R

R Ryder System

Ryder System is a leading provider of outsourced logistics and transportation services throughout North America.

Owner earnings 2016–2025 $414M$370M$329M$262M$1.0B$234M$597M$268M($418M)$459M

Retained capital Retained $720M of earnings over 2016–2025; annual owner earnings fell $268M, $-0.37 per $1 retained.

Balance sheet Heavy net debt, $8.4B · buybacks at an average near $102 · dividend paid 10 of 10 yrs, never cut

RAL Ralliant Corporation

Ralliant Corporation is a global technology company with businesses that design, develop, manufacture, and service precision instruments and highly engineered products.

Owner earnings 2023–2025 $433M$420M$358M

Retained capital not read

Balance sheet Net debt against an operating loss, $830M

RAMP LiveRamp Holdings Inc.

LiveRamp Holdings Inc. is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters.

Owner earnings 2017–2026 ($49M)($23M)($9M)($40M)($23M)$74M$30M$101M$153M$166M

Retained capital Paid out $137M more than it earned over 2017–2026; annual owner earnings grew $167M.

Balance sheet Net cash, +$133M

RARE Ultragenyx

Ultragenyx Pharmaceutical Inc., we or the Company, is a biopharmaceutical company committed to bringing novel products to patients for the treatment of serious rare and ultra-rare genetic diseases.

Owner earnings 2016–2025 ($164M)($257M)($295M)($354M)($144M)($352M)($399M)($501M)($421M)($472M)

Retained capital not read

Balance sheet Net cash, debt-free, +$743M

RBA RB Global Inc.

Our marketplace brands include Ritchie Bros., the world's largest auctioneer of commercial assets and vehicles offering online bidding, and IAA, a leading global digital marketplace connecting vehicle buyers and sellers.

Owner earnings 2016–2025 $159M$137M$127M$319M$244M$308M$431M$316M$765M$719M

Retained capital Retained $879M of earnings over 2016–2025; annual owner earnings grew $459M, $0.52 per $1 retained.

Balance sheet Meaningful net debt, $2.6B · buybacks at an average near $31.34 · dividend paid 9 of 10 yrs, cut at least once

RBB RBB Bancorp

The Bank provides business-banking and consumer products and services predominantly to the Asian-centric communities through full service branches located in Los Angeles County, Orange County and Ventura County in California, Las Vegas, the New York City metropolitan areas, Chicago, Edison and Honolulu.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $18.76 · dividend paid 10 of 10 yrs, cut at least once

RBBN Ribbon Communications Inc.

We are a leading global provider of communications technology to service providers and enterprises.

Owner earnings 2016–2025 $15M$4M($18M)$45M$84M$2M($37M)$8M$37M$35M

Retained capital Paid out $547M more than it earned over 2016–2025; annual owner earnings grew $26M.

Balance sheet Net debt against an operating loss, $237M · buybacks at an average near $3.58

RBC RBC Bearings

RBC Bearings Incorporated RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings, components and essential systems for the Industrial and Aerospace & Defense markets.

Owner earnings 2017–2026 $80M$102M$79M$118M$141M$151M$179M$242M$244M$343M

Retained capital Retained $1.4B of earnings over 2017–2026; annual owner earnings grew $189M, $0.14 per $1 retained.

Balance sheet Modest net debt, $728M · no dividend paid

RBCAA Republic Bancorp Inc.

Republic are located at 601 West Market Street, Louisville, Kentucky 40202, telephone number 584-3600.

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

RBLX Roblox Corporation

Roblox is an immersive gaming and creation platform that offers people millions of ways to be together, inviting its community to explore, create, and share endless unique experiences.

Owner earnings 2019–2025 $72M$481M$566M$239M$250M$643M$1.6B

Retained capital Paid out $4.9B more than it earned over 2019–2025; annual owner earnings grew $448M.

Balance sheet Net cash, +$2.1B

RBRK Rubrik Inc.

Our automated policy-driven platform delivers data security enforcement, incident response orchestration, and API integrations with the broader security ecosystem.

Owner earnings 2023–2026 ($6M)($17M)$31M$253M

Retained capital Paid out $2.1B more than it earned over 2023–2026; annual owner earnings grew $86M.

Balance sheet Net debt against an operating loss, $751M

RCAT Red Cat Holdings Inc.

Compared to traditional manned platforms, many unmanned systems can be deployed more rapidly, operate in high-risk or contested environments, and be procured at significantly lower cost.

Owner earnings 2015–2025 ($113K)($2M)($1M)($16M)($30M)($18M)($91M)

Retained capital not read

Balance sheet Net cash, +$17M

RCL Royal Caribbean Cruises

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 $1.6B$2.3B$2.4B$2.5B($5.0B)($3.2B)($926M)$3.0B$3.7B$4.7B

Retained capital Paid out $3.3B more than it earned over 2016–2025; annual owner earnings grew $1.7B.

