Industrial Machinery

5631 Japan Steel Works

Revenue is Industrial Machinery Products (83%), Steel and Engineering Products (20%) and Real Estate and Other Businesses (2%).

Owner earnings 2017–2026 ¥4.2B¥22.6B(¥3.3B)¥13.2B¥8.7B¥16.1B(¥7.1B)¥14.0B(¥12.5B)(¥25.9B)

Retained capital Retained ¥81.5B of earnings over 2017–2026; annual owner earnings fell ¥16.0B, ¥-0.20 per ¥1 retained.

Balance sheet Modest net debt, ¥11.0B · dividend paid 10 of 10 yrs, cut at least once

6103 Okuma

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 2017–2026 ¥4.5B¥24.8B¥5.1B¥4.1B¥16.4B¥12.4B¥10.5B(¥1.1B)¥11.2B¥14.5B

Retained capital Retained ¥71.3B of earnings over 2017–2026; annual owner earnings fell ¥3.3B, ¥-0.05 per ¥1 retained.

Balance sheet Net cash, +¥22.8B · dividend paid 10 of 10 yrs, cut at least once

6113 Amada

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥17.1B¥18.4B¥26.9B¥16.4B¥41.4B¥44.7B¥4.5B¥36.6B¥39.4B¥52.5B

Retained capital Retained ¥51.5B of earnings over 2017–2026; annual owner earnings grew ¥22.0B, ¥0.43 per ¥1 retained.

Balance sheet Net cash, +¥92.2B · dividend paid 10 of 10 yrs, cut at least once

6273 SMC

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 2017–2026 ¥106.7B¥139.1B¥59.4B¥107.9B¥101.9B¥135.5B¥75.8B¥64.9B¥162.3B¥144.1B

Retained capital Retained ¥881.0B of earnings over 2017–2026; annual owner earnings grew ¥22.0B, ¥0.03 per ¥1 retained.

Balance sheet Net cash, +¥616.5B · dividend paid 10 of 10 yrs, never cut

6302 Sumitomo Heavy Industries

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2025 ¥13.6B¥48.1B¥29.2B¥8.4B¥30.7B(¥15.2B)¥25.9B(¥24.6B)¥25.1B

Retained capital Retained ¥142.3B of earnings over 2017–2025; annual owner earnings fell ¥21.5B, ¥-0.15 per ¥1 retained.

Balance sheet Meaningful net debt, ¥145.2B · dividend paid 9 of 9 yrs, cut at least once

6361 Ebara

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 2020–2025 ¥48.3B¥47.1B¥12.7B¥43.4B¥70.9B¥6.0B

Retained capital Retained ¥182.9B of earnings over 2020–2025; annual owner earnings grew ¥4.1B, ¥0.02 per ¥1 retained.

Balance sheet Modest net debt, ¥68.8B · dividend paid 6 of 6 yrs, never cut

6471 NSK

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2018–2026 ¥22.3B¥19.2B¥24.5B¥20.0B(¥13.3B)¥19.9B¥49.9B¥44.1B¥59.8B

Retained capital Retained ¥35.5B of earnings over 2018–2026; annual owner earnings grew ¥29.2B, ¥0.82 per ¥1 retained.

Balance sheet Modest net debt, ¥55.8B · dividend paid 9 of 9 yrs, cut at least once

6472 NTN

Revenue is led by Japan (43%) and Americas (32%), with 2 more segments behind.

Owner earnings 2017–2026 ¥27.1B¥25.3B¥844M¥6.4B¥14.6B(¥7.4B)¥14.5B¥40.4B¥22.1B¥28.1B

Retained capital Paid out ¥66.2B more than it earned over 2017–2026; annual owner earnings grew ¥12.4B.

Balance sheet Heavy net debt, ¥189.2B · dividend paid 8 of 10 yrs, cut at least once

6506 Yaskawa Electric

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 2017–2026 ¥21.7B¥33.4B¥20.0B¥9.1B¥31.0B¥34.8B(¥19.0B)¥37.3B¥40.3B¥35.8B

Retained capital Retained ¥214.1B of earnings over 2017–2026; annual owner earnings grew ¥12.8B, ¥0.06 per ¥1 retained.

Balance sheet Modest net debt, ¥63.6B · dividend paid 10 of 10 yrs, cut at least once

6954 Fanuc

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 2017–2026 ¥95.2B¥141.8B¥138.0B¥99.0B¥96.2B¥91.2B¥52.4B¥117.9B¥214.5B¥229.7B

Retained capital Retained ¥303.8B of earnings over 2017–2026; annual owner earnings grew ¥62.4B, ¥0.21 per ¥1 retained.

