Owner Scorecard


← The Manual

Volume one · United States

T

128 entries, T to TYL · entries 2,481–2,608 of 3,828

T AT&T Inc.

AT&T sells telecommunications service: wireless phone and data plans, plus internet and broadband, to consumers and to businesses. Customers pay a monthly bill to stay connected. The company owns the network the traffic runs on — spectrum, towers, fiber — and earns by carrying that traffic across it.

Owner earnings 2016–2025 $16.9B$17.4B$22.4B$29.0B$28.4B$26.4B$16.2B$20.5B$18.5B$19.4B

Retained capital Paid out $2.7B more than it earned over 2016–2025; annual owner earnings grew $590M.

Balance sheet Heavy net debt, $123.6B · buybacks at an average near $36.30 · dividend paid 10 of 10 yrs, cut at least once

TALK Talkspace Inc.

Talkspace, Inc. together with its consolidated subsidiaries is a leading virtual behavioral healthcare company offering its members convenient and affordable access to a fully-credentialed network of highly qualified providers across a wide and growing spectrum of care through virtual psychotherapy and psychiatry.

Owner earnings 2019–2023 ($21M)($15M)($66M)($61M)($17M)

Retained capital not read

Balance sheet Net cash, +$37M

TALO Talos Energy Inc.

We market the majority of our oil, natural gas and NGL production from the properties we operate and those we do not operate.

Owner earnings 2016–2025 $3M$21M$23M$48M($61M)$118M$387M($42M)$454M$454M

Retained capital Paid out $853M more than it earned over 2016–2025; annual owner earnings grew $273M.

Balance sheet Net debt against an operating loss, $863M · buybacks at an average near $10.60

TAP Molson Coors

From our core power brands, Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and O ujsko, to our above premium brands, including Madr Excepcional, Staropramen, Blue Moon Belgian White and Leinenkugel's Summer Shandy , to our value brands, like Miller High Life and Keystone Light , we produce many beloved and iconic beers.

Owner earnings 2016–2025 $785M$1.3B$1.7B$1.3B$1.1B$1.1B$841M$1.4B$1.2B$1.1B

Retained capital Paid out $405M more than it earned over 2016–2025; annual owner earnings fell $7M.

Balance sheet Net debt against an operating loss, $5.4B · buybacks at an average near $54.79 · dividend paid 10 of 10 yrs, cut at least once

TARS Tarsus Pharmaceuticals Inc.

We are a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care.

Owner earnings 2020–2025 ($21M)$3M($49M)($118M)($84M)($13M)

Retained capital not read

Balance sheet Net cash, +$345M

TASK TaskUs Inc.

TaskUs provides a suite of services to our clients that need assistance designing their customer experience programs and optimizing their operating environments, including D igital CX strategy, operational excellence and technology assessment and recommendations.

Owner earnings 2019–2025 $24M$39M($62M)$103M$113M$100M$96M

Retained capital Paid out $130M more than it earned over 2019–2025; annual owner earnings grew $102M.

Balance sheet Modest net debt, $30M · dividend paid 2 of 7 yrs, cut at least once

TBB AT&T Inc. 5.350% Global Notes due 2066

We are a leading provider of telecommunications and technology services globally.

Owner earnings 2016–2025 $16.9B$17.4B$22.4B$29.0B$28.4B$26.4B$16.2B$20.5B$18.5B$19.4B

Retained capital Paid out $2.7B more than it earned over 2016–2025; annual owner earnings grew $590M.

Balance sheet Heavy net debt, $123.6B · buybacks at an average near $36.30 · dividend paid 10 of 10 yrs, cut at least once

TBBK The Bancorp Inc

The Bank is a federally chartered commercial bank located in Sioux Falls, South Dakota and is a Federal Deposit Insurance Corporation insured institution.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $28.11

TBLA Taboola.com Ltd.

Taboola is a technology company that helps businesses grow by placing ads on publisher sites, mobile apps, and devices, which we collectively refer to as digital properties.

Owner earnings 2020–2025 $121M$33M$26M$52M$149M$179M

Retained capital Paid out $456M more than it earned over 2020–2025; annual owner earnings grew $67M.

Balance sheet Net cash, +$19M

TBPH Theravance Biopharma Inc.

Theravance Biopharma Inc. is a biopharmaceutical company primarily focused on the development and commercialization of medicines.

Owner earnings 2016–2025 ($101M)($203M)($116M)($241M)($254M)($211M)($188M)($29M)($12M)$238M

Retained capital not read

Balance sheet Net debt against an operating loss, $60M

TBRG TruBridge Inc.

TruBridge Inc. is a leading provider of healthcare solutions and services for community hospitals, their clinics and other healthcare systems.

Owner earnings 2016–2025 $2M$23M$23M$42M$47M$47M$32M($868K)$29M$36M

Retained capital Paid out $63M more than it earned over 2016–2025; annual owner earnings grew $5M.

Balance sheet Heavy net debt, $140M · buybacks at an average near $35.62 · dividend paid 5 of 10 yrs, cut at least once

TCBI Texas Capital Bancshares

Texas Capital Bancshares is a registered bank holding company and a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual 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 · buybacks at an average near $55.35

TCBIO Texas Capital Bancshares Inc.

Texas Capital Bancshares Inc. is a registered bank holding company and a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual 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 · buybacks at an average near $55.35

TCBK TriCo Bancshares

The Bank offers a variety of banking and financial services to both personal, small business and commercial 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 · buybacks at an average near $12.63 · dividend paid 10 of 10 yrs, never cut

TCBX Third Coast Bancshares Inc.

The Company's internal control system is a process designed to provide reasonable assurance regarding the preparation and fair presentation of published financial statements in accordance with GAAP.

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

TCI Transcontinental Realty Investors Inc.

Transcontinental Realty Investors Inc. is a fully integrated externally managed real estate company.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

TCMD Tactile Systems Technology Inc.

Technology company that develops and provides innovative medical devices for the treatment of underserved chronic diseases.

Owner earnings 2016–2025 $6M$2M$5M($1M)$735K$528K$3M$34M$38M$40M

Retained capital Retained $30M of earnings over 2016–2025; annual owner earnings grew $33M, $1.10 per $1 retained.

Balance sheet Net cash, +$60M · buybacks at an average near $12.86

TCX Tucows Inc.