Balance sheet Heavy net debt, $20.5B · buybacks at an average near $111 · dividend paid 7 of 10 yrs, cut at least once

RCUS Arcus Biosciences Inc.

We are a late clinical-stage biopharmaceutical company focused on developing differentiated molecules for patients with cancer and inflammatory and autoimmune diseases.

Owner earnings 2017–2025 ($28M)($47M)($75M)$108M($260M)$432M($314M)($176M)($484M)

Retained capital not read

Balance sheet Net cash, +$678M

RDDT Reddit Inc.

Within subreddits, Redditors engage in active and in-depth conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another in comment threads on any topic.

Owner earnings 2022–2025 ($100M)($85M)$216M$684M

Retained capital Paid out $204M more than it earned over 2022–2025; annual owner earnings grew $261M.

Balance sheet Net cash, debt-free, +$954M

RDN Radian Group Inc.

We are strategically focused on providing solutions that expand access to affordable, responsible and sustainable homeownership and help borrowers achieve their dream of owning a home.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $26.32 · dividend paid 5 of 5 yrs, never cut

RDNT RadNet

We are a leading national provider of diagnostic imaging services in the United States based on number of locations and annual imaging revenue.

Owner earnings 2016–2025 $32M$81M$45M$30M$140M$53M$27M$92M$95M$147M

Retained capital Retained $62M of earnings over 2016–2025; annual owner earnings grew $59M, $0.95 per $1 retained.

Balance sheet Heavy net debt, $323M

RDVT Red Violet Inc. Common Stock

We build proprietary technologies and apply analytical capabilities to deliver identity intelligence.

Owner earnings 2017–2025 ($11M)($8M)$2M$6M$9M$12M$15M$24M$29M

Retained capital Paid out $23M more than it earned over 2017–2025; annual owner earnings grew $28M.

Balance sheet Net cash, debt-free, +$44M

RDW Redwire Corporation

Redwire is an integrated space and defense technology company focused on advanced technologies.

Owner earnings 2021–2025 ($39M)($35M)($4M)($24M)($191M)

Retained capital not read

Balance sheet Net cash, +$9M

REAL The RealReal Inc.

RealReal is the world's largest online marketplace for authenticated, resale luxury goods.

Owner earnings 2017–2025 ($44M)($56M)($68M)($153M)($166M)($114M)($90M)$13M$18M

Retained capital not read

Balance sheet Net debt against an operating loss, $80M

REG Regency Centers Corporation

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

REGCO Regency Centers Corporation

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

REGCP Regency Centers Corporation

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

REGN Regeneron Pharmaceuticals Inc.

Regeneron is a biotechnology company that discovers, makes, and sells prescription medicines for serious illnesses — among them eye disease, inflammatory and allergic disease, cancer, and heart disease. It earns money two ways: selling its own drugs to a small set of large buyers, and sharing the profit on drugs marketed alongside partners, which is why a large slice of revenue arrives as collaboration income rather than direct product sales. A handful of branded medicines carry most of the weight.

Owner earnings 2016–2025 $1.4B$1.2B$2.0B$2.2B$2.4B$6.8B$4.7B$4.2B$3.9B$4.4B

Retained capital Retained $16.9B of earnings over 2016–2025; annual owner earnings grew $2.7B, $0.16 per $1 retained.

Balance sheet Net cash, +$6.6B · dividend paid 1 of 10 yrs, never cut

RELY Remitly Global Inc.

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

Owner earnings 2019–2025 $6M($116M)($20M)($112M)$64M$106M$296M

Retained capital Paid out $355M more than it earned over 2019–2025; annual owner earnings grew $199M.

Balance sheet Net cash, +$387M · buybacks at an average near $16.10

REPX Riley Exploration Permian Inc.

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

Owner earnings 2016–2025 ($1M)($15K)$542K($211K)($6M)$86M$170M$202M$227M$210M

Retained capital Retained $295M of earnings over 2016–2025; annual owner earnings grew $213M, $0.72 per $1 retained.

Balance sheet Modest net debt, $230M · dividend paid 6 of 10 yrs, never cut

RES RPC

RPC is a Delaware corporation originally organized in 1984 as a holding company for several OFS companies and is headquartered in Atlanta, Georgia.

Owner earnings 2016–2025 $68M$16M$226M$39M$13M($20M)$118M$287M$217M$53M

Retained capital Retained $25M of earnings over 2016–2025; annual owner earnings grew $82M.

Balance sheet Net cash, +$180M · buybacks at an average near $7.49 · dividend paid 8 of 10 yrs, cut at least once

REX REX American Resources Corporation

Revenue is Ethanol (78%), Dried Distillers Grains (14%) and Distillers Corn Oil (8%).

Owner earnings 2017–2026 $55M$17M$37M$7M($2M)$87M$39M$110M$48M$102M

Retained capital Retained $282M of earnings over 2017–2026; annual owner earnings grew $51M, $0.18 per $1 retained.