Balance sheet Net cash, debt-free, +¥650.9B · dividend paid 10 of 10 yrs, cut at least once

7011 Mitsubishi Heavy Industries

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 (¥104.3B)¥229.6B¥244.6B¥278.4B(¥241.2B)¥156.3B(¥51.0B)¥170.7B¥342.5B¥761.6B

Retained capital Retained ¥861.3B of earnings over 2017–2026; annual owner earnings grew ¥301.6B, ¥0.35 per ¥1 retained.

Balance sheet Modest net debt, ¥330.2B · dividend paid 10 of 10 yrs, cut at least once

7012 Kawasaki Heavy Industries

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥42.0B(¥87M)¥50.7B(¥87.4B)(¥17.1B)¥97.9B(¥35.3B)(¥48.4B)¥50.3B¥44.1B

Retained capital Retained ¥247.7B of earnings over 2017–2026; annual owner earnings fell ¥15.6B, ¥-0.06 per ¥1 retained.

Balance sheet Heavy net debt, ¥343.9B · dividend paid 10 of 10 yrs, cut at least once

AIN Albany International Corporation

Albany International Corp. is a global leader in advanced textiles and materials processing specializing in designing and manufacturing high-performance engineered fabrics and composite components and assemblies that serve industries such as paper, industrial manufacturing, and aerospace.

Owner earnings 2016–2025 $10M($21M)$51M$133M$99M$165M$59M$64M$138M$83M

Retained capital Retained $185M of earnings over 2016–2025; annual owner earnings grew $82M, $0.44 per $1 retained.

Balance sheet Net debt against an operating loss, $343M · buybacks at an average near $28.76 · dividend paid 10 of 10 yrs, never cut

AIOS AIOS Tech Inc. Class A

AIOS Tech is a technology-driven professional service provider.

Owner earnings 2016–2024 $2M($7M)($799K)$98K$2M$24M($30M)$35M($76M)

Retained capital not read

Balance sheet Net cash, +$3M

ALH Alliance Laundry Holdings Inc.

Revenue is North America (74%) and International (26%).

Owner earnings 2023–2025 $176M$102M$158M

Retained capital not read

Balance sheet net position not read (debt under-captured)

ATS ATS Corporation

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2023–2025 C$102M(C$8M)(C$8M)

Retained capital not read

Balance sheet Heavy net debt, C$1.3B

AZ A2Z Cust2Mate Solutions Corp.

Revenue is Revenues from sales of precision metal parts (59%), Smart Carts Product (30%) and Smart Carts Services (10%).

Owner earnings 2020–2025 ($1M)($10M)($10M)($12M)($12M)($23M)

Retained capital not read

Balance sheet Net cash, +$13M

BW Babcock & Wilcox Enterprises Inc.

We are a globally-focused energy technologies provider with nearly 160 years of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers.

Owner earnings 2016–2025 ($20M)($204M)($287M)($180M)($49M)($118M)($44M)($52M)($130M)($86M)

Retained capital not read

Balance sheet Heavy net debt, $251M

BWNB Babcock & Wilcox Enterprises, Inc

We are a globally-focused energy technologies provider with nearly 160 years of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers.

Owner earnings 2016–2025 ($20M)($204M)($287M)($180M)($49M)($118M)($44M)($52M)($130M)($86M)

Retained capital not read

Balance sheet Heavy net debt, $251M

CECO CECO Environmental Corp.

CECO Environmental Corp. is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally by providing innovative technology and application expertise.

Owner earnings 2016–2025 $69M$6M$19M$5M$476K$11M$26M$36M$7M($5M)

Retained capital Retained $38M of earnings over 2016–2025; annual owner earnings fell $18M, $-0.48 per $1 retained.

Balance sheet Modest net debt, $179M · buybacks at an average near $9.52 · dividend paid 2 of 10 yrs, cut at least once

CEPL Capstone Energy Plus Inc.

Capstone Energy+, Inc. is a leading provider of behind-the-meter clean energy solutions for industrial and commercial operations, along with solutions designed for the next generation of artificial intelligence and data center applications.

Owner earnings 2016–2026 ($24M)($10M)($19M)($21M)$249K($29M)($11M)($32M)$7M($3M)

Retained capital not read

Balance sheet Heavy net debt, $23M

CHRN ChronoScale Holdings Corporation

We are a Nevada corporation that designs, develops, and markets exoskeleton products that augment human strength, endurance and mobility.

Owner earnings 2017–2026 ($32M)($22M)($16M)($9M)($11M)($15M)($12M)($10M)($7M)$12M

Retained capital not read

Balance sheet Net cash, +$6M

CMI Cummins Inc.

Cummins makes engines — diesel and natural gas — along with the power-generation sets, emissions and after-treatment systems, turbochargers, filtration and related components that go with them. It sells these mostly to the makers of trucks, buses, construction and mining equipment, and to buyers who need standby or prime power, and then sells the replacement parts and service that keep that installed base running for years afterward. The money comes from the original equipment and from the long aftermarket tail behind it.

