Electronic Components & Instruments

4901 Fujifilm Holdings

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, ¥1.11T

5214 Nippon Electric Glass

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 not read

Retained capital not read

Balance sheet Net cash, +¥22.9B

5333 NGK Insulators

Revenue is Environment (60%), Digital Society (31%) and Energy and Industry (10%).

Owner earnings 2017–2026 ¥53.6B¥20.2B¥25.5B¥13.6B¥34.8B¥59.6B¥57.7B¥56.3B¥54.9B¥84.8B

Retained capital Retained ¥225.9B of earnings over 2017–2026; annual owner earnings grew ¥32.2B, ¥0.14 per ¥1 retained.

Balance sheet Net cash, +¥79.8B · dividend paid 10 of 10 yrs, cut at least once

6479 MinebeaMitsumi

Revenue is led by Semiconductor and Electronics (36%) and Motor Lighting and Sensing Reporatble Segmrnts (28%), with 2 more segments behind.

Owner earnings 2017–2026 ¥53.5B¥61.7B¥64.3B¥39.2B¥49.6B¥33.2B(¥8.9B)¥43.4B¥51.2B¥15.5B

Retained capital Retained ¥390.4B of earnings over 2017–2026; annual owner earnings fell ¥23.1B, ¥-0.06 per ¥1 retained.

Balance sheet Meaningful net debt, ¥255.0B · dividend paid 10 of 10 yrs, never cut

6645 Omron

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 Net debt, ¥110.7B

6762 TDK

Revenue is led by Energy Application Products (55%) and Passive Components (24%), with 2 more segments behind.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +¥226.8B

6770 Alps Alpine

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 ¥516M¥34.4B¥20.3B¥54.6B¥11.2B(¥4.9B)(¥28.4B)¥41.8B¥22.8B¥62.0B

Retained capital Retained ¥38.4B of earnings over 2017–2026; annual owner earnings grew ¥23.8B, ¥0.62 per ¥1 retained.

Balance sheet Net cash, +¥46.7B · dividend paid 10 of 10 yrs, cut at least once

6841 Yokogawa Electric

Revenue is Industrial Automation and Control (94%) and Test and Measurement (6%).

Owner earnings 2017–2026 ¥32.8B¥25.4B¥13.5B¥21.2B¥24.2B¥43.4B¥31.8B¥55.1B¥88.2B¥74.8B

Retained capital Retained ¥210.2B of earnings over 2017–2026; annual owner earnings grew ¥48.8B, ¥0.23 per ¥1 retained.

Balance sheet Net cash, +¥150.3B · dividend paid 10 of 10 yrs, never cut

6861 Keyence

Keyence makes the sensing and inspection gear that runs inside factories — sensors, machine-vision systems, measuring instruments, code readers, laser markers and microscopes — and sells it to manufacturers across most industries. It designs the products but farms out the actual making to other firms, and it sells direct to the engineers who use the gear rather than through distributors. The money comes from supplying many small, high-value pieces of equipment to a very large, scattered base of plants.

Owner earnings 2017–2026 ¥118.9B¥198.4B¥202.0B¥195.2B¥188.3B¥265.3B¥291.1B¥375.4B¥395.2B¥413.5B

Retained capital Retained ¥2.35T of earnings over 2017–2026; annual owner earnings grew ¥221.6B, ¥0.09 per ¥1 retained.

Balance sheet Net cash, debt-free, +¥1.35T · dividend paid 10 of 10 yrs, never cut

6971 Kyocera

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 ¥74.7B¥156.1B¥107.5B¥98.0B¥67.5B¥2.6B¥121.4B¥83.3B¥67.1B

Retained capital Retained ¥44.1B of earnings over 2018–2026; annual owner earnings fell ¥22.2B.

