Know what you own.

What is owner yield?

Owner yield is the return you would earn if you owned the whole business: the cash it generates for its shareholders after the investment needed to keep it running and after paying its people, in cash or in shares, divided by the price you pay. Over time, that is what an owner actually receives. Durable businesses on a high owner yield are rarely exciting. That is often exactly the point.

What members get

• Full company analyses: in-depth research on US, European and UK companies, each with a bear, base and bull case and a clear view on what the business is worth.

• Fair values and ratings: our current rating and fair value for every company we cover, with the full history of every earlier call.

• The HALO PortfolioComing soon: our model portfolio of businesses with heavy assets and low obsolescence, bought only when the owner yield justifies the price. Every trade is published with its rationale.

• Research reports: every full analysis also as a downloadable PDF.

• Screener and price alertsComing soon: filter US, European and UK shares on valuation, cash flow and balance-sheet strength, and get an email when a share reaches your price.

• The full archive: every analysis we have published.

• No advertising: Owner Yield members read The First Share without ads.

Choose your plan

Both plans include the 14-day free trial and everything above. Prices include VAT where applicable.

Questions