Balance sheet Net cash, +$300M · buybacks at an average near $4.81

REXR Rexford Industrial

We are a self-administered and self-managed full-service REIT focused on owning, operating and acquiring industrial properties in Southern California infill 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 10 of 10 yrs, never cut

REYN Reynolds Consumer Products Inc.

These factors generate consumer loyalty, which affords us the opportunity to develop and launch new products that expand usage occasions and transition our portfolio into adjacent categories.

Owner earnings 2018–2025 $448M$294M$220M$201M$91M$540M$369M$316M

Retained capital Retained $1.2B of earnings over 2018–2025; annual owner earnings grew $88M, $0.07 per $1 retained.

Balance sheet Meaningful net debt, $1.4B · dividend paid 6 of 8 yrs, never cut

REZI Resideo Technologies Inc. Common Stock

We are a global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions that help homeowners and businesses stay connected and in control of their comfort, security, energy use, and smart living.

Owner earnings 2016–2025 $91M($12M)$398M$174M$252M$67M$335M$364M($1.3B)

Retained capital Retained $507M of earnings over 2016–2025; annual owner earnings fell $344M, $-0.68 per $1 retained.

Balance sheet Heavy net debt, $2.5B

RF Regions Financial Corporation

Regions provides financial solutions for a wide range of clients including retail and mortgage banking services, commercial banking services and wealth and investment services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

RGA Reinsurance Group of America

Reinsurance Group of America, Incorporated is an insurance holding company that was formed on December 31, 1992.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 7 yrs, never cut

RGEN Repligen Corporation

Repligen is a global life sciences company that develops and commercializes highly innovated bioprocessing technologies and systems that increase efficiencies and flexibility in the process of manufacturing biological drugs.

Owner earnings 2016–2025 $3M$12M$22M$49M$40M$81M$121M$78M$150M$94M

Retained capital Retained $497M of earnings over 2016–2025; annual owner earnings grew $95M, $0.19 per $1 retained.

Balance sheet Net cash, +$225M

RGLD Royal Gold

Revenue is Stream interest (67%) and Royalty interest (33%).

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

RGNX REGENXBIO Inc.

Our investigational gene therapies are designed to deliver functional genes to address genetic defects in cells, enabling the production of therapeutic proteins or antibodies that are intended to impact disease.

Owner earnings 2016–2025 ($49M)($61M)$101M($115M)($62M)$209M($220M)($228M)($176M)($126M)

Retained capital not read

Balance sheet Net cash, debt-free, +$230M

RGR Sturm Ruger & Company Inc.

Ruger & Company, Inc. and Subsidiaries is principally engaged in the design, manufacture, and sale of firearms to domestic customers.

Owner earnings 2016–2025 $70M$68M$109M$29M$120M$144M$50M$18M$35M$38M

Retained capital Retained $40M of earnings over 2016–2025; annual owner earnings fell $52M.

Balance sheet Net cash, debt-free, +$93M · buybacks at an average near $44.03 · dividend paid 10 of 10 yrs, cut at least once

RGTI Rigetti Computing Inc.

We offer our full-stack quantum computing platform as a cloud service to a wide range of end-users, directly through our Rigetti Quantum Cloud Services platform, and also through public cloud service providers.

Owner earnings 2022–2025 ($85M)($60M)($62M)($77M)

Retained capital not read

Balance sheet Net cash, debt-free, +$130M

RGTIW Rigetti Computing Inc.

We offer our full-stack quantum computing platform as a cloud service to a wide range of end-users, directly through our Rigetti Quantum Cloud Services platform, and also through public cloud service providers.

Owner earnings 2022–2025 ($85M)($60M)($62M)($77M)

Retained capital not read

Balance sheet Net cash, debt-free, +$130M

RH RH

Our hospitality efforts will continue to elevate the RH brand as we extend beyond the four walls of our Galleries into RH Guesthouses, where our goal is to create a new market for travelers seeking privacy and luxury in the $200 billion North American hotel industry.

Owner earnings 2017–2026 $24M$406M$170M$246M$390M$566M$295M$83M($113M)$304M

Retained capital Paid out $1.6B more than it earned over 2017–2026; annual owner earnings fell $108M.

Balance sheet Heavy net debt, $2.2B · buybacks at an average near $269

RHI Robert Half Inc.

Robert Half Inc. provides specialized talent solutions and business consulting services through the Robert Half and Protiviti company names.

Owner earnings 2016–2025 $359M$412M$530M$460M$563M$567M$623M$591M$354M$267M

Retained capital Paid out $245M more than it earned over 2016–2025; annual owner earnings fell $30M.

Balance sheet Net cash, +$464M · dividend paid 10 of 10 yrs, never cut

RHLD Resolute Holdings Management, Inc.

