L

L Loews Corp.

Revenue is led by CNA (81%) and Boardwalk Pipelines (13%), with 2 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 · buybacks at an average near $54.82 · dividend paid 10 of 10 yrs, never cut

LAB Standard BioTools Inc.

We offer a diverse range of instrumentation, consumables, and services that generate high-quality data across early discovery, translational and clinical research.

Owner earnings 2016–2025 ($44M)($26M)($26M)($38M)($28M)($57M)($93M)($46M)($152M)($83M)

Retained capital not read

Balance sheet Net cash, +$151M

LAD Lithia Motors

Lithia Motors owns and runs a large network of automobile dealerships across the country, gathered by buying up other dealers. Each store sells new and used vehicles and, alongside the metal, arranges the financing and insurance and supplies the parts and repair service that come with owning a car. Selling the vehicle is the low-margin part; the finance, insurance, parts and service attached to it carry the richer margins, and acquiring more dealers adds more of all of it.

Owner earnings 2016–2025 $42M$91M$444M$442M$452M$1.7B($783M)($703M)$74M$6M

Retained capital Retained $3.4B of earnings over 2016–2025; annual owner earnings fell $400M, $-0.12 per $1 retained.

Balance sheet Heavy net debt, $9.3B · buybacks at an average near $288 · dividend paid 10 of 10 yrs, never cut

LADR Ladder Capital Corp

Ladder Capital is an investment grade-rated, internally-managed real estate investment trust that is a leader in commercial real estate finance.

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

LAMR Lamar Advertising

Lamar Advertising Company is one of the largest outdoor advertising companies in the United States based on number of displays and has operated under the Lamar name since 1902.

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 $101

LANC Lancaster Colony

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

Owner earnings 2017–2025 $119M$130M$166M$133M$130M$56M$175M$184M$203M

Retained capital Retained $420M of earnings over 2017–2025; annual owner earnings grew $49M, $0.12 per $1 retained.

Balance sheet Net cash, debt-free, +$161M · dividend paid 9 of 9 yrs, never cut

LAND Gladstone Land Corporation

We are an externally-managed, agricultural real estate investment trust that is primarily in the business of owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent.

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

LANDO Gladstone Land Corp

We are an externally-managed, agricultural real estate investment trust that is primarily in the business of owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent.

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

LANDP Gladstone Land Corp

We are an externally-managed, agricultural real estate investment trust that is primarily in the business of owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent.

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

LASR nLIGHT Inc.

NLIGHT, Inc. is a leading provider of high power lasers for mission-critical directed energy, optical sensing, and advanced manufacturing applications.

Owner earnings 2016–2025 $2M($2M)($5M)($11M)$5M($17M)($26M)$5M($10M)$12M

Retained capital Paid out $242M more than it earned over 2016–2025; annual owner earnings grew $4M.

Balance sheet Net cash, debt-free, +$99M

LAUR Laureate Education Inc.

Education markets in Mexico and Peru present an attractive long-term opportunity, primarily because of the large and growing imbalance between the supply and demand for affordable, quality higher education in those markets.

Owner earnings 2016–2025 ($48M)($82M)$159M$184M$185M($207M)$125M$194M$161M$263M

Retained capital Retained $763M of earnings over 2016–2025; annual owner earnings grew $196M, $0.26 per $1 retained.

Balance sheet Net cash, +$18M

LAZ Lazard

Lazard is a global financial advisory and asset management firm with operations in North and South America, Europe, the Middle East, Asia, 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 · buybacks at an average near $39.15 · dividend paid 10 of 10 yrs, cut at least once

LB Landbridge Company LLC

LandBridge is a holding company, the principal asset of which is membership interests in OpCo.

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

LBRDA Liberty Broadband

Liberty provides Liberty Broadband with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support.

Owner earnings 2016–2024 ($12M)($30M)($26M)($38M)($98M)($131M)($237M)($206M)($143M)

Retained capital not read

Balance sheet Net debt against an operating loss, $1.7B

LBRDK Liberty Broadband Corporation

Liberty provides Liberty Broadband with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support.

Owner earnings 2016–2024 ($12M)($30M)($26M)($38M)($98M)($131M)($237M)($206M)($143M)

Retained capital not read

Balance sheet Net debt against an operating loss, $1.7B

LBRDP Liberty Broadband Corporation

Liberty provides Liberty Broadband with general and administrative services including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support.

Owner earnings 2016–2024 ($12M)($30M)($26M)($38M)($98M)($131M)($237M)($206M)($143M)

Retained capital not read

Balance sheet Net debt against an operating loss, $1.7B

LBRT Liberty Energy

The Company is a leading integrated energy services and technology company, and one of the largest providers of innovative completions services and related technologies to onshore oil, natural gas, and enhanced geothermal exploration and production companies.

Owner earnings 2016–2025 ($82M)$114M$226M$66M($18M)($63M)$207M$593M$324M$14M

Retained capital Retained $531M of earnings over 2016–2025; annual owner earnings grew $225M, $0.42 per $1 retained.

Balance sheet Meaningful net debt, $219M · buybacks at an average near $15.31 · dividend paid 8 of 10 yrs, cut at least once

LBTYA Liberty Global Ltd. Class A

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $4.4B$4.5B$4.5B$3.4B$2.9B$2.1B$1.9B$1.2B$1.1B($132M)

Retained capital Paid out $2.1B more than it earned over 2016–2025; annual owner earnings fell $3.7B.