Balance sheet Net cash, +¥368.2B · dividend paid 9 of 9 yrs, cut at least once

6976 Taiyo Yuden

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 Modest net debt, ¥28.9B

6981 Murata Manufacturing

Murata makes the small passive components that sit inside almost every electronic device — above all the multilayer ceramic capacitors that store and steady electric charge, along with filters, inductors and related parts. It supplies these in vast volume to the firms that build smartphones, cars, computers and industrial gear, earning its keep as a high-volume maker of pieces that cost very little each but are needed in great number. The work is capital-intensive: the money goes into ceramic process know-how and the plants that turn it into parts at scale.

Owner earnings 2023–2026 ¥87.7B¥313.8B¥269.0B¥247.0B

Retained capital Retained ¥233.7B of earnings over 2023–2026; annual owner earnings grew ¥53.1B, ¥0.23 per ¥1 retained.

Balance sheet Net cash, +¥601.2B · dividend paid 4 of 4 yrs, never cut

AEIS Advanced Energy Industries Inc.

Advanced Energy provides highly engineered, critical, precision power conversion, measurement, and control solutions to our global customers.

Owner earnings 2016–2025 $112M$174M$138M$23M$165M$111M$125M$148M$74M$171M

Retained capital Retained $887M of earnings over 2016–2025; annual owner earnings fell $10M, $-0.01 per $1 retained.

Balance sheet Meaningful net debt, $342M · buybacks at an average near $72.27 · dividend paid 5 of 10 yrs, never cut

ALNT Allient Inc.

We are a global company that designs, manufactures and sells precision and specialty controlled motion components and systems used in a broad range of industries.

Owner earnings 2016–2025 $9M$19M$3M$20M$15M$12M($10M)$33M$32M$50M

Retained capital Retained $150M of earnings over 2016–2025; annual owner earnings grew $28M, $0.19 per $1 retained.

Balance sheet Meaningful net debt, $140M · dividend paid 10 of 10 yrs, never cut

AME AMETEK Inc.

AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with operations in North America, Europe, Asia and South America.

Owner earnings 2016–2025 $694M$758M$843M$1.0B$1.2B$1.0B$1.0B$1.6B$1.7B$1.7B

Retained capital Retained $6.5B of earnings over 2016–2025; annual owner earnings grew $892M, $0.14 per $1 retained.

Balance sheet Modest net debt, $1.8B · buybacks at an average near $91.02 · dividend paid 10 of 10 yrs, never cut

APH Amphenol Corporation

Amphenol Corporation is one of the world's largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products and coaxial, high-speed, fiber optic and specialty cable.

Owner earnings 2016–2025 $887M$918M$802M$1.2B$1.3B$1.2B$1.8B$2.2B$2.1B$4.4B

Retained capital Retained $6.8B of earnings over 2016–2025; annual owner earnings grew $2.0B, $0.30 per $1 retained.

Balance sheet Modest net debt, $4.1B · dividend paid 10 of 10 yrs, never cut

BELFA Bel Fuse Inc.

Bel Fuse Inc. designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits.

Owner earnings 2016–2025 $30M$18M($1M)$15M$41M($5M)$31M$96M$60M$69M

Retained capital Retained $151M of earnings over 2016–2025; annual owner earnings grew $59M, $0.39 per $1 retained.

Balance sheet Modest net debt, $140M · dividend paid 10 of 10 yrs

BELFB Bel Fuse Inc.

Bel Fuse Inc. designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits.

Owner earnings 2016–2025 $30M$18M($1M)$15M$41M($5M)$31M$96M$60M$69M

Retained capital Retained $151M of earnings over 2016–2025; annual owner earnings grew $59M, $0.39 per $1 retained.

Balance sheet Modest net debt, $140M · dividend paid 10 of 10 yrs

BHE Benchmark Electronics Inc.

Benchmark Electronics Inc. is a Texas corporation that provides design engineering and advanced manufacturing services that include both electronic manufacturing services and precision metal machining services.

Owner earnings 2016–2025 $243M$95M$14M$61M$86M($41M)($221M)$129M$158M$88M

Retained capital Paid out $346M more than it earned over 2016–2025; annual owner earnings grew $8M.

