Electrical Equipment

5801 Furukawa Electric

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 ¥12.0B¥13.3B¥20.2B¥12.5B(¥33.9B)(¥49.8B)¥638M(¥4.5B)¥23.1B(¥18.0B)

Retained capital Retained ¥188.0B of earnings over 2017–2026; annual owner earnings fell ¥15.0B, ¥-0.08 per ¥1 retained.

Balance sheet Heavy net debt, ¥257.1B · dividend paid 10 of 10 yrs, cut at least once

5802 Sumitomo Electric Industries

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 ¥78.5B¥67.6B(¥390M)¥71.7B¥2.8B(¥98.1B)¥80.7B¥214.1B¥202.4B¥203.0B

Retained capital Retained ¥949.2B of earnings over 2017–2026; annual owner earnings grew ¥157.9B, ¥0.17 per ¥1 retained.

Balance sheet Modest net debt, ¥453.3B · dividend paid 10 of 10 yrs, cut at least once

5803 Fujikura

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 ¥16.0B¥948M¥10.4B¥13.8B¥43.9B¥24.6B¥42.7B¥73.6B¥94.5B¥108.0B

Retained capital Retained ¥261.4B of earnings over 2017–2026; annual owner earnings grew ¥82.9B, ¥0.32 per ¥1 retained.

Balance sheet Net cash, +¥77.3B · dividend paid 8 of 10 yrs, cut at least once

6501 Hitachi

Hitachi is a Japanese industrial conglomerate that builds and services the infrastructure other organizations run on — transport and railway systems, power and energy equipment, building systems such as elevators, and the digital and IT services that tie industrial operations together. Its buyers are governments, utilities, railways and large enterprises, who purchase big-ticket equipment and then the parts, maintenance and service contracts that follow for years. Much of the economics rides on that installed base, not the first sale alone.

Owner earnings 2018–2026 ¥375.1B¥227.7B¥238.0B¥538.4B¥433.0B¥574.4B¥723.7B¥925.4B¥1.32T

Retained capital Retained ¥2.45T of earnings over 2018–2026; annual owner earnings grew ¥708.2B, ¥0.29 per ¥1 retained.

Balance sheet Net cash, +¥464.8B · dividend paid 9 of 9 yrs, never cut

6503 Mitsubishi Electric

Revenue is led by Life (39%) and Industry and Mobility (28%), with 4 more segments behind.

Owner earnings 2018–2026 ¥79.0B¥51.8B¥203.0B¥373.2B¥148.0B¥15.6B¥239.7B¥261.9B¥379.8B

Retained capital Retained ¥1.30T of earnings over 2018–2026; annual owner earnings grew ¥182.6B, ¥0.14 per ¥1 retained.

Balance sheet Modest net debt, ¥98.6B · dividend paid 9 of 9 yrs, cut at least once

6504 Fuji Electric

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 ¥40.1B¥40.9B¥39.0B¥23.4B¥6.4B¥43.8B¥70.2B¥33.0B¥87.6B¥53.0B

Retained capital Retained ¥429.7B of earnings over 2017–2026; annual owner earnings grew ¥17.9B, ¥0.04 per ¥1 retained.

Balance sheet Modest net debt, ¥29.7B · dividend paid 10 of 10 yrs, never cut

6594 Nidec

Nidec makes electric motors and the systems built around them, and sells them to other manufacturers rather than to the public. It began with tiny precision motors and, largely by acquiring other firms, carries a line that runs from motors for vehicles to those for home appliances and industrial machinery. It earns its keep on the spread between what a motor costs to build and what an equipment maker will pay to put it inside a finished product.

Owner earnings 2018–2025 ¥84.7B¥49.7B¥35.1B¥130.2B(¥3.6B)¥5.7B¥208.7B¥163.7B

Retained capital Retained ¥427.1B of earnings over 2018–2025; annual owner earnings grew ¥69.5B, ¥0.16 per ¥1 retained.

Balance sheet Heavy net debt, ¥962.4B · dividend paid 8 of 8 yrs, never cut

ADSE ADS-TEC ENERGY PLC

ADSE develops and provides battery-based energy infrastructure solutions designed to support the electrification of mobility and the increasing integration of renewable energy sources.

Owner earnings 2019–2024 (€20M)(€14M)(€20M)(€61M)(€23M)(€17M)

Retained capital not read

Balance sheet Net cash, +€4M

ADSEW ADS-TEC ENERGY PLC

ADSE develops and provides battery-based energy infrastructure solutions designed to support the electrification of mobility and the increasing integration of renewable energy sources.