Balance sheet Net debt against an operating loss, $44.0B

LBTYB Liberty Global Ltd. Class B

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $4.4B$4.5B$4.5B$3.4B$2.9B$2.1B$1.9B$1.2B$1.1B($132M)

Retained capital Paid out $2.1B more than it earned over 2016–2025; annual owner earnings fell $3.7B.

Balance sheet Net debt against an operating loss, $44.0B

LBTYK Liberty Global Ltd. Class C

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $4.4B$4.5B$4.5B$3.4B$2.9B$2.1B$1.9B$1.2B$1.1B($132M)

Retained capital Paid out $2.1B more than it earned over 2016–2025; annual owner earnings fell $3.7B.

Balance sheet Net debt against an operating loss, $44.0B

LCID Lucid Group Inc.

Lucid designed, developed, manufactures and sells two groundbreaking EVs: The Lucid Air sedan, for which customer deliveries began in late 2021, and the Lucid Gravity SUV, which arrived on the road in late 2024.

Owner earnings 2019–2025 ($237M)($572M)($1.1B)($2.4B)($2.7B)($2.3B)($3.4B)

Retained capital not read

Balance sheet Net debt against an operating loss, $1.1B

LCII LCI Industries

Summary Business Focus LCI Industries, through its wholly-owned subsidiary, Lippert Components, Inc., is a global leader in supplying engineered components to the outdoor recreation, transportation, marine, and housing industries.

Owner earnings 2016–2025 $157M$98M$89M$211M$174M($210M)$472M$465M$328M$278M

Retained capital Retained $814M of earnings over 2016–2025; annual owner earnings grew $242M, $0.30 per $1 retained.

Balance sheet Meaningful net debt, $718M · buybacks at an average near $89.65 · dividend paid 10 of 10 yrs, never cut

LDI loanDepot Inc.

We are a leading provider of lending solutions that make the American dream of homeownership more accessible and achievable for all, especially the increasingly diverse communities of first-time homebuyers, through a broad suite of lending and real estate services that simplify one of life's most complex transactions.

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

LDOS Leidos Holdings Inc.

Leidos Holdings Inc. is a holding company whose direct 100%-owned subsidiary and principal operating company is Leidos, Inc.

Owner earnings 2015–2026 $367M$420M$445M$695M$871M$929M$863M$980M$1.3B$1.6B

Retained capital Retained $3.0B of earnings over 2015–2026; annual owner earnings grew $886M, $0.30 per $1 retained.

Balance sheet Modest net debt, $3.5B · dividend paid 1 of 10 yrs, cut at least once

LE Lands' End Inc.

End is a classic American lifestyle brand that creates solutions for life's every journey.

Owner earnings 2017–2026 ($9M)($10M)$3M($12M)$61M$45M($68M)$96M$15M$20M

Retained capital Paid out $158M more than it earned over 2017–2026; annual owner earnings grew $49M.

Balance sheet Heavy net debt, $210M · no dividend paid

LEA Lear Corporation

Lear Corporation is a global automotive technology leader in Seating and E-Systems, enabling superior in-vehicle experiences for consumers around the world.

Owner earnings 2016–2025 $1.2B$1.4B$1.3B$680M$211M$85M$383M$623M$561M$527M

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings fell $727M, $-0.46 per $1 retained.

Balance sheet Meaningful net debt, $1.7B · buybacks at an average near $130 · dividend paid 10 of 10 yrs, cut at least once

LECO Lincoln Electric Holdings Inc.

Lincoln Electric Holdings Inc. is a high-performance industrial machinery and technology leader who helps customers manufacture and maintain vital equipment and infrastructure.

Owner earnings 2016–2025 $263M$273M$258M$334M$292M$303M$312M$577M$511M$563M

Retained capital Retained $124M of earnings over 2016–2025; annual owner earnings grew $285M.

Balance sheet Modest net debt, $985M · buybacks at an average near $79.44 · dividend paid 10 of 10 yrs, never cut

LEG Leggett & Platt Incorporated

Leggett & Platt, Incorporated is an international diversified manufacturer that conceives, designs, and produces a wide range of engineered components and products found in many homes and automobiles.

Owner earnings 2016–2025 $429M$284M$281M$525M$536M$165M$341M$383M$224M$281M

Retained capital Paid out $551M more than it earned over 2016–2025; annual owner earnings fell $35M.

Balance sheet Meaningful net debt, $1.3B · dividend paid 10 of 10 yrs, cut at least once

LEGH Legacy Housing Corporation

We build, sell, and finance manufactured homes and "Tiny Houses" that are distributed through a network of independent retailers and company-owned stores and also sold directly to manufactured home communities.

Owner earnings 2018–2025 ($3M)($8M)($5M)$54M($5M)($21M)$27M$28M

Retained capital Retained $346M of earnings over 2018–2025; annual owner earnings grew $17M, $0.05 per $1 retained.

Balance sheet Net cash, +$7M · buybacks at an average near $19.13

LEN Lennar Corporation

Lennar is among the largest US homebuilders, controlling land, developing lots, building houses, and selling them to buyers across many states, with a financial-services arm that writes mortgages and title for those same buyers. It earns the spread between the sale price of a finished home and the cost of the land, materials, and labor that went into it.

Owner earnings 2016–2025 $458M$916M$1.6B$1.4B$4.1B$2.5B$3.2B$5.1B$2.3B$83M

Retained capital Retained $15.2B of earnings over 2016–2025; annual owner earnings grew $1.5B, $0.10 per $1 retained.

Balance sheet Modest net debt, $2.1B · buybacks at an average near $52.08 · dividend paid 10 of 10 yrs, never cut

LESL Leslie's

We offer an extensive assortment of professional-grade products, the majority of which are exclusive to Leslie's, manufacturer certified installation and repair services, and in some markets, weekly pool maintenance services.

