U

U Unity Software

Unity is the leading platform to develop, deploy, and grow games and interactive experiences.

Owner earnings 2018–2025 ($102M)($95M)($20M)($153M)($117M)$179M$286M$404M

Retained capital Paid out $6.0B more than it earned over 2018–2025; annual owner earnings grew $362M.

Balance sheet Net cash, +$479M

UA Under Armour Inc.

Our principal business activities are the design, development, marketing and global distribution of branded performance apparel, footwear and accessories for men, women and youth.

Owner earnings 2016–2026 $50M($44M)$458M$363M$121M$595M($198M)$204M($228M)($162M)

Retained capital Paid out $352M more than it earned over 2016–2026; annual owner earnings fell $217M.

Balance sheet Net debt against an operating loss, $881M · dividend paid 1 of 10 yrs, never cut

UAA Under Armour

Our principal business activities are the design, development, marketing and global distribution of branded performance apparel, footwear and accessories for men, women and youth.

Owner earnings 2016–2026 $50M($44M)$458M$363M$121M$595M($198M)$204M($228M)($162M)

Retained capital Paid out $352M more than it earned over 2016–2026; annual owner earnings fell $217M.

Balance sheet Net debt against an operating loss, $881M · dividend paid 1 of 10 yrs, never cut

UAL United Airlines Holdings

United is a legacy network airline built around hubs at big coastal gateways. It carries passengers and freight, sells miles to a card-issuing bank, and fills premium cabins, but its mark is reach: a network tilted toward long-haul international flying, fed through coastal gateway hubs into a broad map of overseas routes.

Owner earnings 2016–2025 $3.6B$1.4B$4.0B$4.6B($5.9B)($40M)$3.6B$4.2B$6.5B$5.5B

Retained capital Retained $1.8B of earnings over 2016–2025; annual owner earnings grew $2.4B, $1.32 per $1 retained.

Balance sheet Modest net debt, $9.0B · buybacks at an average near $65.68

UAMY United States Antimony Corporation

Antimony Corporation's principal business is in the mining, procuring, processing and sale of antimony and precious metals, primarily gold and silver, in Montana and Mexico, and the mining, processing, and sale of zeolite in Idaho.

Owner earnings 2016–2025 ($170K)$351K($2M)($804K)($2M)($3M)($1M)($6M)$2M($11M)

Retained capital not read

Balance sheet Net cash, +$30M

UAN CVR Partners LP Common

CVR Partners, LP is a Delaware limited partnership formed in 2011 by CVR Energy, Inc.

Owner earnings 2016–2025 $22M($4M)$12M$21M$1M$168M$257M$219M$113M$99M

Retained capital Retained $394M of earnings over 2016–2025; annual owner earnings grew $134M, $0.34 per $1 retained.

Balance sheet Meaningful net debt, $501M · buybacks at an average near $26.35

UBER Uber Technologies Inc.

Uber runs a set of phone apps that match people who want something moved with the independent drivers and couriers who will move it: a rider to a destination, a meal from a restaurant, freight from a shipper to a carrier. It owns the network and the software, not the cars and not the labor; the drivers are not its employees. It earns its keep by taking a cut of each fare or order that crosses the platform.

Owner earnings 2017–2025 ($1.9B)($2.0B)($4.9B)($3.4B)($743M)$390M$3.4B$6.9B$9.8B

Retained capital Paid out $13.9B more than it earned over 2017–2025; annual owner earnings grew $9.6B.

Balance sheet Modest net debt, $2.9B · buybacks at an average near $79.50

UBSI United Bankshares

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

UCB United Community Banks Inc.

We offer a wide array of commercial and consumer banking services and investment advisory services, which as of December 31, 2025, was comprised of 199 banking offices throughout Georgia, South Carolina, North Carolina, Tennessee, Florida and Alabama.

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 $24.21 · dividend paid 10 of 10 yrs, never cut

UCTT Ultra Clean Holdings

Ultra Clean Holdings, Inc., is a leading developer and supplier of critical subsystems, components, parts, and ultra-high purity cleaning and analytical services primarily for the semiconductor industry.

Owner earnings 2016–2025 $10M$44M$30M$95M$72M$178M$9M$98M$19M$15M

Retained capital Retained $116M of earnings over 2016–2025; annual owner earnings grew $16M, $0.14 per $1 retained.

Balance sheet Net debt against an operating loss, $170M

UDR UDR Inc.

