$14M($31M)$34M$92M($113M)($46M)$27M$151M

Retained capital Retained $191M of earnings over 2017–2025; annual owner earnings grew $42M, $0.22 per $1 retained.

Balance sheet Modest net debt, $58M · buybacks at an average near $16.76

KEEL Keel Infrastructure Corp.

Infrastructure, power, cooling, and physical security, and tenants install, own, and operate their own computing equipment within the facility.

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

KELYA Kelly Services Inc.

In 2025, Kelly integrated its P&I and OCG specialty areas, responding to a shift in large enterprise demand toward integrated workforce solutions and enabling a more streamlined and efficient go-to-market approach.

Owner earnings 2017–2025 $46M$36M$82M$171M$74M$61M$16M$114M

Retained capital Paid out $3M more than it earned over 2017–2025; annual owner earnings grew $9M.

Balance sheet Net debt against an operating loss, $165M · dividend paid 8 of 8 yrs, cut at least once

KELYB Kelly Services Inc.

In 2025, Kelly integrated its P&I and OCG specialty areas, responding to a shift in large enterprise demand toward integrated workforce solutions and enabling a more streamlined and efficient go-to-market approach.

Owner earnings 2017–2025 $46M$36M$82M$171M$74M$61M$16M$114M

Retained capital Paid out $3M more than it earned over 2017–2025; annual owner earnings grew $9M.

Balance sheet Net debt against an operating loss, $165M · dividend paid 8 of 8 yrs, cut at least once

KEX Kirby

Kirby Corporation is the nation's largest domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts.

Owner earnings 2016–2025 $185M$176M$122M$264M$297M$224M$122M$329M$516M$406M

Retained capital Retained $475M of earnings over 2016–2025; annual owner earnings grew $256M, $0.54 per $1 retained.

Balance sheet Modest net debt, $833M

KEY KeyCorp

KeyCorp is the parent holding company for KeyBank National Association, its principal subsidiary, through which most of our banking services are provided.

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

KEYS Keysight Technologies Inc.

Keysight is a technology-driven company, investing in R&D to align our business with available markets and position the company for growth.

Owner earnings 2016–2025 $329M$256M$452M$878M$899M$1.2B$1.0B$1.3B$898M$1.3B

Retained capital Retained $2.6B of earnings over 2016–2025; annual owner earnings grew $810M, $0.31 per $1 retained.

Balance sheet Modest net debt, $661M · buybacks at an average near $123

KFRC Kforce Inc.

Kforce Inc., along with its subsidiaries, is a solutions firm specializing in technology, finance and accounting, and other professional staffing services.

Owner earnings 2016–2025 $31M$23M$83M$60M$103M$68M$86M$86M$81M$56M

Retained capital Paid out $144M more than it earned over 2016–2025; annual owner earnings grew $29M.

Balance sheet Modest net debt, $64M · dividend paid 10 of 10 yrs, never cut

KFY Korn Ferry

Korn Ferry is a global consulting firm that powers individual and business performance.

Owner earnings 2017–2026 $56M$177M$212M$195M$220M$452M$274M$229M$302M$324M

Retained capital Retained $680M of earnings over 2017–2026; annual owner earnings grew $137M, $0.20 per $1 retained.

Balance sheet Net cash, +$711M · dividend paid 10 of 10 yrs, never cut

KG Kestrel Group Ltd.

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, 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

KGS Kodiak Gas Services

We are a leading provider and operator of large horsepower contract compression infrastructure in the U.S, supporting the critical movement and processing of natural gas across key production regions.

Owner earnings 2021–2025 $90M$45M$47M$68M$284M

Retained capital Paid out $29M more than it earned over 2021–2025; annual owner earnings grew $72M.

Balance sheet Heavy net debt, $2.6B · buybacks at an average near $32.05 · dividend paid 3 of 5 yrs, never cut

KHC The Kraft Heinz Company

Kraft Heinz sells branded packaged food — ketchup and sauces, cheese, and shelf-stable grocery staples — under a stable of well-known labels. It sells mostly to grocery chains, large-format retailers, and discounters, who put the goods in front of shoppers, and earns its keep on the gap between what a shopper pays for the brand and what the food costs to make, package, and ship. The bulk of the business is in North America, with a smaller slice sold abroad.

Owner earnings 2016–2025 $1.4B($693M)$1.7B$2.8B$4.3B$4.5B$1.6B$3.0B$3.2B$3.7B

Retained capital Paid out $15.9B more than it earned over 2016–2025; annual owner earnings grew $2.4B.

