Owner Scorecard


← The Manual

Volume one · United States

V

68 entries, V to VZ · entries 2,676–2,743 of 3,828

V Visa Inc.

Visa runs one of the world's payment networks. It does not lend money or issue cards; it operates the rails that authorize, clear, and settle transactions between the banks that issue cards to shoppers and the banks that sign up the merchants who accept them. For carrying that traffic it collects a small fee on the money that moves, so its revenue tracks the dollars spent across its network rather than any product it sells to the public.

Owner earnings 2016–2025 $5.1B$8.8B$12.2B$12.0B$9.7B$14.5B$17.9B$19.7B$18.7B$21.6B

Retained capital Retained $3.7B of earnings over 2016–2025; annual owner earnings grew $11.3B.

Balance sheet Modest net debt, $4.6B · dividend paid 10 of 10 yrs

VAC Marriott Vacations Worldwide Corporation

We are a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, 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 10 of 10 yrs, cut at least once

VALU Value Line Inc.

Value Line, Inc. is a New York corporation headquartered in New York City and formed in 1982.

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 $33.63 · dividend paid 10 of 10 yrs, cut at least once

VC Visteon Corporation

Visteon Corporation is a global automotive technology company serving the mobility industry, dedicated to creating more enjoyable, connected, and safe driving experiences.

Owner earnings 2016–2019 $41M$116M$113M$83M

Retained capital Paid out $535M more than it earned over 2016–2019; annual owner earnings grew $14M.

Balance sheet Modest net debt, $97M

VCEL Vericel Corporation

Vericel Corporation is a leading provider of advanced therapies for the sports medicine and severe burn care markets.

Owner earnings 2016–2025 ($21M)($15M)($2M)($9M)$15M$26M$14M$31M$53M$40M

Retained capital Paid out $52M more than it earned over 2016–2025; annual owner earnings grew $54M.

Balance sheet Net cash, +$137M

VCTR Victory Capital Holdings

Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors.

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 $33.84 · dividend paid 10 of 10 yrs, cut at least once

VCYT Veracyte Inc.

We serve global markets with two complementary models.

Owner earnings 2016–2025 ($32M)($26M)($15M)($6M)($13M)($37M)($1M)$34M$64M$127M

Retained capital Paid out $229M more than it earned over 2016–2025; annual owner earnings grew $99M.

Balance sheet Net cash, debt-free, +$363M

VECO Veeco Instruments Inc.

Veeco Instruments Inc. markets Description Applicable Veeco Technologies Semiconductor The Semiconductor market refers to process steps in logic and memory applications where silicon wafers are processed.

Owner earnings 2016–2025 ($35M)$11M($50M)($18M)$36M$42M$84M$34M$46M$53M

Retained capital Paid out $424M more than it earned over 2016–2025; annual owner earnings grew $69M.

Balance sheet Meaningful net debt, $89M · buybacks at an average near $19.07

VEEV Veeva Systems Inc.

Veeva is the leading provider of industry cloud solutions for the global life sciences industry.

Owner earnings 2017–2020 $137M$224M$302M$434M

Retained capital Retained $760M of earnings over 2017–2020; annual owner earnings grew $99M, $0.13 per $1 retained.

Balance sheet Net cash, debt-free, +$1.9B

VEL Velocity Financial Inc.

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

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

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

VELO Velo3D Inc.

We are a production-focused metal additive manufacturing technology company that develops and manufactures advanced metal additive manufacturing systems and provides production and engineering services that enable customers to manufacture high-value metal parts at scale.

Owner earnings 2020–2025 ($27M)($59M)($129M)($107M)($33M)($30M)

Retained capital not read

Balance sheet Net debt against an operating loss, $15M

VERX Vertex Inc.

Vertex is a leading provider of enterprise compliance technology for global commerce.

Owner earnings 2018–2024 $59M$72M$39M$59M$18M$25M$93M

Retained capital Paid out $335M more than it earned over 2018–2024; annual owner earnings fell $11M.

Balance sheet Heavy net debt, $26M · dividend paid 3 of 7 yrs

VFC VF Corp.

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

Owner earnings 2016–2026 $1.3B$1.3B$1.4B$586M$1.1B$619M($808M)$879M$379M$557M

Retained capital Paid out $4.7B more than it earned over 2016–2026; annual owner earnings fell $758M.