Owner earnings 2019–2025 $30M$82M$140M$35M($23M)$78M($17M)

Retained capital Paid out $42M more than it earned over 2019–2025; annual owner earnings fell $71M.

Balance sheet Net debt against an operating loss, $688M · dividend paid 1 of 7 yrs, never cut

LEU Centrus Energy Corp.

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

Owner earnings 2016–2025 $35M($17M)($75M)$11M$66M$49M$20M$8M$33M$41M

Retained capital Retained $342M of earnings over 2016–2025; annual owner earnings grew $46M, $0.13 per $1 retained.

Balance sheet Net cash, +$782M

LEVI Levi Strauss & Co

Under our Levi's , Dockers , Levi Strauss Signature , Denizen and Beyond Yoga brands, we design, market and sell directly or through third parties and licensees products that include jeans, casual and dress pants, activewear, tops, shorts, skirts, dresses, jackets and related accessories for men, women and children around the world.

Owner earnings 2017–2025 $407M$300M$288M$339M$570M$69M$270M$671M$308M

Retained capital Retained $1.3B of earnings over 2017–2025; annual owner earnings grew $85M, $0.07 per $1 retained.

Balance sheet Modest net debt, $190M · buybacks at an average near $20.39 · dividend paid 9 of 9 yrs, cut at least once

LFMDP Lifemd, Inc.

LifeMD is a patient-centric, direct-to-patient healthcare company providing a high-quality, cost-effective, and convenient way for patients to access virtual medical care and pharmacy services.

Owner earnings 2021–2025 ($33M)($23M)$9M$17M$7M

Retained capital not read

Balance sheet Net cash, +$27M

LFST LifeStance Health Group Inc.

The mental healthcare market remains under-reimbursed by commercial and government insurers, resulting in many clinicians only accepting cash pay for mental health services.

Owner earnings 2019–2025 $14M($6M)$24M($57M)$86M$110M

Retained capital Paid out $751M more than it earned over 2019–2025; annual owner earnings grew $35M.

Balance sheet Modest net debt, $32M

LFUS Littelfuse Inc.

Littelfuse is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world.

Owner earnings 2013–2025 $82M$134M$203M$257M$183M$202M$315M$371M$292M$366M

Retained capital Retained $663M of earnings over 2013–2025; annual owner earnings grew $203M, $0.31 per $1 retained.

Balance sheet Heavy net debt, $239M · buybacks at an average near $176 · dividend paid 10 of 10 yrs, never cut

LGIH LGI Homes Inc.

We are engaged in the design, construction and sale of new homes in markets in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia, Pennsylvania, Maryland and Utah.

Owner earnings 2022–2025 ($372M)($58M)($146M)($141M)

Retained capital not read

Balance sheet Heavy net debt, $1.6B

LGN Legence Corp.

We are a leading provider of engineering, installation and maintenance services for mission-critical systems in buildings.

Owner earnings 2023–2025 $17M$10M$219M

Retained capital not read

Balance sheet Heavy net debt, $606M

LGND Ligand Pharmaceuticals

We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified royalty streams from high-value medicines.

Owner earnings 2016–2025 $59M$86M$193M($32M)$50M$70M$120M$46M$95M$49M

Retained capital Retained $302M of earnings over 2016–2025; annual owner earnings fell $49M, $-0.16 per $1 retained.

Balance sheet Net cash, +$287M · buybacks at an average near $112

LH Labcorp

Labcorp Holdings Inc. is a global leader of innovative and comprehensive laboratory services that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions.

Owner earnings 2016–2025 $918M$1.2B$926M$1.0B$1.8B$2.7B$1.5B$874M$1.1B$1.2B

Retained capital Retained $3.9B of earnings over 2016–2025; annual owner earnings grew $49M, $0.01 per $1 retained.

Balance sheet Heavy net debt, $5.6B · buybacks at an average near $219 · dividend paid 4 of 10 yrs, never cut

LHX L3Harris

L3Harris is a defense and government contractor. It builds communications equipment, electronics, and other mission systems — the gear and hardware that armed forces and government agencies depend on — and backs that equipment with services and support. Most of its money comes from selling products, with the rest from services, and most of its customers are governments, the U.S. defense buyer largest by far.

Owner earnings 2013–2025 $668M$772M$450M$615M$1.0B$2.3B$1.9B$1.6B$2.2B

Retained capital Paid out $3.9B more than it earned over 2013–2025; annual owner earnings grew $1.3B.

Balance sheet Heavy net debt, $10.0B · buybacks at an average near $222 · dividend paid 9 of 9 yrs, never cut

LIF Life360 Inc.

Life360 is a leading technology platform connecting millions of people throughout the world to the people, pets and things they care about most.

Owner earnings 2020–2025 ($8M)($12M)($57M)$7M$31M$87M

Retained capital Paid out $23M more than it earned over 2020–2025; annual owner earnings grew $67M.

Balance sheet Net cash, +$184M

LIFE Ethos Technologies Inc.

An insurance broker, paid a commission to place coverage without bearing the risk itself.

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

LII Lennox Intl

We are a global leader in energy-efficient climate-control solutions.

Owner earnings 2016–2025 $316M$261M$430M$325M$534M$443M$224M$650M$851M$639M

Retained capital Retained $714M of earnings over 2016–2025; annual owner earnings grew $378M, $0.53 per $1 retained.

Balance sheet Modest net debt, $1.4B · dividend paid 10 of 10 yrs, never cut

LILA Liberty Latin America Ltd.

Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes: C Liberty Communications PR; and LBT CT Communications, S.A.