Balance sheet Net debt against an operating loss, $18.6B · dividend paid 10 of 10 yrs, cut at least once

KIDS OrthoPediatrics Corp.

OrthoPediatrics Corp. is a Delaware corporation, headquartered in Warsaw, Indiana, and organized in November 2007.

Owner earnings 2016–2025 ($3M)($10M)($18M)($22M)($27M)($21M)($32M)($44M)($41M)($16M)

Retained capital not read

Balance sheet Net debt against an operating loss, $41M

KIM Kimco Realty Corporation (HC)

The Company is the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use 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 · buybacks at an average near $237 · dividend paid 4 of 4 yrs, never cut

KKR KKR & Co. Inc.

KKR is an alternative-asset manager. It raises long-lived funds from institutions and invests that capital in private equity, credit, infrastructure and real estate, earning a recurring management fee on the money it oversees and a share of the profits, called carried interest, when the investments do well. It also invests its own balance-sheet capital alongside the funds, and it owns a life and annuity insurer, Global Atlantic, whose premiums give it permanent capital to manage and a spread to earn.

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

KKRS KKR & Co. Inc.

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions.

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

KLAC KLA Corporation

We provide advanced process control and process-enabling solutions for manufacturing wafers, reticles/masks, chemicals/materials, integrated circuits, packaged ICs and printed circuit boards, as well as comprehensive support and services across our installed base.

Owner earnings 2017–2025 $1.0B$1.2B$1.0B$1.6B$2.0B$3.0B$3.3B$3.0B$3.7B

Retained capital Retained $2.1B of earnings over 2017–2025; annual owner earnings grew $2.3B, $1.08 per $1 retained.

Balance sheet Meaningful net debt, $2.3B · buybacks at an average near $335 · dividend paid 9 of 9 yrs, never cut

KLC KinderCare Learning Companies Inc.

KinderCare Learning Companies Inc. is a leading private provider of high-quality early education and child care services in the United States.

Owner earnings 2022–2026 $202M$174M($16M)$110M

Retained capital Retained $43M of earnings over 2022–2026; annual owner earnings fell $31M, $-0.71 per $1 retained.

Balance sheet Net debt against an operating loss, $794M

KLIC Kulicke and Soffa Industries Inc.

Our equipment is generally shipped with a one-year warranty against manufacturing defects.

Owner earnings 2017–2025 $111M$103M$54M$83M$277M$367M$129M$15M$96M

Retained capital Paid out $65M more than it earned over 2017–2025; annual owner earnings fell $9M.

Balance sheet Net cash, +$412M · buybacks at an average near $38.00 · dividend paid 7 of 9 yrs, never cut

KMB Kimberly-Clark Corp.

We are principally engaged in the manufacturing and marketing of a wide range of products made from natural or synthetic fibers and materials using advanced technologies in fibers, nonwovens and absorbency.

Owner earnings 2017–2025 $2.1B$2.1B$1.5B$2.5B$1.7B$1.9B$2.8B$2.5B$1.6B

Retained capital Paid out $356M more than it earned over 2017–2025; annual owner earnings grew $388M.

Balance sheet Meaningful net debt, $6.4B · dividend paid 9 of 9 yrs, never cut

KMI Kinder Morgan Inc.

Revenue is Natural Gas Pipelines (72%), Products Pipelines (18%) and CO2 (8%).

Owner earnings 2016–2025 $1.9B$1.4B$2.1B$2.5B$2.8B$4.4B$3.3B$4.2B$3.0B$2.9B

Retained capital Paid out $5.3B more than it earned over 2016–2025; annual owner earnings grew $1.5B.

Balance sheet Heavy net debt, $40.2B · dividend paid 10 of 10 yrs, never cut

KMPB Kemper Corporation

Kemper is an insurance holding company that offers complementary insurance products, through its subsidiaries, including personal and commercial automobile insurance to consumers in targeted markets and industries.

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 $71.68 · dividend paid 9 of 9 yrs, never cut

KMPR Kemper

Kemper is an insurance holding company that offers complementary insurance products, through its subsidiaries, including personal and commercial automobile insurance to consumers in targeted markets and industries.

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 $71.68 · dividend paid 9 of 9 yrs, never cut

KMT Kennametal

Kennametal is a global industrial technology leader, that helps customers across the General Engineering, Transportation, Earthworks, Energy and Aerospace & Defense end markets build their products with precision and efficiency.