UDR is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $37.13 · dividend paid 10 of 10 yrs, never cut

UE Urban Edge Properties

Urban Edge Properties is a Maryland REIT that owns, manages, acquires, develops, and redevelops retail real estate, primarily in the Washington, D.C. to Boston corridor.

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 $9.18 · dividend paid 8 of 8 yrs, cut at least once

UEC Uranium Energy Corp.

In August 2024, we restarted uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming.

Owner earnings 2014–2025 ($21M)($13M)($10M)($13M)($13M)($42M)($54M)$72M($108M)($70M)

Retained capital not read

Balance sheet Net cash, +$159M

UFCS United Fire Group Inc.

We partner with managing general agents to offer delegated underwriting programs providing niche products, including marine specialty, professional liability and earthquake coverages.

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

UFPI UFP Industries

UFP Industries is a holding company with subsidiaries throughout the United States, Mexico, Canada, Spain, India and Australia that design, manufacture and supply products made from wood, wood and non-wood composites, and other materials to three segments: retail, packaging, and construction.

Owner earnings 2016–2025 $132M$88M$62M$289M$273M$428M$738M$849M$518M$407M

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings grew $498M, $0.25 per $1 retained.

Balance sheet Net cash, +$719M · buybacks at an average near $80.34 · dividend paid 10 of 10 yrs, never cut

UFPT UFP Technologies Inc.

UFP Technologies Inc. is a contract development and manufacturing organization that specializes in single-use and single-patient medical devices.

Owner earnings 2016–2024 $4M$12M$16M$25M$21M$9M$4M$31M$57M

Retained capital Retained $226M of earnings over 2016–2024; annual owner earnings grew $20M, $0.09 per $1 retained.

Balance sheet Modest net debt, $115M

UGI UGI Corporation

UGI Corporation is a holding company that, through subsidiaries and affiliates, distributes, stores, transports and markets energy products and related services.

Owner earnings 2017–2025 $326M$511M$373M$447M$791M($88M)$133M$386M$390M

Retained capital Retained $1.3B of earnings over 2017–2025; annual owner earnings fell $100M, $-0.08 per $1 retained.

Balance sheet Heavy net debt, $6.3B · dividend paid 9 of 9 yrs, never cut

UHAL U-Haul Holding

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 2017–2026 ($360M)($426M)($894M)($1.2B)$94M($190M)($994M)($1.5B)($2.0B)($1.4B)

Retained capital Retained $5.5B of earnings over 2017–2026; annual owner earnings fell $1.1B, $-0.20 per $1 retained.

Balance sheet Heavy net debt, $7.0B · dividend paid 7 of 10 yrs, cut at least once

UHS Universal Health

We provide capital resources as well as a variety of management services to our facilities, including central purchasing, information services, finance and control systems, facilities planning, physician recruitment services, administrative personnel management, marketing and public relations.

Owner earnings 2016–2025 $814M$690M$822M$948M$1.8B$350M$414M$700M$1.5B$1.2B

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $367M, $0.17 per $1 retained.

Balance sheet Meaningful net debt, $4.6B · dividend paid 10 of 10 yrs, cut at least once

UHT Universal Health Realty Income Trust

We are a real estate investment trust that commenced operations in 1986.

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

UI Ubiquiti Inc.

We sell equipment, and provide the related software platforms, worldwide through a network of over 100 distributors, on-line retailers and direct to customers through our webstores.

Owner earnings 2016–2025 $191M$105M$323M$252M$453M$600M$357M($162M)$530M$627M

Retained capital Retained $251M of earnings over 2016–2025; annual owner earnings grew $125M.

Balance sheet Net cash, debt-free, +$150M · buybacks at an average near $94.83 · dividend paid 7 of 10 yrs, never cut

ULCC Frontier Group Holdings Inc.

Frontier Group Holdings, Inc. is the parent company of Frontier Airlines, Inc.

Owner earnings 2019–2025 $126M($573M)$189M($119M)($312M)($158M)($600M)

Retained capital not read

Balance sheet Net cash, +$57M

ULH Universal Logistics Holdings Inc.

Universal Logistics Holdings, Inc. is a holding company whose subsidiaries provide customized transportation and logistics solutions across North America and select international markets.

Owner earnings 2016–2025 $32M$37M$28M$48M$9M$44M$137M$133M($12M)$37M

Retained capital Retained $403M of earnings over 2016–2025; annual owner earnings grew $20M, $0.05 per $1 retained.