Owner earnings 2016–2025 $1.4B$1.8B$1.7B$2.5B$2.2B$1.5B$1.0B$2.8B$279M$2.4B

Retained capital Retained $6.1B of earnings over 2016–2025; annual owner earnings grew $190M, $0.03 per $1 retained.

Balance sheet Modest net debt, $2.5B · dividend paid 10 of 10 yrs, never cut

CR Crane

Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets.

Owner earnings 2021–2025 $150M($532M)$123M$221M$341M

Retained capital Retained $1.1B of earnings over 2021–2025; annual owner earnings grew $315M, $0.29 per $1 retained.

Balance sheet Modest net debt, $642M · buybacks at an average near $103 · dividend paid 5 of 5 yrs, cut at least once

CXT Crane NXT Co.

Crane NXT is a premier industrial technology company that provides proprietary and trusted technology solutions to secure, detect, and authenticate what matters most to its customers.

Owner earnings 2016–2025 $267M$269M$305M$330M$275M$258M$285M$245M$169M$198M

Retained capital Retained $788M of earnings over 2016–2025; annual owner earnings fell $76M, $-0.10 per $1 retained.

Balance sheet Meaningful net debt, $906M · buybacks at an average near $87.14 · dividend paid 8 of 10 yrs, cut at least once

CYD China Yuchai International Limited

Revenue is led by Heavy-duty engines (34%) and Medium-duty engines (27%), with 2 more lines behind.

Owner earnings 2015–2024 CN¥1.3BCN¥1.9BCN¥1.1BCN¥263MCN¥1.1BCN¥831M(CN¥67M)(CN¥550M)CN¥988MCN¥419M

Retained capital Retained CN¥2.4B of earnings over 2015–2024; annual owner earnings fell CN¥1.2B, CN¥-0.49 per CN¥1 retained.

Balance sheet Net cash, +CN¥3.4B · dividend paid 10 of 10 yrs, cut at least once

DCI Donaldson

Donaldson is a global leader in technology-led filtration products and solutions, serving a broad range of industries and advanced markets.

Owner earnings 2016–2025 $218M$252M$186M$265M$299M$343M$167M$452M$407M$340M

Retained capital Retained $298M of earnings over 2016–2025; annual owner earnings grew $181M, $0.61 per $1 retained.

Balance sheet Modest net debt, $511M · buybacks at an average near $63.02 · dividend paid 10 of 10 yrs, never cut

DDD 3D Systems Corporation

We provide comprehensive 3D printing and digital manufacturing solutions, including 3D printers for plastics and metals, materials, software, and services, including maintenance, advanced manufacturing and applications engineering.

Owner earnings 2016–2025 $41M($5M)($36M)$8M($34M)$29M($91M)($108M)($61M)($98M)

Retained capital not read

Balance sheet Net debt against an operating loss, $351M

DOV Dover Corporation

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2016–2025 $595M$569M$618M$759M$939M$944M$595M$1.2B$920M$1.1B

Retained capital Retained $4.6B of earnings over 2016–2025; annual owner earnings grew $469M, $0.10 per $1 retained.

Balance sheet Modest net debt, $1.7B · dividend paid 10 of 10 yrs, never cut

EFXT Enerflex Ltd

Revenue is ES (57%), EI (24%) and AMS (19%).

Owner earnings 2023–2025 $190M$308M$326M

Retained capital not read

Balance sheet Modest net debt, $490M

EPAC Enerpac Tool Group

Enerpac Tool Group's businesses are global leaders in providing high pressure hydraulic tools, controlled force products and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world.

Owner earnings 2017–2025 $71M$95M$39M($15M)$42M$43M$68M$70M$92M

Retained capital Paid out $368M more than it earned over 2017–2025; annual owner earnings grew $8M.

Balance sheet Modest net debt, $52M · buybacks at an average near $25.56 · dividend paid 9 of 9 yrs, never cut

ESAB Esab Corporation

Revenue is EMEA and APAC (60%) and Americas (40%).

Owner earnings 2020–2025 $269M$215M$174M$282M$304M$213M

Retained capital Retained $1.3B of earnings over 2020–2025; annual owner earnings grew $47M, $0.04 per $1 retained.

Balance sheet Meaningful net debt, $1.0B · dividend paid 4 of 6 yrs, never cut

FLS Flowserve

Revenue is FPD (68%) and FCD (32%).

Owner earnings 2016–2025 $151M$249M$107M$248M$253M$195M($116M)$258M$344M$435M

Retained capital Retained $365M of earnings over 2016–2025; annual owner earnings grew $177M, $0.48 per $1 retained.

Balance sheet Meaningful net debt, $815M · buybacks at an average near $47.85 · dividend paid 10 of 10 yrs, never cut

FSS Federal Signal Corporation

Federal Signal Corporation designs, manufactures, and supplies a suite of products and integrated solutions for municipal, governmental, industrial, and commercial customers.