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

Owner earnings 2016–2025 $22M$31M$37M$40M$36M$29M$19M($15M)($24M)($9M)

Retained capital Paid out $245M more than it earned over 2016–2025; annual owner earnings fell $46M.

Balance sheet Net debt against an operating loss, $245M · buybacks at an average near $32.15

TDAY USA TODAY Co. Inc.

For both the USA TODAY Media and Newsquest segments, we seek to strengthen the connection with our audience 5 by providing relevant content and expanded offerings that resonate with our readers.

Owner earnings 2016–2025 $84M$99M$98M$12M$21M$88M($5M)$56M$51M$63M

Retained capital Paid out $1.3B more than it earned over 2016–2025; annual owner earnings fell $37M.

Balance sheet Net debt against an operating loss, $864M · dividend paid 4 of 10 yrs, cut at least once

TDC Teradata Corporation

Teradata is uniquely suited to provide this with our autonomous AI and knowledge platform as well as our data and analytics capabilities.

Owner earnings 2016–2025 $393M$246M$211M$94M$223M$435M$405M$356M$279M$286M

Retained capital Paid out $1.7B more than it earned over 2016–2025; annual owner earnings grew $24M.

Balance sheet Net cash, +$37M

TDG TransDigm

TransDigm Inc., is a leading global designer, producer and supplier of highly engineered aircraft components that are critical to the safe and effective operation of nearly all commercial and military aircraft worldwide.

Owner earnings 2017–2025 $718M$949M$913M$1.1B$808M$829M$1.2B$1.9B$1.8B

Retained capital Paid out $1.7B more than it earned over 2017–2025; annual owner earnings grew $784M.

Balance sheet Heavy net debt, $26.6B · buybacks at an average near $419 · dividend paid 9 of 9 yrs, cut at least once

TDOC Teladoc Health Inc.

Teladoc Health is the global leader in virtual care.

Owner earnings 2016–2025 ($54M)($37M)($9M)$26M($58M)$185M$173M$339M$283M$285M

Retained capital Paid out $16.4B more than it earned over 2016–2025; annual owner earnings grew $336M.

Balance sheet Net debt against an operating loss, $159M

TDS Telephone and Data Systems

Telephone and Data Systems provides high-quality communications services to customers through its wholly-owned subsidiary TDS Telecommunications LLC with 1.1 million broadband, video, voice and wireless connections at December 31, 2025.

Owner earnings 2016–2025 $146M$91M$241M$59M$194M($28M)($6M)$498M$780M$199M

Retained capital Retained $183M of earnings over 2016–2025; annual owner earnings grew $333M, $1.82 per $1 retained.

Balance sheet Net debt against an operating loss, $63M

TDUP ThredUp Inc.

ThredUp operates one of the world's largest online resale platforms for apparel, shoes and accessories.

Owner earnings 2019–2025 ($14M)($25M)($44M)($66M)($36M)($2M)$180K

Retained capital not read

Balance sheet Net cash, +$20M

TDW Tidewater Inc.

We offer a large, diversified fleet of offshore service vessels and related support vessels, with 208 vessels serving customers in over 30 countries as of December 31, 2025.

Owner earnings 2016–2025 $59M$4M($17M)($49M)($11M)$6M$24M$73M$255M$353M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $212M.

Balance sheet Modest net debt, $371M · dividend paid 1 of 10 yrs, never cut

TDY Teledyne Technologies Incorporated

We Are Teledyne Technologies Incorporated is a Delaware corporation that provides enabling technologies to sense, analyze and distribute information for industrial growth markets that require advanced technology and high reliability.

Owner earnings 2014–2025 $244M$163M$316M$360M$394M$548M$723M$721M$1.1B$1.1B

Retained capital Retained $3.7B of earnings over 2014–2025; annual owner earnings grew $727M, $0.20 per $1 retained.

Balance sheet Modest net debt, $2.1B · buybacks at an average near $98.63

TE T1 Energy Inc.

T1 Energy Inc. is an energy solutions provider building an integrated U.S. solar supply chain for solar modules to invigorate the United States with scalable, reliable, and low-cost energy.

Owner earnings 2023–2025 ($91M)($113M)$17M

Retained capital not read

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

TEAM Atlassian

The Atlassian Cloud Platform underpins our cloud app portfolio, allowing us to provide unified experiences, standardized data, and common enterprise infrastructure across all apps and teams.

Owner earnings 2021–2025 $758M$769M$842M$1.4B$1.4B

Retained capital Paid out $3.5B more than it earned over 2021–2025; annual owner earnings grew $434M.

Balance sheet Net cash, +$1.9B · buybacks at an average near $184

TECH Bio-Techne

Bio-Techne, collectively doing business as Bio-Techne Corporation, develop, manufacture and sell life science reagents, instruments and services for the research, diagnostics and bioprocessing markets worldwide.

Owner earnings 2016–2025 $127M$129M$149M$156M$153M$308M$280M$216M$236M$257M

Retained capital Retained $435M of earnings over 2016–2025; annual owner earnings grew $101M, $0.23 per $1 retained.

Balance sheet Modest net debt, $183M · buybacks at an average near $66.33 · dividend paid 10 of 10 yrs, never cut

TEL TE Connectivity plc

We are a global industrial technology leader creating a safer, sustainable, productive, and connected future.

Owner earnings 2017–2025 $1.6B$1.8B$1.7B$1.4B$2.0B$1.7B$2.4B$2.8B$3.2B

Retained capital Retained $1.8B of earnings over 2017–2025; annual owner earnings grew $1.1B, $0.61 per $1 retained.

Balance sheet Modest net debt, $4.4B · buybacks at an average near $91.58 · dividend paid 9 of 9 yrs, never cut

TEM Tempus AI Inc.

Tempus is a technology company focused on healthcare that straddles two converging worlds.

Owner earnings 2022–2025 ($187M)($236M)($211M)($239M)

Retained capital not read

Balance sheet Net cash, +$396M

TENB Tenable

Tenable is the leading provider of exposure management solutions.

Owner earnings 2016–2025 ($6M)($9M)($8M)($18M)$54M$93M$122M$148M$213M$255M

Retained capital Paid out $946M more than it earned over 2016–2025; annual owner earnings grew $213M.

Balance sheet Net cash, +$48M · buybacks at an average near $42.56

TER Teradyne Inc.

