Technology Hardware

4902 Konica Minolta

Revenue is led by Digital Workplace (56%) and Professional Print (23%), with 2 more segments behind.

Owner earnings 2018–2026 ¥38.4B¥22.1B(¥6.5B)¥52.4B(¥3.8B)(¥8.5B)¥56.1B¥25.3B¥38.4B

Retained capital Paid out ¥175.1B more than it earned over 2018–2026; annual owner earnings grew ¥21.9B.

Balance sheet Heavy net debt, ¥287.5B · dividend paid 9 of 9 yrs, cut at least once

6724 Seiko Epson

Revenue is Printing Solutions (73%), Manufacturing Related and Wearables (15%) and Visual Communications (13%).

Owner earnings 2018–2026 ¥34.3B¥20.8B¥37.1B¥85.7B¥72.2B¥10.8B¥116.0B¥78.7B¥57.8B

Retained capital Retained ¥154.1B of earnings over 2018–2026; annual owner earnings grew ¥53.4B, ¥0.35 per ¥1 retained.

Balance sheet Net cash, +¥101.6B · dividend paid 9 of 9 yrs, never cut

7731 Nikon

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 ¥97.0B¥48.1B(¥3.0B)(¥12.0B)¥13.4B(¥23.1B)(¥8.4B)(¥3.9B)(¥41.0B)

Retained capital Paid out ¥120.6B more than it earned over 2018–2026; annual owner earnings fell ¥65.1B.

Balance sheet Net debt against an operating loss, ¥61.9B · dividend paid 9 of 9 yrs, cut at least once

7751 Canon

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

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥906.9B

7752 Ricoh

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 ¥38.0B¥9.5B¥30.1B¥84.8B¥45.1B¥21.2B¥72.3B¥87.9B¥109.2B

Retained capital Paid out ¥198.6B more than it earned over 2018–2026; annual owner earnings grew ¥64.0B.

Balance sheet Meaningful net debt, ¥315.5B · dividend paid 9 of 9 yrs, cut at least once

AAPL Apple Inc.

Apple designs and sells consumer hardware — smartphones, personal computers, tablets, and wearables — that runs its own iOS and macOS software, and it sells a range of related digital services to the people who own those devices. The iPhone is its largest source of revenue and services the second, with the other hardware lines behind them. It makes money first by selling the device and then by collecting recurring fees from the software and services that live on it.

Owner earnings 2016–2025 $53.5B$51.8B$64.1B$58.9B$73.4B$93.0B$111.4B$99.6B$108.8B$98.8B

Retained capital Paid out $91.2B more than it earned over 2016–2025; annual owner earnings grew $45.9B.

Balance sheet Modest net debt, $36.0B · buybacks at an average near $99.83 · dividend paid 10 of 10 yrs, never cut

CRSR Corsair Gaming Inc.

Corsair Gaming Inc. is a leading global provider and innovator of high-performance products for gamers and digital creators such as streamers, vloggers and broadcasters.

Owner earnings 2018–2025 ($5M)$28M$160M$9M$56M$76M$26M$35M

Retained capital Paid out $63M more than it earned over 2018–2025; annual owner earnings fell $15M.

Balance sheet Heavy net debt, $23M · dividend paid 1 of 8 yrs, never cut

DBD Diebold Nixdorf Incorporated

Revenue is Services (57%) and Products (43%).

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, $573M

DELL Dell Technologies Inc.

Dell builds and sells computers — laptops and desktops for households and businesses, and servers, storage and networking gear for the data centers that run companies and train artificial intelligence. Most of the money comes from selling the hardware itself, much of it assembled to order from parts — processors, memory and drives — bought from other makers. A smaller slice comes from the support, financing and services wrapped around those machines.

Owner earnings 2017–2026 $1.7B$5.6B$5.5B$6.7B$9.3B$7.5B$562M$5.9B$1.9B$8.6B

Retained capital Paid out $14.2B more than it earned over 2017–2026; annual owner earnings grew $1.2B.

Balance sheet Meaningful net debt, $20.0B · dividend paid 5 of 10 yrs, cut at least once

DUOT Duos Technologies Group Inc.

Duos also continues to operate as a technology company which designs, develops, deploys and operates intelligent technology solutions with a focus on software applications and artificial intelligence in addition to large project, consulting, implementation and asset management.