Owner earnings 2016–2025 $19M$65M$79M$68M$107M$64M$19M$164M$191M$227M

Retained capital Retained $886M of earnings over 2016–2025; annual owner earnings grew $140M, $0.16 per $1 retained.

Balance sheet Modest net debt, $503M · buybacks at an average near $46.22 · dividend paid 10 of 10 yrs, never cut

GGG Graco Inc.

Graco Inc. is a multi-national manufacturing company.

Owner earnings 2016–2025 $234M$298M$314M$370M$339M$398M$311M$577M$515M$638M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $295M, $0.25 per $1 retained.

Balance sheet Net cash, +$622M · dividend paid 10 of 10 yrs, never cut

GHM Graham Corporation

Graham Corporation is a global leader in the design and manufacture of mission critical fluid, power, heat transfer, vacuum, and advanced mixing technologies for the Defense, Energy & Process, and Space industries.

Owner earnings 2017–2026 $12M$6M$6M($1M)($4M)($5M)$10M$23M$18M$8M

Retained capital Paid out $5M more than it earned over 2017–2026; annual owner earnings grew $8M.

Balance sheet Modest net debt, $6M · dividend paid 6 of 10 yrs, cut at least once

GRC Gorman-Rupp Company (The)

Gorman-Rupp Company (The) designs, manufactures and globally sells pumps and pump systems for use in water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilating and air conditioning, military and other liquid-handling applications.

Owner earnings 2016–2025 $47M$36M$30M$51M$43M$36M($4M)$77M$56M$89M

Retained capital Retained $163M of earnings over 2016–2025; annual owner earnings grew $36M, $0.22 per $1 retained.

Balance sheet Meaningful net debt, $272M · dividend paid 10 of 10 yrs, never cut

GTES Gates Industrial

We are a global manufacturer of innovative, highly engineered power transmission and fluid power solutions.

Owner earnings 2016–2025 $318M$219M$147M$277M$251M$305M$188M$420M$297M$405M

Retained capital Retained $1.7B of earnings over 2016–2025; annual owner earnings grew $146M, $0.09 per $1 retained.

Balance sheet Meaningful net debt, $1.4B · buybacks at an average near $14.28

GTLS Chart Industries

Chart Industries, Inc. is a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean - clean power, clean water, clean food, and clean industrials, regardless of molecule.

Owner earnings 2016–2025 $153M$11M$52M$98M$135M($74M)$7M$32M$382M$203M

Retained capital Retained $866M of earnings over 2016–2025; annual owner earnings grew $133M, $0.15 per $1 retained.

Balance sheet Heavy net debt, $3.2B

HAYW Hayward Holdings Inc.

We are a leading global designer and manufacturer of a broad portfolio of pool equipment, outdoor living products and industrial flow control products.

Owner earnings 2019–2025 $69M$200M$163M$86M$156M$190M$227M

Retained capital Retained $149M of earnings over 2019–2025; annual owner earnings grew $47M, $0.32 per $1 retained.

Balance sheet Meaningful net debt, $561M · buybacks at an average near $14.74 · dividend paid 2 of 7 yrs, cut at least once

HI Hillenbrand

Revenue is Advanced Process Solutions (77%) and Molding Technology Solutions (23%).

Owner earnings 2016–2025 $217M$224M$221M$153M$319M$500M$153M$138M$137M$18M

Retained capital Retained $218M of earnings over 2016–2025; annual owner earnings fell $123M, $-0.57 per $1 retained.

Balance sheet Heavy net debt, $1.4B · buybacks at an average near $7.69 · dividend paid 10 of 10 yrs, never cut

HLIO Helios Technologies 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 2016–2025 $32M$27M$49M$65M$94M$86M$78M$50M$95M$104M

Retained capital Retained $390M of earnings over 2016–2025; annual owner earnings grew $47M, $0.12 per $1 retained.

Balance sheet Meaningful net debt, $189M · dividend paid 10 of 10 yrs, cut at least once

HLP Hongli Group Inc.

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2020–2025 $2M$135K($3M)$583K($447K)$661K

Retained capital Retained $9M of earnings over 2020–2025; annual owner earnings grew $292K, $0.03 per $1 retained.

Balance sheet Heavy net debt, $11M

HSAI Hesai Group

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2020–2025 (CN¥371M)(CN¥257M)(CN¥750M)(CN¥29M)(CN¥68M)(CN¥7M)

Retained capital not read

Balance sheet Net cash, +CN¥4.4B

HUHU HUHUTECH International Group Inc.

Revenue is System integration projects (78%), Product sales (21%) and Engineering consulting services (1%).

Owner earnings 2022–2025 ($235K)$3M($3M)$3M

Retained capital Paid out $16M more than it earned over 2022–2025; annual owner earnings grew $990K.