Balance sheet Heavy net debt, $2.7B · buybacks at an average near $57.76 · dividend paid 10 of 10 yrs, cut at least once

VFF Village Farms International 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 2017–2025 ($1M)($8M)($17M)$2M($52M)($34M)$2M$3M$40M

Retained capital Paid out $155M more than it earned over 2017–2025; annual owner earnings grew $23M.

Balance sheet Net cash, +$48M

VG Venture Global Inc.

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

Owner earnings 2023–2025 $4.3B$1.8B$5.6B

Retained capital not read

Balance sheet Heavy net debt, $31.9B

VHI Valhi Inc.

Revenue is Chemicals (90%), Component Products (8%) and Real Estate Management and Development (3%).

Owner earnings 2016–2025 $21M$188M$104M$117M$87M$396M($33M)($45M)$13M($82M)

Retained capital Retained $633M of earnings over 2016–2025; annual owner earnings fell $142M, $-0.22 per $1 retained.

Balance sheet Heavy net debt, $375M · dividend paid 10 of 10 yrs, cut at least once

VIA Via Transportation Inc.

Transportation vertical operates on a different and fragmented technology platform many of which rely on legacy software solutions with antiquated and unscalable architectures.

Owner earnings 2023–2025 ($95M)($71M)($33M)

Retained capital not read

Balance sheet Net cash, debt-free, +$371M

VIAV Viavi Solutions Inc.

Viavi Solutions Inc. is a global provider of network test, monitoring and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace and critical infrastructure.

Owner earnings 2016–2025 $29M$65M$24M$94M$104M$208M$142M$78M$97M$62M

Retained capital Paid out $447M more than it earned over 2016–2025; annual owner earnings grew $40M.

Balance sheet Net cash, +$29M · buybacks at an average near $12.82

VICI VICI Properties Inc.

Properties are curren tly located across urban, destination and drive-to markets in twenty-six states and Canada, contain approximately 60,300 hotel rooms and feature over 500 restaurants, bars, nightclubs and sportsbooks.

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

VICR Vicor Corporation

We design, develop, manufacture, and market modular power components and power systems for converting electrical power.

Owner earnings 2016–2025 ($8M)($11M)$27M$10M$24M$43M$9M$57M$32M$119M

Retained capital Retained $282M of earnings over 2016–2025; annual owner earnings grew $67M, $0.24 per $1 retained.

Balance sheet Net cash, debt-free, +$403M

VIR Vir Biotechnology Inc.

We typically contract with third parties, including CROs and CDMOs to conduct and manage preclinical studies and clinical trials, research services, and clinical manufacturing services on our behalf.

Owner earnings 2017–2025 ($67M)($96M)($133M)($195M)($53M)$1.7B($800M)($454M)($397M)

Retained capital not read

Balance sheet Net cash, debt-free, +$461M

VIRT Virtu Financial

Virtu serve an important role in maintaining and improving the overall health and efficiency of the global capital markets by providing market participants with an efficient means to transfer risk and analyze the quality of execution.

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 5 of 10 yrs, never cut

VISN Vistance Networks Inc.

We are a leader in digital video and IP television distribution systems, broadband access infrastructure platforms and equipment that delivers data and voice networks to homes.

Owner earnings 2016–2025 $572M$518M$412M$492M$315M($9M)$89M$237M$248M$253M

Retained capital Paid out $2.4B more than it earned over 2016–2025; annual owner earnings fell $255M.

Balance sheet Heavy net debt, $6.5B

VITL Vital Farms

Our eggs and butter are sourced through a distributed supply chain of small farms that uphold our high animal welfare standards and produce exceptional products.

Owner earnings 2018–2025 $10M($7M)$9M$14M($14M)$43M$56M$24M

Retained capital Retained $152M of earnings over 2018–2025; annual owner earnings grew $37M, $0.24 per $1 retained.

Balance sheet Net cash, +$44M

VLGEA Village Super Market Inc.

Village Super Market Inc. operates a chain of 34 supermarkets in New Jersey, New York, Maryland and Pennsylvania under the ShopRite and Fairway banners and three Gourmet Garage specialty markets in New York City.

Owner earnings 2017–2025 $18M$34M$28M$52M$27M$36M$69M$45M$57M

Retained capital Retained $168M of earnings over 2017–2025; annual owner earnings grew $30M, $0.18 per $1 retained.

Balance sheet Meaningful net debt, $285M · buybacks at an average near $95.39 · dividend paid 9 of 9 yrs, never cut

VLO Valero Energy Corporation

Valero buys crude oil and other feedstocks and refines them into gasoline and the other fuels that move through pipelines and trucks. It runs a network of refineries, sells the output into wholesale fuel markets, and also produces renewable diesel. The money is the spread between what the feedstock costs and what the refined fuel fetches, run across very large, very expensive plants.