We are a leading global provider of automated test equipment and robotics products.

Owner earnings 2016–2025 $370M$521M$363M$444M$742M$966M$467M$474M$552M$546M

Retained capital Retained $129M of earnings over 2016–2025; annual owner earnings grew $107M.

Balance sheet Net cash, +$629M · dividend paid 10 of 10 yrs, never cut

TEVA Teva Pharmaceutical Industries Limited

We operate worldwide, with headquarters in Israel and a significant presence in the United States, Europe and many other markets around the world.

Owner earnings 2016–2025 $3.0B$1.4B$1.8B$223M$638M$236M$1.0B$842M$749M$1.1B

Retained capital Paid out $28.1B more than it earned over 2016–2025; annual owner earnings fell $1.1B.

Balance sheet Heavy net debt, $27.1B · dividend paid 3 of 10 yrs, cut at least once

TEX Terex

Terex is a global industrial equipment manufacturer of materials processing machinery, waste and recycling solutions, mobile elevating work platforms, and equipment for the electric utility industry.

Owner earnings 2016–2025 $319M$121M$49M$127M$176M$234M$214M$403M$244M$322M

Retained capital Paid out $398M more than it earned over 2016–2025; annual owner earnings grew $160M.

Balance sheet Meaningful net debt, $1.8B · buybacks at an average near $9.54 · dividend paid 10 of 10 yrs, cut at least once

TFC Truist Financial Corporation

Truist Bank is one of the 10 largest commercial banks in the U.S. and provides banking and trust services for clients through its digital platform and 1,927 branches as of December 31, 2025.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $51.94 · dividend paid 5 of 5 yrs, never cut

TFIN Triumph Financial Inc.

We offer a diversified line of banking, factoring, payments, and intelligence 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

TFSL TFS Financial Corporation

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $17.45 · dividend paid 10 of 10 yrs, never cut

TFX Teleflex

Teleflex is a global provider of medical technology products that enhance clinical benefits, improve patient and provider safety and reduce total procedural costs.

Owner earnings 2016–2025 $357M$355M$354M$334M$346M$581M$264M$160M$211M$1M

Retained capital Retained $633M of earnings over 2016–2025; annual owner earnings fell $232M, $-0.37 per $1 retained.

Balance sheet Heavy net debt, $2.3B · dividend paid 10 of 10 yrs, never cut

TGLS Tecnoglass Inc.

Tecnoglass is a leading vertically integrated manufacturer, supplier and installer of high-end aluminum and vinyl windows and architectural glass for the global commercial and residential construction markets.

Owner earnings 2016–2025 ($19M)$7M($18M)$712K$53M$96M$122M$117M$144M$99M

Retained capital Retained $716M of earnings over 2016–2025; annual owner earnings grew $130M, $0.18 per $1 retained.

Balance sheet Modest net debt, $110M · dividend paid 10 of 10 yrs, cut at least once

TGT Target Corp.

Target runs discount stores across the United States, selling general merchandise and everyday essentials to shoppers it calls guests, both in its stores and through digital channels. It buys goods, much of it imported, and resells them at a markup, leaning on design, style, value, and a curated multi-category assortment to set itself apart from other big-box sellers. The largest sales lines are food and beverage and household essentials, with several other merchandise categories behind them.

Owner earnings 2017–2026 $3.9B$4.4B$3.5B$4.1B$7.9B$6.0B$1.3B$5.8B$4.5B$2.8B

Retained capital Retained $1.3B of earnings over 2017–2026; annual owner earnings grew $444M.

Balance sheet Modest net debt, $4.6B · buybacks at an average near $119 · dividend paid 10 of 10 yrs, never cut

TGTX TG Therapeutics Inc.

Therapeutics is a fully integrated, commercial stage, biotechnology company focused on the acquisition, development and commercialization of novel treatments for B-cell diseases.

Owner earnings 2016–2025 ($62M)($94M)($129M)($133M)($215M)($296M)($176M)($31M)($41M)($25M)

Retained capital not read

Balance sheet Modest net debt, $104M

TH Target Hospitality Corp.

Revenue is led by HFS - South (49%) and WHS (34%), with 2 more segments behind.

Owner earnings 2017–2025 $40M$25M$60M$46M$104M$285M$154M$151M$73M

Retained capital Retained $213M of earnings over 2017–2025; annual owner earnings grew $84M, $0.40 per $1 retained.

Balance sheet Net debt against an operating loss, $350M · buybacks at an average near $8.66

THC Tenet Healthcare

Tenet Healthcare Corporation is a diversified healthcare services company with its headquarters in Dallas, Texas, and a Global Business Center in the Philippines that supports various enterprise-wide administrative functions.

Owner earnings 2016–2025 ($317M)$493M$432M$563M$2.9B$910M$321M$1.6B$1.1B$2.5B

Retained capital Retained $3.4B of earnings over 2016–2025; annual owner earnings grew $1.6B, $0.45 per $1 retained.

Balance sheet Meaningful net debt, $10.4B

THFF First Financial Corporation

The Corporation, which is headquartered in Terre Haute, Indiana, offers a wide variety of financial services including commercial, mortgage and consumer lending, lease financing, trust account services, and depositor services through its subsidiary.

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

THG Hanover Insurance Group

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 · buybacks at an average near $29.97 · dividend paid 10 of 10 yrs, cut at least once

THO Thor Industries

Our European recreational vehicle operations include nine primary RV production locations producing numerous brands within Europe, including Buccaneer, Buerstner, Carado, CrossCamp, Dethleffs, Elddis, Eriba, Etrusco, Hymer, Laika, LMC, Niesmann+Bischoff, Sunlight and Xplore.

Owner earnings 2016–2025 $289M$304M$373M$381M$435M$395M$750M$773M$406M$456M

Retained capital Retained $3.5B of earnings over 2016–2025; annual owner earnings grew $223M, $0.06 per $1 retained.

Balance sheet Modest net debt, $336M · buybacks at an average near $86.32 · dividend paid 4 of 10 yrs, never cut

THRM Gentherm Inc

Gentherm Incorporated is a global market leader of innovative thermal management and pneumatic comfort technologies.

Owner earnings 2016–2025 $71M($905K)$77M$95M$93M$105M($25M)$82M$57M$61M

Retained capital Retained $105M of earnings over 2016–2025; annual owner earnings grew $18M, $0.17 per $1 retained.

