Owner Scorecard


← The groupings

An industry chapter · Communications Equipment

Communications Equipment

36 members, ADTN to WLDSW, A to Z by ticker.

Gross profitability
median 32% — gross profit as a share of total assets, each member's median across its readable years; read on 33 of 36 members
Capital intensity
median 2.4% — capital expenditure as a share of revenue, each member's median across its readable years; read on 35 of 36 members
Net cash
26 of the 36 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

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ADTN ADTRAN Holdings Inc.

ADTRAN, Inc. is a leading global provider of open, disaggregated networking and communications solutions.

Owner earnings 2016–2025 $28M($57M)$47M($12M)($23M)($3M)($61M)($79M)$69M$98M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings grew $23M.

Balance sheet Net debt against an operating loss, $97M · dividend paid 8 of 10 yrs, cut at least once

AIOT PowerFleet Inc.

We are a global provider of Artificial Intelligence-of-Things solutions providing valuable connected business intelligence for managing high-value enterprise and mid-market assets that improve operational efficiencies.

Owner earnings 2017–2026 $4M($2M)($8M)$6M($8M)($3M)$933K($23M)$9M

Retained capital Paid out $131M more than it earned over 2017–2026; annual owner earnings fell $2M.

Balance sheet Heavy net debt, $199M

ALLT Allot Ltd.

Revenue is Services (70%) and Products (30%).

Owner earnings 2016–2025 ($5M)($3M)($2M)$12M($20M)($16M)($38M)($32M)$3M$15M

Retained capital not read

Balance sheet Net cash, debt-free, +$66M

ANET Arista Networks Inc.

Arista Networks Inc. market research confirms that we continue to be a leader in high-speed Ethernet switching.

Owner earnings 2016–2025 $153M$616M$479M$947M$720M$966M$448M$2.0B$3.7B$4.3B

Retained capital Retained $9.2B of earnings over 2016–2025; annual owner earnings grew $2.9B, $0.32 per $1 retained.

Balance sheet Net cash, +$1.9B · buybacks at an average near $35.66

ATEN A10 Networks Inc.

We are a global provider of secure application and network infrastructure solutions that enable enterprises and service providers to deliver high-performance, reliable, and protected digital services across on-premises, hybrid cloud, and distributed environments.

Owner earnings 2016–2025 $14M$9M($5M)($5M)$52M$45M$59M$34M$78M$70M

Retained capital Paid out $109M more than it earned over 2016–2025; annual owner earnings grew $55M.

Balance sheet Net cash, +$466M · buybacks at an average near $12.36 · dividend paid 5 of 10 yrs, never cut

AUDC AudioCodes Ltd.

Revenue is Services (53%) and Products (47%).

Owner earnings 2016–2025 $17M$16M$24M$21M$37M$46M$7M$13M$32M$26M

Retained capital Paid out $137M more than it earned over 2016–2025; annual owner earnings grew $4M.

Balance sheet Net cash, debt-free, +$53M · dividend paid 8 of 10 yrs, never cut

BOSC B.O.S. Better Online Solutions

Solutions Division The Company markets its Supply Chain Solutions directly to customers or through distributors worldwide.

Owner earnings 2016–2025 ($499K)$132K$454K($1M)$974K($249K)$922K$1M$775K$5M

Retained capital Retained $10M of earnings over 2016–2025; annual owner earnings grew $2M, $0.23 per $1 retained.

Balance sheet Net cash, +$10M

CIEN Ciena Corporation

We are a network technology company, providing hardware, software, and services to a wide range of network operators and enabling enhanced network capacity, service delivery, and automation.

Owner earnings 2016–2025 $226M$140M$162M$351M$411M$462M($259M)$62M$422M$702M

Retained capital Retained $961M of earnings over 2016–2025; annual owner earnings grew $219M, $0.23 per $1 retained.

Balance sheet Modest net debt, $228M · buybacks at an average near $16.20

CLFD Clearfield 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 $10M$4M$3M$12M$5M$9M($1M)$14M$16M$22M

Retained capital Retained $54M of earnings over 2016–2025; annual owner earnings grew $11M, $0.21 per $1 retained.