Owner earnings 2016–2024 $3.5B$4.1B$2.3B$3.3B($1.5B)$3.4B$9.8B$7.3B$4.6B

Retained capital Retained $3.8B of earnings over 2016–2024; annual owner earnings grew $3.9B, $1.05 per $1 retained.

Balance sheet Modest net debt, $5.9B · dividend paid 9 of 9 yrs, never cut

VLTO Veralto Corp Common Stock

Veralto is headquartered in Waltham, Massachusetts with a workforce of nearly 17,000 employees as of December 31, 2025, of whom approximately 6,500 were employed in North America, 5,000 were employed in Western Europe, 500 were employed in other developed markets and 5,000 were employed in high-growth markets.

Owner earnings 2021–2025 $842M$836M$909M$820M$1.0B

Retained capital Retained $4.1B of earnings over 2021–2025; annual owner earnings grew $52M, $0.01 per $1 retained.

Balance sheet Modest net debt, $642M · dividend paid 2 of 5 yrs, never cut

VLY Valley National Bancorp

Valley National Bank is the largest commercial bank headquartered in New Jersey, with its top markets located in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn and Queens, Long Island, Westchester County, New York, 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 $10.33 · dividend paid 10 of 10 yrs, never cut

VLYPN Valley National Bancorp

Valley National Bank is the largest commercial bank headquartered in New Jersey, with its top markets located in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn and Queens, Long Island, Westchester County, New York, 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 $10.33 · dividend paid 10 of 10 yrs, never cut

VLYPO Valley National Bancorp

Valley National Bank is the largest commercial bank headquartered in New Jersey, with its top markets located in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn and Queens, Long Island, Westchester County, New York, 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 $10.33 · dividend paid 10 of 10 yrs, never cut

VLYPP Valley National Bancorp

Valley National Bank is the largest commercial bank headquartered in New Jersey, with its top markets located in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn and Queens, Long Island, Westchester County, New York, 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 $10.33 · dividend paid 10 of 10 yrs, never cut

VMC Vulcan Materials Company

Vulcan Materials Company operates primarily in the U.S. and is the nation's largest supplier of construction aggregates and a major producer of aggregates-intensive downstream products such as asphalt mix and ready-mixed concrete.

Owner earnings 2016–2025 $294M$339M$487M$600M$708M$561M$536M$920M$806M$1.1B

Retained capital Retained $3.9B of earnings over 2016–2025; annual owner earnings grew $581M, $0.15 per $1 retained.

Balance sheet Meaningful net debt, $4.2B · dividend paid 10 of 10 yrs, never cut

VMD Viemed Healthcare Inc.

Viemed's services include respiratory disease management, neuromuscular care, in-home sleep testing and sleep apnea treatment, oxygen therapy, the sale of associated supplies, women's health products and services, and healthcare staffing services.

Owner earnings 2018–2025 $19M$13M$26M$11M$12M$19M$14M$23M

Retained capital Retained $75M of earnings over 2018–2025; annual owner earnings fell $219K, $-0.00 per $1 retained.

Balance sheet Net cash, +$1M · buybacks at an average near $6.04

VMI Valmont Industries Inc.

Valmont Industries, Inc., along with its subsidiaries, is a diversified manufacturer of products and services for infrastructure and agriculture markets.

Owner earnings 2016–2025 $175M$78M$81M$210M$233M($42M)$233M$210M$493M$368M

Retained capital Retained $597M of earnings over 2016–2025; annual owner earnings grew $246M, $0.41 per $1 retained.

Balance sheet Modest net debt, $609M · buybacks at an average near $206 · dividend paid 10 of 10 yrs, never cut

VNDA Vanda Pharmaceuticals Inc.

Vanda Pharmaceuticals Inc. is a leading global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients.

Owner earnings 2016–2025 ($9M)($3M)$30M$45M$50M$64M$31M$12M($16M)($110M)

Retained capital Paid out $67M more than it earned over 2016–2025; annual owner earnings fell $44M.

Balance sheet Net cash, debt-free, +$85M

VNO Vornado Realty Trust

Vornado is a fully integrated REIT and conducts its business through, and substantially all of its interests in properties are held by, the Operating Partnership, a Delaware limited partnership.

