Software

4704 Trend Micro

Revenue is led by Japan (32%) and Asia Pacific (26%), with 2 more segments behind.

Owner earnings 2016–2025 ¥30.5B¥42.3B¥46.4B¥41.1B¥52.8B¥53.1B¥55.5B¥55.0B¥45.6B¥63.5B

Retained capital Paid out ¥98.0B more than it earned over 2016–2025; annual owner earnings grew ¥14.9B.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

ACIW ACI Worldwide Inc.

ACI develops, markets, installs, and supports a broad line of software solutions that deliver intelligent payments orchestration to banks, merchants, and billers .

Owner earnings 2016–2025 $59M$120M$166M$110M$297M$200M$130M$160M$343M$310M

Retained capital Retained $276M of earnings over 2016–2025; annual owner earnings grew $156M, $0.56 per $1 retained.

Balance sheet Modest net debt, $621M · buybacks at an average near $29.67

ADBE Adobe Inc.

Adobe sells software that people use to make and manage digital content. Most of its money comes from Digital Media — the programs designers and everyday users rely on to create images, video and documents, including the Acrobat software behind the PDF — sold mostly by subscription. A smaller part, Digital Experience, sells businesses the tools to deliver and manage personalized experiences for their own customers.

Owner earnings 2016–2025 $2.0B$2.7B$3.8B$4.0B$5.3B$6.9B$7.4B$6.9B$7.9B$9.9B

Retained capital Paid out $4.3B more than it earned over 2016–2025; annual owner earnings grew $5.4B.

Balance sheet Net cash, +$385M · buybacks at an average near $355

ADSK Autodesk Inc.

We are a global leader in 3D design, engineering and entertainment technology solutions, spanning architecture, engineering, construction, product design, manufacturing, media, and entertainment.

Owner earnings 2017–2026 $94M($50M)$310M$1.4B$1.3B$1.5B$2.0B$1.3B$1.6B$2.4B

Retained capital Paid out $3.2B more than it earned over 2017–2026; annual owner earnings grew $1.6B.

Balance sheet Net cash, +$97M · buybacks at an average near $251 · no dividend paid

AGYS Agilysys

Agilysys operates across the Americas, Europe, the Middle East, Africa, Asia-Pacific, and India with headquarters located in Alpharetta, GA.

Owner earnings 2017–2026 $1M$4M$5M$8M$27M$27M$33M$44M$52M$68M

Retained capital Retained $81M of earnings over 2017–2026; annual owner earnings grew $52M, $0.64 per $1 retained.

Balance sheet Net cash, debt-free, +$117M

AI C3.ai Inc.

We provide our customers and partners with an antidote to AI vendor lock-in.

Owner earnings 2019–2026 ($35M)($63M)($39M)($90M)($122M)($75M)($44M)($192M)

Retained capital not read

Balance sheet Net cash, debt-free, +$575M

ALAR ALARUM TECHNOLOGIES LTD.

We offer secured, fast, and anonymous IPPN solutions, as well as multiple data collection products, to our business customers which, in turn, enables them to anonymously and securely browse the internet as well as to collect data from any publicly available source on the web, for their own business purposes.

Owner earnings 2016–2025 ($3M)($5M)($9M)($7M)($7M)($9M)($8M)$5M$9M($2M)

Retained capital not read

Balance sheet Net cash, +$16M

ALKT Alkami Technology Inc.

Alkami is a cloud-based digital sales and service platform provider.

Owner earnings 2019–2025 ($41M)($40M)($30M)($39M)($19M)$17M$41M

Retained capital not read

Balance sheet Net debt against an operating loss, $273M

ALRM Alarm.com

Alarm.com is the leading platform for intelligently connected properties.

Owner earnings 2016–2025 $16M$47M$50M$28M$86M$92M$28M$128M$196M$137M

Retained capital Retained $411M of earnings over 2016–2025; annual owner earnings grew $116M, $0.28 per $1 retained.

Balance sheet Net cash, +$471M · buybacks at an average near $55.08 · no dividend paid

AMPL Amplitude Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2019–2025 ($17M)($11M)($33M)($9M)$24M$17M$28M

Retained capital Paid out $531M more than it earned over 2019–2025; annual owner earnings grew $44M.

Balance sheet Net cash, debt-free, +$192M · buybacks at an average near $13.91

ANSS Ansys Inc.

For more than 50 years, Ansys software has enabled innovators across industries to push the boundaries of product design by using the predictive power of simulation.

Owner earnings 2015–2024 $360M$354M$409M$463M$455M$512M$526M$607M$692M$752M

Retained capital Retained $2.1B of earnings over 2015–2024; annual owner earnings grew $310M, $0.15 per $1 retained.

Balance sheet Net cash, +$699M · buybacks at an average near $139

API Agora Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2018–2025 ($386K)($1M)$2M($28M)($57M)($15M)($17M)$26M

Retained capital not read

Balance sheet Net debt against an operating loss, $391K

APPF AppFolio

AppFolio is a technology leader powering the future of real estate.

Owner earnings 2016–2025 $7M$27M$34M$31M$29M$27M$19M$51M$186M$239M

Retained capital Retained $325M of earnings over 2016–2025; annual owner earnings grew $136M, $0.42 per $1 retained.

Balance sheet Net cash, +$60M · buybacks at an average near $87.37

APPN Appian Corporation

Appian Corporation provides process automation technology.

Owner earnings 2016–2025 ($9M)($10M)($33M)($14M)($9M)($60M)($112M)($120M)$3M$60M

Retained capital not read

Balance sheet Heavy net debt, $54M

ARQQ Arqit Quantum Inc.

Arqit is a leading provider of encryption analytics and encryption software, enabling organizations to protect data and communications against both today's cyber threats and tomorrow's risks posed by quantum computers.

Owner earnings 2020–2024 ($1M)($24M)($29M)($34M)($34M)

Retained capital not read

Balance sheet Net cash, +$16M

ASAN Asana

Asana is the system of action for work, built for the Agentic Enterprise.

Owner earnings 2019–2026 ($33M)($42M)($96M)($92M)($165M)($26M)$9M$87M

Retained capital not read

Balance sheet Net cash, +$159M

AVPT AvePoint Inc.

AvePoint is a global provider of modern data protection, enabling organizations to secure, govern, and operationalize data at scale across major cloud ecosystems.

Owner earnings 2019–2025 ($3M)$18M$4M($3M)$33M$86M$82M

Retained capital Paid out $273M more than it earned over 2019–2025; annual owner earnings grew $60M.