Owner earnings 2016–2025 ($100M)($204M)$45M$197M$9M$160M$53M$312M$216M$306M

Retained capital Paid out $4.8B more than it earned over 2016–2025; annual owner earnings grew $364M.

Balance sheet Heavy net debt, $7.6B

LILAK Liberty Latin America Ltd.

Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes: C Liberty Communications PR; and LBT CT Communications, S.A.

Owner earnings 2016–2025 ($100M)($204M)$45M$197M$9M$160M$53M$312M$216M$306M

Retained capital Paid out $4.8B more than it earned over 2016–2025; annual owner earnings grew $364M.

Balance sheet Heavy net debt, $7.6B

LILAP Liberty Latin America Ltd.

Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes: C Liberty Communications PR; and LBT CT Communications, S.A.

Owner earnings 2016–2025 ($100M)($204M)$45M$197M$9M$160M$53M$312M$216M$306M

Retained capital Paid out $4.8B more than it earned over 2016–2025; annual owner earnings grew $364M.

Balance sheet Heavy net debt, $7.6B

LIN Linde plc

Linde makes industrial gases — atmospheric gases pulled from the air like oxygen, nitrogen, and argon, and process gases like hydrogen, helium, and carbon dioxide — and sells them to manufacturers across chemicals, energy, metals, electronics, and healthcare. It also designs and builds the plants and equipment that produce these gases and runs gas-processing services, including olefin plants, for customers. The gas reaches the buyer one of a few ways: piped over the fence from an on-site plant Linde owns and operates, trucked as liquid in bulk, or shipped in cylinders.

Owner earnings 2016–2025 $1.7B$1.7B$1.8B$2.4B$4.0B$6.6B$5.7B$5.5B$4.9B$6.6B

Retained capital Paid out $8.5B more than it earned over 2016–2025; annual owner earnings grew $4.0B.

Balance sheet Meaningful net debt, $21.9B · buybacks at an average near $221 · dividend paid 10 of 10 yrs, never cut

LINC Lincoln Educational Services Corporation

Lincoln Educational Services Corporation provide diversified career-oriented postsecondary education to recent high school graduates and working adults.

Owner earnings 2016–2025 ($10M)($16M)($6M)($4M)$18M$20M($5M)$19M$18M$40M

Retained capital Retained $92M of earnings over 2016–2025; annual owner earnings grew $36M, $0.39 per $1 retained.

Balance sheet Net cash, debt-free, +$29M · buybacks at an average near $5.95 · no dividend paid

LIND Lindblad Expeditions Holdings Inc.

Lindblad has been providing marine expedition adventures and active travel experiences globally to its guests since 1979.

Owner earnings 2016–2025 $14M$36M$36M$37M($124M)($7M)($40M)($5M)$59M$64M

Retained capital Paid out $412M more than it earned over 2016–2025; annual owner earnings grew $11M.

Balance sheet Heavy net debt, $406M

LINE Lineage Inc.

We are the world's largest global temperature-controlled warehouse REIT, with a modern and strategically located network of 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 · buybacks at an average near $251 · dividend paid 4 of 4 yrs, cut at least once

LION Lionsgate Studios Corp

Lionsgate is one of the world's leading standalone, pure play content companies.

Owner earnings 2023–2026 $340M$387M($180M)$11M

Retained capital Paid out $3.7B more than it earned over 2023–2026; annual owner earnings fell $109M.

Balance sheet Heavy net debt, $1.6B

LITE Lumentum Holdings Inc.

Lumentum Holdings Inc. is a leading provider of optical and photonic products and is recognized as an industry leader based on revenue and market share.

Owner earnings 2016–2025 $39M$31M$174M$227M$438M$654M$368M$51M($108M)$22M

Retained capital Paid out $958M more than it earned over 2016–2025; annual owner earnings fell $93M.

Balance sheet Net debt against an operating loss, $1.7B · buybacks at an average near $110

LIVN LivaNova PLC

LivaNova PLC is a market-leading global medical technology company.

Owner earnings 2016–2025 $52M$58M$83M($116M)($114M)$77M$43M$50M$158M$226M

Retained capital Paid out $1.3B more than it earned over 2016–2025; annual owner earnings grew $80M.

Balance sheet Net cash, +$259M · buybacks at an average near $69.95

LKFN Lakeland Financial Corporation

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana that provides, through its wholly owned subsidiary Lake City Bank and together with Lakeland Financial, a broad array of financial products and services throughout its Northern and Central Indiana 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 · buybacks at an average near $49.34 · dividend paid 10 of 10 yrs, never cut

LKQ LKQ Corporation

LKQ Corporation is a global distributor of vehicle products, including replacement parts, components and systems used in the repair and maintenance of vehicles, and specialty aftermarket products and accessories to improve the performance, functionality and appearance of vehicles.

Owner earnings 2017–2025 $340M$461M$798M$1.3B$1.1B$1.0B$998M$810M$847M

Retained capital Retained $2.4B of earnings over 2017–2025; annual owner earnings grew $352M, $0.14 per $1 retained.

Balance sheet Meaningful net debt, $3.4B · buybacks at an average near $39.01 · dividend paid 5 of 9 yrs, never cut

LLY Eli Lilly and Company

Eli Lilly discovers, develops, makes, and sells prescription medicines, run as a single business — human pharmaceuticals. Its products span several therapeutic areas, among them cardiometabolic treatments including insulin. It manufactures in the United States, including Puerto Rico, and in Europe and Asia, and earns its money selling branded drugs that carry patent protection.