Balance sheet Modest net debt, $18M

TIC TIC Solutions Inc.

We are a leading provider of tech-enabled Testing, Inspection, Certification and Compliance, engineering, and geospatial services.

Owner earnings FY2025 $61M

Retained capital not read

Balance sheet Net debt against an operating loss, $1.2B

TILE Interface Inc.

We are a global sustainability leader and offer an extensive range of low carbon and cradle-to-gate carbon negative products that prioritize our sustainability goals.

Owner earnings 2017–2025 $73M$53M$97M$73M$59M$116M$115M$122M

Retained capital Retained $202M of earnings over 2017–2025; annual owner earnings grew $43M, $0.21 per $1 retained.

Balance sheet Modest net debt, $110M · dividend paid 8 of 8 yrs, cut at least once

TIPT Tiptree Inc.

Tiptree, our mission is to build long-term value by allocating capital to select small and middle market companies across industries.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $6.48 · dividend paid 10 of 10 yrs, cut at least once

TITN Titan Machinery Inc.

Titan Machinery Inc. own and operate a network of full service agricultural and construction equipment stores in the United States, Europe and Australia.

Owner earnings 2017–2024 $132M$82M$40M($10M)$166M$144M$822K($43M)

Retained capital Retained $305M of earnings over 2017–2024; annual owner earnings fell $51M, $-0.17 per $1 retained.

Balance sheet Net debt against an operating loss, $152M

TJX TJX Companies Inc. (The)

TJX is an off-price retailer. It buys brand-name and designer apparel and home fashions — overstock, closeouts, and merchandise other sellers can't move — and resells it in its stores and online below department-store prices. It runs the T.J. Maxx, Marshalls, and HomeGoods chains across the United States and abroad, and earns the spread between what it pays for the goods and what shoppers will pay.

Owner earnings 2017–2026 $3.0B$2.3B$3.3B$3.2B$4.0B$2.0B$3.2B$5.1B$5.0B$5.6B

Retained capital Retained $2.2B of earnings over 2017–2026; annual owner earnings grew $2.4B.

Balance sheet Net cash, +$3.4B · buybacks at an average near $63.46 · dividend paid 10 of 10 yrs, cut at least once

TKO TKO Group Holdings Inc.

TKO was formed through the combination of Zuffa Parent, LLC which owns and operates the Ultimate Fighting Championship, a preeminent combat sports brand, and World Wrestling Entertainment, Inc.

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, $2.9B

TKR Timken

Timken designs and manages a portfolio of engineered bearings and industrial motion products, and provides related services.

Owner earnings 2016–2025 $266M$132M$220M$410M$456M$239M$285M$357M$306M$406M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $150M, $0.12 per $1 retained.

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

TLN Talen Energy Corporation

Talen is a leading independent power producer and energy infrastructure company dedicated to powering the future.

Owner earnings 2013–2025 ($173M)$46M$317M($45M)$171M$606M

Retained capital Paid out $2.7B more than it earned over 2013–2025; annual owner earnings grew $181M.

Balance sheet Net debt against an operating loss, $6.1B · buybacks at an average near $151

TLRY Tilray Brands Inc. Common Stock

Our Manitoba Harvest business is a leader in the hemp-based food category in the U.S.

Owner earnings 2016–2025 ($4M)($8M)($50M)($59M)($136M)($84M)($211M)($13M)($60M)($128M)

Retained capital not read

Balance sheet Net cash, +$71M

TLS Telos Corporation

Telos Corporation is a Maryland corporation headquartered in Ashburn, Virginia.

Owner earnings 2016–2025 $13M($1M)$4M$8M($3M)$4M$15M$661K($28M)$29M

Retained capital Paid out $266M more than it earned over 2016–2025; annual owner earnings fell $5M.

Balance sheet Net cash, +$37M · buybacks at an average near $5.32

TMDX TransMedics Group

We are a medical technology company transforming organ transplant therapy for end-stage organ failure patients across multiple disease states.

Owner earnings 2018–2025 ($26M)($32M)($31M)($31M)($49M)($21M)$29M$166M

Retained capital Retained $34M of earnings over 2018–2025; annual owner earnings grew $88M, $2.56 per $1 retained.

Balance sheet Net cash, +$103M

TMHC Taylor Morrison Home Corporation

Our homebuilding business operates under the Taylor Morrison and Esplanade brand names.

Owner earnings 2016–2025 $371M$383M$115M$363M$1.1B$355M$1.1B$773M$174M$777M

Retained capital Retained $3.1B of earnings over 2016–2025; annual owner earnings grew $285M, $0.09 per $1 retained.

Balance sheet Modest net debt, $1.4B · buybacks at an average near $30.76

TMO Thermo Fisher Scientific Inc

Thermo Fisher supplies the tools and materials that scientific work runs on — instruments, reagents, consumables, and lab equipment, plus the services that go with them — selling to drug and biotech companies, hospitals and diagnostic labs, and academic and government researchers. A large share of what it sells is the recurring supplies and services consumed in everyday lab work, not just the one-time hardware, so the same customers buy from it again and again. It also runs services that help pharmaceutical clients develop and manufacture their products, and it has assembled much of its breadth by buying other companies.

Owner earnings 2016–2025 $2.8B$3.5B$3.8B$4.4B$7.6B$8.5B$8.2B$7.3B$7.3B$6.8B

Retained capital Retained $26.5B of earnings over 2016–2025; annual owner earnings grew $3.8B, $0.14 per $1 retained.

Balance sheet Heavy net debt, $32.6B · dividend paid 10 of 10 yrs, never cut

TMP Tompkins Financial Corporation

Financial services organization that offers a full array of products and services, including commercial and consumer banking, leasing, trust and investment management, financial planning and wealth management 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 · buybacks at an average near $74.98 · dividend paid 10 of 10 yrs, never cut

TMUS T-Mobile US Inc.

T-Mobile sells wireless phone and data service — and home broadband — to consumers and businesses across the United States, mostly on monthly plans, and the bulk of its base is postpaid subscribers. The money is recurring: people pay each month to stay connected. Behind that service sits a nationwide cellular network built on spectrum licenses, which makes this a capital-heavy business.