Balance sheet Net cash, debt-free, +$481M · buybacks at an average near $8.13

BB BlackBerry Limited

Revenue is QNX (49%), Secure Communications (47%) and Licensing (4%).

Owner earnings 2018–2026 $689M$83M$14M$74M($36M)($270M)($11M)$13M$47M

Retained capital Paid out $1.7B more than it earned over 2018–2026; annual owner earnings fell $246M.

Balance sheet Net cash, +$163M · buybacks at an average near $4.47

BILL BILL Holdings

We are a leading financial operations platform for small and midsize businesses.

Owner earnings 2018–2026 ($10M)($7M)($6M)($249K)($23M)$180M$278M$346M$412M

Retained capital Paid out $2.0B more than it earned over 2018–2026; annual owner earnings grew $353M.

Balance sheet Net debt against an operating loss, $805M · buybacks at an average near $48.73

BL BlackLine

BlackLine has pioneered customer-centric innovation in financial software, optimizing mission-critical processes for the Office of the CFO.

Owner earnings 2016–2025 ($7M)$2M$10M$25M$48M$71M$45M$121M$189M$161M

Retained capital Paid out $309M more than it earned over 2016–2025; annual owner earnings grew $155M.

Balance sheet Heavy net debt, $276M · buybacks at an average near $52.34

BLIV BeLive Holdings Ordinary Share

A software business, earning high margins on code once it is written.

Owner earnings 2022–2023 (S$3M)S$58K

Retained capital not read

Balance sheet Net cash, debt-free, +S$66K

BLKB Blackbaud Inc.

We are the world's leading provider of AI-powered solutions for social impact.

Owner earnings 2016–2025 $136M$166M$187M$171M$118M$202M$192M$195M$289M$258M

Retained capital Paid out $940M more than it earned over 2016–2025; annual owner earnings grew $84M.

Balance sheet Heavy net debt, $1.1B · buybacks at an average near $64.77 · dividend paid 5 of 10 yrs, cut at least once

BLND Blend Labs Inc.

We help financial institutions deliver transparency, speed, and scale across all major product lines in home lending and consumer banking, supporting end-to-end mortgage applications, home equity, refinance, vehicle, credit card, personal loan, and deposit account opening.

Owner earnings 2019–2025 ($60M)($66M)($129M)($192M)($128M)($23M)($81K)

Retained capital not read

Balance sheet Net cash, debt-free, +$68M

BLZE Backblaze Inc.

We are a high-performance cloud storage platform for data-intensive use cases in the artificial intelligence era and across a broad range of modern cloud workloads, designed to help customers address complex storage needs by reducing the barriers of lock-in, complexity, and cost.

Owner earnings 2020–2025 $11M($4M)($21M)($13M)$11M$19M

Retained capital Paid out $216M more than it earned over 2020–2025; annual owner earnings grew $10M.

Balance sheet Net cash, debt-free, +$51M

BMR Beamr Imaging Ltd. Ordinary Share

Beamr is a world leader in content-adaptive video compression.

Owner earnings 2020–2025 ($1M)$565K($647K)($669K)($2M)($5M)

Retained capital not read

Balance sheet Net cash, +$13M

BOX Box, Inc.

Box is the leading Intelligent Content Management provider.

Owner earnings 2017–2026 ($17M)$24M$41M$39M$293M$314M$330M$350M

Retained capital Paid out $1.0B more than it earned over 2017–2026; annual owner earnings grew $316M.

Balance sheet Net cash, +$27M

BRZE Braze

Braze is a leading customer engagement platform that empowers brands to Be Absolutely Engaging.

Owner earnings 2020–2026 ($8M)($8M)($38M)($27M)($113K)$27M$62M

Retained capital Paid out $644M more than it earned over 2020–2026; annual owner earnings grew $47M.

Balance sheet Net cash, debt-free, +$124M

BSY Bentley Systems Incorporated

Bentley Systems is the infrastructure engineering software company.

Owner earnings 2018–2025 $143M$154M$242M$270M$256M$392M$421M$520M

Retained capital Retained $439M of earnings over 2018–2025; annual owner earnings grew $265M, $0.60 per $1 retained.

Balance sheet Meaningful net debt, $1.1B · dividend paid 8 of 8 yrs, cut at least once

CCC CCC Intelligent Solutions Holdings Inc.

CCC is a leading Software-as-a-Service and AI platform provider for the multi-trillion-dollar insurance economy powering operations for insurers, repairers, automakers, part suppliers, and more.

Owner earnings 2019–2025 $46M$86M$103M$172M$213M$231M$255M

Retained capital Paid out $1.7B more than it earned over 2019–2025; annual owner earnings grew $155M.

Balance sheet Heavy net debt, $1.2B · buybacks at an average near $67.37 · dividend paid 1 of 7 yrs, cut at least once

CCCS CCC Intelligent Solutions

CCC is a leading Software-as-a-Service and AI platform provider for the multi-trillion-dollar insurance economy powering operations for insurers, repairers, automakers, part suppliers, and more.

Owner earnings 2019–2025 $46M$86M$103M$172M$213M$231M$255M

Retained capital Paid out $1.7B more than it earned over 2019–2025; annual owner earnings grew $155M.

Balance sheet Heavy net debt, $1.2B · buybacks at an average near $67.37 · dividend paid 1 of 7 yrs, cut at least once

CCSI Consensus Cloud Solutions Inc.

Consensus Cloud Solutions, Inc. is a provider of secure information delivery services.

Owner earnings 2019–2025 $204M$206M$201M$53M$78M$88M$106M

Retained capital Retained $743M of earnings over 2019–2025; annual owner earnings fell $113M, $-0.15 per $1 retained.

Balance sheet Meaningful net debt, $484M · buybacks at an average near $16.65

CDNS Cadence Design Systems Inc.

Cadence is a global technology leader that develops computational, AI-driven software, accelerated hardware, and silicon intellectual property products and solutions.

Owner earnings 2016–2025 $391M$413M$543M$655M$810M$1.0B$1.1B$1.2B$1.1B$1.6B

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $868M, $0.70 per $1 retained.

Balance sheet Net cash, +$675M · buybacks at an average near $75.52

CERT Certara Inc.

We are a global leader in biosimulation science, technology, and consulting services for using Model-Informed Drug Development in the global biopharmaceutical and biotech industry.

Owner earnings 2019–2025 $36M$44M$59M$91M$81M$79M$95M

Retained capital Paid out $170M more than it earned over 2019–2025; annual owner earnings grew $38M.