Owner earnings 2016–2025 $3.8B$4.5B$4.3B$3.8B$5.1B$6.1B$5.7B$2.7B$7.1B$14.8B

Retained capital Retained $16.0B of earnings over 2016–2025; annual owner earnings grew $4.0B, $0.25 per $1 retained.

Balance sheet Modest net debt, $35.1B · dividend paid 10 of 10 yrs, never cut

LLYVA Liberty Live Holdings, Inc.

Liberty Media provides Liberty Live with general and administrative services including legal, tax, accounting, treasury and investor relations support.

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, $2.8B

LLYVK Liberty Live Holdings, Inc.

Liberty Media provides Liberty Live with general and administrative services including legal, tax, accounting, treasury and investor relations support.

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, $2.8B

LMAT LeMaitre Vascular Inc.

We are a global provider of medical devices and human tissue cryopreservation services largely used in the treatment of peripheral vascular disease, end-stage renal disease, and cardiovascular disease.

Owner earnings 2016–2025 $14M$19M$16M$10M$32M$30M$22M$29M$37M$74M

Retained capital Retained $168M of earnings over 2016–2025; annual owner earnings grew $31M, $0.18 per $1 retained.

Balance sheet Meaningful net debt, $140M · buybacks at an average near $42.77 · dividend paid 10 of 10 yrs, never cut

LMB Limbach Holdings Inc.

Limbach Holdings Inc. is a building systems solutions firm that designs, delivers, and maintains mechanical, electrical, plumbing, and controls systems.

Owner earnings 2017–2025 ($7M)$21M($4M)$38M($25M)$34M$55M$29M$42M

Retained capital Retained $105M of earnings over 2017–2025; annual owner earnings grew $39M, $0.37 per $1 retained.

Balance sheet Modest net debt, $24M

LMND Lemonade Inc.

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

LMT Lockheed Martin Corporation

Lockheed Martin designs, builds, and sustains military hardware and the technology that ties it together, organized across four business areas: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space — combat aircraft, missiles, helicopters, satellites, and the mission systems behind them. The buyer is overwhelmingly a government: the U.S. armed forces above all, and allied nations, who purchase directly or through U.S.-brokered foreign military sales. Most of the money comes from delivering the equipment itself, with a smaller slice from sustaining and servicing it over the long lives of these platforms.

Owner earnings 2016–2025 $4.1B$5.3B$1.9B$6.4B$7.2B$7.7B$6.1B$6.2B$5.3B$6.9B

Retained capital Paid out $5.1B more than it earned over 2016–2025; annual owner earnings grew $2.4B.

Balance sheet Meaningful net debt, $17.6B · buybacks at an average near $406 · dividend paid 10 of 10 yrs, never cut

LNC Lincoln National

Lincoln National market conditions greatly influence the ultimate capital required due to its effect on the valuation of reserves and supporting derivatives.

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

LNG Cheniere Energy Inc.

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

Owner earnings 2016–2025 ($578M)$875M$1.5B$1.0B$333M$1.5B$9.4B$7.2B$4.2B$4.2B

Retained capital Retained $7.6B of earnings over 2016–2025; annual owner earnings grew $4.6B, $0.60 per $1 retained.

Balance sheet Meaningful net debt, $22.8B · buybacks at an average near $159 · dividend paid 5 of 10 yrs, never cut

LNN Lindsay Corporation

Lindsay Corporation is a Delaware corporation and maintains its corporate offices in Omaha, Nebraska.

Owner earnings 2016–2025 $22M$31M$23M($10M)$25M$25M($13M)$101M$75M$112M

Retained capital Retained $203M of earnings over 2016–2025; annual owner earnings grew $71M, $0.35 per $1 retained.

Balance sheet Net cash, +$136M · buybacks at an average near $84.97 · dividend paid 10 of 10 yrs, never cut

LNT Alliant Energy

Alliant Energy's primary focus is to provide regulated electric and natural gas service to approximately 1,010,000 electric and approximately 435,000 natural gas customers in the Midwest through its two public utility subsidiaries, IPL and WPL.

Owner earnings 2016–2025 ($19M)$60M$21M$93M($114M)($75M)($185M)$191M$395M$323M

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $282M, $0.13 per $1 retained.

Balance sheet Heavy net debt, $11.5B · dividend paid 10 of 10 yrs, never cut

LNTH Lantheus Holdings

Our diagnostic products provide information that enables HCPs to better detect and characterize, or rule out, disease, with the potential to achieve better patient outcomes, reduce patient risk, and limit overall costs.

Owner earnings 2016–2025 $42M$37M$47M$67M$16M$54M$234M$260M$493M$354M

Retained capital Retained $563M of earnings over 2016–2025; annual owner earnings grew $327M, $0.58 per $1 retained.

Balance sheet Modest net debt, $210M · buybacks at an average near $72.92

LOAR Loar Holdings Inc.

We specialize in the design, manufacture, and sale of niche aerospace and defense components that are essential for today's aircraft and aerospace and defense systems.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $631M

LOB Live Oak 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

LOCO El Pollo Loco Holdings Inc.

Our Loco Rewards loyalty program offers rewards that incentivize customers to visit our restaurants more often each month.

Owner earnings 2016–2025 $33M$36M$28M$21M$34M$35M$24M$25M$28M$32M

Retained capital Retained $8M of earnings over 2016–2025; annual owner earnings fell $4M.

Balance sheet Heavy net debt, $181M · dividend paid 1 of 10 yrs, never cut

LODE Comstock Inc.

Comstock commercializes innovative technologies, systems and supply chains that extract, process, and convert under-utilized waste and natural resources into clean energy and supporting products, including sustainable solutions that produce renewed and repurposed electrification metals and minerals from end-of-life solar panels.