Resolute Holdings Management, Inc. is a Nevada corporation that was originally formed as a Delaware corporation on September 27, 2024 and was recently redomiciled to the State of Nevada on March 2, 2026.

Owner earnings 2024–2025 $145M$189M

Retained capital not read

Balance sheet Net cash, +$21M

RHP Ryman Hospitality Properties

Ryman is a Delaware corporation that began operating as a self-advised and self-administered REIT for federal income tax purposes on January 1, 2013.

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 $49.62 · dividend paid 10 of 10 yrs, cut at least once

RIG Transocean Ltd (Switzerland)

Transocean Ltd (Switzerland) is a leading international provider of offshore contract drilling services for oil and gas wells.

Owner earnings 2016–2025 $636M$673M$374M($47M)$133M$367M($269M)($263M)$193M$626M

Retained capital Paid out $11.8B more than it earned over 2016–2025; annual owner earnings fell $376M.

Balance sheet Net debt against an operating loss, $8.6B

RIGL Rigel Pharmaceuticals Inc.

We are a biotechnology company dedicated to developing and providing novel therapies that significantly improve the lives of patients with hematologic disorders and cancer.

Owner earnings 2016–2022 ($77M)($78M)($59M)($42M)($53M)$5M($74M)

Retained capital not read

Balance sheet Net cash, +$102M

RILY BRC Group Holdings Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RILYG BRC Group Holdings, Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RILYL BRC Group Holdings Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RILYN BRC Group Holdings, Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RILYP BRC Group Holdings Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RILYT BRC Group Holdings, Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RILYZ BRC Group Holdings, Inc.

Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 9 of 10 yrs, cut at least once

RIOT Riot Platforms Inc. Common Stock

We are a vertically integrated digital infrastructure company principally engaged in developing and optimizing our large-scale power assets.

Owner earnings 2018–2025 ($24M)($16M)($11M)($112M)($105M)($161M)($495M)($774M)

Retained capital not read

Balance sheet Net debt against an operating loss, $598M

RITM Rithm Capital Corp.

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

RIVN Rivian Automotive Inc.

Rivian is an American automotive technology company that develops and manufactures category-defining electric vehicles as well as vertically integrated technologies and services.

Owner earnings 2019–2025 ($360M)($877M)($2.8B)($5.7B)($5.9B)($2.9B)($1.6B)

Retained capital not read

Balance sheet Net cash, +$1.6B

RJET Republic Airways Holdings Inc.

Republic is the second largest independent regional airline in the United States based on total fleet and daily departures.

Owner earnings 2016–2025 $58M$14M$54M$74M$148M$116M($27M)$170M$109M$196M

Retained capital Retained $174M of earnings over 2016–2025; annual owner earnings grew $116M, $0.67 per $1 retained.

Balance sheet Heavy net debt, $798M

RJF Raymond James Financial Inc.

Raymond James Financial Inc. is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations, and municipalities.

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 10 yrs, never cut

RKLB Rocket Lab Corporation

Rocket Lab is an end-to-end space company with an established track record of mission success.

Owner earnings 2020–2025 ($37M)($83M)($136M)($129M)($83M)($209M)

Retained capital not read

Balance sheet Net cash, +$1.0B

RKT Rocket Companies Inc.

Rocket Portfolio of Companies Rocket Companies operates an integrated ecosystem of mortgage, real estate and financial services businesses centered on enabling AI-fueled homeownership.

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

RL Ralph Lauren Corporation

Ralph Lauren, we are a global leader in the design, marketing, and distribution of luxury lifestyle products, including apparel, handbags, footwear & accessories, fragrances, home, and hospitality.

Owner earnings 2017–2026 $669M$814M$586M$484M$273M$549M$194M$905M$1.0B$921M

Retained capital Paid out $1.5B more than it earned over 2017–2026; annual owner earnings grew $259M.

Balance sheet Net cash, +$826M · dividend paid 10 of 10 yrs, cut at least once

RLAY Relay Therapeutics Inc.

We are a clinical-stage, small molecule precision medicine company developing potentially life-changing therapies for patients living with cancer and genetic disease.

Owner earnings 2020–2025 ($104M)($78M)($239M)($304M)($251M)($236M)

Retained capital not read

Balance sheet Net cash, debt-free, +$84M

RLGT Radiant Logistics Inc.

Radiant Logistics, Inc., and its consolidated subsidiaries, operates as a leading third-party logistics company, providing technology-enabled global transportation and value-added logistics services primarily in the United States and Canada.

Owner earnings 2018–2025 ($976K)$33M$25M$3M$17M$90M$9M$8M

Retained capital Retained $119M of earnings over 2018–2025; annual owner earnings grew $17M, $0.14 per $1 retained.