Balance sheet Heavy net debt, $104M

CFLT Confluent Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2019–2025 ($70M)($83M)($109M)($161M)($106M)$31M$61M

Retained capital not read

Balance sheet Net debt against an operating loss, $749M

CGNT Cognyte Software Ltd.

Revenue is Software service (47%), Products (40%) and Professional service and other (13%).

Owner earnings 2019–2026 $44M$53M$57M($9M)($45M)$28M$36M$30M

Retained capital Paid out $74M more than it earned over 2019–2026; annual owner earnings fell $20M.

Balance sheet Net cash, debt-free, +$117M

CHKP Check Point Software Technologies Ltd.

Our solutions deliver leading protection across infrastructure, to make sure organizations are protected from AI-driven attacks.

Owner earnings 2016–2025 $938M$1.1B$1.1B$1.1B$1.1B$1.2B$1.1B$1.0B$1.0B$1.2B

Retained capital Paid out $3.9B more than it earned over 2016–2025; annual owner earnings grew $20M.

Balance sheet Net cash, debt-free, +$2.5B

CLBT Cellebrite DI Ltd.

Revenue is led by Subscription Services (70%) and Term-Licenses (20%), with 2 more lines behind.

Owner earnings 2019–2025 $12M$60M$31M$14M$97M$124M$160M

Retained capital Paid out $226M more than it earned over 2019–2025; annual owner earnings grew $92M.

Balance sheet Net cash, debt-free, +$276M · dividend paid 3 of 7 yrs, cut at least once

CRM Salesforce Inc.

Salesforce sells software that companies rent to manage their dealings with customers — tracking sales, handling service, and running marketing and commerce. It is sold almost entirely by subscription and delivered over the internet, so customers pay year after year to keep the service running rather than buying once. The pitch is to gather a firm's scattered customer records into one place that its people and its software agents all work from.

Owner earnings 2017–2026 $1.7B$2.4B$3.0B$3.9B$4.1B$5.3B$6.3B$9.5B$12.4B$14.4B

Retained capital Paid out $9.7B more than it earned over 2017–2026; annual owner earnings grew $9.8B.

Balance sheet Modest net debt, $7.1B · dividend paid 2 of 10 yrs, never cut

CRNC Cerence Inc.

Cerence is a market leader for building integrated, branded and differentiated virtual assistants for automobiles, offering an extensive solutions portfolio that includes conversational & generative AI as well as audio & communications AI.

Owner earnings 2018–2025 $109M$84M$26M$62M($20M)$2M$12M$47M

Retained capital Paid out $961M more than it earned over 2018–2025; annual owner earnings fell $52M.

Balance sheet Net debt against an operating loss, $196M

CRWD CrowdStrike Holdings Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2018–2026 ($66M)($38M)$77M$318M$520M$834M$990M$1.2B$1.4B

Retained capital Paid out $1.0B more than it earned over 2018–2026; annual owner earnings grew $1.2B.

Balance sheet Net cash, +$4.5B

CVLT Commvault Systems

Commvault Systems is a provider of cyber resiliency solutions designed to help the enterprise protect, secure, and recover their data, applications, and identity systems in a world of increasing cyber threats and attacks.

Owner earnings 2017–2026 $94M$77M$104M$85M$116M$173M$167M$200M$204M$237M

Retained capital Paid out $1.5B more than it earned over 2017–2026; annual owner earnings grew $122M.

Balance sheet Net cash, +$19M · buybacks at an average near $78.93

CWAN Clearwater Analytics

Our front-to-back platform provides a single source of truth for global investment assets, made available daily or on-demand, instead of weekly or monthly.

Owner earnings 2019–2025 ($232M)($9M)($135K)$53M$79M$69M$164M

Retained capital Retained $125M of earnings over 2019–2025; annual owner earnings grew $184M, $1.48 per $1 retained.

Balance sheet Net debt against an operating loss, $731M · dividend paid 1 of 7 yrs

CXM Sprinklr Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2020–2026 $16M$5M($39M)$21M$63M$72M$158M

Retained capital Paid out $508M more than it earned over 2020–2026; annual owner earnings grew $104M.

Balance sheet Net cash, debt-free, +$163M

DBX Dropbox

Our market opportunity grew as we've expanded from keeping files in sync to keeping teams in sync.

Owner earnings 2016–2025 $137M$305M$362M$392M$491M$708M$764M$759M$872M$931M

Retained capital Paid out $4.6B more than it earned over 2016–2025; annual owner earnings grew $586M.

Balance sheet Modest net debt, $542M · buybacks at an average near $23.75

DCBO Docebo Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2019–2025 ($5M)$4M($4M)$1M$15M$28M$27M

Retained capital Retained $41M of earnings over 2019–2025; annual owner earnings grew $25M, $0.63 per $1 retained.

Balance sheet Net cash, debt-free, +$74M

DDOG Datadog Inc.

Datadog is the AI-powered observability and security platform for cloud applications.

Owner earnings 2017–2025 $11M$5M$11M$104M$277M$391M$632M$836M$1.0B

Retained capital Retained $215M of earnings over 2017–2025; annual owner earnings grew $814M, $3.79 per $1 retained.

Balance sheet Net debt against an operating loss, $582M

DOCN DigitalOcean

DigitalOcean is an agentic inference cloud platform that helps AI and Digital Native Enterprises build, run, and scale intelligent applications with speed, simplicity, and predictable economics.

Owner earnings 2019–2025 ($14M)($17M)$36M$89M$116M$153M$181M

Retained capital Paid out $1.3B more than it earned over 2019–2025; annual owner earnings grew $148M.

Balance sheet Heavy net debt, $1.0B · buybacks at an average near $44.03

DOCU DocuSign

Docusign IAM platform is a system of record that enables customers of all sizes to ingest a vast, complex body of agreements into a single repository, build agreement workflows that operate at scale, and take action on high-accuracy insights from agreement data.

Owner earnings 2017–2026 ($33M)$36M$46M$66M$215M$445M$429M$887M$920M$1.1B

Retained capital Paid out $1.5B more than it earned over 2017–2026; annual owner earnings grew $939M.

Balance sheet Net cash, debt-free, +$602M · buybacks at an average near $65.34

DOMO Domo, Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2017–2026 ($149M)($156M)($138M)($87M)($22M)($6M)($16M)($4M)($18M)($2M)

Retained capital not read

Balance sheet Net debt against an operating loss, $84M

DSGX Descartes Systems

A software business, earning high margins on code once it is written.