Balance sheet Net cash, +$111M · buybacks at an average near $26.31 · dividend paid 8 of 10 yrs, never cut

BMI Badger Meter

Badger Meter is a leading innovator, manufacturer and marketer of products incorporating flow measurement, quality, control and other system solutions serving markets worldwide.

Owner earnings 2016–2025 $46M$35M$52M$73M$81M$81M$77M$98M$142M$173M

Retained capital Retained $407M of earnings over 2016–2025; annual owner earnings grew $94M, $0.23 per $1 retained.

Balance sheet Net cash, debt-free, +$87M · buybacks at an average near $183 · dividend paid 10 of 10 yrs, never cut

CAMT Camtek Ltd.

Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry.

Owner earnings 2016–2025 ($19M)($487K)$15M$23M$23M$58M$54M$74M$112M$127M

Retained capital Retained $469M of earnings over 2016–2025; annual owner earnings grew $106M, $0.23 per $1 retained.

Balance sheet Net cash, +$253M

CGNX Cognex Corporation

Cognex sells to customers in nearly all major industries in which discrete items are manufactured on an assembly line or moved through a distribution center or warehouse.

Owner earnings 2016–2025 $169M$211M$205M$232M$229M$299M$237M$106M$134M$237M

Retained capital Paid out $159M more than it earned over 2016–2025; annual owner earnings fell $36M.

Balance sheet Net cash, debt-free, +$263M · dividend paid 10 of 10 yrs, cut at least once

CLMB Climb Global Solutions Inc.

Climb Global Solutions Inc. is a value added information technology distribution and solutions company.

Owner earnings 2016–2019 ($812K)($2M)$14M$3M

Retained capital Paid out $581K more than it earned over 2016–2019; annual owner earnings grew $1M.

Balance sheet Net cash, +$36M · dividend paid 4 of 4 yrs, never cut

CLS Celestica Inc.

Celestica is a technology leader with deep expertise in design, engineering, manufacturing, supply chain, and platform solutions.

Owner earnings 2022–2025 $102M$201M$303M$458M

Retained capital Retained $1.3B of earnings over 2022–2025; annual owner earnings grew $119M, $0.09 per $1 retained.

Balance sheet Modest net debt, $181M · buybacks at an average near $35.77

CNXN PC Connection Inc.

We are a Fortune 1000 Global Solutions Provider that simplifies IT, guiding the connection between people and technology.

Owner earnings 2016–2025 $22M$8M$188M$166M$58M

Retained capital Retained $211M of earnings over 2016–2025; annual owner earnings grew $65M, $0.31 per $1 retained.

Balance sheet Net cash, debt-free, +$407M · dividend paid 5 of 5 yrs, never cut

COHR Coherent Corp.

Our revenue growth in these portions of the Industrial market is a result of our focus on higher demand applications within the Industrial market, including display and semiconductor capital equipment.

Owner earnings 2016–2025 $65M$55M$80M$86M$160M$428M$99M$198M$199M$193M

Retained capital Retained $396M of earnings over 2016–2025; annual owner earnings grew $130M, $0.33 per $1 retained.

Balance sheet Heavy net debt, $2.8B · buybacks at an average near $18.37

COHU Cohu Inc

Cohu's differentiated and broad product portfolio enables optimized yield and productivity, accelerating customers' manufacturing time-to-market.

Owner earnings 2016–2025 $21M$34M$29M($731K)$31M$86M$98M$85M($8M)$11M

Retained capital Paid out $83M more than it earned over 2016–2025; annual owner earnings grew $1M.

Balance sheet Net cash, +$188M · buybacks at an average near $29.16 · dividend paid 5 of 10 yrs, cut at least once

CTS CTS Corporation

CTS Corporation is a global manufacturer of sensors, connectivity components, and actuators.

Owner earnings 2016–2025 $27M$40M$36M$43M$62M$71M$107M$74M$80M$86M

Retained capital Retained $115M of earnings over 2016–2025; annual owner earnings grew $46M, $0.40 per $1 retained.

Balance sheet Net cash, +$7M · buybacks at an average near $38.48 · dividend paid 10 of 10 yrs, never cut

DAKT Daktronics Inc.