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

VNOM Viper Energy

Revenue is Oil income (84%), Natural gas liquids income (12%) and Natural gas income (4%).

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, $2.2B

VNT Vontier Corporation Common Stock

Vontier Corporation is a global industrial technology company uniting productivity, automation and multi-energy technologies to meet the needs of a rapidly evolving, more connected mobility ecosystem.

Owner earnings 2018–2025 $379M$507M$656M$433M$280M$411M$380M$460M

Retained capital Retained $2.2B of earnings over 2018–2025; annual owner earnings fell $97M, $-0.04 per $1 retained.

Balance sheet Meaningful net debt, $1.6B · dividend paid 5 of 8 yrs, never cut

VOYA Voya Financial Inc.

Voya Financial Inc. provides our Benefitplace benefits administration platform to help employees select and use the best benefits options for their individual circumstances.

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

VOYG Voyager Technologies Inc.

We are a purpose-built, innovation-driven defense technology and space solutions company focused on delivering mission-critical solutions across national security, space exploration and infrastructure and commercial space markets.

Owner earnings 2023–2025 ($26M)($39M)($74M)

Retained capital not read

Balance sheet Net cash, +$44M

VPG Vishay Precision Group Inc.

Vishay Precision Group Inc. is a global leader in precision measurement and sensing technologies that help power the future by bridging the physical world with the digital one.

Owner earnings 2016–2025 $1M$13M$22M$20M$23M$16M$18M$31M$11M$6M

Retained capital Retained $158M of earnings over 2016–2025; annual owner earnings grew $4M, $0.03 per $1 retained.

Balance sheet Net cash, +$67M · buybacks at an average near $31.70

VRDN Viridian Therapeutics Inc.

We are a biopharmaceutical company focused on discovering, developing, and commercializing potential best-in-class medicines for serious and rare diseases.

Owner earnings 2015–2025 ($7M)($28M)($27M)($36M)($30M)($55M)($94M)($185M)($233M)($277M)

Retained capital not read

Balance sheet Net cash, +$979M

VREX Varex Imaging Corporation

Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, linear accelerators, image software processing solutions, and stand-alone X-ray based systems in select application areas.

Owner earnings 2016–2025 $64M$55M$65M$52M($10M)$78M($4M)$88M$26M$19M

Retained capital Retained $81M of earnings over 2016–2025; annual owner earnings fell $17M, $-0.21 per $1 retained.

Balance sheet Net debt against an operating loss, $212M

VRNS Varonis

Varonis is a data security company focused on protecting what matters most to organizations: their data.

Owner earnings 2016–2025 $5M$13M$19M($17M)($16M)($3M)$475K$54M$109M$135M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings grew $87M.

Balance sheet Net cash, +$431M · buybacks at an average near $19.37

VRRM Verra Mobility Corporation

We are a leading provider of smart mobility technology solutions, principally operating throughout the United States, Australia, Europe, and Canada.

Owner earnings 2018–2025 $23M$104M$23M$168M$170M$149M$153M$137M

Retained capital Paid out $338M more than it earned over 2018–2025; annual owner earnings grew $96M.

Balance sheet Heavy net debt, $963M

VRSK Verisk Analytics Inc.

Verisk is a leading data, analytics, and technology provider serving clients in the insurance ecosystem.

Owner earnings 2016–2025 $421M$608M$769M$740M$876M$949M$862M$831M$920M$1.2B

Retained capital Paid out $2.6B more than it earned over 2016–2025; annual owner earnings grew $382M.

Balance sheet Meaningful net debt, $4.1B · buybacks at an average near $177 · dividend paid 7 of 10 yrs, never cut

VRSN VeriSign Inc.

We are a global provider of critical internet infrastructure and domain name registry services, enabling internet navigation for many of the world's most recognized domain names.

Owner earnings 2016–2025 $666M$653M$661M$714M$687M$754M$804M$808M$875M$1.1B

Retained capital Paid out $1.7B more than it earned over 2016–2025; annual owner earnings grew $257M.

Balance sheet Modest net debt, $1.2B · buybacks at an average near $162 · dividend paid 1 of 10 yrs, never cut

VRT Vertiv Holdings LLC

Vertiv is a global leader in critical digital infrastructure for applications in data centers, communication networks, and commercial and industrial environments.

Owner earnings 2018–2025 ($287M)$10M$165M$138M($253M)$773M$1.2B$1.9B

Retained capital Retained $974M of earnings over 2018–2025; annual owner earnings grew $1.3B, $1.35 per $1 retained.

