X

X United States Steel

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

Owner earnings 2015–2024 ($140M)$448M$321M$417M$66M($587M)$3.2B$2.7B$1.2B$6M

Retained capital Retained $4.1B of earnings over 2015–2024; annual owner earnings grew $1.1B, $0.27 per $1 retained.

Balance sheet Heavy net debt, $2.8B · buybacks at an average near $22.53 · dividend paid 6 of 10 yrs, cut at least once

XEL Xcel Energy Inc.

Xcel Energy provides a comprehensive portfolio of energy-related products and services to approximately 3.9 million electric customers and 2.2 million natural gas customers through four utility subsidiaries.

Owner earnings 2016–2025 $1.7B$1.6B$1.5B$1.5B$889M$46M$1.5B$2.9B$1.9B$1.1B

Retained capital Retained $6.1B of earnings over 2016–2025; annual owner earnings grew $339M, $0.06 per $1 retained.

Balance sheet Heavy net debt, $31.8B · buybacks at an average near $38.89 · dividend paid 10 of 10 yrs, never cut

XERS Xeris Biopharma Holdings Inc.

We are a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for people with chronic endocrine and neurological diseases in the United States.

Owner earnings 2020–2021 ($81M)($97M)

Retained capital not read

Balance sheet Heavy net debt, $109M

XFOR X4 Pharmaceuticals Inc.

We are a biopharmaceutical company developing and commercializing novel therapeutics for the treatment of rare hematology diseases.

Owner earnings 2018–2025 ($25M)($48M)($59M)($72M)($77M)($97M)($131M)($86M)

Retained capital not read

Balance sheet Net cash, +$142M

XHR Xenia Hotels & Resorts Inc.

Xenia Hotels & Resorts, Inc. is a Maryland corporation that primarily invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States.

Owner earnings 2016–2025 $171M$126M$146M$154M($147M)$9M$117M$77M$23M$90M

Retained capital Paid out $643M more than it earned over 2016–2025; annual owner earnings fell $84M.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $13.39 · dividend paid 10 of 10 yrs, cut at least once

XIFR XPLR Infrastructure LP Common

XPLR also plans to pursue investment opportunities in areas adjacent to its existing clean energy projects, with a focus on assets that are expected to provide incremental cash flows and opportunities for growth.

Owner earnings 2016–2025 $202M$209M$337M$253M$418M$564M$398M$227M$559M$195M

Retained capital Retained $806M of earnings over 2016–2025; annual owner earnings grew $78M, $0.10 per $1 retained.

Balance sheet Net debt against an operating loss, $5.2B

XMAX XMAX Inc.

XMAX Inc. is a U.S.-headquartered innovative designer and distributor of contemporary styled residential and commercial furniture incorporated into a dynamic marketing and sales platform offering retail as well as online selection and global purchase fulfillment.

Owner earnings 2017–2024 ($1M)($7M)$15M($2M)($5M)($5M)($1M)

Retained capital not read

Balance sheet Net cash, +$2M

XMTR Xometry Inc.

Xometry is an AI-native global online manufacturing marketplace with a suite of services that are rapidly digitizing the custom manufacturing industry.

Owner earnings 2019–2025 ($29M)($25M)($72M)($70M)($41M)($28M)($13M)

Retained capital not read

Balance sheet Net debt against an operating loss, $108M

XNCR Xencor Inc.

We are a clinical-stage biopharmaceutical company focused on discovering and developing engineered antibody therapeutics to treat patients with cancer and autoimmune diseases, who have unmet medical needs.

Owner earnings 2016–2025 $94M($36M)($83M)$60M($11M)($24M)$16M($89M)($208M)($138M)

Retained capital not read

Balance sheet Net cash, +$414M

XOM Exxon Mobil Corporation

Exxon Mobil is an integrated oil company. It finds and pumps crude oil and natural gas, refines them into fuels and lubricants, and turns the same molecules into petrochemicals — the building blocks of plastics — selling to businesses and motorists in the United States and most countries of the world. It makes its money on the spread between what it costs to get a barrel out of the ground and through a plant, and the price the market pays for what comes out.

Owner earnings 2016–2025 $5.9B$14.7B$16.4B$10.7B($2.6B)$36.1B$58.4B$33.5B$30.7B$23.6B

Retained capital Paid out $6.2B more than it earned over 2016–2025; annual owner earnings grew $16.9B.

Balance sheet Modest net debt, $23.6B · buybacks at an average near $105 · dividend paid 10 of 10 yrs, never cut

XOMA XOMA Royalty Corporation

We do this by providing capital in exchange for the economic rights to future milestone and royalty payments associated with clinical candidates and approved products.

Owner earnings 2016–2024 ($34M)$3M($13M)$10M($28M)($18M)($14M)

Retained capital not read

Balance sheet Meaningful net debt, $26M

XOMAO XOMA Royalty Corporation

We do this by providing capital in exchange for the economic rights to future milestone and royalty payments associated with clinical candidates and approved products.