Daktronics designs, manufactures, and sells electronic display systems and related solutions used in sports, commercial, and transportation applications.

Owner earnings 2017–2026 $31M$12M$12M($7M)$58M($42M)($2M)$46M$78M$34M

Retained capital Paid out $10M more than it earned over 2017–2026; annual owner earnings grew $34M.

Balance sheet Net cash, +$118M · buybacks at an average near $12.02 · dividend paid 4 of 10 yrs, cut at least once

DHR Danaher Corporation

Danaher is a science and technology company whose instruments, reagents, consumables, and services are used in life sciences research, diagnostics, and the manufacture of biotechnology and pharmaceutical products. Its customers are laboratories, hospitals, and drug makers, most of them outside the United States. It earns more from the supplies and service that keep installed instruments running than from the machines themselves, and it has assembled its businesses largely by acquiring companies and running them on a single operating playbook of its own.

Owner earnings 2016–2025 $2.9B$2.9B$3.4B$3.3B$5.4B$7.1B$7.4B$5.8B$6.0B$5.7B

Retained capital Retained $24.8B of earnings over 2016–2025; annual owner earnings grew $2.7B, $0.11 per $1 retained.

Balance sheet Meaningful net debt, $13.8B · dividend paid 10 of 10 yrs, never cut

ELTK Eltek Ltd.

A semiconductor business, riding a brutal capacity cycle on the edge of Moore's Law.

Owner earnings 2016–2025 ($543K)($4M)($1M)$2M$2M$2M$2M$8M$3M($958K)

Retained capital Retained $10M of earnings over 2016–2025; annual owner earnings grew $5M, $0.49 per $1 retained.

Balance sheet Net cash, debt-free, +$2M · dividend paid 3 of 10 yrs, cut at least once

FEIM Frequency Electronics Inc.

The Company's present mission is to be the world leader in providing precision time and low phase noise frequency generation systems, from 1 Hz to 46 GHz for space and other challenging environments.

Owner earnings 2017–2026 $1M$3M($3M)($3M)$11M$2M$257K$7M($3M)($611K)

Retained capital Paid out $47M more than it earned over 2017–2026; annual owner earnings grew $623K.

Balance sheet Net debt against an operating loss, $4M · dividend paid 2 of 10 yrs, cut at least once

FLEX Flex Ltd.

Flex is the advanced, end-to-end manufacturing partner of choice that helps a diverse customer base design, build, deliver and manage products that improve the world.

Owner earnings 2017–2026 ($4.3B)($4.4B)($3.7B)($2.0B)($207M)$581M$315M$796M$1.1B$1.1B

Retained capital not read

Balance sheet Modest net debt, $1.4B

FTV Fortive Corp.

Our businesses design, develop, manufacture, and market products, software, and services, building upon leading brand names, innovative technologies, and strong market positions.

Owner earnings 2016–2025 $1.0B$1.1B$1.3B$1.2B$1.4B$911M$1.2B$1.3B$1.4B$978M

Retained capital Retained $6.5B of earnings over 2016–2025; annual owner earnings grew $109M, $0.02 per $1 retained.

Balance sheet Meaningful net debt, $2.8B · buybacks at an average near $60.67 · dividend paid 10 of 10 yrs, cut at least once

GLW Corning Incorporated

Corning's markets include optical communications, display, mobile consumer electronics, automotive, life sciences, semiconductors and solar.

Owner earnings 2018–2025 $1.7B$641M$803M$1.8B$1.0B$615M$974M$1.4B

Retained capital Retained $4.3B of earnings over 2018–2025; annual owner earnings fell $54M, $-0.01 per $1 retained.

Balance sheet Meaningful net debt, $6.9B · buybacks at an average near $30.32

INGM Ingram Micro Holding Corporation

Ingram Micro is a leading solutions provider by revenue and/or by global footprint for the global information technology ecosystem helping power the world's leading technology brands.

Owner earnings 2022–2025 ($497M)($143M)$191M$785M

Retained capital Retained $1.5B of earnings over 2022–2025; annual owner earnings grew $427M, $0.29 per $1 retained.

