Login | May 26, 2026
Women at the Top
Motely Fool
Published: May 26, 2026
Q. What are "PBCs"? -- T.N., Greenville, South Carolina
A. First launched in 2010, Public Benefit Corporations are a type of business that aims to balance the interests of shareholders with those of employees, customers and communities, often including the environment as well. They're a bit like nonprofits, but they're also for-profit. Unlike nonprofits, they get no special tax breaks. And unlike traditional for-profit companies, they're required to list at least one specific public benefit that they will pursue. The rules regarding PBCs vary by state, but they often give company directors the ability to act in the public interest with some protection from liability.
Most U.S. states now allow PBCs. Some well-known ones include outdoor apparel maker Patagonia, eyewear retailer Warby Parker, social media company Bluesky and ChatGPT developer OpenAI.
Q. How many women are CEOs of big companies? -- J.V., San Diego
A. According to a report from the Women Business Collaborative, as of June 30, 2025, there were 47 women serving as CEOs among the S&P 500 companies. That's 9.4%, up from 7.8% in 2024. Among the Russell 3000 companies -- the 3,000 largest publicly held U.S. companies -- there were 227 women as CEOs, or 7.6%. And among privately held companies with revenue topping $1 billion, there were 266, or 8.5%.
Current women who are CEOs include Mary Barra, General Motors; Corie Barry, Best Buy; Gail Boudreaux, Anthem; Jane Fraser, Citigroup; Adena Friedman, Nasdaq; Tricia Griffith, Progressive; Vicki Hollub, Occidental Petroleum; Reshma Kewalramani, Vertex Pharmaceuticals; Judy Marks, Otis Worldwide; Phebe Novakovic, General Dynamics; Lisa Palmer, Regency Centers; Kristin Peck, Zoetis; Linda Rendle, The Clorox Company; Kecia Steelman, Ulta Beauty; Lisa Su, Advanced Micro Devices; Julie Sweet, Accenture; Carol Tome, United Parcel Service; and Kathy Warden, Northrop Grumman.
Fool's School
Understanding Return on Equity
If you want to learn how to study and evaluate companies as possible investments, you should learn about various measures that will help you see how well a company is performing or how financially healthy it is. It can also be informative to compare a company's results with those of other similar companies. Here's an introduction to return on equity (ROE).
ROE is a relatively simple ratio -- one number divided by another. To calculate it, you'll divide a company's "net income" by its "shareholder equity." Both figures are found in the company's financial statements. We'll explain how to do the math next, but you can find ROEs calculated for you at some financial sites.
Net income typically appears near the bottom of the income statement (which might be called the statement of operations, statement of earnings or profit and loss statement). It reflects the company's profit after all expenses have been subtracted from its revenue. To calculate ROE, you'll need total net income over the past four quarters (or over a particular year).
Shareholder equity appears on the balance sheet. It's the result of subtracting total liabilities from total assets. If you're looking at a quarterly report, you can approximate an annual amount by averaging the latest shareholder equity amount and the amount a year earlier.
Divide net income by shareholder equity, and voilˆ -- you have return on equity. Here's an example: Coca-Cola's net income for 2025 was $13.1 billion, and its average shareholder equity over the year was $28.5 billion. Divide $13.1 billion by $28.5 billion, and you'll arrive at an ROE of 0.46, or 46%.
The ROE shows how much profit -- about $0.46 -- is earned from each dollar of shareholder equity over a year. The higher the ROE, the better.
Note, though: If a company is carrying a lot of debt (reducing shareholder equity), that can skew ROE upward. Never base investment decisions on any single measure.
My Smartest Investment
Did Their Homework
My smartest investment was buying stock in Costco. I had become a member in 2011 and had studied and liked the company's business model. I also chatted with some employees and was impressed by all the good things they had to say -- and their longevity with Costco. Happy employees and a good business model seemed like the ideal investment. After more research, I bought in 2017 and then added more in 2020. The average price of my shares has nearly quadrupled. I plan to hang on and buy even more, but I regret that I waited so long to buy my first shares. -- R.D., online
The Fool responds: Wow, you did everything right and got a great result. As we have long recommended, you studied the company before investing -- not only examining its business model (which is how, exactly, it makes its money), but also getting the scuttlebutt from employees. You also spotted a promising investment just through your daily life.
Don't regret too much having not bought sooner: We all miss lots of great investments. The important thing is that you did make a smart move when you bought.
(Do you have a smart or regrettable investment move to share with us? Email it to TMFShare@fool.com.)
Foolish Trivia
Name That Company
I trace my roots back to 2007, when two fellows opened their San Francisco apartment to three people who needed a place to stay. They decided to make space-sharing easier for others. Today, with a recent market value of $83 billion, I boast more than 9 million active listings worldwide -- from more than 5 million hosts, in more than 150,000 towns and cities and in more than 220 countries and regions. I have helped house many people displaced due to disasters. I'm now offering experiences, too. I take in more than $12 billion annually. Who am I?
Last Week's Trivia Answer
I trace my roots back to 1936, when one of my founders bought some vending machines dispensing peanuts. I grew into a major vending business before joining with another in 1959, forming Automatic Retailers of America. Today, based in Philadelphia, I'm a food service giant, with a recent market value topping $12 billion. I provide food and/or facilities management for thousands of clients including schools, healthcare facilities, sports arenas, national parks and prisons. I employ over 275,000 people, and I serve billions of meals and more than a billion cups of coffee annually in 16 countries. Who am I? (Answer: Aramark)
The Motley Fool Take
A Recession-Proof Stock
If you're worried about a recession, perhaps due to global economic and political turmoil, you might want to focus your stock investing on companies that tend to stand up well no matter what the economy is doing. Garbage collection tends to be a relatively resilient business, so a fine candidate is the trash-hauling giant Waste Management (NYSE: WM), which has been rebranding itself as WM.
WM has North America's largest disposal network and collection fleet. It's the largest recycler as well, and a leader in producing and using renewable natural gas (RNG). The company also provides regulated medical waste and secure information-destruction services. Its vertically integrated asset network of 506 waste transfer facilities, 262 landfills, 105 recycling facilities and 18 medical waste incinerators gives it unmatched scale in the industry.
WM's trash hauling and recycling businesses generate robust cash flow. Last year, it produced $6 billion in net cash flow from operating activities (up 12.1% from 2024). It's allocating that cash flow to growing its business and shareholder value: It spent $400 million to acquire solid waste and recycling businesses last year. It's also investing billions in sustainability growth projects.
WM increased its dividend by 14.5% late last year, extending its growth streak to 23 straight years. Its dividend yield was recently 1.5%. (The Motley Fool recommends WM.)
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