Owner earnings 2016–2024 ($34M)$3M($13M)$10M($28M)($18M)($14M)

Retained capital not read

Balance sheet Meaningful net debt, $26M

XOMAP Xoma Royalty Corporation

We do this by providing capital in exchange for the economic rights to future milestone and royalty payments associated with clinical candidates and approved products.

Owner earnings 2016–2024 ($34M)$3M($13M)$10M($28M)($18M)($14M)

Retained capital not read

Balance sheet Meaningful net debt, $26M

XPEL XPEL Inc.

We are a supplier of protective films, coatings and related services primarily to the automobile aftermarket, new car dealerships and automobile original equipment manufacturers, or OEMs.

Owner earnings 2018–2025 $6M$10M$17M$16M$9M$33M$41M$63M

Retained capital Retained $260M of earnings over 2018–2025; annual owner earnings grew $35M, $0.13 per $1 retained.

Balance sheet Net cash, +$50M

XPER Xperi Inc. Common Stock

We operate in one reportable business segment and group our revenue into four categories: Pay-TV, Consumer Electronics, Connected Car and Media Platform.

Owner earnings 2020–2025 ($30M)($32M)($42M)($7M)($60M)($6M)

Retained capital not read

Balance sheet Net cash, +$57M

XPO XPO Inc.

XPO, Inc. is a leading provider of freight transportation services, with company-specific avenues for value creation.

Owner earnings 2016–2025 $139M$281M$551M$250M$139M$387M$303M($839M)$19M$329M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings fell $487M, $-0.44 per $1 retained.

Balance sheet Heavy net debt, $3.3B · dividend paid 4 of 10 yrs, never cut

XPOF Xponential Fitness Inc.

Fitness LLC, and other subsidiaries, is one of the leading global franchisors of boutique health and wellness brands.

Owner earnings 2019–2025 ($6M)($3M)$11M$43M$25M$7M$25M

Retained capital Paid out $229M more than it earned over 2019–2025; annual owner earnings grew $18M.

Balance sheet Heavy net debt, $460M

XPRO Expro Group Holdings N.V.

Expro Group Holdings N.V. is a Netherlands limited liability company and includes the activities of its wholly owned subsidiaries.

Owner earnings 2016–2025 ($53M)$3M($52M)($23M)($42M)($65M)($2M)$16M$26M$98M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings grew $81M.

Balance sheet Net cash, +$112M · buybacks at an average near $12.17 · dividend paid 2 of 10 yrs, cut at least once

XRAY DENTSPLY SIRONA Inc.

DENTSPLY SIRONA Inc. is the world's largest diversified manufacturer of professional dental products and technologies, with a 139-year history of innovation and service to the dental industry and a vision of improving oral health and continence care globally.

Owner earnings 2016–2025 $438M$458M$317M$516M$562M$515M$368M$228M$281M$104M

Retained capital Paid out $7.8B more than it earned over 2016–2025; annual owner earnings fell $200M.

Balance sheet Net debt against an operating loss, $1.9B · buybacks at an average near $47.43 · dividend paid 10 of 10 yrs, never cut

XRN Chiron Real Estate Inc.

Chiron Real Estate Inc. is a Maryland corporation and internally managed REIT that primarily acquires healthcare facilities leased to physician groups and regional and national healthcare systems.

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

XRX Xerox Holdings Corporation

Xerox is a workplace technology company, building and integrating services-led, software-enabled, workplace solutions for enterprises large and small.

Owner earnings 2017–2025 ($336M)$1.1B$1.3B$504M$600M$123M$657M$484M$187M

Retained capital Paid out $5.8B more than it earned over 2017–2025; annual owner earnings fell $238M.

Balance sheet Net debt against an operating loss, $3.7B · dividend paid 9 of 9 yrs, cut at least once

XYL Xylem Inc. Common Stock New

We design, manufacture and service engineered products and solutions across a wide variety of critical applications, primarily in the water sector.

Owner earnings 2016–2025 $373M$516M$349M$613M$641M$330M$388M$566M$942M$910M

Retained capital Retained $2.4B of earnings over 2016–2025; annual owner earnings grew $393M, $0.16 per $1 retained.

Balance sheet Modest net debt, $463M · buybacks at an average near $82.18 · dividend paid 10 of 10 yrs, never cut

XYZ Block Inc.

Block designs and operates connected ecosystems that integrate commerce solutions, financial services, software, hardware, and networks to serve individuals and small businesses, primarily through Cash App's consumer network and Square's business network.

Owner earnings 2016–2025 ($2M)$102M$234M$265M$89M$714M$5M($50M)$1.6B$2.4B

Retained capital Retained $496M of earnings over 2016–2025; annual owner earnings grew $1.2B, $2.42 per $1 retained.

Balance sheet Net cash, +$848M

XZO Exzeo Group Inc.

Exzeo Platform provides technology-based solutions for operational and administrative activities and functions performed by insurance carriers and their agents, including quoting and underwriting, policy management, claims management, data reporting, and financial reporting.

Owner earnings 2023–2025 $8M$47M$97M

Retained capital not read

Balance sheet Net cash, debt-free, +$305M