Owner earnings 2016–2026 $51M$69M$67M$73M$99M$127M$171M$202M$213M$261M

Retained capital Retained $700M of earnings over 2016–2026; annual owner earnings grew $163M, $0.23 per $1 retained.

Balance sheet Net cash, +$327M

DT Dynatrace

A software business, earning high margins on code once it is written.

Owner earnings 2018–2026 $110M$140M($150M)$211M$240M$342M$352M$433M$530M

Retained capital Paid out $135M more than it earned over 2018–2026; annual owner earnings grew $405M.

Balance sheet Net cash, debt-free, +$1.1B · buybacks at an average near $44.01

ESTC Elastic

We offer three Elasticsearch-powered solutions—Search & AI, Elastic Observability, and Elastic Security—that are built on our platform.

Owner earnings 2017–2026 ($17M)($24M)($27M)($36M)$19M$3M$33M$145M$262M$322M

Retained capital Paid out $963M more than it earned over 2017–2026; annual owner earnings grew $266M.

Balance sheet Net cash, +$799M · buybacks at an average near $76.93

EVCM EverCommerce

EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based small- and medium-sized businesses.

Owner earnings 2019–2025 ($8M)$53M$34M$62M$102M$112M$109M

Retained capital Paid out $641M more than it earned over 2019–2025; annual owner earnings grew $81M.

Balance sheet Heavy net debt, $394M · buybacks at an average near $9.83

FIG Figma Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2023–2025 $1.0B($64M)$246M

Retained capital not read

Balance sheet Net cash, debt-free, +$1.7B

FROG JFrog

A software business, earning high margins on code once it is written.

Owner earnings 2018–2025 $7M$8M$26M$24M$17M$72M$108M$142M

Retained capital Paid out $398M more than it earned over 2018–2025; annual owner earnings grew $94M.

Balance sheet Net cash, debt-free, +$704M

FRSH Freshworks Inc.

Freshworks provides solutions that enable organizations to acquire, engage, and better serve their customers and employees.

Owner earnings 2019–2025 ($14M)$28M$6M($10M)$84M$151M$237M

Retained capital Paid out $962M more than it earned over 2019–2025; annual owner earnings grew $151M.

Balance sheet Net cash, debt-free, +$781M · buybacks at an average near $13.90

FSLY Fastly Inc.

Fastly is the essential platform to deliver resilient, highly performant, always-on software and services at global scale.

Owner earnings 2017–2025 ($38M)($30M)($46M)($40M)($73M)($90M)($11M)$6M$66M

Retained capital not read

Balance sheet Net debt against an operating loss, $80K

GDDY GoDaddy Inc.

GoDaddy is a global leader serving a large market of entrepreneurs, developing and delivering easy-to-use solutions as a one-stop shop provider, backed by proactive, informed and personalized guidance.

Owner earnings 2016–2025 $325M$392M$472M$636M$698M$778M$920M$1.0B$1.3B$1.6B

Retained capital Paid out $2.8B more than it earned over 2016–2025; annual owner earnings grew $884M.

Balance sheet Meaningful net debt, $2.7B · dividend paid 1 of 10 yrs, never cut

GEN Gen Digital

Gen helps people protect what matters most — their data, identity, privacy, reputation and financials — through award-winning cyber-security, online privacy, identity protection and financial wellness solutions used by nearly 500 million users in more than 150 countries.

Owner earnings 2017–2026 ($279M)$808M$1.3B($950M)$700M$968M$751M$2.0B$1.2B$1.5B

Retained capital Paid out $5.0B more than it earned over 2017–2026; annual owner earnings grew $985M.

Balance sheet Meaningful net debt, $7.8B · buybacks at an average near $22.88 · dividend paid 10 of 10 yrs, cut at least once

GENVR Gen Digital Inc. Contingent Value Rights

Gen helps people protect what matters most — their data, identity, privacy, reputation and financials — through award-winning cyber-security, online privacy, identity protection and financial wellness solutions used by nearly 500 million users in more than 150 countries.

Owner earnings 2017–2026 ($279M)$808M$1.3B($950M)$700M$968M$751M$2.0B$1.2B$1.5B

Retained capital Paid out $5.0B more than it earned over 2017–2026; annual owner earnings grew $985M.

Balance sheet Meaningful net debt, $7.8B · buybacks at an average near $22.88 · dividend paid 10 of 10 yrs, cut at least once

GTLB GitLab Inc.

GitLab is the intelligent orchestration platform for DevSecOps, where software teams and their Artificial Intelligence agents stay in flow to ship software faster.

Owner earnings 2020–2026 ($60M)($74M)($50M)($81M)$33M($67M)$230M

Retained capital not read

Balance sheet Net cash, debt-free, +$230M

GTM ZoomInfo Technologies Inc

ZoomInfo is a global leader in modern go-to-market software, data, and intelligence for sales, marketing, operations, and recruiting teams.

Owner earnings 2018–2025 $41M$38M$161M$286M$399M$415M$344M$435M

Retained capital Paid out $940M more than it earned over 2018–2025; annual owner earnings grew $318M.

Balance sheet Heavy net debt, $1.1B · buybacks at an average near $12.53

GWRE Guidewire Software

Guidewire is the platform that property and casualty insurers rely on to engage with customers, innovate, and operate more efficiently.

Owner earnings 2016–2025 $93M$133M$131M$71M$92M$93M($47M)$33M$189M$295M

Retained capital Paid out $756M more than it earned over 2016–2025; annual owner earnings grew $53M.

Balance sheet Net cash, +$475M · buybacks at an average near $78.69

HPAI Helport AI Limited

A software business, earning high margins on code once it is written.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$152K

HUBS HubSpot Inc.

We provide an agentic customer platform that helps marketing, sales, and customer service teams drive business growth.

Owner earnings 2016–2025 $8M$34M$63M$90M$52M$210M$236M$317M$561M$708M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $494M.

Balance sheet Net cash, +$499M

INTA Intapp

Intapp is a leading global provider of AI-powered solutions for the world's premier accounting, consulting, investment banking, legal, private capital and real assets firms.

Owner earnings 2020–2026 ($4M)($12M)$14M$25M$65M$122M$145M

Retained capital Paid out $628M more than it earned over 2020–2026; annual owner earnings grew $111M.

Balance sheet Net debt against an operating loss, $113M · buybacks at an average near $32.76

INTU Intuit Inc.

Intuit sells financial software to two kinds of customers: ordinary people and small businesses. Consumers use TurboTax to file their taxes and Credit Karma to watch their credit; small firms use QuickBooks to keep their books, run payroll, and get paid, and Mailchimp to find customers. Most of the money arrives as subscriptions and per-use fees collected over the internet, and because the product is code rather than a physical thing, serving one more customer costs the company almost nothing.