Balance sheet Net debt against an operating loss, $756M · dividend paid 10 of 10 yrs, cut at least once

ULS UL Solutions Inc.

UL Solutions Inc. is a global safety science leader that provides Testing, Inspection and Certification services and related software and advisory offerings to customers worldwide.

Owner earnings 2022–2025 $208M$252M$287M$403M

Retained capital Paid out $1.3B more than it earned over 2022–2025; annual owner earnings grew $65M.

Balance sheet Modest net debt, $196M · dividend paid 4 of 4 yrs, cut at least once

ULTA Ulta Beauty Inc.

Ulta Beauty Inc. is an international specialty beauty retailer and a premier beauty destination for cosmetics, fragrance, skin care products, wellness products, hair care products, and salon services.

Owner earnings 2017–2026 $424M$527M$637M$803M$658M$887M$1.2B$1.2B$1.1B$1.2B

Retained capital Retained $933M of earnings over 2017–2026; annual owner earnings grew $640M, $0.69 per $1 retained.

Balance sheet Net cash, debt-free, +$494M · buybacks at an average near $357

UMAC Unusual Machines Inc.

Unusual Machines' component production is the validation of newly supply chains to meet defense and federal procurement requirements.

Owner earnings 2022–2025 ($1M)($2M)($4M)($21M)

Retained capital not read

Balance sheet Net cash, debt-free, +$142M

UMBF UMB Financial

UMB Financial provides banking services and asset servicing to its customers in the United States and around the globe.

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 $83.70 · dividend paid 10 of 10 yrs, never cut

UMBFO UMB Financial Corporation

UMB Financial Corporation provides banking services and asset servicing to its customers in the United States and around the globe.

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 $83.70 · dividend paid 10 of 10 yrs, never cut

UMH UMH Properties

UMH is a Maryland corporation that operates as a self-administered and self-managed qualified real estate investment trust under Sections 856-860 of the Internal Revenue Code.

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

UNF Unifirst Corporation

UniFirst Corporation is one of the leading providers in the supply and servicing of uniform and workwear programs, facility management and service products, as well as first aid and safety supplies and services in North America.

Owner earnings 2016–2025 $109M$110M$117M$162M$170M$106M$14M$95M$135M$143M

Retained capital Retained $834M of earnings over 2016–2025; annual owner earnings grew $12M, $0.01 per $1 retained.

Balance sheet Net cash, +$201M · buybacks at an average near $179 · dividend paid 10 of 10 yrs, never cut

UNFI United Natural Foods

Our Background UNFI is a leading distributor of grocery and non-food products, and support services provider to retailers in the United States and Canada.

Owner earnings 2017–2025 $217M$64M$57M$284M$304M$80M$301M($92M)$239M

Retained capital Paid out $161M more than it earned over 2017–2025; annual owner earnings grew $36M.

Balance sheet Net debt against an operating loss, $2.1B · buybacks at an average near $39.42

UNH Unitedhealth Group Incorporated

UnitedHealth Group sells health insurance and runs a set of health-services businesses alongside it. The insurance arm, UnitedHealthcare, collects premiums to cover the medical bills of the people it enrolls — employers and their workers, individuals, and members of government programs like Medicare and Medicaid. The services arm, Optum, manages pharmacy benefits, delivers care directly, and sells data and technology to others in the system; much of the premium dollar UnitedHealthcare takes in flows to businesses the company itself owns.

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 $353 · dividend paid 10 of 10 yrs, never cut

UNIT Uniti Group Inc.

The Kinetic business unit is a premier provider of multi-gigabit fiber internet, whole-home Wi-Fi, internet security, and voice services in approximately 1,400 markets across 18 states in the Southwestern, Southeastern, Midwestern and Northeastern U.S.

Owner earnings 2023–2025 $43M$12M($438M)

Retained capital not read

Balance sheet Heavy net debt, $9.5B

UNM Unum Group

Unum Group, a Delaware general business corporation, and its insurance and non-insurance subsidiaries, which collectively with Unum Group we refer to as the Company, operate in the United States, the United Kingdom, Poland, and, to a limited extent, in certain other countries.