Owner earnings 2016–2025 ($2M)($4M)($419K)($4M)($4M)($7M)($8M)($9M)($5M)($16M)

Retained capital not read

Balance sheet Net cash, +$13M

EVLV Evolv Technologies Holdings Inc.

Evolv Technologies Holdings, Inc. is a leading security technology company pioneering Artificial Intelligence-powered screening solutions designed to help create safer environments while maintaining efficient visitor flow and a positive visitor experience.

Owner earnings 2020–2021 ($24M)($60M)

Retained capital not read

Balance sheet Net cash, +$21M

FTNT Fortinet Inc.

Fortinet is a leader in cybersecurity, driving the convergence of networking and security.

Owner earnings 2017–2025 $539M$586M$746M$1.0B$1.4B$1.6B$1.8B$2.1B$2.4B

Retained capital Paid out $1.0B more than it earned over 2017–2025; annual owner earnings grew $1.5B.

Balance sheet Net cash, +$2.6B

GRRR Gorilla Technology Group Inc.

Gorilla is a global solution provider specializing in Security Intelligence, Network Intelligence, Business Intelligence, and Internet of Things.

Owner earnings 2020–2024 ($6M)$2M($9M)($9M)($30M)

Retained capital not read

Balance sheet Net debt against an operating loss, $1M

HPE Hewlett Packard Enterprise Company

Hewlett Packard Enterprise sells the gear that runs businesses and data centers — servers that do the computing, storage that holds the data, and the networking equipment, including its Aruba line, that ties them together. The customers are companies, governments, and the operators of large data centers. It earns money selling the hardware, and increasingly by wrapping software around it and renting the whole thing as a subscription rather than a one-time sale.

Owner earnings 2016–2025 $1.8B($1.8B)$8M$1.1B($143M)$3.4B$1.5B$1.6B$2.0B$627M

Retained capital Paid out $3.6B more than it earned over 2016–2025; annual owner earnings grew $1.4B.

Balance sheet Net debt against an operating loss, $19.8B · dividend paid 10 of 10 yrs, never cut

HPQ HP Inc.

HP Inc. sells personal computers and printers. The PCs are laptops and desktops for households, businesses, and schools; the printing side sells the machines and, more profitably, the ink and toner cartridges that feed them. Most of the revenue is the hardware itself, much of it built to order from parts bought from other makers, but a meaningful slice of the printing profit comes from the steady resupply of consumables long after the printer is sold.

Owner earnings 2016–2025 $2.8B$3.3B$4.0B$4.0B$3.7B$5.8B$3.7B$3.0B$3.2B$2.8B

Retained capital Retained $525M of earnings over 2016–2025; annual owner earnings fell $380M.

Balance sheet Modest net debt, $6.0B · buybacks at an average near $23.74 · dividend paid 10 of 10 yrs, never cut

IONQ IonQ Inc.

IonQ is the world's first and only quantum platform company.

Owner earnings 2020–2025 ($13M)($29M)($50M)($89M)($124M)($300M)

Retained capital not read

Balance sheet Net cash, debt-free, +$2.4B

LOGI Logitech International S.A.

Logitech International is a Swiss public company listed on the SIX Swiss Exchange and on the Nasdaq Global Select Market.

Owner earnings 2017–2026 $257M$307M$269M$386M$1.4B$209M$442M$1.1B$786M$976M

Retained capital Retained $689M of earnings over 2017–2026; annual owner earnings grew $673M, $0.98 per $1 retained.

Balance sheet Net cash, debt-free, +$1.7B · buybacks at an average near $101 · dividend paid 10 of 10 yrs, never cut

MITK Mitek Systems Inc.

Mitek Systems Inc. is a global provider of digital identity verification and fraud prevention solutions.

Owner earnings 2016–2025 $8M$10M$5M$13M$23M$36M$20M$31M$30M$54M

Retained capital Paid out $2M more than it earned over 2016–2025; annual owner earnings grew $31M.

Balance sheet Net cash, +$189M · buybacks at an average near $11.89

NATL NCR Atleos Corporation

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2021–2025 $369M$216M$247M$257M$239M

Retained capital Retained $349M of earnings over 2021–2025; annual owner earnings fell $30M, $-0.09 per $1 retained.