Owner earnings 2016–2025 $112M$77M$106M$88M($20M)$108M($278M)$164M$170M$119M

Retained capital Paid out $130M more than it earned over 2016–2025; annual owner earnings grew $52M.

Balance sheet Meaningful net debt, $459M · dividend paid 10 of 10 yrs, never cut

KMTS Kestra Medical Technologies Ltd.

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

Owner earnings 2024–2026 ($84M)($86M)($90M)

Retained capital not read

Balance sheet Net cash, +$154M

KMX CarMax

CarMax Background CarMax, Inc. delivers an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process.

Owner earnings 2017–2026 ($624M)($260M)($19M)($452M)$503M($2.9B)$1.0B$198M$330M$1.4B

Retained capital Retained $1.7B of earnings over 2017–2026; annual owner earnings grew $957M, $0.56 per $1 retained.

Balance sheet Heavy net debt, $17.9B

KN Knowles Corporation

Knowles Corporation is focused on leveraging its unique technologies to design custom engineered solutions and then deliver them at scale for customers in high growth markets that value our solutions.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $60M

KNF Knife Riv Holding Co.

Our 1.3 billion tons of aggregate reserves provide the foundation for our vertically integrated business strategy, with approximately 35 percent of our aggregates in 2025 being used internally to support value-added downstream products and contracting services.

Owner earnings 2021–2025 $80M$90M$211M$185M$85M

Retained capital Retained $788M of earnings over 2021–2025; annual owner earnings grew $33M, $0.04 per $1 retained.

Balance sheet Meaningful net debt, $1.1B

KNSA Kiniksa Pharmaceuticals International, PLC

We are a biopharmaceutical company developing and commercializing novel therapies for diseases with unmet need, with a focus on cardiovascular indications.

Owner earnings 2021–2025 ($127M)$6M$13M$25M$136M

Retained capital Retained $55M of earnings over 2021–2025; annual owner earnings grew $94M, $1.70 per $1 retained.

Balance sheet Net cash, debt-free, +$414M

KNSL Kinsale Capital Group Inc.

Kinsale is a property and casualty insurance company that focuses exclusively on the excess and surplus lines market in the U.S., where we can use our underwriting expertise to write coverages for hard-to-place risks.

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

KNTK Kinetik Holdings Inc.

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

Owner earnings 2017–2025 $0($19M)$35M($79M)$158M$407M$272M$374M$221M

Retained capital Paid out $446M more than it earned over 2017–2025; annual owner earnings grew $284M.

Balance sheet Heavy net debt, $3.8B · dividend paid 4 of 9 yrs, never cut

KNX Knight-swift Transportation Holdings Inc.

Knight-Swift Transportation Holdings Inc. is one of North America's largest and most diversified freight transportation companies, providing multiple full truckload, LTL, intermodal, and other complementary services.

Owner earnings 2016–2025 $128M$115M$452M$377M$399M$656M$635M$427M($20M)$471M

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $61M, $0.03 per $1 retained.

Balance sheet Heavy net debt, $2.1B · buybacks at an average near $18.95 · dividend paid 10 of 10 yrs, never cut

KO Coca-Cola Co.

Coca-Cola sells branded nonalcoholic beverages — soft drinks, waters, juices and the like — to people the world over. It makes most of its money not by bottling the drinks itself but by selling concentrates and syrups to bottling partners, who add the water, package the product, and get it to the stores and outlets where people buy it; the rest comes from finished-product operations it runs directly.

Owner earnings 2016–2025 $7.0B$5.8B$6.5B$9.1B$8.7B$11.3B$9.5B$10.5B$5.7B$6.4B

Retained capital Paid out $5.1B more than it earned over 2016–2025; annual owner earnings grew $1.1B.

Balance sheet Meaningful net debt, $30.1B · dividend paid 10 of 10 yrs, never cut

KODK Eastman Kodak Company Common New

Kodak is a global manufacturer focused on commercial print and advanced materials and chemicals.

Owner earnings 2012–2025 ($331M)($105M)($95M)($3M)($52M)($68M)($147M)$6M($63M)$446M

Retained capital not read

Balance sheet Net cash, +$34M

KOP Koppers Holdings Inc.

Koppers Inc. is a wholly-owned subsidiary of Koppers Holdings Inc.

Owner earnings 2016–2025 $70M$52M$31M$78M$73M$45M$46M$89M$42M$68M

Retained capital Retained $411M of earnings over 2016–2025; annual owner earnings grew $15M, $0.04 per $1 retained.