Owner earnings 2016–2025 $1.3B$1.5B$2.1B$2.2B$2.4B$3.2B$3.7B$4.9B$4.7B$6.1B

Retained capital Paid out $499M more than it earned over 2016–2025; annual owner earnings grew $3.6B.

Balance sheet Modest net debt, $3.1B · dividend paid 10 of 10 yrs, never cut

IOT Samsara Inc.

We pioneered the Connected Operations Platform, which is an open platform that connects the people, assets, and systems of some of the world's most complex operations, allowing them to develop actionable insights and improve their operations.

Owner earnings 2021–2026 ($183M)($182M)($115M)($23M)$111M$207M

Retained capital not read

Balance sheet Net cash, debt-free, +$319M

JKHY Jack Henry

Jack Henry & Associates, Inc. is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve.

Owner earnings 2016–2025 $310M$315M$372M$378M$457M$439M$470M$342M$522M$588M

Retained capital Retained $828M of earnings over 2016–2025; annual owner earnings grew $152M, $0.18 per $1 retained.

Balance sheet Modest net debt, $173M · buybacks at an average near $123 · dividend paid 10 of 10 yrs, never cut

KARO Karooooo Ltd.

Revenue is Cartrack (91%) and Karooooo Logistics (9%).

Owner earnings 2019–2025 R 236MR 618MR 565MR 379MR 547MR 307MR 1.3B

Retained capital Retained R 1.4B of earnings over 2019–2025; annual owner earnings grew R 235M, R 0.16 per R 1 retained.

Balance sheet Net cash, +R 1.0B · dividend paid 7 of 7 yrs, cut at least once

KVYO Klaviyo Inc. Series A

Klaviyo is a B2C CRM that helps consumer companies create smarter, stronger, and more valuable customer experiences.

Owner earnings 2021–2025 ($28M)($33M)$116M$160M$209M

Retained capital Paid out $655M more than it earned over 2021–2025; annual owner earnings grew $143M.

Balance sheet Net cash, debt-free, +$1.1B

MANH Manhattan Associates

Revenue is led by Services (47%) and Cloud Subscriptions (38%), with 3 more lines behind.

Owner earnings 2016–2025 $133M$158M$130M$139M$138M$181M$173M$241M$289M$383M

Retained capital Paid out $364M more than it earned over 2016–2025; annual owner earnings grew $164M.

Balance sheet Net cash, debt-free, +$329M

MDB MongoDB Inc.

MongoDB is the developer data platform company whose mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data.

Owner earnings 2017–2026 ($40M)($47M)($49M)($33M)($54M)($1M)($20M)$115M$138M$500M

Retained capital Paid out $2.1B more than it earned over 2017–2026; annual owner earnings grew $297M.

Balance sheet Net cash, +$867M · buybacks at an average near $254

MNDY monday.com Ltd.

A software business, earning high margins on code once it is written.

Owner earnings 2019–2025 ($37M)($39M)$14M$19M$208M$298M$320M

Retained capital Paid out $496M more than it earned over 2019–2025; annual owner earnings grew $296M.

Balance sheet Net cash, debt-free, +$1.7B

MSFT Microsoft Corp.

Microsoft writes and licenses software for businesses and individuals: the productivity tools people use to write, calculate and communicate, the operating system that runs personal computers, and the server software that runs behind the scenes. It sells much of that software as a subscription and rents computing power and storage from its own datacenters. Buyers range from one person paying for an email account to the largest enterprises running their operations on its cloud.

Owner earnings 2017–2026 $33.4B$36.2B$42.5B$50.0B$67.4B$76.4B$76.6B$103.3B$114.2B$148.6B

Retained capital Retained $270.1B of earnings over 2017–2026; annual owner earnings grew $84.7B, $0.31 per $1 retained.

Balance sheet Net cash, +$36.5B · buybacks at an average near $226 · dividend paid 10 of 10 yrs, never cut

NABL N-able Inc.

Our software platform is designed to provide end-to-end coverage across the IT environment, delivering comprehensive protection and efficient performance.

Owner earnings 2019–2025 $20M$74M$15M$59M$76M$62M$75M

Retained capital Retained $43M of earnings over 2019–2025; annual owner earnings grew $35M, $0.82 per $1 retained.

Balance sheet Heavy net debt, $282M

NCNO nCino

The nCino Platform combines industry, customer, and process data with advanced analytics and AI—including explainable AI, predictive capabilities, and generative AI—to deliver intelligent solutions that drive real business outcomes.

Owner earnings 2020–2026 ($15M)$5M($25M)($34M)$54M$53M$83M

Retained capital Paid out $420M more than it earned over 2020–2026; annual owner earnings grew $75M.

Balance sheet Heavy net debt, $125M · buybacks at an average near $25.20

NET Cloudflare Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2017–2025 ($9M)($62M)($68M)($74M)($2M)$21M$140M$253M$413M

Retained capital Paid out $1.1B more than it earned over 2017–2025; annual owner earnings grew $315M.

Balance sheet Net debt against an operating loss, $1.0B

NICE NICE Ltd

Revenue is Cloud (76%), Services (19%) and Products (5%).

Owner earnings 2016–2025 $201M$355M$365M$347M$456M$437M$448M$532M$798M$698M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $369M, $0.35 per $1 retained.

Balance sheet Net cash, debt-free, +$417M · dividend paid 2 of 10 yrs, cut at least once

NOW ServiceNow Inc.

ServiceNow sells cloud-based software that runs the routine work inside large organizations — automating the workflows, approvals, and hand-offs that move between departments, with applications layered on a single platform. Customers are public and private institutions that pay a recurring subscription for access rather than buying the software outright. The company writes the code once and rents it to many, which is why most of the sales dollar falls through as gross profit; the platform itself is the product.

Owner earnings 2016–2025 $76M$529M$661M$971M$1.4B$1.8B$2.3B$2.7B$3.7B$4.6B

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings grew $3.2B, $1.29 per $1 retained.

Balance sheet Net cash, +$2.2B · buybacks at an average near $164

NTNX Nutanix

Nutanix is a hybrid multicloud computing leader, offering organizations a unified software platform for running applications and AI and managing data anywhere.

Owner earnings 2016–2025 ($23M)($24M)$30M($35M)($249M)($158M)$18M$207M$598M$750M

Retained capital Paid out $4.9B more than it earned over 2016–2025; annual owner earnings grew $524M.