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 $48.35 · dividend paid 10 of 10 yrs, never cut

UNMA Unum Group

Unum Group, a Delaware general business corporation, and its insurance and non-insurance subsidiaries, which collectively with Unum Group we refer to as the Company, operate in the United States, the United Kingdom, Poland, and, to a limited extent, in certain other countries.

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 $48.35 · dividend paid 10 of 10 yrs, never cut

UNP Union Pacific Corporation

Union Pacific runs a freight railroad across the western United States. It hauls other companies' goods by rail — bulk commodities such as coal and grain, industrial freight, and shipping containers — moving them from West Coast and Gulf Coast ports through inland markets to eastern gateways. Customers pay it to move the freight; the track and the trains are its own.

Owner earnings 2016–2025 $5.5B$5.1B$6.5B$6.4B$6.3B$6.8B$7.1B$6.1B$6.9B$6.8B

Retained capital Paid out $4.3B more than it earned over 2016–2025; annual owner earnings grew $909M.

Balance sheet Meaningful net debt, $30.5B · buybacks at an average near $162 · dividend paid 10 of 10 yrs, never cut

UNTY Unity Bancorp Inc.

Unity Bancorp Inc. engages in a wide range of lending activities and offers commercial, SBA, consumer, mortgage, home equity and personal 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 $8.30 · dividend paid 10 of 10 yrs, never cut

UP Wheels Up Experience Inc.

Wheels Up is a leading global provider of on-demand private aviation with a large, diverse aircraft fleet and a network of safety-vetted charter operators, all committed to safety and service.

Owner earnings 2019–2025 ($29M)$203M$111M($274M)($685M)($134M)($227M)

Retained capital not read

Balance sheet Net debt against an operating loss, $201M

UPB Upstream Bio Inc.

Total estimated biologics sales in 2023 for asthma in the United States, Europe and Japan markets were approximately $7.5 billion.

Owner earnings 2023–2025 ($38M)($59M)($133M)

Retained capital not read

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

UPBD Upbound Group Inc.

We are a technology and data-driven leader in accessible and inclusive financial solutions that address the evolving needs and aspirations of underserved consumers.

Owner earnings 2016–2025 $293M$45M$200M$194M$202M$330M$407M$147M$48M$254M

Retained capital Paid out $432M more than it earned over 2016–2025; annual owner earnings fell $30M.

Balance sheet Heavy net debt, $1.0B · buybacks at an average near $18.31 · dividend paid 9 of 10 yrs, cut at least once

UPS United Parcel Service Inc.

United Parcel Service is a package carrier: it picks up boxes and documents and delivers them through one integrated network of trucks, planes, and sorting hubs that reaches much of the world. Customers run from a single shopper to the largest online sellers, and UPS bills them per shipment, with faster and farther service priced higher. Around this core it also sells freight, customs brokerage, and contract logistics — moving and storing goods on a shipper's behalf.

Owner earnings 2016–2025 $4.2B($803M)$10.5B$6.3B$7.8B$12.1B$10.9B$7.4B$7.1B$4.8B

Retained capital Retained $7.2B of earnings over 2016–2025; annual owner earnings grew $1.8B, $0.25 per $1 retained.

Balance sheet Meaningful net debt, $18.1B · buybacks at an average near $134 · dividend paid 10 of 10 yrs, never cut

UPST Upstart

Upstart is the leading artificial intelligence lending marketplace.

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

UPWK Upwork Inc.

We define talent as those who deliver services through the Upwork Marketplace, Lifted, or other Upwork workforce solutions.

Owner earnings 2016–2025 $2M($6M)$12M($2M)$19M$10M$10M$52M$150M$242M

Retained capital Paid out $84M more than it earned over 2016–2025; annual owner earnings grew $146M.

Balance sheet Net cash, +$313M

URBN Urban Outfitters

We are a leading lifestyle products and services company which operates a portfolio of global consumer brands including the Anthropologie, Free People, FP Movement, Urban Outfitters and Nuuly brands.

Owner earnings 2017–2026 $272M$219M$332M$162M$182M$254M$40M$407M$387M$447M

Retained capital Retained $1.5B of earnings over 2017–2026; annual owner earnings grew $140M, $0.09 per $1 retained.

Balance sheet Net cash, +$384M

URG Ur Energy Inc Common Shares (Canada)

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

Owner earnings 2016–2025 $3M$5M($5M)$4M($8M)($13M)($19M)($19M)($81M)($67M)

Retained capital not read

Balance sheet Net cash, +$57M

URGN UroGen Pharma Ltd.