Balance sheet Net cash, +$104M · buybacks at an average near $42.11

CRNT Ceragon Networks Ltd.

Our research and development department provides us with the ability to design and develop most of the aspects of our proprietary solutions, from chip-level, including both ASICs and RFICs, to full system integration.

Owner earnings 2016–2025 $18M$9M$15M($25M)$11M($24M)($15M)$21M$12M$18M

Retained capital Retained $24M of earnings over 2016–2025; annual owner earnings grew $3M, $0.13 per $1 retained.

Balance sheet Net cash, +$29M

CSCO Cisco Systems Inc. Common Stock (DE)

Cisco makes the gear that moves data through computer networks — the switches and routers that sit in corporate offices, data centers, and the plumbing of the internet — along with the software and security that ride on top. Its customers are businesses, telecom carriers, and governments, and it reaches most of them through resellers and distributors rather than selling direct, on terms that let those distributors return a portion of inventory, take credits for price changes, and share in cooperative marketing. It earns money on the equipment up front and on software and service contracts that recur.

Owner earnings 2016–2025 $12.4B$12.9B$12.8B$14.9B$14.7B$14.8B$12.7B$19.0B$10.2B$13.5B

Retained capital Paid out $36.1B more than it earned over 2016–2025; annual owner earnings grew $1.5B.

Balance sheet Modest net debt, $8.5B · buybacks at an average near $44.34 · dividend paid 10 of 10 yrs, never cut

DGII Digi International Inc.

Digi offers wireless temperature and other condition-based monitoring services as well as employee task management, label printing and other services.

Owner earnings 2016–2025 $24M$702K($5M)$20M$34M$55M$36M$32M$81M$105M

Retained capital Retained $135M of earnings over 2016–2025; annual owner earnings grew $66M, $0.49 per $1 retained.

Balance sheet Modest net debt, $90M

ERIC Ericsson

Ericsson is a leading provider of mobile connectivity solutions to communications service providers, enterprises and the public sector.

Owner earnings 2016–2025 SEK 7.9BSEK 5.7BSEK 5.4BSEK 11.8BSEK 24.4BSEK 35.4BSEK 26.4BSEK 3.9BSEK 43.9BSEK 30.3B

Retained capital Paid out SEK 47.9B more than it earned over 2016–2025; annual owner earnings grew SEK 19.7B.

Balance sheet Net cash, +SEK 11.2B · dividend paid 10 of 10 yrs, cut at least once

EXTR Extreme Networks Inc.

Extreme is a leader in AI-powered cloud networking, focused on delivering simple and secure solutions that help businesses address challenges and enable connections among devices, applications, and users.

Owner earnings 2016–2025 $25M$49M($4M)$82M$21M$127M$113M$235M$37M$137M

Retained capital Paid out $484M more than it earned over 2016–2025; annual owner earnings grew $114M.

Balance sheet Net cash, +$58M · buybacks at an average near $13.42

FFIV F5 Inc.

We sell packaged software in perpetual, subscription, and usage-based consumption models.

Owner earnings 2017–2025 $702M$708M$679M$601M$615M$409M$599M$762M$906M

Retained capital Retained $63M of earnings over 2017–2025; annual owner earnings grew $60M.

Balance sheet Net cash, debt-free, +$1.3B · buybacks at an average near $141

FN Fabrinet

Revenue is Optical communications (62%) and Non-optical communications (19%).

Owner earnings 2016–2025 $30M$47M$104M$129M$120M$86M$86M$169M$366M$275M

Retained capital Retained $1.3B of earnings over 2016–2025; annual owner earnings grew $210M, $0.16 per $1 retained.

Balance sheet Net cash, +$905M · buybacks at an average near $92.94

GILT Gilat Satellite Networks Ltd.

Revenue is Commercial (62%), Defense (22%) and Network Infrastructure and Services (15%).

Owner earnings 2016–2025 ($41M)($21M)$21M$27M$38M$10M($2M)$21M$25M$9M

Retained capital Retained $72M of earnings over 2016–2025; annual owner earnings grew $32M, $0.45 per $1 retained.