Balance sheet Heavy net debt, $881M · buybacks at an average near $34.73 · dividend paid 4 of 10 yrs, never cut

KOPN Kopin Corporation

Kopin Corporation is headquartered in Westborough, Massachusetts, is a leader of innovative microdisplay technologies and optical systems, catering to defense, enterprise, industrial, consumer, and medical sectors.

Owner earnings 2016–2025 ($27M)($27M)($29M)($21M)($5M)($11M)($19M)($16M)($15M)($16M)

Retained capital not read

Balance sheet Net cash, debt-free, +$58M

KOS Kosmos Energy Ltd. Common Shares (DE)

Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world's growing demand for energy.

Owner earnings 2016–2024 ($99M)$179M($125M)$187M($78M)($103M)$519M$765M$678M

Retained capital Paid out $819M more than it earned over 2016–2024; annual owner earnings grew $669M.

Balance sheet Net debt against an operating loss, $3.0B · dividend paid 5 of 9 yrs, cut at least once

KR Kroger Company (The)

Kroger runs supermarkets across the United States, selling groceries and household goods to ordinary shoppers. It operates a stable of regional store banners, fuel centers at many locations, and in-store pharmacies, and it sells a wide range of its own private-label "Our Brands" goods alongside name brands. The money comes from the markup between what it pays suppliers and what shoppers pay at the register, a markup that is thin by the nature of selling food.

Owner earnings 2017–2026 $1.9B$604M$1.2B$1.5B$4.0B$3.6B$1.4B$2.9B$1.8B$3.5B

Retained capital Paid out $1.9B more than it earned over 2017–2026; annual owner earnings grew $1.5B.

Balance sheet Heavy net debt, $12.5B · dividend paid 10 of 10 yrs, never cut

KRC Kilroy Realty

Kilroy Realty Corporation is a self-administered real estate investment trust active in premier office, life science, and mixed-use property types 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 · dividend paid 10 of 10 yrs, cut at least once

KREF KKR Real Estate Finance Trust Inc.

KREF is a real estate finance company that focuses primarily on originating and acquirin g transitional senior loans secured by institutional-quality commercial real estate properties that are owned and operated by experienced and well-capitalized sponsors and located in top markets with strong underlying fundamentals.

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

KRG Kite Realty Group Trust

A property business, read on funds from operations and net asset value rather than reported earnings.

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

KRMN Karman Holdings Inc.

We are a holding company and our sole asset is the capital stock of our wholly owned subsidiaries.

Owner earnings 2022–2025 ($27M)$4M$11M($42M)

Retained capital Retained $20M of earnings over 2022–2025; annual owner earnings fell $5M, $-0.25 per $1 retained.

Balance sheet Heavy net debt, $465M

KRNY Kearny Financial Corp

The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with other funds, to originate or purchase loans for its portfolio and for sale into the secondary market.

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

KRO Kronos Worldwide Inc

We, along with our distributors and agents, sell and provide technical services for our products to approximately 3,000 customers in 100 countries with the majority of our sales in Europe, North America and the Asia Pacific region.

Owner earnings 2016–2025 $49M$235M$132M$105M$40M$148M$19M($42M)$43M($40M)

Retained capital Retained $167M of earnings over 2016–2025; annual owner earnings fell $152M, $-0.91 per $1 retained.

Balance sheet Net debt against an operating loss, $582M · dividend paid 10 of 10 yrs, cut at least once

KRP Kimbell Royalty Partners

Revenue is led by Oil revenue (59%) and Natural gas revenue (23%), with 2 more lines behind.

Owner earnings 2018–2025 $33M$69M$14M$55M$117M$78M$251M$122M

Retained capital Paid out $104M more than it earned over 2018–2025; annual owner earnings grew $112M.

Balance sheet Meaningful net debt, $398M

KRT Karat Packaging Inc.

We are a rapidly-growing and nimble distributor and manufacturer of disposable foodservice products and related items, including food and take-out containers, bags, boxes, tableware, cups, lids, cutlery, straws, specialty beverage ingredients, gloves, janitorial supplies, and other products.

Owner earnings 2020–2025 $6M$5M$27M$51M$47M$33M

Retained capital Retained $57M of earnings over 2020–2025; annual owner earnings grew $31M, $0.55 per $1 retained.

Balance sheet Net cash, +$25M · dividend paid 5 of 6 yrs, cut at least once

KRUS Kura Sushi USA Inc.

Kura Sushi USA, Inc. is a technology-enabled Japanese restaurant concept that provides guests with a distinctive dining experience by serving authentic Japanese cuisine through an engaging revolving sushi service model, which we refer to as the "Kura Experience."