We are a biotechnology company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers.

Owner earnings 2016–2025 $4M($10M)($38M)($71M)($106M)($86M)($88M)($77M)($97M)($163M)

Retained capital not read

Balance sheet Net cash, +$38M

URI United Rentals

Rentals is the largest equipment rental company in the world, operates throughout the United States and Canada, and has a smaller presence in Europe, Australia and New Zealand.

Owner earnings 2016–2024 $1.8B$2.1B$2.7B$2.8B$2.5B$3.3B$4.1B$4.3B$4.1B

Retained capital Retained $6.4B of earnings over 2016–2024; annual owner earnings grew $1.9B, $0.30 per $1 retained.

Balance sheet Meaningful net debt, $15.4B · dividend paid 2 of 9 yrs, never cut

USAC USA Compression Partners LP Common

We are one of the largest independent providers of natural gas compression services in the U.S. in terms of total compression fleet horsepower.

Owner earnings 2016–2025 $68M($21M)($40M)$129M$184M$220M$126M$33M$136M$277M

Retained capital Paid out $538M more than it earned over 2016–2025; annual owner earnings grew $147M.

Balance sheet Heavy net debt, $2.5B

USAR USA Rare Earth Inc.

Rare earth elements and critical minerals are vital inputs to end markets including national security, technological innovation, and the increasing number of advanced manufacturers who seek a reliable source of rare earth materials and magnets.

Owner earnings 2024–2025 ($13M)($50M)

Retained capital not read

Balance sheet Net cash, debt-free, +$360M

USB U.S. Bancorp

Bancorp is a financial services holding company headquartered in Minneapolis, Minnesota, serving millions of local, national and global 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

USCB USCB Financial Holdings Inc.

USCB Financial Holdings Inc. is headquartered in Miami, Florida, and, through the Bank, its sole direct subsidiary, operates 10 banking centers in South Florida providing a wide range of personal and business banking products and 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 4 of 6 yrs, never cut

USFD US Foods

The U.S. foodservice distribution industry serves different customer types of varying sizes, growth profiles, and product and service requirements, including independent restaurants, regional and national restaurant chains, healthcare customers, hospitality customers, colleges and universities, K-12 schools, and government locations.

Owner earnings 2016–2025 $385M$528M$374M$502M$224M$500M$831M$833M$959M

Retained capital Retained $699M of earnings over 2016–2025; annual owner earnings grew $445M, $0.64 per $1 retained.

Balance sheet Heavy net debt, $5.2B · buybacks at an average near $51.92

USLM United States Lime & Minerals Inc.

We will begin to depreciate the new kiln and related equipment when they consistently produce commercially saleable quicklime.

Owner earnings 2016–2025 $20M$18M$21M$29M$41M$35M$38M$68M$99M$140M

Retained capital Retained $435M of earnings over 2016–2025; annual owner earnings grew $83M, $0.19 per $1 retained.

Balance sheet Net cash, +$354M · buybacks at an average near $11.70 · dividend paid 10 of 10 yrs, cut at least once

USNA USANA Health Sciences

USANA Health Sciences, Inc. develops and manufactures high-quality nutritional supplements, functional foods and personal care products that are sold throughout the world.

Owner earnings 2016–2026 $104M$111M$141M$110M$145M$94M$56M$51M$9M

Retained capital Retained $199M of earnings over 2016–2026; annual owner earnings fell $80M, $-0.40 per $1 retained.

Balance sheet Net cash, debt-free, +$158M · buybacks at an average near $69.06

USPH U.S. Physical Therapy

Revenue is Net Patient Revenue (83%), Other Revenue (17%) and Management Contract Revenue (1%).

Owner earnings 2016–2025 $43M$49M$66M$52M$92M$68M$50M$73M$66M$61M

Retained capital Retained $153M of earnings over 2016–2025; annual owner earnings grew $14M, $0.09 per $1 retained.

Balance sheet Modest net debt, $127M · buybacks at an average near $68.44 · dividend paid 10 of 10 yrs, cut at least once

UTHR United Therapeutics

We market and sell the following commercial therapies in the United States to treat PAH: Tyvaso DPI Inhalation Powder; Tyvaso Inhalation Solution, which includes the Tyvaso Inhalation System; Remodulin Injection; and the Remunity and RemunityPRO Pumps for Remodulin; Orenitram Extended-Release Tablets; and Adcirca Tablets.