Balance sheet Net cash, +$124M · dividend paid 3 of 10 yrs, cut at least once

HLIT Harmonic Inc.

We are a leading global provider of broadband access solutions that enable broadband operators to more efficiently and effectively deploy high-speed internet for data, voice and video services for their customers.

Owner earnings 2016–2025 ($15M)($8M)$5M$21M$7M$28M($4M)($1M)$53M$97M

Retained capital Paid out $204M more than it earned over 2016–2025; annual owner earnings grew $55M.

Balance sheet Net cash, +$83M · buybacks at an average near $10.29 · no dividend paid

JNPR Juniper Networks

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

Owner earnings 2016–2024 $912M$1.1B$714M$419M$512M$590M($8M)$713M$673M

Retained capital Paid out $2.7B more than it earned over 2016–2024; annual owner earnings fell $452M.

Balance sheet Modest net debt, $564M · dividend paid 9 of 9 yrs, never cut

LITE Lumentum Holdings Inc.

Lumentum Holdings Inc. is a leading provider of optical and photonic products and is recognized as an industry leader based on revenue and market share.

Owner earnings 2016–2025 $39M$31M$174M$227M$438M$654M$368M$51M($108M)$22M

Retained capital Paid out $958M more than it earned over 2016–2025; annual owner earnings fell $93M.

Balance sheet Net debt against an operating loss, $1.7B · buybacks at an average near $110

MSI Motorola Solutions Inc.

Motorola Solutions is a global leader in mission-critical safety and security technologies for public safety, government, including defense, and enterprise customers.

Owner earnings 2016–2025 $894M$1.1B$878M$1.6B$1.4B$1.6B$1.6B$1.8B$2.1B$2.6B

Retained capital Retained $564M of earnings over 2016–2025; annual owner earnings grew $1.2B.

Balance sheet Meaningful net debt, $7.2B · buybacks at an average near $159 · dividend paid 10 of 10 yrs, never cut

NOK Nokia Corporation Sponsored

Revenue is led by Network Infrastructure (40%) and Mobile Networks (39%), with 2 more segments behind.

Owner earnings 2016–2025 (€1.9B)€1.2B(€312M)(€300M)€1.3B€2.1B€873M€665M€2.0B€1.5B

Retained capital Paid out €6.3B more than it earned over 2016–2025; annual owner earnings grew €1.7B.

Balance sheet Net cash, +€4.1B · dividend paid 10 of 10 yrs, cut at least once

NSSC NAPCO Security Technologies Inc.

NAPCO is one of the leading manufacturers and designers of high-tech electronic security devices, cellular communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions.

Owner earnings 2017–2025 $2M$7M$8M$9M$22M$7M$23M$44M$51M

Retained capital Retained $115M of earnings over 2017–2025; annual owner earnings grew $34M, $0.30 per $1 retained.

Balance sheet Net cash, +$95M · buybacks at an average near $28.75 · dividend paid 3 of 9 yrs, never cut

NTGR NETGEAR Inc.

We are a global provider of networking technologies for businesses, homes, and service providers.

Owner earnings 2016–2025 $108M$77M($115M)($705K)$171M($14M)($19M)$51M$156M($19M)

Retained capital Paid out $424M more than it earned over 2016–2025; annual owner earnings grew $39M.

Balance sheet Net cash, debt-free, +$323M · buybacks at an average near $32.70

ONDS Ondas Inc.

Ondas Inc. is a defense, security, and critical infrastructure technology company organized around three business units: Ondas Autonomous Systems Inc.

Owner earnings 2018–2025 ($9M)($15M)($8M)($18M)($41M)($34M)($34M)($40M)

Retained capital not read

Balance sheet Net cash, +$535M

PL Planet Labs PBC

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 2020–2026 ($50M)($30M)($53M)($84M)($89M)($59M)$93M

Retained capital not read

Balance sheet Net cash, debt-free, +$229M

QCOM QUALCOMM Incorporated

Qualcomm designs the chips and holds the patents that make wireless devices work. It sells Snapdragon processors and modems to the companies that build smartphones, cars, and other connected gadgets, and it separately licenses its portfolio of wireless-standard patents to nearly every handset maker, taking a royalty on each device sold. The chip sales carry the bulk of the revenue; the patent royalties carry an outsized share of the profit. Qualcomm does the engineering and farms the actual manufacturing out to others.