Balance sheet Meaningful net debt, $574M

NTSK Netskope Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2024–2026 ($198M)($144M)$15M

Retained capital not read

Balance sheet Net cash, +$437M

OKTA Okta Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2017–2026 ($45M)($29M)$9M$47M$119M$91M$74M$504M$742M$875M

Retained capital Paid out $2.6B more than it earned over 2017–2026; annual owner earnings grew $728M.

Balance sheet Net cash, debt-free, +$858M · buybacks at an average near $83.41

ORCL Oracle Corp.

Oracle sells software that large organizations use to run the core of their operations — databases that store and manage their data, and applications for functions such as finance, human resources, and supply chains. It delivers this software both as licenses customers install and as cloud services Oracle hosts and runs for them, and it earns the rest from support, consulting, and a smaller hardware line. The buyers depend on these systems to keep the business running day to day.

Owner earnings 2017–2026 $13.1B$14.2B$13.3B$11.6B$14.3B$7.6B$14.6B$15.5B$17.0B$24.4B

Retained capital Paid out $44.3B more than it earned over 2017–2026; annual owner earnings grew $5.4B.

Balance sheet Heavy net debt, $98.3B · buybacks at an average near $56.27 · dividend paid 10 of 10 yrs, never cut

OSPN OneSpan Inc.

Revenue is Cybersecurity (73%) and Digital Agreements (27%).

Owner earnings 2016–2025 $26M$15M($2M)$11M$12M($5M)($11M)($17M)$46M$50M

Retained capital Paid out $30M more than it earned over 2016–2025; annual owner earnings grew $14M.

Balance sheet Net cash, debt-free, +$70M · buybacks at an average near $12.86 · dividend paid 1 of 10 yrs, never cut

OTEX Open Text Corporation

A software business, earning high margins on code once it is written.

Owner earnings 2017–2026 $361M$603M$812M$882M$812M$889M$655M$808M$687M$808M

Retained capital Retained $740M of earnings over 2017–2026; annual owner earnings grew $176M, $0.24 per $1 retained.

Balance sheet Heavy net debt, $4.8B · buybacks at an average near $44.85 · dividend paid 10 of 10 yrs, never cut

PATH UiPath

Revenue is Subscription services (59%), License (38%) and Professional services and other (3%).

Owner earnings 2020–2026 ($368M)$27M($64M)($29M)$292M$306M$352M

Retained capital Paid out $2.3B more than it earned over 2020–2026; annual owner earnings grew $451M.

Balance sheet Net cash, debt-free, +$1.5B · buybacks at an average near $11.48

PAYC Paycom Software

We are a leading provider of a comprehensive, cloud-based HCM solution delivered as Software-as-a-Service.

Owner earnings 2016–2025 $85M$111M$155M$182M$174M$252M$272M$371M$388M$503M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $304M, $0.27 per $1 retained.

Balance sheet Net cash, +$341M · dividend paid 3 of 10 yrs, never cut

PCOR Procore Technologies

We are the leading global provider of construction management software, and are helping transform one of the oldest, largest, and least digitized industries in the world.

Owner earnings 2019–2025 ($20M)$15M$24M($3M)$82M$177M$282M

Retained capital Paid out $1.3B more than it earned over 2019–2025; annual owner earnings grew $174M.

Balance sheet Net cash, debt-free, +$768M · buybacks at an average near $67.67

PCTY Paylocity

A software business, earning high margins on code once it is written.

Owner earnings 2017–2026 $41M$76M$104M$96M$115M$137M$261M$367M$405M$497M

Retained capital Retained $437M of earnings over 2017–2026; annual owner earnings grew $349M, $0.80 per $1 retained.

Balance sheet Net cash, +$190M · buybacks at an average near $152

PD PagerDuty

A software business, earning high margins on code once it is written.

Owner earnings 2018–2026 ($13M)($7M)($3M)$6M($9M)$12M$70M$115M$112M

Retained capital Paid out $664M more than it earned over 2018–2026; annual owner earnings grew $106M.

Balance sheet Net cash, +$49M · buybacks at an average near $19.17

PDFS PDF Solutions Inc.

We provide comprehensive data solutions designed to empower organizations across the semiconductor and electronics ecosystems to improve the yield and quality of their products and operational efficiency for increased profitability.

Owner earnings 2016–2025 ($2M)$6M$8M$19M$16M$571K$27M$10M$6M$20M

Retained capital Paid out $129M more than it earned over 2016–2025; annual owner earnings grew $8M.

Balance sheet Heavy net debt, $25M · buybacks at an average near $15.93

PLTR Palantir Technologies Inc.

Our software platforms provide the critical infrastructure needed to integrate our customers' data and operations and run their software in virtually any environment.

Owner earnings 2018–2025 ($52M)($178M)($309M)$321M$201M$697M$1.1B$2.1B

Retained capital Paid out $1.1B more than it earned over 2018–2025; annual owner earnings grew $1.5B.

Balance sheet Net cash, debt-free, +$7.2B

PRGS Progress Software

Revenue is Maintenance and Services (76%) and Software licenses (24%).

Owner earnings 2016–2025 $97M$102M$114M$124M$138M$174M$186M$168M$206M$229M

Retained capital Paid out $416M more than it earned over 2016–2025; annual owner earnings grew $97M.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $40.71 · dividend paid 9 of 10 yrs, cut at least once

PTC PTC Inc.

PTC is a global software company headquartered in Boston, Massachusetts.

Owner earnings 2017–2025 $110M$212M$221M$214M$344M$416M$587M$736M$857M

Retained capital Retained $586M of earnings over 2017–2025; annual owner earnings grew $546M, $0.93 per $1 retained.

Balance sheet Modest net debt, $1.0B · buybacks at an average near $119

QLYS Qualys

We are a leading provider of a cloud-based platform delivering information technology, security and compliance solutions.

Owner earnings 2016–2025 $52M$87M$103M$133M$150M$176M$183M$236M$232M$304M

Retained capital Paid out $259M more than it earned over 2016–2025; annual owner earnings grew $177M.

Balance sheet Net cash, debt-free, +$250M · buybacks at an average near $118

QTWO Q2 Holdings Inc.

We deliver these solutions through a unified, cloud-based software platform purpose-built for the complex, regulated financial services industry, enabling scalable and highly configurable digital financial experiences.

Owner earnings 2016–2025 ($11M)($3M)($9M)($13M)($27M)$11M$25M$65M$129M$195M

Retained capital Paid out $585M more than it earned over 2016–2025; annual owner earnings grew $137M.