Balance sheet Net cash, +$3M

RLI RLI Corp

We offer insurance coverages in the specialty admitted and excess and surplus 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 10 of 10 yrs, cut at least once

RLJ RLJ Lodging Trust

The lodging industry in the United States consists of public and private entities that operate in an extremely diversified market under a variety of brand names.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $12.09 · dividend paid 10 of 10 yrs, cut at least once

RLMD Relmada Therapeutics Inc.

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

Owner earnings FY2013 ($2M)

Retained capital not read

Balance sheet Net cash, +$90M

RM Regional Management Corp.

We are a diversified consumer finance company that provides installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders.

Owner earnings 2016–2025 $94M$111M$141M$152M$161M$185M$218M$244M$264M$304M

Retained capital Retained $225M of earnings over 2016–2025; annual owner earnings grew $156M, $0.69 per $1 retained.

Balance sheet Meaningful net debt, $1.5B · buybacks at an average near $37.53

RMBS Rambus

Rambus is at the forefront of enabling the next era of AI-driven computing, addressing the critical challenges of signal and power integrity at increasingly extreme data rates in the data center, edge and client markets.

Owner earnings 2016–2025 $87M$108M$75M$122M$163M$195M$221M$186M$221M$348M

Retained capital Paid out $124M more than it earned over 2016–2025; annual owner earnings grew $161M.

Balance sheet Net cash, debt-free, +$443M

RMD ResMed Inc.

We are a global leader in digital health and cloud-connected medical devices.

Owner earnings 2016–2025 $489M$352M$442M$390M$707M$634M$216M$574M$1.3B$1.7B

Retained capital Retained $3.7B of earnings over 2016–2025; annual owner earnings grew $751M, $0.20 per $1 retained.

Balance sheet Net cash, +$541M · buybacks at an average near $215 · dividend paid 10 of 10 yrs, never cut

RMNI Rimini Street Inc. (DE)

Rimini Street, Inc. are global providers of end-to-end third-party enterprise software support, managed services and Agentic AI ERP innovation solutions.

Owner earnings 2016–2025 ($61M)$28M$21M$19M$41M$65M$32M$10M($42M)$56M

Retained capital Paid out $11M more than it earned over 2016–2025; annual owner earnings grew $12M.

Balance sheet Net cash, +$53M · buybacks at an average near $4.45 · dividend paid 1 of 10 yrs, cut at least once

RMR The RMR Group Inc.

RMR Group Inc., or RMR Inc., is a holding company and substantially all of its business is conducted by its majority owned subsidiary, The RMR Group LLC, or RMR LLC.

Owner earnings 2016–2025 $99M$125M$228M$198M$77M$71M$100M$105M$58M$72M

Retained capital Retained $92M of earnings over 2016–2025; annual owner earnings fell $72M, $-0.79 per $1 retained.

Balance sheet Modest net debt, $74M · dividend paid 10 of 10 yrs, cut at least once

RNG RingCentral Inc.

RingCentral Contact Center is a collaborative contact center solution that delivers AI-powered omni-channel and workforce engagement solutions integrated with RingEX.

Owner earnings 2016–2025 $15M$22M$45M$37M($79M)$123M$159M$376M$458M$587M

Retained capital Paid out $2.7B more than it earned over 2016–2025; annual owner earnings grew $447M.

Balance sheet Heavy net debt, $1.5B · buybacks at an average near $43.44

RNGR Ranger Energy Services Inc.

Ranger Energy Services Inc. is a provider of onshore high specification well service rigs, wireline services, and additional processing solutions and ancillary services in the United States.

Owner earnings 2016–2025 ($12M)($39M)($3M)$28M$18M($45M)$31M$54M$50M$43M

Retained capital Paid out $11M more than it earned over 2016–2025; annual owner earnings grew $67M.

Balance sheet Net cash, +$7M · dividend paid 4 of 10 yrs, never cut

RNR RenaissanceRe

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

RNST Renasant Corporation

Our Online and Mobile Banking products and our call center also provide 24-hour banking services.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, never cut

ROAD Construction Partners

We are a civil infrastructure company that specializes in the construction and maintenance of roadways across Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.

Owner earnings 2017–2025 $23M$41M$24M$66M($8M)($52M)$88M$121M$153M

Retained capital Retained $355M of earnings over 2017–2025; annual owner earnings grew $92M, $0.26 per $1 retained.

Balance sheet Heavy net debt, $1.5B · dividend paid 1 of 9 yrs, cut at least once

ROCK Gibraltar Industries Inc.

Gibraltar Industries Inc. is a leading manufacturer and provider of products and services for the residential, agtech and infrastructure markets.

Owner earnings 2016–2025 $113M$59M$87M$121M$76M$5M$83M$205M$157M$137M

Retained capital Retained $427M of earnings over 2016–2025; annual owner earnings grew $80M, $0.19 per $1 retained.

Balance sheet Net cash, debt-free, +$116M

ROG Rogers Corporation

We design, develop, manufacture and sell high-performance and high-reliability engineered materials and components to meet our customers' demanding challenges.