Balance sheet Modest net debt, $1.2B · dividend paid 6 of 8 yrs, never cut

VRTS Virtus Investment Partners Inc.

We provide investment management and related services to institutions and individuals.

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 $129 · dividend paid 10 of 10 yrs, never cut

VRTX Vertex Pharmaceuticals Incorporated

Vertex is a drug company. It discovers, makes, and sells prescription medicines, and the heart of the business is a set of treatments for cystic fibrosis, an inherited disease, sold to the patients who carry it through their doctors and paid for largely by the insurers and health plans that cover them. It earns its money the way a branded drugmaker does: a medicine costs a great deal to invent and prove out, then very little to manufacture once approved, so nearly all the revenue from each prescription drops toward profit while the patent holds.

Owner earnings 2016–2025 $180M$784M$1.2B$1.5B$3.1B$2.5B$4.0B$3.3B($700M)$3.4B

Retained capital Retained $12.7B of earnings over 2016–2025; annual owner earnings grew $1.3B, $0.10 per $1 retained.

Balance sheet Net cash, +$6.5B · buybacks at an average near $365

VSAT ViaSat Inc.

We are an innovative, global provider of communications technologies and services, focused on making connectivity accessible, available and secure for current and future customers worldwide.

Owner earnings 2017–2023 $211M$148M$65M$157M$396M$98M($42M)

Retained capital Retained $962M of earnings over 2017–2023; annual owner earnings grew $10M, $0.01 per $1 retained.

Balance sheet Heavy net debt, $4.8B

VSCO Victoria's Secret

Victoria's Secret is a specialty retailer of women's intimates and other apparel and beauty products marketed under the Victoria's Secret, PINK and Adore Me brand names.

Owner earnings 2020–2026 $90M$547M$682M$273M$133M$247M$312M

Retained capital Paid out $165M more than it earned over 2020–2026; annual owner earnings fell $209M.

Balance sheet Modest net debt, $457M

VSEC VSE Corporation

History and Organization VSE Corporation, through its subsidiaries is a leading provider of aftermarket distribution and maintenance, repair and overhaul services for air transportation assets for commercial and government markets.

Owner earnings 2016–2025 $41M$47M$16M$8M$31M($28M)($3M)($40M)($52M)$6M

Retained capital Retained $188M of earnings over 2016–2025; annual owner earnings fell $63M, $-0.34 per $1 retained.

Balance sheet Meaningful net debt, $223M · dividend paid 10 of 10 yrs, never cut

VSECU VSE Corporation Tangible Equity

History and Organization VSE Corporation, through its subsidiaries is a leading provider of aftermarket distribution and maintenance, repair and overhaul services for air transportation assets for commercial and government markets.

Owner earnings 2016–2025 $41M$47M$16M$8M$31M($28M)($3M)($40M)($52M)$6M

Retained capital Retained $188M of earnings over 2016–2025; annual owner earnings fell $63M, $-0.34 per $1 retained.

Balance sheet Meaningful net debt, $223M · dividend paid 10 of 10 yrs, never cut

VSH Vishay Intertechnology Inc.

Vishay Intertechnology Inc. manufactures one of the world's largest portfolios of discrete semiconductors and passive electronic components that support innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets.

Owner earnings 2016–2025 $162M$198M$97M$140M$191M$290M$320M$181M($37M)($89M)

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings fell $134M, $-0.10 per $1 retained.

Balance sheet Heavy net debt, $436M · buybacks at an average near $19.62

VSNT Versant Media Group, Inc.

Versant is a media and entertainment business that operates in four core markets: political news and opinion, business news and personal finance, golf and athletics participation and sports and genre entertainment.

Owner earnings 2023–2025 $2.4B$2.2B$2.0B

Retained capital not read

Balance sheet Modest net debt, $928M

VST Vistra

Vistra is an integrated retail electricity and power generation company that provides essential power resources to customers, businesses, and communities from California to Maine.

Owner earnings 2017–2025 $1.3B$941M$2.0B$2.1B($1.2B)($816M)$3.8B$2.5B$2.1B

Retained capital Paid out $5.6B more than it earned over 2017–2025; annual owner earnings grew $1.4B.

Balance sheet Heavy net debt, $16.3B · dividend paid 7 of 9 yrs, never cut

VSTM Verastem Inc.

We market AVMAPKI FAKZYNJA CO-PACK in the United States, the first treatment specifically FDA-approved for adults with KRAS-mutated recurrent low-grade serous ovarian cancer who have received prior systemic therapy.