Balance sheet Net cash, debt-free, +$433M · buybacks at an average near $72.46

RBRK Rubrik Inc.

Our automated policy-driven platform delivers data security enforcement, incident response orchestration, and API integrations with the broader security ecosystem.

Owner earnings 2023–2026 ($6M)($17M)$31M$253M

Retained capital Paid out $2.1B more than it earned over 2023–2026; annual owner earnings grew $86M.

Balance sheet Net debt against an operating loss, $751M

RDVT Red Violet Inc. Common Stock

We build proprietary technologies and apply analytical capabilities to deliver identity intelligence.

Owner earnings 2017–2025 ($11M)($8M)$2M$6M$9M$12M$15M$24M$29M

Retained capital Paid out $27M more than it earned over 2017–2025; annual owner earnings grew $28M.

Balance sheet Net cash, debt-free, +$44M · dividend paid 1 of 9 yrs, never cut

RPD Rapid7

Rapid7 is a global cybersecurity operations software and service provider on a mission to create a safer digital world by making cybersecurity simpler and more accessible.

Owner earnings 2016–2025 $5M$8M($7M)($18M)($9M)$45M$58M$100M$168M$146M

Retained capital Paid out $678M more than it earned over 2016–2025; annual owner earnings grew $136M.

Balance sheet Heavy net debt, $418M

RYET Ruanyun Edai Technology Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2024–2026 ($804K)($2M)($9M)

Retained capital not read

Balance sheet net position not read

RZLV Rezolve AI PLC

A software business, earning high margins on code once it is written.

Owner earnings 2023–2025 ($13M)($22M)($63M)

Retained capital not read

Balance sheet Net cash, +$24M

RZLVW Rezolve AI PLC

A software business, earning high margins on code once it is written.

Owner earnings 2023–2025 ($13M)($22M)($63M)

Retained capital not read

Balance sheet Net cash, +$24M

S SentinelOne

We pioneered the world's first purpose-built AI-powered cybersecurity platform for autonomous defense.

Owner earnings 2020–2026 ($45M)($70M)($99M)($198M)($70M)$32M$76M

Retained capital not read

Balance sheet Net cash, debt-free, +$629M

SAIL SailPoint Inc.

SailPoint Inc. delivers solutions to enable adaptive identity security for the enterprise.

Owner earnings 2024–2026 ($253M)($112M)$65M

Retained capital not read

Balance sheet Net cash, debt-free, +$358M

SAP SAP SE ADS

SAP makes the enterprise software that runs the back office of much of the corporate world — the systems that handle a large company's finance, supply chain, procurement and people. Once a business runs on SAP, replacing it is so costly and risky that it rarely does, which is the heart of the franchise.

Owner earnings 2016–2025 €3.6B€3.8B€2.8B€2.7B€6.4B€5.5B€4.8B€5.5B€4.4B€8.4B

Retained capital Retained €14.7B of earnings over 2016–2025; annual owner earnings grew €2.7B, €0.18 per €1 retained.

Balance sheet Net cash, +€3.2B · dividend paid 10 of 10 yrs, cut at least once

SLP Simulations Plus Inc.

Simulations Plus Inc. is a global leader and premier provider in the biopharma sector, offering advanced software and consulting services that enhance drug discovery and development, clinical trial operations, and commercialization.

Owner earnings 2016–2025 $5M$7M$9M$11M$11M$18M$17M$21M$13M$17M

Retained capital Paid out $44M more than it earned over 2016–2025; annual owner earnings grew $10M.

Balance sheet Net cash, +$26M · buybacks at an average near $40.65 · dividend paid 9 of 10 yrs, cut at least once

SMWB Similarweb Ltd.

Similarweb is a leading provider of digital data and analytics that power critical business decisions.

Owner earnings 2019–2025 ($10M)($5M)($30M)($57M)($5M)$29M$13M

Retained capital not read

Balance sheet Net cash, debt-free, +$72M

SNOW Snowflake Inc.

Our platform is the innovative technology that powers the AI Data Cloud, enabling customers to consolidate data into a single source of truth to drive meaningful insights, apply AI to solve business problems, build data applications, and share data and data products.

Owner earnings 2019–2026 ($145M)($180M)($55M)$94M$521M$813M$913M$1.1B

Retained capital Paid out $9.4B more than it earned over 2019–2026; annual owner earnings grew $1.1B.

Balance sheet Net cash, +$548M · buybacks at an average near $1,183

SNPS Synopsys Inc.

Synopsys Inc. is the leader in engineering solutions from silicon to systems, enabling customers to rapidly innovate AI-powered products.

Owner earnings 2016–2025 $520M$562M$325M$602M$837M$1.4B$1.6B$1.5B$1.3B$1.3B

Retained capital Retained $3.8B of earnings over 2016–2025; annual owner earnings grew $908M, $0.24 per $1 retained.

Balance sheet Heavy net debt, $10.5B · buybacks at an average near $148

SOUN SoundHound AI Inc

SoundHound developer platform, Houndify, is an open-access platform that allows developers to leverage SoundHound's Voice AI technology and a library of over 100 content domains, including commonly used domains for points of interest, weather, flight status, sports and more.

Owner earnings 2021–2025 ($67M)($95M)($69M)($110M)($99M)

Retained capital not read

Balance sheet Net cash, +$164M

SOUNW SoundHound AI Inc.

SoundHound developer platform, Houndify, is an open-access platform that allows developers to leverage SoundHound's Voice AI technology and a library of over 100 content domains, including commonly used domains for points of interest, weather, flight status, sports and more.

Owner earnings 2021–2025 ($67M)($95M)($69M)($110M)($99M)

Retained capital not read

Balance sheet Net cash, +$164M

SPSC SPS Commerce

SPS Commerce is a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers through shared infrastructure built to handle the complexity of modern commerce operations.

Owner earnings 2016–2025 $11M$24M$46M$58M$75M$98M$80M$113M$137M$158M

Retained capital Retained $164M of earnings over 2016–2025; annual owner earnings grew $109M, $0.67 per $1 retained.

Balance sheet Net cash, debt-free, +$151M · buybacks at an average near $112

SPT Sprout Social Inc

For over 15 years, Sprout Social has helped companies command their market on social media.

Owner earnings 2018–2025 ($19M)($15M)($14M)$14M$9M$4M$23M$39M

Retained capital Paid out $350M more than it earned over 2018–2025; annual owner earnings grew $39M.