Balance sheet Modest net debt, $1.3B · dividend paid 4 of 4 yrs, cut at least once

ITRI Itron Inc.

Itron is a global leader in grid edge intelligence, energy and water management, smart city applications, Industrial Internet of Things and critical infrastructure and related services.

Owner earnings 2016–2025 $72M$142M$50M$112M$63M$120M$5M$98M$208M$383M

Retained capital Retained $277M of earnings over 2016–2025; annual owner earnings grew $142M, $0.51 per $1 retained.

Balance sheet Modest net debt, $228M · buybacks at an average near $53.49

JBL Jabil Inc.

Jabil is one of the leading providers of engineering, manufacturing, and supply chain solutions.

Owner earnings 2016–2025 $219M($2.2B)($1.9B)$421M$274M$557M$726M$704M$932M$1.2B

Retained capital Paid out $1.7B more than it earned over 2016–2025; annual owner earnings grew $2.2B.

Balance sheet Modest net debt, $952M · buybacks at an average near $144 · dividend paid 10 of 10 yrs, never cut

KE Kimball Electronics Inc.

We deliver a package of value that includes durable, high-reliability electronics, higher level and final assemblies, and contract manufacturing organization solutions.

Owner earnings 2017–2025 $23M$14M($31M)$34M$92M($113M)($46M)$27M$151M

Retained capital Retained $191M of earnings over 2017–2025; annual owner earnings grew $42M, $0.22 per $1 retained.

Balance sheet Modest net debt, $58M · buybacks at an average near $16.76

KEYS Keysight Technologies Inc.

Keysight is a technology-driven company, investing in R&D to align our business with available markets and position the company for growth.

Owner earnings 2016–2025 $329M$256M$452M$878M$899M$1.2B$1.0B$1.3B$898M$1.3B

Retained capital Retained $2.6B of earnings over 2016–2025; annual owner earnings grew $810M, $0.31 per $1 retained.

Balance sheet Modest net debt, $661M · buybacks at an average near $123

KN Knowles Corporation

Knowles Corporation is focused on leveraging its unique technologies to design custom engineered solutions and then deliver them at scale for customers in high growth markets that value our solutions.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $60M

KODK Eastman Kodak Company Common New

Kodak is a global manufacturer focused on commercial print and advanced materials and chemicals.

Owner earnings 2012–2025 ($331M)($105M)($95M)($3M)($52M)($68M)($147M)$6M($63M)$446M

Retained capital not read

Balance sheet Net cash, +$34M

LFUS Littelfuse Inc.

Littelfuse is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world.

Owner earnings 2013–2025 $82M$134M$203M$257M$183M$202M$315M$371M$292M$366M

Retained capital Retained $663M of earnings over 2013–2025; annual owner earnings grew $203M, $0.31 per $1 retained.

Balance sheet Heavy net debt, $239M · buybacks at an average near $176 · dividend paid 10 of 10 yrs, never cut

LPL LG Display Co., Ltd.

LG Display makes the flat panels that go inside other companies' products — the screens used in televisions, monitors, laptops, phones and tablets. It sells these panels to electronics manufacturers, including its affiliate LG Electronics, which fit them into finished goods. The money comes from building panels in large fabrication plants and shipping them in volume, so earnings turn on the price each panel fetches and the cost to make it.

Owner earnings 2015–2024 ₩361.6B(₩95.0B)₩171.8B(₩3.46T)(₩4.22T)(₩316.6B)₩2.61T(₩2.07T)(₩1.80T)₩282.0B

Retained capital Paid out ₩7.59T more than it earned over 2015–2024; annual owner earnings fell ₩1.34T.

Balance sheet Meaningful net debt, ₩6.15T · dividend paid 5 of 10 yrs, never cut

MEI Methode Electronics Inc.

We are a leading global supplier of custom engineered solutions with sales, engineering, and manufacturing locations in North America, Europe, the Middle East, and Asia.