Owner earnings 2016–2025 ($1.9B)($1.4B)($1.6B)$433M($2.4B)$1.6B$2.8B$8.8B$13.5B$18.0B

Retained capital Paid out $14.9B more than it earned over 2016–2025; annual owner earnings grew $15.1B.

Balance sheet Heavy net debt, $80.7B · buybacks at an average near $63.07 · dividend paid 5 of 10 yrs, cut at least once

TNC Tennant Company

Tennant, Tennant Company, headquartered in Eden Prairie, Minnesota, is a world leader in designing, manufacturing and marketing of solutions that help create a cleaner, safer and healthier world.

Owner earnings 2016–2025 $40M$34M$61M$34M$104M$50M($50M)$166M$69M$43M

Retained capital Retained $182M of earnings over 2016–2025; annual owner earnings grew $48M, $0.26 per $1 retained.

Balance sheet Meaningful net debt, $168M · buybacks at an average near $73.46 · dividend paid 10 of 10 yrs, never cut

TNDM Tandem Diabetes Care

Tandem Diabetes Care is a global leader in insulin delivery and diabetes technology, specializing in the design, development, and commercialization of advanced solutions that reduce the burden of diabetes management.

Owner earnings 2016–2025 ($67M)($72M)($11M)$36M$14M$97M$36M($48M)$5M($30M)

Retained capital Paid out $971M more than it earned over 2016–2025; annual owner earnings grew $26M.

Balance sheet Net debt against an operating loss, $58M

TNET TriNet Group Inc.

TriNet is a leading provider of HR solutions for SMBs.

Owner earnings 2016–2025 $152M$568M($147M)$426M$510M$178M$441M$464M$201M$234M

Retained capital Paid out $378M more than it earned over 2016–2025; annual owner earnings grew $109M.

Balance sheet Modest net debt, $608M · buybacks at an average near $74.73 · dividend paid 2 of 10 yrs, never cut

TNGX Tango Therapeutics Inc.

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

Owner earnings 2020–2025 $69M($60M)($111M)($120M)($132M)($140M)

Retained capital not read

Balance sheet Net cash, debt-free, +$343M

TNL Travel Leisure Co. Common Stock

Travel + Leisure Co. is a leading leisure travel company.

Owner earnings 2016–2025 $846M$879M$343M$344M$305M$511M$390M$276M$383M$523M

Retained capital Paid out $779M more than it earned over 2016–2025; annual owner earnings fell $295M.

Balance sheet Heavy net debt, $5.4B · dividend paid 10 of 10 yrs, cut at least once

TOI The Oncology Institute Inc.

Oncology episode, our patients develop a relationship to providers in the TOI clinics, as well as a cadence of regular visits.

Owner earnings 2020–2025 ($686K)($36M)($66M)($41M)($30M)($28M)

Retained capital not read

Balance sheet Net debt against an operating loss, $44M

TOL Toll Brothers Inc.

We design, build, market, sell, and arrange financing for an array of luxury residential single-family detached home, attached home, master-planned, and urban low-, mid-, and high-rise communities.

Owner earnings 2017–2025 $833M$560M$351M$939M$1.2B$915M$1.2B$937M$1.0B

Retained capital Retained $3.6B of earnings over 2017–2025; annual owner earnings grew $471M, $0.13 per $1 retained.

Balance sheet Modest net debt, $483M · buybacks at an average near $55.99 · dividend paid 9 of 9 yrs, never cut

TOP TOP Financial Group Limited

An exchange, a toll booth on trading and the market data that trading generates.

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

TOST Toast Inc.

Toast, Inc., which we refer to as Toast, we, or the Company, is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community.

Owner earnings 2019–2025 ($133M)($153M)($10M)($172M)$103M$306M$608M

Retained capital Paid out $1.3B more than it earned over 2019–2025; annual owner earnings grew $438M.

Balance sheet Net cash, debt-free, +$1.4B

TPB Turning Point Brands Inc.

Turning Point Brands Inc. is a leading manufacturer, marketer and distributor of branded consumer products.

Owner earnings 2016–2025 $8M$28M$11M$33M$38M$62M$25M$61M$62M$52M

Retained capital Retained $210M of earnings over 2016–2025; annual owner earnings grew $43M, $0.21 per $1 retained.

Balance sheet Modest net debt, $71M · buybacks at an average near $35.20 · dividend paid 9 of 10 yrs, never cut

TPC Tutor Perini Corporation

Tutor Perini Corporation is a leading construction company offering diversified general contracting, construction management and design-build services to private customers and public agencies throughout the world.

Owner earnings 2016–2025 $98M$133M($56M)$52M$118M($187M)$147M$256M$466M$567M

Retained capital Paid out $327M more than it earned over 2016–2025; annual owner earnings grew $371M.

Balance sheet Net cash, +$327M · dividend paid 1 of 10 yrs, never cut

TPG TPG Inc.

We offer a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate, and have constructed a high-quality base of assets under management within attractive sub-segments of these asset classes.

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

TPGXL TPG Inc.

We offer a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate, and have constructed a high-quality base of assets under management within attractive sub-segments of these asset classes.

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

TPL Texas Pacific Land

Texas Pacific Land market Conditions Average West Texas Intermediate oil prices for the year ended December 31, 2025 were down approximately 15% compared to average WTI oil prices during the same period last year.

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 $1,151 · dividend paid 5 of 5 yrs, cut at least once

TPR Tapestry Inc.

Tapestry Inc. is a house of iconic accessories and lifestyle brands.

Owner earnings 2016–2025 $540M$635M$730M$518M$202M$1.2B$759M$791M$1.1B$1.1B

Retained capital Paid out $2.4B more than it earned over 2016–2025; annual owner earnings grew $376M.

Balance sheet Meaningful net debt, $1.3B · dividend paid 9 of 10 yrs, cut at least once

TPTA Terra Property Trust, Inc.

We are a real estate investment trust that originates, invests in and manages a diverse portfolio of real estate and real estate-related assets.

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

TR Tootsie Roll Industries

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

Owner earnings 2016–2025 $82M$26M$82M$80M$57M$68M$54M$76M$121M$112M

Retained capital Retained $245M of earnings over 2016–2025; annual owner earnings grew $39M, $0.16 per $1 retained.

