$NACCO Industries (NC.US)$It's a very strange existence. Ope...

The income statement shows a very high return on equity every year, and it appears to be a company that survives on dividends. I quickly checked the SEC website. These are VIE structured companies. Although they are wholly owned in terms of equity, they actually operate on customer money. Similar to borrowing a Nacco license, they pay some benefits, so they can't combine reports.

It seems that Nacco's profits have a huge risk of dependency and lack long-term holding value.