Owner earnings 2019–2024 (€20M)(€14M)(€20M)(€61M)(€23M)(€17M)

Retained capital not read

Balance sheet Net cash, +€4M

AMPX Amprius Technologies Inc.

Amprius Technologies, Inc. develops, manufactures and markets lithium-ion batteries for mobility applications, including aviation, ground and marine vehicles.

Owner earnings 2021–2025 ($9M)($15M)($27M)($37M)($36M)

Retained capital not read

Balance sheet Net cash, debt-free, +$90M

AMSC American Superconductor Corporation

We design, develop, and deploy power control solutions that harmonize an increasingly complex energy system, helping our customers scale without added complexity or size.

Owner earnings 2017–2026 ($12M)($27M)$42M($20M)($10M)($20M)($24M)$1M$26M$18M

Retained capital not read

Balance sheet Net cash, +$135M

APWC ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED

Wire, power cable, and telecommunications products in Thailand, Singapore, Australia, PRC, Hong Kong and certain other markets in the Asia Pacific region.

Owner earnings 2015–2024 $3M$4M($21M)$36M$10M$11M($47M)$3M($10M)$20M

Retained capital Retained $4M of earnings over 2015–2024; annual owner earnings grew $9M, $2.32 per $1 retained.

Balance sheet Net cash, +$5M · dividend paid 8 of 10 yrs, cut at least once

ATKR Atkore

Atkore continues to invest to add capabilities and capacity to develop innovative products and solutions to make installation faster and easier.

Owner earnings 2017–2025 $97M$107M$175M$215M$508M$702M$692M$399M$296M

Retained capital Retained $1.1B of earnings over 2017–2025; annual owner earnings grew $336M, $0.31 per $1 retained.

Balance sheet Heavy net debt, $297M

AYI Acuity

Acuity is a market-leading industrial technology company.

Owner earnings 2016–2025 $325M$269M$308M$442M$450M$365M$260M$511M$555M$533M

Retained capital Retained $964M of earnings over 2016–2025; annual owner earnings grew $232M, $0.24 per $1 retained.

Balance sheet Modest net debt, $474M · buybacks at an average near $152 · dividend paid 10 of 10 yrs, never cut

BDC Belden Inc

Belden Inc is a leading global supplier of complete connection solutions that unlock untold possibilities for our customers, their customers and the world.

Owner earnings 2016–2025 $261M$191M$191M$167M$83M$181M$176M$203M$223M$219M

Retained capital Retained $733M of earnings over 2016–2025; annual owner earnings grew $448K, $0.00 per $1 retained.

Balance sheet Meaningful net debt, $896M · dividend paid 10 of 10 yrs, cut at least once

BE Bloom Energy Corporation

ITEM 1—BUSINESS Overview Description of Bloom Energy Bloom Energy is a global leader in onsite power generation, delivering a foundational platform purpose-built for the digital era and the global energy transition.

Owner earnings 2016–2025 ($292M)($153M)($137M)$113M($137M)($110M)($253M)($435M)$33M$57M

Retained capital not read

Balance sheet Modest net debt, $59M

BLDP Ballard Power Systems Inc.

Revenue is led by Bus (50%) and Rail (26%), with 4 more lines behind.

Owner earnings 2016–2025 ($7M)($13M)($42M)($28M)($56M)($94M)($166M)($146M)($134M)($66M)

Retained capital not read

Balance sheet Net cash, debt-free, +$527M

CBAT CBAK Energy Technology Inc.

We are a manufacturer of new energy high power lithium and sodium batteries that are mainly used in light electric vehicles, electric vehicles, energy storage such as residential energy supply & uninterruptible power supply application, and other high-power applications.

Owner earnings 2016–2025 ($15M)$5M$6M($24M)($8M)($8M)$7M$37M$32M$39M

Retained capital Paid out $16M more than it earned over 2016–2025; annual owner earnings grew $37M.

Balance sheet Net cash, +$28M

EMR Emerson Electric Company

Emerson is an industrial automation company. It sells the control systems, measuring instruments, valves, and software that run process plants — refineries, chemical works, power stations, food and life-sciences lines — and the factories that turn out discrete goods, then earns again on the parts, service, and software those installed systems need to keep running. The customer is the plant owner who wants production to stay safe, accurate, and uninterrupted.