Owner earnings 2016–2023 ($3M)($7M)($6M)($5M)($4M)($8M)($13M)($15M)

Retained capital not read

Balance sheet Net cash, debt-free, +$17M

LOGI Logitech International S.A.

Logitech International is a Swiss public company listed on the SIX Swiss Exchange and on the Nasdaq Global Select Market.

Owner earnings 2017–2026 $257M$307M$269M$386M$1.4B$209M$442M$1.1B$786M$976M

Retained capital Retained $2.2B of earnings over 2017–2026; annual owner earnings grew $673M, $0.30 per $1 retained.

Balance sheet Net cash, debt-free, +$1.7B · buybacks at an average near $101

LOOP Loop Industries Inc.

Loop Industries is a technology company whose mission is to accelerate the world's shift toward sustainable PET plastic and polyester fiber and away from our dependence on fossil fuels.

Owner earnings 2017–2025 ($3M)($9M)($9M)($12M)($24M)($45M)($35M)($23M)($2M)

Retained capital not read

Balance sheet Net debt against an operating loss, $679K

LOPE Grand Canyon Education Inc.

GCE is an education services company with 20 university partners as of December 31, 2025.

Owner earnings 2016–2025 $193M$251M$164M$284M$288M$292M$199M$221M$262M$239M

Retained capital Paid out $28M more than it earned over 2016–2025; annual owner earnings grew $38M.

Balance sheet Net cash, +$93M

LOW Lowe's Cos Inc.

Lowe's runs a chain of large home-improvement stores, backed by a website, that sells building materials, appliances, tools, hardware, and the rest of what goes into fixing or remodeling a house. Its customers are do-it-yourself homeowners and the professional contractors and tradespeople who serve them. The economics are a retailer's: buying goods in volume and reselling them across a broad store fleet at a markup.

Owner earnings 2017–2026 $4.5B$3.9B$5.0B$2.8B$9.3B$8.3B$6.8B$6.2B$7.7B$7.7B

Retained capital Paid out $20.7B more than it earned over 2017–2026; annual owner earnings grew $2.7B.

Balance sheet Meaningful net debt, $38.6B · buybacks at an average near $151 · dividend paid 10 of 10 yrs, never cut

LPG Dorian LPG Ltd.

Our founding executives have managed vessels in the LPG shipping market since 2002.

Owner earnings 2017–2024 $50M$57M$5M$149M$161M$96M$155M$356M

Retained capital Retained $1M of earnings over 2017–2024; annual owner earnings grew $165M.

Balance sheet Modest net debt, $218M · dividend paid 3 of 8 yrs, cut at least once

LPLA LPL Financial Holdings Inc.

LPL serves the financial advisor-mediated marketplace as the nation's largest independent broker-dealer, a leading investment advisory firm, and a top custodian.

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 $117 · dividend paid 10 of 10 yrs, never cut

LPRO Open Lending Corporation

Lending market have fewer lenders focused on loans with longer terms or higher advance rates.

Owner earnings 2018–2025 $28M$42M$23M$95M$107M$83M$17M($3M)

Retained capital Paid out $226M more than it earned over 2018–2025; annual owner earnings grew $1M.

Balance sheet Net cash, +$19M · buybacks at an average near $5.78 · dividend paid 3 of 8 yrs, cut at least once

LPTH LightPath Technologies Inc.

LightPath is a global company with facilities in the United States, the People's Republic of China and the Republic of Latvia.

Owner earnings 2017–2025 $3M$101K($2M)$1M$2M($162K)($6M)($2M)($10M)

Retained capital Paid out $27M more than it earned over 2017–2025; annual owner earnings fell $6M.

Balance sheet Net cash, +$72K

LPX Louisiana-Pacific Corporation

We are a leading provider of high-performance building solutions that meet the demands of builders, remodelers, and homeowners worldwide.

Owner earnings 2016–2025 $218M$325M$297M($4M)$588M$1.2B$730M$16M$422M$91M

Retained capital Retained $553M of earnings over 2016–2025; annual owner earnings fell $103M, $-0.19 per $1 retained.

Balance sheet Modest net debt, $58M · dividend paid 8 of 10 yrs, never cut

LQDA Liquidia Corporation

We are a biopharmaceutical company driven by science and compassion to revolutionize care for patients with challenging respiratory and vascular diseases such as pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease.

Owner earnings 2019–2025 ($50M)($55M)($34M)($29M)($43M)($96M)($37M)

Retained capital not read

Balance sheet Net cash, +$171M

LQDT Liquidity Services Inc.

Liquidity Services is the leading global provider of e-commerce marketplaces and software solutions powering the circular economy.

Owner earnings 2017–2025 ($37M)($4M)($12M)$12M$60M$37M$42M$61M$59M

Retained capital Paid out $21M more than it earned over 2017–2025; annual owner earnings grew $72M.

Balance sheet Net cash, +$154M · buybacks at an average near $21.54

LRCX Lam Research Corporation

Lam Research Corporation is a Delaware corporation, headquartered in Fremont, California.

Owner earnings 2011–2025 $806M$1.9B$2.4B$2.9B$1.9B$3.2B$2.8B$4.8B$4.3B$5.8B

Retained capital Retained $1.3B of earnings over 2011–2025; annual owner earnings grew $3.3B.

Balance sheet Net cash, +$4.5B · buybacks at an average near $21.13 · dividend paid 9 of 10 yrs, never cut

LRN Stride Inc.

We are a technology company providing an educational platform to deliver online learning to students throughout the U.S.