Balance sheet Net debt against an operating loss, $2M

IEX IDEX Corp.

IDEX Corporation is a global applied solutions provider serving niche markets with mission critical components for everyday life.

Owner earnings 2016–2025 $362M$389M$423M$477M$518M$493M$489M$627M$603M$617M

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings grew $224M, $0.11 per $1 retained.

Balance sheet Modest net debt, $1.2B · buybacks at an average near $145 · dividend paid 10 of 10 yrs, never cut

IR Ingersoll Rand Inc.

Ingersoll Rand Inc. is a diversified, global provider of mission-critical flow creation products, and industrial and life science solutions.

Owner earnings 2016–2025 $91M$144M$392M$305M$872M$564M$771M$1.3B$1.2B$1.2B

Retained capital Retained $987M of earnings over 2016–2025; annual owner earnings grew $1.0B, $1.05 per $1 retained.

Balance sheet Meaningful net debt, $3.5B · dividend paid 5 of 10 yrs, never cut

ITT ITT Inc.

ITT Inc., through its worldwide subsidiaries, is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial and energy markets.

Owner earnings 2016–2025 $129M$134M$276M$266M$372M($97M)$174M$430M$439M$548M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $292M, $0.27 per $1 retained.

Balance sheet Net cash, +$960M · buybacks at an average near $46.90 · dividend paid 10 of 10 yrs, never cut

ITW Illinois Tool Works Inc.

Illinois Tool Works Inc. is a global manufacturer of a diversified range of industrial products and equipment with 88 divisions in 49 countries.

Owner earnings 2016–2025 $2.0B$2.1B$2.5B$2.7B$2.6B$2.3B$2.1B$3.3B$3.0B$2.8B

Retained capital Paid out $2.0B more than it earned over 2016–2025; annual owner earnings grew $791M.

Balance sheet Modest net debt, $8.1B · dividend paid 10 of 10 yrs, never cut

JBT JBT Marel

We are a leading and diversified global technology solutions and service provider to high-value segments of the food and beverage industry.

Owner earnings 2016–2025 $30M$67M$114M$72M$218M$174M$58M$19M$195M$238M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $80M, $0.07 per $1 retained.

Balance sheet Heavy net debt, $1.7B · dividend paid 10 of 10 yrs, never cut

JBTM JBT Marel Corporation

We are a leading and diversified global technology solutions and service provider to high-value segments of the food and beverage industry.

Owner earnings 2016–2025 $30M$67M$114M$72M$218M$174M$58M$19M$195M$238M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $80M, $0.07 per $1 retained.

Balance sheet Heavy net debt, $1.7B · dividend paid 10 of 10 yrs, never cut

KAI Kadant

We are a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing .

Owner earnings 2016–2025 $45M$48M$46M$87M$85M$150M$74M$134M$134M$154M

Retained capital Retained $651M of earnings over 2016–2025; annual owner earnings grew $94M, $0.14 per $1 retained.

Balance sheet Modest net debt, $256M · dividend paid 10 of 10 yrs, never cut

KMT Kennametal

Kennametal is a global industrial technology leader, that helps customers across the General Engineering, Transportation, Earthworks, Energy and Aerospace & Defense end markets build their products with precision and efficiency.

Owner earnings 2017–2026 $77M$106M$88M($20M)$108M($278M)$164M$170M$119M($81M)

Retained capital Retained $431M of earnings over 2017–2026; annual owner earnings fell $21M, $-0.05 per $1 retained.

Balance sheet Modest net debt, $589M · dividend paid 10 of 10 yrs, never cut

KRNT Kornit Digital Ltd.

We are a leading global developer and provider of innovative digital solutions for the printed textile industry.

Owner earnings 2016–2025 ($2M)$330K$28M$6M$28M$47M($113M)($42M)$34M$13M

Retained capital Paid out $307M more than it earned over 2016–2025; annual owner earnings fell $7M.

Balance sheet Net cash, debt-free, +$241M

LECO Lincoln Electric Holdings Inc.

Lincoln Electric Holdings Inc. is a high-performance industrial machinery and technology leader who helps customers manufacture and maintain vital equipment and infrastructure.

Owner earnings 2016–2025 $263M$273M$258M$334M$292M$303M$312M$577M$511M$563M

Retained capital Retained $124M of earnings over 2016–2025; annual owner earnings grew $285M.

Balance sheet Modest net debt, $985M · buybacks at an average near $79.44 · dividend paid 10 of 10 yrs, never cut

MEC Mayville Engineering Company Inc.

Mayville Engineering Company Inc. is a leading U.S.-based, vertically integrated, value-added manufacturing partner providing a full suite of manufacturing solutions from concept to production, including design, prototyping and tooling, fabrication, aluminum extrusion, coating, assembly and aftermarket components.