Balance sheet Net cash, debt-free, +$177M · buybacks at an average near $34.90 · dividend paid 10 of 10 yrs, never cut

TRC Tejon Ranch Co

We are a diversified real estate development company anchored by the Tejon Ranch Commerce Center, a 20 million-square-foot commercial and industrial development strategically located along Interstate 5 at the gateway between the Los Angeles Basin and California's Central Valley.

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

TREE LendingTree Inc.

LendingTree Inc. operates what we believe to be the leading online consumer platform that connects consumers with the choices they need to be confident in their financial decisions.

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 $133 · no dividend paid

TREX Trex Company, Inc.

Trex Company, Inc. is the world's largest manufacturer of composite decking and railing products, which are marketed under the brand name Trex and manufactured in the United States.

Owner earnings 2016–2025 $71M$87M$122M$142M$169M$222M$172M$339M$89M$295M

Retained capital Retained $804M of earnings over 2016–2025; annual owner earnings grew $148M, $0.18 per $1 retained.

Balance sheet Modest net debt, $83M

TRGP Targa Resources Inc.

Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America.

Owner earnings 2016–2025 $275M$130M$328M$418M$793M$1.8B$1.0B$1.9B$2.2B$2.4B

Retained capital Retained $4.0B of earnings over 2016–2025; annual owner earnings grew $1.9B, $0.49 per $1 retained.

Balance sheet Heavy net debt, $17.4B

TRIP TripAdvisor Inc.

Tripadvisor group is a portfolio of global online platforms purpose-built to connect travelers with experiences, accommodations, restaurants and other relevant travel destination points of interest.

Owner earnings 2016–2025 $249M$174M$344M$341M($249M)$54M$344M$172M$70M$163M

Retained capital Paid out $1.4B more than it earned over 2016–2025; annual owner earnings fell $121M.

Balance sheet Net cash, +$216M · buybacks at an average near $28.52 · dividend paid 1 of 10 yrs, never cut

TRLV Trulieve Cannabis Corp.

Trulieve Cannabis Corp. operates in highly regulated markets that require expertise in cultivation, manufacturing, and retail.

Owner earnings 2019–2025 $14M$87M($33M)($93M)$162M$149M$229M

Retained capital Paid out $917M more than it earned over 2019–2025; annual owner earnings grew $157M.

Balance sheet Net cash, +$119M

TRMB Trimble Inc.

Trimble is a leading technology solutions and platform provider, enabling office professionals and field workers to connect their workflows and industry lifecycles, driving a more productive, efficient, and sustainable future.

Owner earnings 2015–2026 $374M$405M$395M$451M$546M$704M$348M$555M$498M$361M

Retained capital Retained $2.0B of earnings over 2015–2026; annual owner earnings grew $80M, $0.04 per $1 retained.

Balance sheet Meaningful net debt, $1.7B · buybacks at an average near $59.62

TRMK Trustmark Corporation

Trustmark's other subsidiaries are as follows: Trustmark Bank Commercial Banking TB provides a full range of commercial banking services to corporations and other business 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 10 of 10 yrs, never cut

TRN Trinity Industries Inc.

Through wholly-owned subsidiaries, including Trinity Industries Leasing Company, and a partially-owned subsidiary, TRIP Rail Holdings LLC, we primarily offer full-service operating leases for freight and tank railcars.

Owner earnings 2016–2025 $1.0B$740M$342M$306M$556M$588M($51M)$254M$520M$314M

Retained capital Paid out $912M more than it earned over 2016–2025; annual owner earnings fell $345M.

Balance sheet Heavy net debt, $5.2B · buybacks at an average near $28.06 · dividend paid 10 of 10 yrs, never cut

TRNO Terreno Realty

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.

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

TRNS Transcat Inc.

Transcat Inc. is a leading provider of accredited calibration, reliability, maintenance optimization, quality and compliance, validation, Computerized Maintenance Management System, and pipette services.

Owner earnings 2017–2026 $2M$4M$6M$5M$17M$7M$8M$19M$26M$20M

Retained capital Retained $67M of earnings over 2017–2026; annual owner earnings grew $18M, $0.26 per $1 retained.

Balance sheet Heavy net debt, $95M · buybacks at an average near $35.81

TRON Tron Inc.

Tron Inc. is a trusted toy and souvenir designer and developer, selling into the world's largest theme parks and entertainment venues.

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

TROW T. Rowe Price Group Inc.

Rowe Price is a financial services holding company that provides global investment advisory services through its subsidiaries to investors worldwide.

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

TROX Tronox Holdings

Tronox is the world's leading vertically integrated manufacturer of TiO 2 pigment.

Owner earnings 2016–2025 ($2M)$74M$53M$214M$160M$468M$329M($77M)$15M($281M)

Retained capital Paid out $410M more than it earned over 2016–2025; annual owner earnings fell $156M.

Balance sheet Net debt against an operating loss, $3.0B · buybacks at an average near $32.82 · dividend paid 10 of 10 yrs, cut at least once

TRS TriMas Corporation

TriMas designs, develops and manufactures a diverse portfolio of products primarily for the consumer products, aerospace and defense, and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups.

Owner earnings 2016–2025 $49M$86M$106M$46M$87M$89M$27M$34M$13M$69M

Retained capital Retained $87M of earnings over 2016–2025; annual owner earnings fell $42M, $-0.48 per $1 retained.

Balance sheet Heavy net debt, $443M · dividend paid 5 of 10 yrs, never cut

TRST TrustCo Bank Corp NY

Trustco Bank Trustco Bank is a federal savings bank engaged in providing general banking services to individuals and businesses.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $37.59 · dividend paid 10 of 10 yrs, never cut

TRTX TPG RE Finance Trust Inc.

TPG RE Finance Trust, Inc. is a commercial real estate finance company externally managed by TPG RE Finance Trust Management, L.P., an affiliate of TPG.

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

TRU TransUnion

TransUnion is a leading global information and insights company that makes trust possible between businesses and consumers, helping people around the world access opportunities that can lead to a higher quality of life.

Owner earnings 2016–2025 $266M$331M$376M$589M$582M$584M($1M)$335M$517M$662M

Retained capital Retained $2.7B of earnings over 2016–2025; annual owner earnings grew $180M, $0.07 per $1 retained.

Balance sheet Heavy net debt, $4.4B · buybacks at an average near $1.00 · dividend paid 8 of 10 yrs, never cut

TRUP Trupanion Inc.