Owner earnings 2018–2025 $4M$4M($16M)($12M)$18M$10M$4M$11M

Retained capital Paid out $34M more than it earned over 2018–2025; annual owner earnings grew $11M.

Balance sheet Net cash, debt-free, +$62M

KRYS Krystal Biotech

We are commercializing VYJUVEK directly in the United States, major European markets, and Japan.

Owner earnings 2021–2025 ($51M)($105M)($94M)$119M$195M

Retained capital Retained $95M of earnings over 2021–2025; annual owner earnings grew $157M, $1.64 per $1 retained.

Balance sheet Net cash, +$492M

KSS Kohl's

Kohl's is a leading omnichannel retailer operating 1,153 stores and a website (www.

Owner earnings 2017–2026 $1.4B$1.0B$1.5B$802M$1.0B$1.7B($544M)$591M$182M$1.0B

Retained capital Paid out $1.9B more than it earned over 2017–2026; annual owner earnings fell $717M.

Balance sheet Modest net debt, $1.2B · dividend paid 10 of 10 yrs, cut at least once

KTB Kontoor Brands Inc. Common Stock

Kontoor Brands Inc. Common Stock is a global lifestyle apparel company, with a portfolio led by three of the world's most iconic consumer brands: Wrangler , Lee and Helly Hansen .

Owner earnings 2017–2026 $143M($117M)$755M$224M$65M$329M$349M$435M

Retained capital Retained $732M of earnings over 2017–2026; annual owner earnings grew $111M, $0.15 per $1 retained.

Balance sheet Meaningful net debt, $1.0B · dividend paid 6 of 8 yrs, cut at least once

KTOS Kratos Defense & Security Solutions Inc.

Kratos is a technology, hardware, products, system and software company addressing the defense, national security, and commercial markets.

Owner earnings 2020–2025 $20M$10M($56M)$32M$9M($89M)

Retained capital Retained $70M of earnings over 2020–2025; annual owner earnings fell $7M, $-0.10 per $1 retained.

Balance sheet Net cash, +$560M

KURA Kura Oncology Inc.

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

Owner earnings 2023–2025 ($125M)$134M($65M)

Retained capital not read

Balance sheet Net cash, +$221M

KVUE Kenvue Inc.

Our global scale and the breadth of our brand portfolio are complemented by our well-developed capabilities and accelerated through our digital strategy, allowing us to dynamically capitalize on and respond to current trends impacting our categories and geographic markets.

Owner earnings 2022–2025 $39M$2.7B$1.3B$1.7B

Retained capital Retained $1.9B of earnings over 2022–2025; annual owner earnings grew $561M, $0.29 per $1 retained.

Balance sheet Meaningful net debt, $7.5B · buybacks at an average near $21.56 · dividend paid 3 of 4 yrs, never cut

KVYO Klaviyo Inc. Series A

Klaviyo is a B2C CRM that helps consumer companies create smarter, stronger, and more valuable customer experiences.

Owner earnings 2021–2025 ($28M)($33M)$116M$160M$209M

Retained capital Paid out $655M more than it earned over 2021–2025; annual owner earnings grew $143M.

Balance sheet Net cash, debt-free, +$1.1B

KWR Quaker Chemical

Quaker Houghton develops, produces, and markets a broad range of formulated specialty chemical products and offers chemical management services for various heavy industrial and manufacturing applications throughout its three segments: Americas; Europe, Middle East and Africa; and Asia/Pacific.

Owner earnings 2016–2025 $67M$57M$71M$67M$160M$27M$13M$240M$163M$81M

Retained capital Retained $185M of earnings over 2016–2025; annual owner earnings grew $96M, $0.52 per $1 retained.

Balance sheet Heavy net debt, $691M · buybacks at an average near $69.85 · dividend paid 10 of 10 yrs, never cut

KWY Kingsway Corporation

Kingsway Corporation owns and operates a collection of high-quality B2B and B2C services companies that are asset-light, growing, and that have recurring revenues.

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

KYMR Kymera Therapeutics Inc.

We are a clinical-stage biopharmaceutical company dedicated to reinventing the treatment of human disease through the development of innovative, highly differentiated oral medicines that address significant health problems and meaningfully improve patients' lives.

Owner earnings 2019–2025 $17M$86M($131M)($156M)($106M)($202M)($234M)

Retained capital not read

Balance sheet Net cash, debt-free, +$357M