Owner earnings 2016–2025 $99M$112M$20M$110M$125M$53M$13M$74M$71M$71M

Retained capital Retained $451M of earnings over 2016–2025; annual owner earnings fell $5M, $-0.01 per $1 retained.

Balance sheet Net cash, debt-free, +$197M · buybacks at an average near $70.99

ROIV Roivant Sciences Ltd.

Roivant is a biopharmaceutical company that aims to improve the lives of patients by accelerating the development and commercialization of medicines that matter.

Owner earnings 2021–2026 ($558M)($695M)($856M)($767M)($844M)($759M)

Retained capital not read

Balance sheet Net cash, +$3.8B

ROK Rockwell Automation Inc.

Rockwell Automation Inc. is the world's largest company dedicated to industrial automation and digital transformation.

Owner earnings 2016–2025 $830M$892M$1.2B$1.0B$1.0B$1.1B$682M$1.2B$639M$1.4B

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $104M.

Balance sheet Modest net debt, $2.1B · buybacks at an average near $185 · dividend paid 10 of 10 yrs, never cut

ROKU Roku Inc.

Roku Inc. is the leading TV streaming platform in the United States, Canada, and Mexico by hours streamed.

Owner earnings 2016–2025 ($38M)$32M$6M$907K$126M$203M($19M)$203M$213M$478M

Retained capital Paid out $1.3B more than it earned over 2016–2025; annual owner earnings grew $298M.

Balance sheet Net cash, +$2.2B · buybacks at an average near $97.21

ROL Rollins

Revenue is Residential Revenue (45%), Commercial Revenue (33%) and Termite and ancillary revenues (21%).

Owner earnings 2016–2025 $193M$211M$272M$292M$413M$375M$435M$496M$580M$650M

Retained capital Retained $564M of earnings over 2016–2025; annual owner earnings grew $350M, $0.62 per $1 retained.

Balance sheet Modest net debt, $386M · dividend paid 10 of 10 yrs, never cut

ROOT Root Inc.

Root is a technology insurance company founded on the idea that car insurance rates should be based primarily on driving behaviors, not demographics.

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

ROP Roper Technologies Inc.

Roper Technologies Inc. is a diversified technology company.

Owner earnings 2016–2018 $927M$1.2B$1.4B

Retained capital not read

Balance sheet Heavy net debt, $9.1B

ROST Ross Stores Inc.

Ross Stores, Inc. operate two brands of off-price retail apparel and home fashion stores—Ross Dress for Less and dd's DISCOUNTS .

Owner earnings 2017–2026 $1.3B$1.3B$1.7B$1.8B$1.8B$1.4B$1.3B$2.1B$1.9B$2.5B

Retained capital Retained $2.9B of earnings over 2017–2026; annual owner earnings grew $738M, $0.26 per $1 retained.

Balance sheet Net cash, +$3.1B · buybacks at an average near $97.07 · dividend paid 10 of 10 yrs, cut at least once

RPAY Repay Holdings Corporation

We provide integrated payment processing solutions to industry-oriented vertical markets in which businesses or other organizations have specific transaction processing needs.

Owner earnings 2017–2025 $21M$23M$27M$50M$71M$103M$149M$91M

Retained capital Paid out $510M more than it earned over 2017–2025; annual owner earnings grew $90M.

Balance sheet Net debt against an operating loss, $311M

RPC Ridgepost Capital Inc.

We are a leading multi-asset class private market solutions provider in the alternative asset management industry.

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 4 of 7 yrs, never cut

RPD Rapid7

Rapid7 is a global cybersecurity operations software and service provider on a mission to create a safer digital world by making cybersecurity simpler and more accessible.

Owner earnings 2016–2025 $5M$8M($7M)($18M)($9M)$45M$58M$100M$168M$146M

Retained capital Paid out $678M more than it earned over 2016–2025; annual owner earnings grew $136M.

Balance sheet Heavy net debt, $418M

RPM RPM International

Our construction product lines and services are sold directly to manufacturers, contractors, distributors and end-users, including industrial manufacturing facilities, concrete and cement producers, public institutions and other commercial customers.

Owner earnings 2016–2025 $358M$260M$276M$156M$402M$609M$26M$422M$908M$538M

Retained capital Retained $1.5B of earnings over 2016–2025; annual owner earnings grew $325M, $0.21 per $1 retained.

Balance sheet Meaningful net debt, $2.3B · buybacks at an average near $74.64 · dividend paid 10 of 10 yrs, never cut

RPRX Royalty Pharma PLC

Royalty market, collaborating with innovators from academic institutions, research hospitals and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $8.3B

RR Richtech Robotics Inc.

Richtech is a robotics and artificial intelligence technology company focused on developing advanced embodied AI systems that aims to improve the efficiency and productivity of U.S. businesses.

Owner earnings 2024–2025 ($6M)($14M)

Retained capital not read

Balance sheet Net debt against an operating loss, $748M

RRBI Red River Bancshares Inc.