Revenue is Subscription business (69%) and Other business (31%).

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 $60.57

TRV Travelers Companies

Travelers is a holding company that, through its subsidiaries, sells commercial and personal property and casualty insurance — coverage against damage, loss, and liability — to businesses, government units, associations, and individuals. It collects premiums up front, pays claims as they come due, and earns money two ways: on the gap between premiums taken in and claims paid out, and on the money held in between. It reaches customers through independent agents and brokers, agency aggregators and carrier-based agencies, and direct.

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

TSBK Timberland Bancorp Inc.

Timberland Bank is a community-oriented bank which has traditionally offered a variety of savings products to its retail customers while concentrating its lending activities on real estate mortgage loans.

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 $1.00 · dividend paid 10 of 10 yrs, cut at least once

TSCO Tractor Supply Company

Tractor Supply Company is the largest rural lifestyle retailer in the United States.

Owner earnings 2017–2025 $466M$517M$594M$1.2B$869M$1.0B$941M$974M$1.1B

Retained capital Retained $369M of earnings over 2017–2025; annual owner earnings grew $493M.

Balance sheet Modest net debt, $1.6B · buybacks at an average near $27.41 · dividend paid 9 of 9 yrs, never cut

TSHA Taysha Gene Therapies Inc.

We are a clinical-stage biotechnology company focused on advancing AAV-based gene therapies for the treatment of severe monogenic diseases of the central nervous system, or CNS.

Owner earnings 2022–2025 ($90M)($74M)($82M)($94M)

Retained capital not read

Balance sheet Net cash, +$270M

TSLA Tesla Inc.

Tesla designs, builds, sells and leases electric cars, and sells systems that generate and store electricity. It sells straight to the buyer rather than through dealers, and runs its own retail, service and charging network. Most of the money comes from the cars; energy generation and storage is the smaller piece. The company also frames its future around putting artificial intelligence into the physical world — self-driving software, a robotaxi service, and AI robots.

Owner earnings 2016–2025 ($601M)($830M)$988M$1.1B$4.4B$9.6B$12.3B$9.9B$10.8B$9.7B

Retained capital Retained $40.2B of earnings over 2016–2025; annual owner earnings grew $10.3B, $0.26 per $1 retained.

Balance sheet Net cash, +$34.7B

TSN Tyson Foods Inc.

Tyson raises and buys animals, then slaughters and cuts chicken, beef, and pork into the meat that fills grocery cases and feeds restaurants. It also packages branded prepared foods — nuggets, sausage, lunch meat — that carry a name and fetch a steadier price. Most of the money comes from turning live animals into boxed protein at vast scale and selling it on by the truckload to retailers and foodservice.

Owner earnings 2016–2025 $2.0B$1.9B$2.0B$1.3B$2.7B$2.6B$1.5B$423M$1.5B$1.2B

Retained capital Retained $8.3B of earnings over 2016–2025; annual owner earnings fell $948M, $-0.11 per $1 retained.

Balance sheet Heavy net debt, $7.6B · dividend paid 10 of 10 yrs, cut at least once

TSSI TSS Inc.

TSS Inc. provides a comprehensive suite of services for the integration of complex Artificial Intelligence technologies, planning, design, deployment, maintenance and refresh of end-user and enterprise systems, including the mission-critical facilities in which they are housed.

Owner earnings 2016–2025 $2M($257K)$2M$3M$10M($11M)$14M($9M)$15M$34M

Retained capital Retained $12M of earnings over 2016–2025; annual owner earnings grew $12M, $1.01 per $1 retained.

Balance sheet Net cash, +$67M · buybacks at an average near $2.94

TT Trane Technologies plc

We generate revenue and cash primarily through the design, manufacture, sales and service of solutions for Heating, Ventilation and Air Conditioning, transport refrigeration, and custom refrigeration solutions.

Owner earnings 2016–2025 $1.3B$1.3B$1.1B$1.7B$1.3B$1.4B$1.2B$2.1B$2.8B$2.8B

Retained capital Retained $2.4B of earnings over 2016–2025; annual owner earnings grew $1.3B, $0.53 per $1 retained.

Balance sheet Modest net debt, $2.8B · dividend paid 10 of 10 yrs, never cut

TTAN ServiceTitan Inc.

Our founders, Ara Mahdessian and Vahe Kuzoyan, are the sons of trades business owners and founded ServiceTitan to provide tradespeople, like their parents, with technology that is purpose built to help trades businesses thrive.

Owner earnings 2023–2026 ($178M)($68M)$33M$105M

Retained capital not read

Balance sheet Net cash, +$428M

TTC Toro

We design, manufacture, market and sell professional turf maintenance equipment and services; turf irrigation systems; landscaping equipment and lighting products; snow and ice management products; agricultural irrigation systems; rental, specialty and underground construction equipment; and residential yard and snow thrower products.

Owner earnings 2016–2025 $334M$302M$304M$244M$461M$452M$188M$188M$466M$578M

Retained capital Retained $694M of earnings over 2016–2025; annual owner earnings grew $98M, $0.14 per $1 retained.

Balance sheet Modest net debt, $581M · buybacks at an average near $72.92 · dividend paid 10 of 10 yrs, never cut

TTD The Trade Desk Inc.

We are a global leader in advertising technology.

Owner earnings 2016–2025 $71M$24M$75M$39M$376M$336M$494M$552M$641M$877M

Retained capital Paid out $545M more than it earned over 2016–2025; annual owner earnings grew $633M.

Balance sheet Net cash, +$1.3B

TTEK Tetra Tech

Tetra Tech is a leading global provider of high-end consulting and engineering services that focuses on water, environment and sustainable infrastructure.

Owner earnings 2016–2025 $130M$132M$176M$192M$250M$296M$326M$342M$341M$439M

Retained capital Retained $627M of earnings over 2016–2025; annual owner earnings grew $228M, $0.36 per $1 retained.

Balance sheet Modest net debt, $608M · buybacks at an average near $14.66 · dividend paid 10 of 10 yrs, never cut

TTI Tetra Technologies Inc.

TETRA TETRA Technologies, Inc. is an energy services and solutions company with operations on six continents focused on developing environmentally conscious services and solutions that help make people's lives better.