Balance sheet Net cash, +$55M

SSNC SS&C Technologies

We provide the global financial services industry with a broad range of software-enabled services, which consist of software-enabled outsourcing services and subscription-based on-demand cloud solutions which are managed and hosted at our facilities, and specialized software products, which are deployed at our clients' facilities.

Owner earnings 2016–2025 $391M$436M$607M$1.3B$1.1B$1.4B$1.1B$1.2B$1.3B$1.7B

Retained capital Retained $228M of earnings over 2016–2025; annual owner earnings grew $905M.

Balance sheet Heavy net debt, $7.0B · dividend paid 10 of 10 yrs, never cut

SVCO Silvaco Group Inc.

Silvaco Group, Inc. is a provider of technology computer aided design software, electronic data automation software and semiconductor intellectual property.

Owner earnings 2023–2025 $841K($20M)($35M)

Retained capital not read

Balance sheet Net cash, debt-free, +$9M

TDC Teradata Corporation

Revenue is led by Services and other (70%) and Subscription software licenses (16%), with 2 more lines behind.

Owner earnings 2016–2025 $393M$246M$211M$94M$223M$435M$405M$356M$279M$286M

Retained capital Paid out $1.7B more than it earned over 2016–2025; annual owner earnings grew $24M.

Balance sheet Net cash, +$37M

TEAM Atlassian

A software business, earning high margins on code once it is written.

Owner earnings 2021–2026 $758M$769M$842M$1.4B$1.4B$1.3B

Retained capital Paid out $5.3B more than it earned over 2021–2026; annual owner earnings grew $593M.

Balance sheet Net cash, +$250M · buybacks at an average near $119

TENB Tenable

Tenable is the leading provider of exposure management solutions.

Owner earnings 2016–2025 ($6M)($9M)($8M)($18M)$54M$93M$122M$148M$213M$255M

Retained capital Paid out $946M more than it earned over 2016–2025; annual owner earnings grew $213M.

Balance sheet Net cash, +$48M · buybacks at an average near $42.56

TTAN ServiceTitan Inc.

Our founders, Ara Mahdessian and Vahe Kuzoyan, are the sons of trades business owners and founded ServiceTitan to provide tradespeople, like their parents, with technology that is purpose-built to help trades businesses thrive.

Owner earnings 2023–2026 ($178M)($68M)$33M$105M

Retained capital not read

Balance sheet Net cash, +$428M

TUYA Tuya Inc.

Revenue is PaaS (72%), Smart solution (14%) and Saas and Others (14%).

Owner earnings 2019–2025 ($57M)($51M)($129M)($71M)$35M$79M$80M

Retained capital not read

Balance sheet Net cash, debt-free, +$952M

TWLO Twilio Inc.

Revenue is led by Messaging (57%) and Other (15%), with 3 more lines behind.

Owner earnings 2016–2021 $2M($13M)$3M($31M)$7M($104M)

Retained capital Paid out $2.0B more than it earned over 2016–2021; annual owner earnings fell $40M.

Balance sheet Modest net debt, $310M

TYL Tyler Technologies

Tyler Technologies is a leading provider of integrated software and technology management solutions for the public sector.

Owner earnings 2016–2025 $154M$153M$223M$217M$332M$338M$359M$360M$604M$638M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $357M, $0.26 per $1 retained.

Balance sheet Net cash, +$498M · buybacks at an average near $224

VEEV Veeva Systems Inc.

Veeva is the leading provider of industry cloud solutions for the global life sciences industry.

Owner earnings 2017–2020 $137M$224M$302M$434M

Retained capital Retained $760M of earnings over 2017–2020; annual owner earnings grew $99M, $0.13 per $1 retained.

Balance sheet Net cash, debt-free, +$1.4B

VERX Vertex Inc.

Vertex is a leading provider of enterprise compliance technology for global commerce.

Owner earnings 2018–2024 $59M$72M$39M$59M$18M$25M$93M

Retained capital Paid out $335M more than it earned over 2018–2024; annual owner earnings fell $11M.

Balance sheet Heavy net debt, $26M · dividend paid 3 of 7 yrs

VIA Via Transportation Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2023–2025 ($95M)($71M)($33M)

Retained capital not read

Balance sheet Net cash, debt-free, +$371M

VRNS Varonis

Varonis is a data security company focused on protecting what matters most to organizations: their data.

Owner earnings 2016–2025 $4M$11M$17M($17M)($16M)($3M)$475K$54M$109M$135M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings grew $89M.

Balance sheet Net cash, +$431M · buybacks at an average near $19.37

VTEX VTEX Class A

VTEX is the backbone for connected commerce that delivers more efficiency and less maintenance to organizations seeking to make smarter IT investments and modernize their tech stack.

Owner earnings 2019–2025 $239K$10M($54M)($30M)$4M$25M$32M

Retained capital not read

Balance sheet Net cash, debt-free, +$215M

WEAV Weave Communications Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2019–2025 ($25M)($18M)($28M)($15M)$9M$12M$15M

Retained capital not read

Balance sheet Net cash, +$45M

WIX Wix.com Ltd.

Revenue is Creative Subscription (71%) and Business Solutions (29%).

Owner earnings 2016–2020 $36M$77M$107M$137M$133M

Retained capital Paid out $395M more than it earned over 2016–2020; annual owner earnings grew $52M.

Balance sheet Net cash, debt-free, +$661M

WK Workiva

Workiva is a leading, AI-powered platform for trust, transparency, and accountability.

Owner earnings 2016–2025 ($12M)$4M$5M$28M$31M$46M$8M$69M$86M$138M

Retained capital Paid out $643M more than it earned over 2016–2025; annual owner earnings grew $99M.

Balance sheet Net debt against an operating loss, $357M

XZO Exzeo Group Inc.

Exzeo Platform enables us to deliver technology based solutions that streamline and automate the interaction between carriers, agents, and policyholders.

Owner earnings 2023–2025 $8M$47M$97M

Retained capital not read

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

YXT YXT.COM GROUP HOLDING LIMITED

A software business, earning high margins on code once it is written.

Owner earnings 2022–2025 (CN¥469M)(CN¥262M)(CN¥213M)(CN¥147M)

Retained capital not read

Balance sheet Net cash, +CN¥85M

ZM Zoom

Zoom is a platform designed for flexible communication and today's flexible work needs.

Owner earnings 2018–2026 $17M$44M$135M$1.4B$1.6B$1.2B$1.5B$1.8B$1.9B

Retained capital Retained $2.0B of earnings over 2018–2026; annual owner earnings grew $1.7B, $0.83 per $1 retained.

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