Balance sheet Heavy net debt, $2.3B

NTAP NetApp Inc.

Revenue is All-flash revenues (60%) and Hybrid-flash and other revenues (30%).

Owner earnings 2017–2026 $811M$1.3B$1.2B$936M$1.2B$1.1B$926M$1.5B$1.3B$1.9B

Retained capital Paid out $4.4B more than it earned over 2017–2026; annual owner earnings grew $475M.

Balance sheet Net cash, +$1.1B · buybacks at an average near $57.46 · dividend paid 10 of 10 yrs, never cut

ODYS Odysight.ai Inc.

We specialize in predictive maintenance and condition-based monitoring, utilizing advanced AI-driven sensor visualization solutions, using video analytics and algorithms.

Owner earnings 2019–2025 ($2M)($4M)($6M)($6M)($10M)($8M)($14M)

Retained capital not read

Balance sheet Net cash, +$26M

OSS One Stop Systems Inc.

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2017–2025 ($807K)($5M)($11K)($1M)$5M($8M)($1M)($336K)($7M)

Retained capital not read

Balance sheet Net cash, +$28M

P Everpure Inc.

Everpure is a global technology company providing an integrated storage and data management platform.

Owner earnings 2017–2026 ($65M)$8M$94M$102M$131M$344M$680M$565M$639M$743M

Retained capital Paid out $2.2B more than it earned over 2017–2026; annual owner earnings grew $637M.

Balance sheet Net cash, +$99M

PANW Palo Alto Networks Inc.

Palo Alto Networks, Inc. is a global cybersecurity provider and our vision is a world where each day is safer and more secure than the one before.

Owner earnings 2016–2025 $616M$809M$926M$924M$821M$1.4B$1.8B$2.6B$3.1B$3.5B

Retained capital Paid out $2.6B more than it earned over 2016–2025; annual owner earnings grew $2.3B.

Balance sheet Net cash, +$912M · buybacks at an average near $112

PAR PAR Technology Corporation

PAR is a leading foodservice technology company providing omnichannel cloud-based software and hardware solutions to the restaurant industry in three major restaurant categories quick service, fast casual, and table service and to the retail industry, including convenience and fuel retailers.

Owner earnings 2017–2025 ($4M)($8M)($19M)($22M)($55M)($44M)($22M)($26M)($30M)

Retained capital not read

Balance sheet Net debt against an operating loss, $314M

PDYN Palladyne AI Corp.

We are a U.S.-based technology company developing and offering embodied AI software and collaborative autonomy solutions, advanced avionics, UAVs, advanced UAV engineering services and precision-manufactured components for defense and commercial/industrial markets.

Owner earnings 2020–2025 ($18M)($47M)($67M)($77M)($23M)($28M)

Retained capital not read

Balance sheet Net cash, +$46M

PSTG Pure Storage

Revenue is Products (54%) and Services (46%).

Owner earnings 2017–2026 ($65M)$8M$94M$102M$131M$344M$680M$565M$639M$743M

Retained capital Paid out $2.2B more than it earned over 2017–2026; annual owner earnings grew $637M.

Balance sheet Net cash, +$99M

QMCO Quantum Corporation

Quantum delivers end-to-end data management solutions designed for unstructured data in the artificial intelligence era.

Owner earnings 2017–2026 $6M($8M)($20M)($4M)($8M)($40M)($17M)($16M)($29M)($40M)

Retained capital not read

Balance sheet Net debt against an operating loss, $129M

QUBT Quantum Computing Inc.

Revenue is Services (54%) and Products (46%).

Owner earnings 2022–2025 ($16M)($20M)($20M)($35M)

Retained capital not read

Balance sheet Net cash, +$1.1B

RDCM Radcom Ltd.

Revenue is Products (52%) and Services (48%).

Owner earnings 2016–2025 $9M($11M)($3M)$6M($477K)$2M$6M$4M$11M$14M

Retained capital Retained $7M of earnings over 2016–2025; annual owner earnings grew $11M, $1.70 per $1 retained.

Balance sheet Net cash, debt-free, +$110M

SMCI Super Micro Computer Inc.

We are a Silicon Valley-based provider of total IT solutions which address demanding workloads from the enterprise and cloud to the intelligent edge.