Owner earnings 2017–2025 $20M$19M$8M$29M($7M)$30M$24M$78M$27M

Retained capital Retained $6M of earnings over 2017–2025; annual owner earnings grew $27M, $4.29 per $1 retained.

Balance sheet Net debt against an operating loss, $201M · buybacks at an average near $13.18

MIDD Middleby

Revenue is Commercial Foodservice Equipment Group (73%) and Food Processing Group (27%).

Owner earnings 2017–2025 $250M$333M$331M$490M$377M$265M$570M$650M$559M

Retained capital Retained $1.2B of earnings over 2017–2025; annual owner earnings grew $289M, $0.24 per $1 retained.

Balance sheet Meaningful net debt, $2.0B · buybacks at an average near $151

MTLS Materialise NV

We are a leading provider of additive manufacturing and medical software tools and of sophisticated 3D printing services.

Owner earnings 2019–2024 €15M€19M€18M€7M€11M€16M

Retained capital Retained €26M of earnings over 2019–2024; annual owner earnings fell €6M, €-0.23 per €1 retained.

Balance sheet Net cash, +€54M

MTRN Materion Corporation

Materion Corporation, through its wholly owned subsidiaries, is an integrated producer of high-performance advanced engineered materials used in a variety of electrical, electronic, thermal, and structural applications with $1.8 billion in net sales in 2025.

Owner earnings 2016–2025 $41M$40M$49M$75M$59M$46M$63M$83M$19M$50M

Retained capital Retained $347M of earnings over 2016–2025; annual owner earnings grew $7M, $0.02 per $1 retained.

Balance sheet Heavy net debt, $445M · buybacks at an average near $28.07 · dividend paid 10 of 10 yrs, never cut

MWA Mueller Water Products

Mueller Water Products is a leading manufacturer and marketer of products and solutions used in the transmission, distribution and measurement of water in North America.

Owner earnings 2016–2025 $83M$19M$89M$40M$73M$94M($2M)$61M$191M$172M

Retained capital Retained $462M of earnings over 2016–2025; annual owner earnings grew $78M, $0.17 per $1 retained.

Balance sheet Modest net debt, $20M · buybacks at an average near $12.95 · dividend paid 10 of 10 yrs, never cut

NDSN Nordson Corporation

Nordson is an innovative precision technology company that leverages a scalable growth framework to deliver top tier growth with leading margins and returns.

Owner earnings 2016–2025 $274M$285M$415M$319M$452M$508M$462M$607M$492M$661M

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings grew $262M, $0.14 per $1 retained.

Balance sheet Meaningful net debt, $1.9B · dividend paid 10 of 10 yrs, never cut

NPO EnPro Industries

Enpro Inc. is a leading-edge industrial technology company focused on critical applications across a diverse group of growing end markets including semiconductor, industrial process, commercial vehicle, sustainable power generation, aerospace, food and biopharmaceuticals, photonics and life sciences.

Owner earnings 2016–2025 $29M$5M$177M$109M$29M$109M$77M$175M$134M$159M

Retained capital Retained $920M of earnings over 2016–2025; annual owner earnings grew $86M, $0.09 per $1 retained.

Balance sheet Meaningful net debt, $541M · buybacks at an average near $62.33 · dividend paid 10 of 10 yrs, never cut

NVT nVent Electric

NVent is a leading global provider of electrical connection and protection solutions.

Owner earnings 2016–2025 $330M$378M$304M$298M$304M$334M$354M$484M$592M$405M

Retained capital Retained $1.5B of earnings over 2016–2025; annual owner earnings grew $156M, $0.11 per $1 retained.

Balance sheet Meaningful net debt, $1.3B · buybacks at an average near $35.22 · dividend paid 8 of 10 yrs, never cut

ODC Oil-Dri Corporation Of America

Oil-Dri is a leader in developing, manufacturing and/or marketing sorbent products.

Owner earnings 2018–2025 ($4M)$12M$28M($541K)($4M)$34M$41M$58M

Retained capital Retained $95M of earnings over 2018–2025; annual owner earnings grew $33M, $0.35 per $1 retained.

Balance sheet Modest net debt, $25M · dividend paid 8 of 8 yrs, never cut

OUST Ouster Inc.

Ouster, Inc. is a leader in sensing and perception for Physical Artificial Intelligence.

Owner earnings 2019–2025 ($42M)($46M)($75M)($116M)($141M)($37M)($48M)

Retained capital not read

Balance sheet Net cash, debt-free, +$209M

PH Parker-Hannifin Corporation

Parker is a global leader in motion and control technologies.

Owner earnings 2016–2025 $1.1B$1.1B$1.3B$1.5B$1.8B$2.4B$2.2B$2.6B$3.0B$3.3B

Retained capital Retained $6.3B of earnings over 2016–2025; annual owner earnings grew $1.8B, $0.29 per $1 retained.