Owner earnings 2012–2025 $2.4B$1.4B$2.3B$2.4B$2.5B$3.2B$2.6B$274M$2.9B$2.7B

Retained capital Retained $11.9B of earnings over 2012–2025; annual owner earnings fell $82M, $-0.01 per $1 retained.

Balance sheet Meaningful net debt, $7.3B · buybacks at an average near $74.68 · dividend paid 10 of 10 yrs, never cut

ENS EnerSys

EnerSys is a world leader in stored energy solutions for industrial applications.

Owner earnings 2017–2026 $196M$157M$127M$152M$288M($140M)$191M$371M$139M$468M

Retained capital Retained $638M of earnings over 2017–2026; annual owner earnings grew $166M, $0.26 per $1 retained.

Balance sheet Modest net debt, $649M · buybacks at an average near $88.39 · dividend paid 10 of 10 yrs, never cut

ENVX Enovix Corporation

Enovix Corporation is a global high-performance battery company focused on designing, developing, manufacturing, and commercializing advanced Lithium-ion, or Li-ion, batteries, including proprietary silicon-anode architectures, for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications.

Owner earnings 2020–2025 ($21M)($53M)($139M)($154M)($114M)

Retained capital not read

Balance sheet Net debt against an operating loss, $7M

EOSE Eos Energy Enterprises Inc.

Historically, most energy storage deployments have relied on short duration systems capable of providing less than four hours of power.

Owner earnings 2019–2025 ($26M)($28M)($119M)($204M)($155M)($162M)($225M)

Retained capital not read

Balance sheet Net debt against an operating loss, $245M

ESE ESCO Technologies Inc.

Revenue is A&D (44%), USG (35%) and Test (22%).

Owner earnings 2016–2025 $60M$38M$78M$81M$50M$96M$103M$57M$99M$206M

Retained capital Retained $884M of earnings over 2016–2025; annual owner earnings grew $62M, $0.07 per $1 retained.

Balance sheet Modest net debt, $85M · buybacks at an average near $74.55 · dividend paid 10 of 10 yrs, never cut

ETN Eaton Corporation PLC

Eaton makes the gear that moves, controls, and protects electric power — circuit breakers and the broader electrical equipment, systems, and services that go with them — sold to the people who build and run data centers, utilities, factories, commercial buildings, homes, aircraft, and vehicles. The largest share of sales comes from electrical products in the Americas, with the rest of the world and a few smaller lines behind. It earns its keep by manufacturing this equipment and selling the systems and services built around it.

Owner earnings 2016–2025 $2.1B$2.1B$2.1B$2.9B$2.6B$1.6B$1.9B$2.9B$3.5B$3.6B

Retained capital Retained $3.5B of earnings over 2016–2025; annual owner earnings grew $1.2B, $0.35 per $1 retained.

Balance sheet Meaningful net debt, $9.1B · buybacks at an average near $93.69 · dividend paid 10 of 10 yrs, never cut

FCEL FuelCell Energy Inc.

FuelCell Energy is a clean energy technology company and a stationary fuel cell manufacturer with 22 years of operating experience in this field.

Owner earnings 2016–2025 ($51M)($76M)$6M($33M)($37M)($77M)($133M)($166M)($189M)($144M)

Retained capital not read

Balance sheet Net cash, +$268M

FELE Franklin Electric

Named after America's pioneer electrical engineer, Benjamin Franklin, Franklin Electric manufactured the first water-lubricated submersible motor for water systems and the first submersible motor for fueling systems.

Owner earnings 2016–2025 $76M$33M$106M$156M$189M$100M$60M$274M$220M$194M

Retained capital Retained $580M of earnings over 2016–2025; annual owner earnings grew $157M, $0.27 per $1 retained.

Balance sheet Modest net debt, $109M · buybacks at an average near $86.43 · dividend paid 10 of 10 yrs, never cut

FLNC Fluence Energy Inc.

Fluence is a global market leader delivering intelligent energy storage and optimization software for renewables and storage.

Owner earnings 2020–2025 ($16M)($270M)($290M)($115M)$72M($160M)

Retained capital not read

Balance sheet Net cash, +$300M

GEV GE Vernova Inc.

GE Vernova is the power business carved out of General Electric. It makes the heavy equipment that generates electricity and moves it — gas turbines, steam and nuclear equipment, the grid and electrification hardware that carries power to where it is used, and wind turbines. The customers are utilities, governments, and power producers, and the sales are large, long-cycle projects. Much of the lasting profit comes not from the first sale of a turbine but from the multi-decade contracts to service and supply parts for the machines already installed.