Owner earnings 2016–2025 $35M$13M($95M)($18M)$48M($16M)($21M)$32M($24M)$20M

Retained capital Paid out $212M more than it earned over 2016–2025; annual owner earnings grew $25M.

Balance sheet Heavy net debt, $277M

TTMI TTM Technologies Inc.

We are a leading global manufacturer of technology products, including mission systems, RF components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates.

Owner earnings 2017–2025 $213M$182M$219M$184M$95M$170M$88M$182M

Retained capital Retained $593M of earnings over 2017–2025; annual owner earnings fell $58M, $-0.10 per $1 retained.

Balance sheet Modest net debt, $416M · buybacks at an average near $14.02

TTWO Take-Two Interactive

We are a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe.

Owner earnings 2017–2026 $387M$450M$803M$632M$843M$197M($121M)($158M)($215M)$462M

Retained capital Paid out $8.4B more than it earned over 2017–2026; annual owner earnings fell $517M.

Balance sheet Net debt against an operating loss, $541M

TVTX Travere Therapeutics

We are a biopharmaceutical company headquartered in San Diego, California, focused on identifying, developing and delivering life-changing therapies to people living with rare kidney and metabolic diseases.

Owner earnings 2016–2023 ($5M)$7M($26M)($58M)($50M)($20M)($186M)($281M)

Retained capital not read

Balance sheet Net debt against an operating loss, $17M

TW Tradeweb Markets Inc.

We are a leader in building and operating electronic marketplaces for our global network of clients across the financial ecosystem.

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

TWFG TWFG Inc.

We are We are a leading, high-growth, independent distribution platform for personal and commercial insurance in the U.S.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

TWI Titan International Inc. (DE)

Titan, is a global wheel, tire, and undercarriage industrial manufacturer and supplier that services customers across the globe.

Owner earnings 2016–2025 $2M($34M)($75M)$9M$36M($28M)$114M$137M$76M($25M)

Retained capital Paid out $18M more than it earned over 2016–2025; annual owner earnings grew $99M.

Balance sheet Heavy net debt, $437M · buybacks at an average near $8.61 · dividend paid 5 of 10 yrs, cut at least once

TWIN Twin Disc Incorporated

Twin Disc designs, manufactures and sells marine and heavy duty off highway power transmission equipment.

Owner earnings 2016–2025 ($823K)$45K$183K($15M)($2M)$2M($13M)$15M$25M$9M

Retained capital Paid out $45M more than it earned over 2016–2025; annual owner earnings grew $16M.

Balance sheet Meaningful net debt, $31M · dividend paid 3 of 10 yrs, cut at least once

TWLO Twilio Inc.

Twilio Programmable Voice is an API that allows developers to build solutions to make, manage, and receive phone calls globally through a browser, application, phone, or other methods.

Owner earnings 2016–2021 $2M($13M)$3M($31M)$7M($104M)

Retained capital Paid out $2.0B more than it earned over 2016–2021; annual owner earnings fell $40M.

Balance sheet Modest net debt, $310M

TWST Twist Bioscience Corporation

We sell our products and services to a global customer base of more than 3,800, customers across a broad range of industries.

Owner earnings 2017–2025 ($56M)($70M)($94M)($149M)($122M)($141M)($170M)($69M)($76M)

Retained capital not read

Balance sheet Net cash, +$231M

TXG 10x Genomics Inc.

We are a life sciences technology company focused on building innovative products and solutions to interrogate, understand and master biology.

Owner earnings 2017–2025 ($14M)($80M)$28M($232M)($42M)($59M)($51M)($6M)$130M

Retained capital not read

Balance sheet Net cash, debt-free, +$474M

TXN Texas Instruments Incorporated

Texas Instruments designs and makes semiconductor chips — mostly analog parts that handle real-world signals like power, sound and temperature, plus embedded processors that run the simple computing inside a device. It sells these chips by the catalog to the companies that build the gear, vehicles and electronics of many industries. The money comes from making an enormous variety of small, long-lived parts in its own factories and selling each to many customers across many markets.

Owner earnings 2016–2025 $4.1B$4.8B$6.6B$5.8B$5.5B$8.0B$7.8B$5.2B$4.8B$5.2B

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings fell $72M.

Balance sheet Modest net debt, $9.2B · buybacks at an average near $105 · dividend paid 10 of 10 yrs, never cut

TXNM TXNM Energy Inc.

TXNM's core values of Safety, Caring and Integrity are the foundation for the Company's business objectives focused on safety excellence and customer satisfaction, including reliability.

Owner earnings 2016–2025 $166M$255M$153M$202M$171M$228M$226M$197M$85M$101M

Retained capital Retained $250M of earnings over 2016–2025; annual owner earnings fell $63M, $-0.25 per $1 retained.

Balance sheet Heavy net debt, $5.4B · dividend paid 9 of 10 yrs, never cut

TXO TXO Partners L.P. Common

Revenue is Oil and Condensate (71%), Gas (20%) and Natural gas liquids (9%).

Owner earnings 2021–2025 $65M$113M$41M$86M$46M

Retained capital Paid out $57M more than it earned over 2021–2025; annual owner earnings fell $15M.

Balance sheet Net debt against an operating loss, $282M

TXRH Texas Roadhouse

Texas Roadhouse is a growing restaurant company operating predominantly in the casual dining segment.

Owner earnings 2016–2025 $174M$193M$252M$259M$113M$342M$374M$412M$575M$523M

Retained capital Retained $564M of earnings over 2016–2025; annual owner earnings grew $297M, $0.53 per $1 retained.

Balance sheet Net cash, +$85M · buybacks at an average near $86.64 · dividend paid 10 of 10 yrs, cut at least once

TXT Textron

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative products and services around the world.

Owner earnings 2015–2026 $779M$479M$513M$738M$675M$451M$1.1B$864M$650M$929M

Retained capital Paid out $59M more than it earned over 2015–2026; annual owner earnings grew $224M.

Balance sheet net position not read (debt under-captured) · buybacks at an average near $61.49 · dividend paid 10 of 10 yrs, cut at least once

TYL Tyler Technologies

Tyler Technologies is a leading provider of integrated software and technology management solutions for the public sector.

Owner earnings 2016–2025 $154M$153M$223M$217M$332M$338M$359M$360M$604M$638M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $357M, $0.26 per $1 retained.

Balance sheet Net cash, +$498M · buybacks at an average near $224

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