Balance sheet Modest net debt, $7.0B · buybacks at an average near $278 · dividend paid 10 of 10 yrs, never cut

PKOH Park-Ohio Holdings Corp.

Revenue is Supply Technologies (47%), Engineered Products (29%) and Assembly Components (24%).

Owner earnings 2016–2025 $44M$19M$10M$24M$49M($66M)($54M)$25M$4M$2M

Retained capital Retained $82M of earnings over 2016–2025; annual owner earnings fell $14M, $-0.17 per $1 retained.

Balance sheet Heavy net debt, $591M · buybacks at an average near $17.69 · dividend paid 10 of 10 yrs, cut at least once

PNR Pentair plc. Ordinary Share

Pentair is an S&P 500 company focused on smart, sustainable water solutions that help our planet and people thrive.

Owner earnings 2016–2025 $818M$581M$391M$295M$527M$553M$309M$560M$692M$746M

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings grew $69M, $0.04 per $1 retained.

Balance sheet Modest net debt, $1.5B · buybacks at an average near $53.03 · dividend paid 10 of 10 yrs, cut at least once

PSIX Power Solutions International Inc.

Revenue is Power Systems (81%), Industrial (16%) and Transportation (3%).

Owner earnings 2016–2025 $28M($13M)($10M)$14M($10M)($63M)($10M)$65M$58M$19M

Retained capital Retained $8M of earnings over 2016–2025; annual owner earnings grew $45M, $5.80 per $1 retained.

Balance sheet Modest net debt, $55M

RBC RBC Bearings

RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings, components and essential systems for the Industrial and Aerospace & Defense markets.

Owner earnings 2017–2026 $80M$102M$79M$118M$141M$151M$179M$242M$244M$343M

Retained capital Retained $1.4B of earnings over 2017–2026; annual owner earnings grew $189M, $0.14 per $1 retained.

Balance sheet Modest net debt, $818M · no dividend paid

RR Richtech Robotics Inc.

Richtech is a robotics and artificial intelligence technology company focused on developing advanced embodied AI systems that aims to improve the efficiency and productivity of U.S. businesses.

Owner earnings 2024–2025 ($6M)($14M)

Retained capital not read

Balance sheet Net debt against an operating loss, $748M

RRX Regal Rexnord Corporation

Regal Rexnord Corporation is headquartered in Milwaukee, Wisconsin and has manufacturing, sales and service facilities worldwide.

Owner earnings 2016–2025 $377M$227M$285M$316M$388M$303M$352M$596M$500M$893M

Retained capital Retained $596M of earnings over 2016–2025; annual owner earnings grew $367M, $0.62 per $1 retained.

Balance sheet Heavy net debt, $4.3B · buybacks at an average near $74.48 · dividend paid 10 of 10 yrs, cut at least once

SERV Serve Robotics Inc.

Our activities include the design, engineering, deployment, and operation of low-emission robotic systems built on our proprietary AI-enabled mobility platform.

Owner earnings 2022–2025 ($22M)($16M)($22M)($88M)

Retained capital not read

Balance sheet Net cash, +$106M

SHMD SCHMID Group N.V.

Revenue is Technical equipment and processes (78%), Spare Parts (15%) and Service (7%).

Owner earnings 2021–2024 (€15M)(€4M)€3M(€8M)

Retained capital not read

Balance sheet Net debt against an operating loss, €18M

SHMDW SCHMID Group N.V.

Revenue is Technical equipment and processes (78%), Spare Parts (15%) and Service (7%).

Owner earnings 2021–2024 (€15M)(€4M)€3M(€8M)

Retained capital not read

Balance sheet Net debt against an operating loss, €18M

SMR NuScale Power Corporation

NuScale is redefining nuclear power through the development of proprietary and innovative SMR technology that the Company believes will deliver safe, scalable, cost-effective and reliable carbon-free power.

Owner earnings 2020–2025 ($49M)($101M)($151M)($185M)($109M)($460M)

Retained capital not read

Balance sheet Net cash, debt-free, +$1.3B

SPXC SPX Technologies Inc.

Revenue is led by Package and process cooling equipment and services, and engineered air movement (41%) and Hydronic heating, electrical heating, and ventilation (26%), with 2 more lines behind.

Owner earnings 2016–2025 ($13M)$36M$98M$135M$111M$165M($153M)$185M$248M$241M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $184M, $0.15 per $1 retained.

Balance sheet Heavy net debt, $1.6B · buybacks at an average near $47.67 · no dividend paid

SXI Standex International Corporation

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2018–2026 $41M$41M$26M$62M$54M$67M$72M$41M$64M

Retained capital Retained $313M of earnings over 2018–2026; annual owner earnings grew $23M, $0.07 per $1 retained.