Owner earnings 2016–2025 $95M($113M)$60M$238M($59M)$95M($466M)$637M($2.5B)$1.6B

Retained capital not read

Balance sheet Net cash, +$525M

SMCIP Super Micro Computer Inc.

We are a Silicon Valley-based provider of total IT solutions which address demanding workloads from the enterprise and cloud to the intelligent edge.

Owner earnings 2016–2025 $95M($113M)$60M$238M($59M)$95M($466M)$637M($2.5B)$1.6B

Retained capital not read

Balance sheet Net cash, +$525M

SNDK Sandisk Corporation

Sandisk is a leading developer, manufacturer and provider of data storage devices and solutions based on NAND flash technology.

Owner earnings 2023–2026 ($932M)($475M)($79M)$11.5B

Retained capital Retained $2.5B of earnings over 2023–2026; annual owner earnings grew $4.1B, $1.69 per $1 retained.

Balance sheet Net cash, debt-free, +$4.8B · buybacks at an average near $1,508

SSYS Stratasys Ltd. Ordinary Shares (Israel)

We are a global leader in polymer-based 3D printing solutions, which we provide at every stage of the product life cycle, with multiple technologies and complete solutions for superior application fit, across industrial, healthcare and consumer fields.

Owner earnings 2016–2025 $17M$39M$40M($34M)$859K$11M($89M)($75M)($3M)($7M)

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings fell $61M.

Balance sheet Net cash, +$67M

STX Seagate Technology Holdings PLC

Seagate is a leading provider of mass-capacity data storage, accelerating the world's ability to harness the full value of data.

Owner earnings 2017–2026 $1.5B$1.7B$1.2B$1.1B$1.1B$1.3B$626M$664M$818M$3.1B

Retained capital Paid out $1.0B more than it earned over 2017–2026; annual owner earnings grew $66M.

Balance sheet Modest net debt, $2.6B · buybacks at an average near $56.29 · dividend paid 10 of 10 yrs, never cut

VYX NCR Voyix Corporation

NCR Voyix is a global platform-powered leader in unified commerce for shopping and dining, empowering customers to simplify transactions, optimize and scale operations and deliver superior experiences to customers through our modernized suite of microservices-based applications and comprehensive service offerings.

Owner earnings 2016–2025 $821M$624M$429M$543M$610M$903M$335M$564M($162M)($375M)

Retained capital Retained $571M of earnings over 2016–2025; annual owner earnings fell $616M, $-1.08 per $1 retained.

Balance sheet Heavy net debt, $3.7B

WDC Western Digital Corporation

We are a leading developer, manufacturer, and provider of data storage devices and solutions based on hard disk drive technology.

Owner earnings 2017–2026 $2.9B$3.4B$671M$177M$752M$758M($1.2B)($781M)$1.3B$3.5B

Retained capital Retained $5.2B of earnings over 2017–2026; annual owner earnings fell $964M, $-0.18 per $1 retained.

Balance sheet Meaningful net debt, $11.8B · buybacks at an average near $135 · dividend paid 6 of 10 yrs, cut at least once

XPER Xperi Inc. Common Stock

Revenue is led by Pay TV (46%) and Connected Car (28%), with 2 more lines behind.

Owner earnings 2020–2025 ($30M)($32M)($42M)($7M)($60M)($6M)

Retained capital not read

Balance sheet Net cash, +$57M

XRX Xerox Holdings Corporation

Xerox is a workplace technology company, building and integrating services-led, software-enabled, workplace solutions for enterprises large and small.

Owner earnings 2017–2025 ($336M)$1.1B$1.3B$504M$600M$123M$657M$484M$187M

Retained capital Paid out $5.8B more than it earned over 2017–2025; annual owner earnings fell $238M.

Balance sheet Net debt against an operating loss, $3.7B · dividend paid 9 of 9 yrs, cut at least once

YIBO Planet Image International Limited

Revenue is Offline sales to dealers (47%), Offline sales to ODM customers (43%) and Online sales to retail customers (10%).

Owner earnings 2021–2025 $5M$6M$17M($3M)($3M)

Retained capital Retained $19M of earnings over 2021–2025; annual owner earnings fell $6M, $-0.31 per $1 retained.

Balance sheet Net cash, +$46M