Red River Bank, a Louisiana state-chartered bank, we provide a fully integrated suite of banking products and services tailored to the needs of our commercial and retail customers.

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 8 yrs, never cut

RRC Range Resources

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

Owner earnings 2016–2025 $384M$811M$989M($5M)($137M)$399M$1.5B$628M$586M$801M

Retained capital Paid out $1.3B more than it earned over 2016–2025; annual owner earnings fell $56M.

Balance sheet Modest net debt, $1.2B · dividend paid 8 of 10 yrs, cut at least once

RRR Red Rock Resorts

Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC, through which we conduct all of our operations.

Owner earnings 2017–2025 $42M($233M)($37M)$154M$549M$214M($205M)$264M$291M

Retained capital Paid out $429M more than it earned over 2017–2025; annual owner earnings grew $193M.

Balance sheet Heavy net debt, $3.3B · dividend paid 9 of 9 yrs, cut at least once

RRX Regal Rexnord Corporation

Regal Rexnord Corporation is headquartered in Milwaukee, Wisconsin and has manufacturing, sales and service facilities worldwide.

Owner earnings 2015–2025 $215M$377M$227M$285M$316M$388M$352M$596M$500M$893M

Retained capital Retained $686M of earnings over 2015–2025; annual owner earnings grew $390M, $0.57 per $1 retained.

Balance sheet Heavy net debt, $4.3B · buybacks at an average near $98.98 · dividend paid 10 of 10 yrs, never cut

RS Reliance Inc.

We distribute a full line of over 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and other specialty steel products.

Owner earnings 2016–2025 $472M$237M$425M$1.1B$1.0B$563M$1.9B$1.4B$1.2B$503M

Retained capital Retained $4.8B of earnings over 2016–2025; annual owner earnings grew $652M, $0.14 per $1 retained.

Balance sheet Modest net debt, $1.2B · buybacks at an average near $166

RSG Republic Services Inc.

Republic Services is one of the largest providers of environmental services in North America, as measured by revenue.

Owner earnings 2016–2025 $920M$921M$1.2B$1.1B$1.3B$1.5B$1.7B$2.0B$2.1B$2.4B

Retained capital Retained $3.8B of earnings over 2016–2025; annual owner earnings grew $1.2B, $0.30 per $1 retained.

Balance sheet Heavy net debt, $13.6B · dividend paid 10 of 10 yrs, never cut

RSI Rush Street Interactive Inc.

We are a leading online gaming and entertainment company that focuses primarily on online casino and online sports betting in the U.S., Canadian and Latin American markets.

Owner earnings 2019–2025 ($3M)$14M($52M)($64M)($7M)$106M$164M

Retained capital Paid out $73M more than it earned over 2019–2025; annual owner earnings grew $101M.

Balance sheet Net cash, debt-free, +$342M

RSVR Reservoir Media Inc.

Reservoir Media, Inc. is one of the world's leading independent music companies.

Owner earnings 2021–2026 $15M$12M$31M$36M$45M$50M

Retained capital Retained $42M of earnings over 2021–2026; annual owner earnings grew $24M, $0.59 per $1 retained.

Balance sheet Heavy net debt, $431M

RTX RTX Corporation

RTX builds and services the hardware of flight and defense. It sells jet engines through Pratt and Whitney, aircraft systems and components through Collins Aerospace, and missiles, radars and related defense systems through Raytheon, and the three carry the load in broadly comparable measure. Its customers are the commercial planemakers and airlines and the governments and militaries that buy weapons, and it earns money twice: once when it sells the original equipment, and again, over the long service life of that equipment, on the spare parts, repairs and services it needs to keep running.

Owner earnings 2016–2025 $4.7B$3.6B$1.2B$4.0B$2.5B$5.0B$4.9B$5.5B$4.5B$7.9B

Retained capital Paid out $9.7B more than it earned over 2016–2025; annual owner earnings grew $2.8B.

Balance sheet Meaningful net debt, $32.9B · buybacks at an average near $82.29 · dividend paid 10 of 10 yrs, never cut

RUM Rumble Inc.

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

Owner earnings 2021–2025 ($5M)($34M)($98M)($90M)($74M)

Retained capital not read

Balance sheet Net cash, +$238M

RUMBW Rumble Inc.

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

Owner earnings 2021–2025 ($5M)($34M)($98M)($90M)($74M)

Retained capital not read

Balance sheet Net cash, +$238M

RUN Sunrun Inc.

Sunrun is the nation's leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs.

Owner earnings 2016–2024 ($213M)($104M)($67M)($230M)($321M)($826M)($867M)($842M)($768M)

Retained capital not read

Balance sheet Net debt against an operating loss, $13.5B

RUSHA Rush Enterprises Inc. Common Stock Cl A

We are a full-service, integrated retailer of commercial vehicles and related services.