Owner earnings 2017–2026 $123M$90M$52M$96M$155M$61M$91M($3M)($15M)$16M

Retained capital Retained $134M of earnings over 2017–2026; annual owner earnings fell $89M, $-0.67 per $1 retained.

Balance sheet Heavy net debt, $185M · buybacks at an average near $37.66 · dividend paid 10 of 10 yrs, cut at least once

MIR Mirion Technologies Inc.

Mirion, we deliver vital protection that unlocks the transformative potential of radiation to move science, industry and medicine forward.

Owner earnings 2019–2025 ($2M)$20M$30M$5M$58M$50M$107M

Retained capital Paid out $830M more than it earned over 2019–2025; annual owner earnings grew $56M.

Balance sheet Heavy net debt, $342M

MKSI MKS Instruments

We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications.

Owner earnings 2016–2025 $161M$324M$351M$181M$428M$553M$365M$232M$410M$497M

Retained capital Retained $253M of earnings over 2016–2025; annual owner earnings grew $101M, $0.40 per $1 retained.

Balance sheet Heavy net debt, $3.7B · buybacks at an average near $89.19 · dividend paid 10 of 10 yrs, never cut

MLAB Mesa Laboratories Inc.

We are a global leader in the design and manufacture of life sciences tools and critical quality control solutions for regulated applications in the pharmaceutical, healthcare and medical device industries.

Owner earnings 2018–2026 $23M$29M$25M$35M$35M$23M$42M$43M$40M

Retained capital Paid out $265M more than it earned over 2018–2026; annual owner earnings grew $15M.

Balance sheet Meaningful net debt, $43M · dividend paid 9 of 9 yrs, never cut

MPTI M-tron Industries Inc.

Tron Industries, Inc. is engaged in the designing, manufacturing and marketing of highly engineered, high reliability frequency and spectrum control products used to control the frequency or timing of signals in electronic circuits in various applications.

Owner earnings 2021–2025 $2M$1M$4M$7M$10M

Retained capital Retained $23M of earnings over 2021–2025; annual owner earnings grew $4M, $0.18 per $1 retained.

Balance sheet Net cash, +$21M

NNDM Nano Dimension Ltd.

We do this through innovating and providing industrial manufacturing solutions that are at the pinnacle of multi-disciplinary technology - combining hardware, software, and materials science.

Owner earnings 2023–2025 ($71M)($21M)($71M)

Retained capital not read

Balance sheet Net cash, debt-free, +$205M

NVMI Nova Ltd.

Nova is a leading innovator and key provider of metrology solutions for advanced process control used in semiconductor manufacturing.

Owner earnings 2016–2025 ($7M)$58M$33M$35M$54M$127M$111M$113M$224M$232M

Retained capital Retained $894M of earnings over 2016–2025; annual owner earnings grew $162M, $0.18 per $1 retained.

Balance sheet Net cash, debt-free, +$436M

OLED Universal Display Corporation

Revenue is Material sales (54%), Royalty and license fees (42%) and Contract research services (3%).

Owner earnings 2016–2025 $76M$128M$113M$181M$134M$171M$102M$127M$228M$182M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $73M, $0.06 per $1 retained.

Balance sheet Net cash, +$601M · buybacks at an average near $114 · dividend paid 9 of 10 yrs, cut at least once

OPTX Syntec Optics Holdings Inc.

Syntec Optics goal is to deliver impactful solutions for optics and photonics enabled solutions globally.

Owner earnings 2022–2025 $687K$871K($2M)$28K

Retained capital Paid out $3M more than it earned over 2022–2025; annual owner earnings fell $220K.

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

PI Impinj Inc.

We design and sell a platform that enables that wireless item-to-cloud connectivity and with which we and our partners innovate IoT solutions.

Owner earnings 2016–2025 ($13M)($40M)($16M)$2M($20M)$2M($5M)($63M)$115M$46M

Retained capital Paid out $218M more than it earned over 2016–2025; annual owner earnings grew $56M.

Balance sheet Net debt against an operating loss, $106M

PLUS ePlus inc.