Owner earnings 2022–2025 ($627M)$442M$1.7B$3.7B

Retained capital Paid out $372M more than it earned over 2022–2025; annual owner earnings grew $1.4B.

Balance sheet Net cash, debt-free, +$8.8B · buybacks at an average near $404 · dividend paid 1 of 4 yrs, never cut

GNRC Generac

Generac is a leading global designer, manufacturer, and provider of a wide range of energy technology solutions.

Owner earnings 2016–2025 $211M$224M$200M$248M$424M$301M($28M)$393M$605M$268M

Retained capital Retained $1.5B of earnings over 2016–2025; annual owner earnings grew $210M, $0.14 per $1 retained.

Balance sheet Meaningful net debt, $941M · buybacks at an average near $127 · dividend paid 6 of 10 yrs, cut at least once

HUBB Hubbell

Hubbell Utility Solutions supports the electrical distribution, electrical substation, electrical transmission, gas distribution, telecommunications, utility meters & AMI, and grid protection and controls markets.

Owner earnings 2016–2025 $344M$299M$421M$505M$565M$424M$507M$715M$811M$875M

Retained capital Retained $3.2B of earnings over 2016–2025; annual owner earnings grew $446M, $0.14 per $1 retained.

Balance sheet Modest net debt, $1.8B · dividend paid 5 of 10 yrs, never cut

LYTS LSI Industries Inc.

LSI Industries Inc. is a leading producer of non-residential lighting and retail display solutions.

Owner earnings 2016–2025 $11M$15M$8M$9M$27M$26M($6M)$46M$38M$35M

Retained capital Retained $29M of earnings over 2016–2025; annual owner earnings grew $28M, $0.99 per $1 retained.

Balance sheet Modest net debt, $45M · dividend paid 10 of 10 yrs, never cut

MKDW MKDWELL Tech Inc. Ordinary Share

Our main products are intelligent camper vans control systems, LiDAR sensors, intelligent container control systems for logistics vehicles, vehicle seat control system, and we provide customers with ODM and OEM customized services.

Owner earnings 2022–2025 ($563K)($2M)($3M)($2M)

Retained capital not read

Balance sheet Net debt against an operating loss, $3M

MVST Microvast Holdings Inc.

Microvast Holdings Inc. is a global leader in advanced specialized battery technologies.

Owner earnings 2019–2025 ($7M)($3M)($133M)($205M)($262M)($25M)$56M

Retained capital not read

Balance sheet Modest net debt, $1M

NOVT Novanta Inc.

Novanta Inc. is a leading global supplier of core technology solutions that give medical, life science, and advanced industrial original equipment manufacturers a competitive advantage.

Owner earnings 2016–2025 $39M$54M$75M$53M$130M$75M$71M$100M$141M$48M

Retained capital Retained $459M of earnings over 2016–2025; annual owner earnings grew $40M, $0.09 per $1 retained.

Balance sheet Net cash, +$130M · buybacks at an average near $26.43

NOVTU Novanta Inc. Tangible Equity

Novanta Inc. is a leading global supplier of core technology solutions that give medical, life science, and advanced industrial original equipment manufacturers a competitive advantage.

Owner earnings 2016–2025 $39M$54M$75M$53M$130M$75M$71M$100M$141M$48M

Retained capital Retained $459M of earnings over 2016–2025; annual owner earnings grew $40M, $0.09 per $1 retained.

Balance sheet Net cash, +$130M · buybacks at an average near $26.43

NRGV Energy Vault Holdings Inc.

Energy Vault delivers a diversified portfolio of energy storage solutions to third parties, including proprietary gravity, battery, and green hydrogen-based technologies, supported by our technology-agnostic energy management software and integration capabilities.

Owner earnings 2021–2025 ($22M)($26M)($94M)($57M)($9M)

Retained capital not read

Balance sheet Net debt against an operating loss, $41M

NVX NOVONIX Ltd

NOVONIX Overview NOVONIX Limited is a leading battery technology company developing and scaling advanced materials and equipment critical to the lithium-ion battery supply chain.

Owner earnings 2020–2025 ($5M)($7M)($33M)($41M)($45M)($47M)

Retained capital not read

Balance sheet Modest net debt, $14M

OTIS Otis Worldwide Corporation Common Stock

Otis is t he world's leading elevator and escalator manufacturing, installation, service and modernization company.