Owner earnings 2016–2025 $324M($5M)$30M$246M$627M$255M$51M$75M$383M$609M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $239M, $0.23 per $1 retained.

Balance sheet Modest net debt, $62M · dividend paid 8 of 10 yrs, never cut

RUSHB Rush Enterprises Inc. Class B

We are a full-service, integrated retailer of commercial vehicles and related services.

Owner earnings 2016–2025 $324M($5M)$30M$246M$627M$255M$51M$75M$383M$609M

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $239M, $0.23 per $1 retained.

Balance sheet Modest net debt, $62M · dividend paid 8 of 10 yrs, never cut

RVLV Revolve Group

REVOLVE, we offer an assortment of premium apparel, footwear, beauty and accessories from emerging, established and owned brands.

Owner earnings 2017–2025 $14M$24M$42M$71M$60M$18M$39M$22M$55M

Retained capital Retained $341M of earnings over 2017–2025; annual owner earnings grew $12M, $0.04 per $1 retained.

Balance sheet Net cash, debt-free, +$292M

RVTY Revvity Inc.

Revvity is revolutionizing what's possible in healthcare, with specialized focus areas in translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics and more.

Owner earnings 2014–2025 $254M$259M$249M$218M$287M$829M$1.3B$10M$542M$509M

Retained capital Retained $1.8B of earnings over 2014–2025; annual owner earnings grew $99M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $2.3B · buybacks at an average near $48.95 · dividend paid 10 of 10 yrs, never cut

RWT Redwood Trust Inc.

Our Sequoia platform, which includes Aspire, delivered record production in 2025, reflecting continued market share gains across both bank and independent mortgage bank counterparties.

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

RWTN Redwood Trust Inc

Our Sequoia platform, which includes Aspire, delivered record production in 2025, reflecting continued market share gains across both bank and independent mortgage bank counterparties.

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

RWTO Redwood Trust Inc

Our Sequoia platform, which includes Aspire, delivered record production in 2025, reflecting continued market share gains across both bank and independent mortgage bank counterparties.

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

RXO RXO Inc.

RXO Inc. is a brokered transportation platform defined by cutting-edge technology and an asset-light business model.

Owner earnings 2020–2025 ($22M)$116M$253M$25M($57M)($8M)

Retained capital Paid out $103M more than it earned over 2020–2025; annual owner earnings fell $129M.

Balance sheet Net debt against an operating loss, $387M

RXRX Recursion Pharmaceuticals Inc.

Recursion is a clinical-stage TechBio company with a mission to decode biology to radically improve lives.

Owner earnings 2019–2025 ($60M)($49M)($167M)($95M)($300M)($373M)($378M)

Retained capital not read

Balance sheet Net cash, +$734M

RXT Rackspace Technology Inc.

Rackspace Technology is a leading end-to-end hybrid cloud and AI solutions company.

Owner earnings 2018–2025 $292M$155M$200K$262M$166M$278M($71M)$91M

Retained capital Paid out $3.8B more than it earned over 2018–2025; annual owner earnings fell $50M.

Balance sheet Net debt against an operating loss, $2.6B · buybacks at an average near $10.00

RYAM Rayonier Advanced Materials Inc.

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 2016–2021 $144M$55M$118M($49M)$61M$138M

Retained capital Retained $471M of earnings over 2016–2021; annual owner earnings fell $55M, $-0.12 per $1 retained.

Balance sheet Heavy net debt, $1.0B · buybacks at an average near $16.64 · dividend paid 4 of 6 yrs, cut at least once

RYAN Ryan Specialty Holdings Inc.

Ryan in 2010, Ryan Specialty is an international specialty insurance intermediary that provides specialty products, solutions, and services for insurance brokers, agents, and carriers.

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 2 of 7 yrs

RYN Rayonier Inc. REIT

We are a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions 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 9 of 9 yrs, never cut

RYTM Rhythm Pharmaceuticals Inc.

We are a global, commercial-stage biopharmaceutical company dedicated to transforming the lives of patients living with rare neuroendocrine diseases.

Owner earnings 2016–2025 ($24M)($30M)($63M)($126M)($122M)($146M)($174M)($136M)($114M)($117M)

Retained capital not read

Balance sheet Net cash, +$281M

RYZ Ryerson Holding Corporation

Ryerson Holding Corporation is the parent company of Joseph T.

Owner earnings 2016–2025 $2M($28M)$19M$147M$252M($24M)$442M$303M$127M$36M

Retained capital Retained $608M of earnings over 2016–2025; annual owner earnings grew $157M, $0.26 per $1 retained.

Balance sheet Net debt against an operating loss, $586M · dividend paid 5 of 10 yrs, never cut

RZC Reinsurance Group of America Inc

Reinsurance Group of America, Incorporated is an insurance holding company that was formed on December 31, 1992.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 7 yrs, never cut