Owner earnings 2016–2025 $117M$87M$97M$136M$79M$131M$197M$199M$277M$431M

Retained capital Retained $869M of earnings over 2016–2025; annual owner earnings grew $202M, $0.23 per $1 retained.

Balance sheet Net cash, +$569M

LSAK Lesaka Technologies Inc.

Lesaka enables underserviced consumers and businesses in the southern cone of Africa to manage their daily financial activities in a better way, improving people's lives and increasing financial inclusion in the markets in which we operate.

Owner earnings 2016–2025 $81M$86M$123M($14M)($52M)($63M)($42M)($16M)$16M($26M)

Retained capital Paid out $483M more than it earned over 2016–2025; annual owner earnings fell $105M.

Balance sheet Net debt against an operating loss, $124M · buybacks at an average near $973

LSCC Lattice Semiconductor

Lattice Semiconductor Corporation develop technologies that we monetize through differentiated programmable logic semiconductor products, silicon-enabling products, system solutions, design services, and technology licenses.

Owner earnings 2015–2026 $30M$25M$26M$43M$109M$80M$225M$249M$120M$155M

Retained capital Retained $98M of earnings over 2015–2026; annual owner earnings grew $148M, $1.50 per $1 retained.

Balance sheet Net cash, +$117M

LSTR Landstar

Landstar, is a technology-enabled, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation services to a broad range of customers utilizing a network of agents, third party capacity providers and employees.

Owner earnings 2016–2025 $168M$123M$288M$288M$180M$253M$597M$368M$256M$215M

Retained capital Retained $344M of earnings over 2016–2025; annual owner earnings grew $86M, $0.25 per $1 retained.

Balance sheet Net cash, +$385M · dividend paid 10 of 10 yrs, cut at least once

LTC LTC Properties

We take this approach because competition for larger, fully marketed portfolios generally results in increased pricing that produces yields below our investment hurdles.

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 $29.25 · dividend paid 10 of 10 yrs, never cut

LTH Life Time Group Holdings Inc.

We Are Life Time is a premier lifestyle and leisure brand offering premium health, fitness and wellness experiences to a community of nearly 1.6 million individual members, who together comprise nearly 873,000 memberships, as of December 31, 2025.

Owner earnings 2019–2025 $138M($362M)($255M)($28M)$219M$300M$574M

Retained capital Paid out $305M more than it earned over 2019–2025; annual owner earnings grew $524M.

Balance sheet Meaningful net debt, $1.3B

LUCK Lucky Strike Entertainment Corporation

Lucky Strike Entertainment Corporation is one of the world's premier operators of location-based entertainment.

Owner earnings 2021–2025 $15M$71M$108M$9M$36M

Retained capital Paid out $673M more than it earned over 2021–2025; annual owner earnings fell $13M.

Balance sheet Heavy net debt, $1.3B · dividend paid 2 of 5 yrs, never cut

LULU lululemon athletica inc.

Our design and development team continues to source technically advanced fabrics, with new feel and fit, and craft innovative functional features for our products.

Owner earnings 2017–2026 $299M$381M$620M$507M$574M$1.2B$675M$1.9B$1.8B$1.1B

Retained capital Retained $3.5B of earnings over 2017–2026; annual owner earnings grew $1.2B, $0.34 per $1 retained.

Balance sheet Net cash, debt-free, +$1.8B · buybacks at an average near $233

LUMN Lumen Technologies

We are unleashing the world's digital potential by providing a broad array of integrated products and services to our customers.

Owner earnings 2016–2025 $1.6B$772M$3.9B$3.1B$2.8B$3.6B$1.7B($940M)$1.1B$371M

Retained capital Paid out $28.1B more than it earned over 2016–2025; annual owner earnings fell $1.9B.

Balance sheet Net debt against an operating loss, $16.8B · buybacks at an average near $10.54 · dividend paid 10 of 10 yrs, cut at least once

LUNR Intuitive Machines Inc.

We build spacecraft, connect space-based networks, and operate infrastructure as-a-service that support operations across low Earth orbit, geostationary orbit, cislunar space, and deep-space.

Owner earnings 2022–2025 ($288K)($47M)($59M)($18M)

Retained capital not read

Balance sheet Net cash, +$247M

LUV Southwest Airlines Co.

Southwest is the original low-cost domestic airline. It flies point to point rather than through hubs, runs a single family of Boeing narrow-body jets to keep training, parts, and scheduling simple and cheap, and sells a plain coach product with no traditional first-class cabin. It earns its keep moving large numbers of travelers at low cost.

Owner earnings 2016–2025 $3.1B$2.7B$3.7B$3.0B($1.6B)$1.8B$2.4B$1.6B($1.6B)$282M

Retained capital Paid out $3.1B more than it earned over 2016–2025; annual owner earnings fell $3.0B.

Balance sheet Heavy net debt, $7.2B · dividend paid 8 of 10 yrs, cut at least once

LVS Las Vegas Sands Corp.

Sands ECO360, we develop and implement environmental practices to advance energy efficiency and transition to renewables, reduce waste, conserve water and source products and materials responsibly.

Owner earnings 2016–2025 $2.6B$3.7B$3.8B$2.0B($2.5B)($1.1B)($1.6B)$2.2B$1.6B$1.9B

Retained capital Paid out $7.9B more than it earned over 2016–2025; annual owner earnings fell $1.5B.

Balance sheet Heavy net debt, $11.9B · buybacks at an average near $46.44 · dividend paid 8 of 10 yrs, cut at least once

LW Lamb Weston

Lamb Weston is a leading global producer, distributor, and marketer of value-added frozen potato products and is headquartered in Eagle, Idaho.