Balance sheet Modest net debt, $343M · buybacks at an average near $179 · dividend paid 9 of 9 yrs, never cut

SYM Symbotic Inc.

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2020–2024 ($129M)$105M($154M)$221M($79M)

Retained capital Paid out $276M more than it earned over 2020–2024; annual owner earnings grew $56M.

Balance sheet Net cash, debt-free, +$1.2B

TKR Timken

Timken designs and manages a portfolio of engineered bearings and industrial motion products, and provides related services.

Owner earnings 2016–2025 $266M$132M$220M$410M$456M$239M$285M$357M$306M$406M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $150M, $0.12 per $1 retained.

Balance sheet Meaningful net debt, $1.5B · dividend paid 10 of 10 yrs, never cut

TNC Tennant Company

Tennant Company, headquartered in Eden Prairie, Minnesota, is a world leader in designing, manufacturing and marketing of solutions that help create a cleaner, safer and healthier world.

Owner earnings 2016–2025 $40M$34M$61M$34M$104M$50M($50M)$166M$69M$43M

Retained capital Retained $182M of earnings over 2016–2025; annual owner earnings grew $48M, $0.26 per $1 retained.

Balance sheet Meaningful net debt, $168M · buybacks at an average near $73.46 · dividend paid 10 of 10 yrs, never cut

TRS TriMas Corporation

TriMas designs, develops and manufactures a diverse portfolio of products primarily for the consumer products, aerospace and defense, and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups.

Owner earnings 2016–2025 $49M$86M$106M$46M$87M$89M$27M$34M$13M$69M

Retained capital Retained $87M of earnings over 2016–2025; annual owner earnings fell $42M, $-0.48 per $1 retained.

Balance sheet Heavy net debt, $443M · dividend paid 5 of 10 yrs, never cut

TRSG Tungray Technologies Inc

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2021–2025 $6M$3M$408K($1M)($4M)

Retained capital Retained $4M of earnings over 2021–2025; annual owner earnings fell $5M, $-1.29 per $1 retained.

Balance sheet Net cash, debt-free, +$7M · dividend paid 3 of 5 yrs, cut at least once

TWIN Twin Disc Incorporated

Twin Disc designs, manufactures and sells marine and heavy duty off highway power transmission equipment.

Owner earnings 2016–2025 ($823K)$45K$183K($15M)($2M)$2M($13M)$15M$25M$9M

Retained capital Paid out $45M more than it earned over 2016–2025; annual owner earnings grew $16M.

Balance sheet Meaningful net debt, $31M · dividend paid 3 of 10 yrs, cut at least once

WPRT Westport Fuel Systems Inc

Westport is a technology and innovation company connecting synergistic technologies to power a cleaner tomorrow.

Owner earnings 2016–2025 ($90M)($75M)($38M)($25M)($42M)($58M)($49M)($20M)$3M($17M)

Retained capital not read

Balance sheet Net debt against an operating loss, $69M

WTS Watts Water Technologies

Revenue is Americas (76%), Europe (18%) and APMEA (6%).

Owner earnings 2016–2025 $102M$127M$134M$165M$185M$154M$196M$281M$326M$356M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $200M, $0.17 per $1 retained.

Balance sheet Net cash, +$103M · buybacks at an average near $139 · dividend paid 10 of 10 yrs, never cut

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

ZBRA Zebra Technologies

We are a global leader in the Automatic Identification and Data Capture industry.

Owner earnings 2016–2025 $303M$428M$721M$624M$895M$1.0B$413M($91M)$954M$831M

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $81M, $0.04 per $1 retained.

Balance sheet Meaningful net debt, $2.4B

ZKIN ZK INTERNATIONAL GROUP CO., LTD.

Our core business focuses on providing systematic solutions to construction projects that require sophisticated piping systems.

Owner earnings 2016–2025 ($1M)$991K($3M)$8M$22K($4M)($3M)($3M)($7M)$148K

Retained capital not read

Balance sheet Net cash, debt-free, +$2M

ZOOZ ZOOZ Strategy Ltd.

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2021–2025 ($6M)($11M)($12M)($10M)($14M)

Retained capital not read

Balance sheet Net cash, debt-free, +$27M

ZWS Zurn Elkay Water Solutions Corporation

Zurn Elkay Water Solutions Corporation is a growth-oriented, pure-play water management business that designs, procures, manufactures, and markets what we believe to be the broadest sustainable product portfolio of specification-driven water management solutions to improve health, hydration, human safety and the environment.

Owner earnings 2016–2020 $167M$144M$191M$216M$279M

Retained capital Retained $180M of earnings over 2016–2020; annual owner earnings grew $61M, $0.34 per $1 retained.

Balance sheet Modest net debt, $196M · buybacks at an average near $34.93 · dividend paid 1 of 5 yrs, never cut