Owner earnings 2016–2025 $606M$443M$743M($253M)$696M$548M$751M$925M$1.3B$1.5B

Retained capital Retained $4.1B of earnings over 2016–2025; annual owner earnings grew $621M, $0.15 per $1 retained.

Balance sheet Net cash, +$2.7B

UTI Universal Technical Institute Inc

Universal Technical Institute Inc market served by UTI The market for qualified transportation or skilled trades technicians across the programs that UTI offers is large and growing.

Owner earnings 2016–2025 ($111K)($7M)($26M)$15M$2M$41M$29M$24M$62M$64M

Retained capital Retained $68M of earnings over 2016–2025; annual owner earnings grew $61M, $0.90 per $1 retained.

Balance sheet Net cash, +$40M · dividend paid 1 of 10 yrs, cut at least once

UTL UNITIL Corporation

Unitil is the parent company of Granite State, an interstate natural gas transmission pipeline company that provides interstate natural gas pipeline access and transportation services to Northern Utilities in its New Hampshire and Maine service territory.

Owner earnings 2016–2025 ($30M)($33M)($24M)($14M)($47M)($7M)($24M)($34M)($44M)($54M)

Retained capital Retained $146M of earnings over 2016–2025; annual owner earnings fell $15M, $-0.10 per $1 retained.

Balance sheet Heavy net debt, $655M · dividend paid 10 of 10 yrs, never cut

UTZ Utz Brands

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

Owner earnings 2018–2025 $3M$8M$17M$21M$35M$9M

Retained capital Paid out $109M more than it earned over 2018–2025; annual owner earnings grew $13M.

Balance sheet Heavy net debt, $729M · dividend paid 4 of 6 yrs, never cut

UUUU Energy Fuels Inc.

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

Owner earnings 2016–2025 ($12M)($10M)($8M)($44M)($33M)($31M)($52M)($18M)($47M)($95M)

Retained capital not read

Balance sheet Net debt against an operating loss, $585M

UVE UNIVERSAL INSURANCE HOLDINGS INC

An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

UVSP Univest Financial Corporation

Financial institutions, the Bank provides personalized services and local decision making through management's knowledge and awareness of its service area, customers and borrowers.

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 $29.93 · dividend paid 10 of 10 yrs, cut at least once

UVV Universal Corporation

Universal Corporation is a global business-to-business agriproducts company with over 100 years of experience supplying products and innovative solutions to meet our customers' evolving needs.

Owner earnings 2017–2026 $215M$47M$126M($24M)$176M($8M)($65M)($141M)$264M$80M

Retained capital Retained $147M of earnings over 2017–2026; annual owner earnings fell $61M, $-0.42 per $1 retained.

Balance sheet Meaningful net debt, $555M · buybacks at an average near $51.50 · dividend paid 10 of 10 yrs, never cut

UWMC UWM Holdings Corporation

UWM is the largest overall residential mortgage lender as well as the largest purchase lender in the U.S., by closed loan volume, despite originating loans exclusively through the wholesale channel.

Owner earnings 2019–2025 ($3.5B)($876K)($10.0B)$8.2B$139M($6.3B)($2.7B)

Retained capital not read

Balance sheet Net debt against an operating loss, $2.5B

UZD Array Digital Infrastructure, Inc.

Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services.

Owner earnings 2016–2025 $58M$4M$197M$74M$248M$78M$230M$826M$864M$174M

Retained capital Retained $616M of earnings over 2016–2025; annual owner earnings grew $535M, $0.87 per $1 retained.

Balance sheet Net debt against an operating loss, $561M

UZE Array Digital Infrastructure, Inc.

Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services.

Owner earnings 2016–2025 $58M$4M$197M$74M$248M$78M$230M$826M$864M$174M

Retained capital Retained $616M of earnings over 2016–2025; annual owner earnings grew $535M, $0.87 per $1 retained.

Balance sheet Net debt against an operating loss, $561M

UZF Array Digital Infrastructure, Inc.

Array connects America through digital infrastructure by leasing tower space to tenants and providing ancillary services.

Owner earnings 2016–2025 $58M$4M$197M$74M$248M$78M$230M$826M$864M$174M

Retained capital Retained $616M of earnings over 2016–2025; annual owner earnings grew $535M, $0.87 per $1 retained.

Balance sheet Net debt against an operating loss, $561M