Owner earnings 2017–2025 $338M$338M$519M$406M$406M$227M$539M$491M$461M

Retained capital Retained $3.0B of earnings over 2017–2025; annual owner earnings grew $99M, $0.03 per $1 retained.

Balance sheet Heavy net debt, $3.7B · dividend paid 9 of 9 yrs, never cut

LWAY Lifeway Foods Inc.

Lifeway has grown to become the largest producer and marketer of kefir in the U.S. and an important player in the broader market spaces of probiotic-based products and natural, "better for you" foods.

Owner earnings 2015–2025 $5M$696K($407K)$3M$4M$4M$538K$14M$10M$7M

Retained capital Retained $30M of earnings over 2015–2025; annual owner earnings grew $8M, $0.28 per $1 retained.

Balance sheet Net cash, +$2M

LWLG Lightwave Logic Inc.

Lightwave Logic, Inc. is a specialty materials and intellectual property company focused on the development and commercialization of proprietary electro-optic polymer materials designed to enable high-speed optical modulators for data communications and other photonic applications.

Owner earnings 2023–2025 ($13M)($17M)($15M)

Retained capital not read

Balance sheet Net cash, debt-free, +$69M

LXEO Lexeo Therapeutics Inc.

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

Owner earnings FY2022 ($55M)

Retained capital not read

Balance sheet Net cash, debt-free, +$150M

LXFR Luxfer Holdings PLC

Luxfer Holdings PLC is a global industrial company focused on niche applications in advanced materials engineering.

Owner earnings 2016–2025 $4M$28M$50M($7M)$42M$17M$8M$17M$41M$26M

Retained capital Paid out $6M more than it earned over 2016–2025; annual owner earnings grew $533K.

Balance sheet Modest net debt, $31M · dividend paid 10 of 10 yrs, never cut

LXP LXP Industrial Trust

We are a Maryland real estate investment trust, qualified as a REIT for federal income tax purposes, focused on Class A warehouse and distribution real estate investments in target markets in the Sunbelt and lower 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

LXRX Lexicon Pharmaceuticals Inc.

We are a biopharmaceutical company with a mission of pioneering medicines that transform patients' lives.

Owner earnings 2016–2025 ($176M)($186M)($149M)$114M($143M)($87M)($89M)($162M)($179M)($68M)

Retained capital not read

Balance sheet Net cash, +$42M

LXU LSB Industries Inc.

LSB is headquartered in Oklahoma City, Oklahoma and we manufacture and sell chemical products for the agricultural and industrial markets.

Owner earnings 2016–2025 ($81M)($33M)($19M)($34M)($33M)$52M$300M$70M($6M)$18M

Retained capital Retained $192M of earnings over 2016–2025; annual owner earnings grew $72M, $0.37 per $1 retained.

Balance sheet Heavy net debt, $293M

LYB LyondellBasell

LyondellBasell makes the plastics that go into everyday goods, mainly polyethylene and polypropylene, sold in bulk to manufacturers, alongside the chemical building blocks behind them and an arm that licenses its chemical-process technology to other producers. Most of the profit is the spread between the cost of oil- and gas-linked feedstock and the price its commodity polymers fetch.

Owner earnings 2016–2025 $3.4B$3.7B$3.4B$2.3B$1.5B$5.7B$4.2B$3.4B$2.0B$384M

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings fell $1.5B.

Balance sheet Net debt against an operating loss, $7.2B · buybacks at an average near $86.69 · dividend paid 10 of 10 yrs, cut at least once

LYEL Lyell Immunopharma Inc.

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

Owner earnings 2019–2025 $23M($212M)($192M)($194M)($166M)($163M)($151M)

Retained capital not read

Balance sheet Net cash, debt-free, +$247M

LYFT Lyft Inc.

Lyft Inc. operates as a global mobility platform offering a mix of rideshare, taxis, private hire vehicles, executive chauffeur services, car sharing, bikes and scooters.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$784M

LYTS LSI Industries Inc.

LSI Industries Inc. is a leading producer of non-residential lighting and retail display solutions.

Owner earnings 2016–2025 $11M$15M$8M$9M$27M$26M($6M)$46M$38M$35M

Retained capital Retained $29M of earnings over 2016–2025; annual owner earnings grew $28M, $0.99 per $1 retained.

Balance sheet Modest net debt, $45M · dividend paid 10 of 10 yrs, never cut

LYV Live Nation

We are the largest live entertainment company in the world, connecting over 805 million fans across all of our concerts and ticketing platforms in 55 countries during 2025.

Owner earnings 2016–2025 $425M$385M$702M$146M($1.3B)$1.6B$1.5B$924M$1.1B$756M

Retained capital Paid out $56M more than it earned over 2016–2025; annual owner earnings grew $416M.

Balance sheet Modest net debt, $1.1B · buybacks at an average near $142

LZ LegalZoom.com Inc.

LegalZoom is a leading online platform for legal services, transforming how individuals and small businesses navigate the legal system.

Owner earnings 2019–2025 $41M$82M$42M$52M$104M$100M$148M

Retained capital Paid out $483M more than it earned over 2019–2025; annual owner earnings grew $62M.

Balance sheet Net cash, debt-free, +$203M · buybacks at an average near $9.28

LZB La-Z-Boy Incorporated

Boy brand is one of the most recognized brands in the furniture industry.

Owner earnings 2017–2026 $128M$79M$120M$133M$272M$39M$165M$105M$141M$157M

Retained capital Retained $313M of earnings over 2017–2026; annual owner earnings grew $25M, $0.08 per $1 retained.

Balance sheet Net cash, +$295M · dividend paid 9 of 10 yrs, never cut