Owner earnings 2016–2025 $7.1B$4.3B$3.1B$6.4B$4.4B$8.6B$7.3B$9.8B$11.2B$12.8B

Retained capital Retained $3.2B of earnings over 2016–2025; annual owner earnings grew $6.4B.

Balance sheet Modest net debt, $4.7B · buybacks at an average near $94.57

SATL Satellogic Inc.

Satellogic is a vertically integrated Earth observation company that designs, manufactures, and operates satellite systems, delivering decision-grade insights at scale to government and commercial customers.

Owner earnings 2023–2025 ($64M)($41M)($34M)

Retained capital not read

Balance sheet Net cash, +$38M

SATLW Satellogic Inc.

Satellogic is a vertically integrated Earth observation company that designs, manufactures, and operates satellite systems, delivering decision-grade insights at scale to government and commercial customers.

Owner earnings 2023–2025 ($64M)($41M)($34M)

Retained capital not read

Balance sheet Net cash, +$38M

SILC Silicom Ltd

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

Owner earnings 2016–2025 ($4M)($282K)$44M$25M$3M($2M)($6M)$31M$17M($3M)

Retained capital Paid out $35M more than it earned over 2016–2025; annual owner earnings grew $2M.

Balance sheet Net cash, debt-free, +$49M · dividend paid 2 of 10 yrs, never cut

SNT Senstar Technologies Corporation

We develop, manufacture, market and sell comprehensive lines of perimeter intrusion detection sensors, video analytics and video and security management systems, as well as security video observation and surveillance systems to high profile customers.

Owner earnings 2021–2025 $5M($10M)($120K)$6M$1M

Retained capital Retained $15M of earnings over 2021–2025; annual owner earnings grew $4M, $0.27 per $1 retained.

Balance sheet Net cash, debt-free, +$22M

UI Ubiquiti Inc.

We sell equipment, and provide the related software platforms, worldwide through a network of over 100 distributors, on-line retailers and direct to customers through our webstores.

Owner earnings 2016–2025 $191M$105M$323M$252M$453M$600M$357M($162M)$530M$627M

Retained capital Retained $251M of earnings over 2016–2025; annual owner earnings grew $125M.

Balance sheet Net cash, debt-free, +$150M · buybacks at an average near $94.83 · dividend paid 7 of 10 yrs, never cut

UMAC Unusual Machines Inc.

Unusual Machines' component production is the validation of newly supply chains to meet defense and federal procurement requirements.

Owner earnings 2022–2025 ($1M)($2M)($4M)($21M)

Retained capital not read

Balance sheet Net cash, debt-free, +$142M

UTSI UTStarcom Holdings Corp.

UTStarcom is actively involved in products and solutions developments across several key areas, including 5G/5G-Advanced mobile transport networks, disaggregated network platforms optimized for telecom market applications and requirements, and network synchronization.

Owner earnings 2016–2025 $4M$3M($26M)($25M)($4M)$19M$7M($5M)($5M)($9M)

Retained capital not read

Balance sheet Net cash, debt-free, +$35M

VISN Vistance Networks Inc.

We are a leader in digital video and IP television distribution systems, broadband access infrastructure platforms and equipment that delivers data and voice networks to homes.

Owner earnings 2016–2025 $572M$518M$412M$492M$315M($9M)$89M$237M$248M$253M

Retained capital Paid out $2.4B more than it earned over 2016–2025; annual owner earnings fell $255M.

Balance sheet Heavy net debt, $6.5B

WLDSW Wearable Devices Ltd.

We are a growth company developing a non-invasive neural input interface in the form of a wearable wristband for controlling digital devices using subtle finger gestures and hand movements.

Owner earnings 2020–2025 ($1M)($2M)($6M)($9M)($8M)($7M)

Retained capital not read

Balance sheet Net cash, debt-free, +$7M

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.