Owner earnings 2018–2024 ($76M)($139M)($34M)($54M)($105M)

Retained capital not read

Balance sheet Net cash, +$133M

VSTS Vestis Corporation

Vestis Corporation is a leading provider of uniform rentals and workplace supplies across the United States and Canada.

Owner earnings 2022–2025 $156M$179M$393M$6M

Retained capital Retained $308M of earnings over 2022–2025; annual owner earnings fell $50M, $-0.16 per $1 retained.

Balance sheet Heavy net debt, $1.1B · dividend paid 2 of 4 yrs, never cut

VSXY Victorias Secret & Co. Common Stock

Victorias Secret & Co. Common Stock is a specialty retailer of women's intimates and other apparel and beauty products marketed under the Victoria's Secret, PINK and Adore Me brand names.

Owner earnings 2020–2026 $90M$547M$682M$273M$133M$247M$312M

Retained capital Paid out $165M more than it earned over 2020–2026; annual owner earnings fell $209M.

Balance sheet Modest net debt, $457M

VTOL Bristow Group Inc.

Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions.

Owner earnings 2015–2025 ($3M)$19M$3M$45M($116M)$82M($39M)($49M)$109M$128M

Retained capital Paid out $256M more than it earned over 2015–2025; annual owner earnings grew $56M.

Balance sheet Meaningful net debt, $385M · buybacks at an average near $26.78

VTR Ventas Inc.

Ventas, Inc. is an S&P 500 company focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population.

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

VTRS Viatris

Viatris' executive management team is focused on ensuring that the Company is optimally structured and efficiently resourced to deliver sustainable value to patients, shareholders, customers and other key stakeholders.

Owner earnings 2018–2025 $2.1B$1.6B$989M$2.6B$2.6B$2.5B$2.0B$1.9B

Retained capital Paid out $5.0B more than it earned over 2018–2025; annual owner earnings grew $589M.

Balance sheet Net debt against an operating loss, $13.1B · buybacks at an average near $12.72

VTS Vitesse Energy Inc.

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

Owner earnings 2020–2025 $67M$58M$118M$106M$134M$164M

Retained capital Paid out $107M more than it earned over 2020–2025; annual owner earnings grew $53M.

Balance sheet Heavy net debt, $123M · buybacks at an average near $16.99 · dividend paid 5 of 6 yrs, never cut

VVV Valvoline Inc.

Valvoline Inc. is a leader in automotive preventive maintenance delivering convenient and trusted services in its retail stores throughout the United States and Canada.

Owner earnings 2016–2025 $245M($198M)$227M$217M$278M$301M$152M($221M)$41M$38M

Retained capital Retained $957M of earnings over 2016–2025; annual owner earnings fell $139M, $-0.15 per $1 retained.

Balance sheet Meaningful net debt, $1.0B · buybacks at an average near $22.06 · dividend paid 7 of 10 yrs, cut at least once

VVX V2X 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 2016–2025 $36M$34M$38M$24M$60M$55M$81M$163M$242M$170M

Retained capital Retained $280M of earnings over 2016–2025; annual owner earnings grew $156M, $0.56 per $1 retained.

Balance sheet Meaningful net debt, $729M · buybacks at an average near $53.23

VYX NCR Voyix Corporation

NCR Voyix is a global platform-powered leader in unified commerce for shopping and dining, empowering customers to simplify transactions, optimize and scale operations and deliver superior experiences to customers through our modernized suite of microservices-based applications and comprehensive service offerings.

Owner earnings 2016–2025 $821M$624M$429M$543M$610M$903M$335M$564M($162M)($375M)

Retained capital Retained $571M of earnings over 2016–2025; annual owner earnings fell $616M, $-1.08 per $1 retained.

Balance sheet Heavy net debt, $3.7B

VZ Verizon Communications

Verizon sells communications service — chiefly wireless phone, data, and voice plans, along with home internet and related video and streaming — to consumers, businesses, and government bodies, carried over its own networks under the Verizon family of brands. Customers pay a recurring bill to stay connected, and that subscription revenue is the business. To carry the traffic, Verizon must own and keep renewing a vast network and the spectrum rights beneath it.

Owner earnings 2016–2018 $4.6B$7.1B$17.7B

Retained capital not read

Balance sheet Heavy net debt, $138.8B

The same four lines for every company, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The entries carry no ranking and form no score. What an entry cannot carry — understanding of the business, and a price — is yours.