Owner earnings 2018–2025 $1.4B$1.3B$1.3B$1.6B$1.4B$1.5B$1.4B$1.4B

Retained capital Retained $2.9B of earnings over 2018–2025; annual owner earnings grew $124M, $0.04 per $1 retained.

Balance sheet Meaningful net debt, $6.7B · buybacks at an average near $84.50 · dividend paid 6 of 8 yrs, never cut

PCLA PicoCELA Inc.

Revenue is led by Products (47%) and Product Related Party (35%), with 2 more lines behind.

Owner earnings 2022–2025 (¥119M)(¥760M)(¥262M)(¥572M)

Retained capital not read

Balance sheet Net cash, +¥263M

PLUG Plug Power Inc.

Plug intends to deliver its hydrogen solutions directly to its customers, and through joint venture partners into multiple environments, including material handling, supply chain and logistics, e-mobility, stationary power generation and industrial applications.

Owner earnings 2016–2025 ($32M)($64M)($59M)($59M)($170M)($379M)($859M)($1.2B)($790M)($573M)

Retained capital not read

Balance sheet Net debt against an operating loss, $52M

POWL Powell Industries Inc.

Powell Industries, Inc. is a Delaware corporation founded by William E.

Owner earnings 2016–2025 $72M$33M($33M)$65M$67M($33M)($6M)$175M$102M$161M

Retained capital Retained $299M of earnings over 2016–2025; annual owner earnings grew $122M, $0.41 per $1 retained.

Balance sheet Net cash, +$473M · dividend paid 10 of 10 yrs, never cut

RUN Sunrun Inc.

Sunrun is the nation's leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs.

Owner earnings 2016–2024 ($213M)($104M)($67M)($230M)($321M)($826M)($867M)($842M)($768M)

Retained capital not read

Balance sheet Net debt against an operating loss, $13.5B

SES SES AI Corporation

We are a leading developer and manufacturer of high-performance, AI-enhanced Lithium-Metal and Lithium-ion rechargeable battery technologies and battery materials for Energy Storage Systems, Urban Air Mobility, drones, robotics, electric vehicles, and other applications.

Owner earnings 2024–2025 ($74M)($61M)

Retained capital not read

Balance sheet Net cash, debt-free, +$30M

SLDP Solid Power Inc.

Solid Power is a U.S.-based leader in solid-state battery technology and manufacturing processes.

Owner earnings 2020–2025 ($11M)($28M)($39M)($70M)($80M)($84M)

Retained capital not read

Balance sheet Net cash, +$247M

SPB Spectrum Brands Holdings

Spectrum Brands Holdings manufactures, markets and distributes its products globally across regions including the North America, Europe, Middle East & Africa, Latin America and Asia-Pacific regions through a variety of trade channels, including retailers, wholesalers and distributors.

Owner earnings 2016–2025 $852M$758M$267M($39M)$246M$245M($118M)($469M)$119M$165M

Retained capital Retained $1.3B of earnings over 2016–2025; annual owner earnings fell $688M, $-0.53 per $1 retained.

Balance sheet Heavy net debt, $5.7B · buybacks at an average near $60.90 · dividend paid 10 of 10 yrs, cut at least once

UCAR U Power Limited

We generally determine standalone selling prices based on the prices charged to customers.

Owner earnings 2020–2025 (CN¥23M)(CN¥84M)(CN¥15M)(CN¥66M)(CN¥73M)(CN¥70M)

Retained capital not read

Balance sheet Net debt against an operating loss, CN¥7M

WBX Wallbox N.V.

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 2019–2024 (€6M)(€14M)(€78M)(€155M)(€76M)(€60M)

Retained capital not read

Balance sheet Net debt against an operating loss, €149M

WTO UTime Limited

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 2019–2024 (CN¥20M)(CN¥20M)(CN¥27M)(CN¥27M)(CN¥375M)

Retained capital not read

Balance sheet Net cash, +CN¥287M

WWD Woodward

We are an independent designer, manufacturer, and services provider of control solutions for the aerospace and industrial markets.

Owner earnings 2016–2025 $366M$215M$172M$292M$302M$427M$141M$232M$343M$340M

Retained capital Retained $960M of earnings over 2016–2025; annual owner earnings grew $54M, $0.06 per $1 retained.

Balance sheet Modest net debt, $252M

XCH XCHG Limited American Depositary Share

We are a Cayman Islands exempted company and our affairs are governed by our memorandum and articles of association, as amended and restated from time to time, and the Cayman Islands Companies Act, and the common law of the Cayman Islands.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$11M