EPlus inc. is a leading provider of technology solutions across the IT spectrum spanning AI, cloud, data center, security, networking, and collaboration, to domestic and foreign organizations across all industry segments.

Owner earnings 2024–2026 $241M$297M($121M)

Retained capital not read

Balance sheet Net cash, +$372M

PLXS Plexus Corp.

Plexus Corp. design and Development Using standard tools and processes throughout our six design centers worldwide, we leverage the latest technology and state-of-the-art design automation methodologies to provide comprehensive new product development and product commercialization solutions.

Owner earnings 2014–2025 $41M$133M$19M$63M$160M$85M($89M)$96M$341M$154M

Retained capital Retained $394M of earnings over 2014–2025; annual owner earnings grew $133M, $0.34 per $1 retained.

Balance sheet Net cash, +$18M

PN Skycorp Solar Group Limited

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

Owner earnings 2023–2025 $246K$1M$2M

Retained capital not read

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

RAL Ralliant Corporation

Ralliant Corporation is a global technology company with businesses that design, develop, manufacture, and service precision instruments and highly engineered products.

Owner earnings 2023–2025 $433M$420M$358M

Retained capital not read

Balance sheet Net debt against an operating loss, $830M

ROK Rockwell Automation Inc.

Rockwell Automation Inc. is the world's largest company dedicated to industrial automation and digital transformation.

Owner earnings 2016–2025 $830M$892M$1.2B$1.0B$1.0B$1.1B$682M$1.2B$639M$1.4B

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $104M.

Balance sheet Modest net debt, $2.1B · buybacks at an average near $185 · dividend paid 10 of 10 yrs, never cut

ROP Roper Technologies Inc.

Roper Technologies Inc. is a diversified technology company.

Owner earnings 2016–2018 $927M$1.2B$1.4B

Retained capital not read

Balance sheet Heavy net debt, $9.1B

SANM Sanmina Corporation

Sanmina Corporation is a leading global provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services.

Owner earnings 2016–2025 $270M$139M$38M$248M$235M$265M$222M$117M$229M$473M

Retained capital Retained $711M of earnings over 2016–2025; annual owner earnings grew $124M, $0.17 per $1 retained.

Balance sheet Net cash, +$626M

SCSC ScanSource

ScanSource is a leading technology distributor connecting devices to the cloud and accelerating growth for channel sales partners across hardware, software as a service, connectivity and cloud services.

Owner earnings 2016–2025 $40M$86M$18M($33M)$176M$114M($131M)($46M)$363M$104M

Retained capital Retained $49M of earnings over 2016–2025; annual owner earnings grew $92M, $1.89 per $1 retained.

Balance sheet Modest net debt, $10M

SNX TD SYNNEX Corporation

We are a Fortune 100 corporation and a leading global distributor and solutions aggregator for the information technology ecosystem.

Owner earnings 2016–2025 $201M$79M($25M)$412M$1.8B$770M($115M)$1.3B$1.0B$1.4B

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.52 per $1 retained.

Balance sheet Modest net debt, $2.2B · buybacks at an average near $111 · dividend paid 10 of 10 yrs, cut at least once

ST Sensata Technologies Holding plc

We are a global industrial technology company that strives to help our customers and partners safely deliver a cleaner, more efficient, electrified, and connected world.

Owner earnings 2016–2025 $391M$413M$461M$458M$453M$410M$311M$272M$393M$490M

Retained capital Retained $879M of earnings over 2016–2025; annual owner earnings fell $37M, $-0.04 per $1 retained.

Balance sheet Heavy net debt, $2.3B · buybacks at an average near $52.76 · dividend paid 4 of 10 yrs, never cut

TER Teradyne Inc.

We are a leading global provider of automated test equipment and robotics products.

Owner earnings 2016–2025 $370M$521M$363M$444M$742M$966M$467M$474M$552M$546M

Retained capital Retained $129M of earnings over 2016–2025; annual owner earnings grew $107M.

Balance sheet Net cash, +$629M · dividend paid 10 of 10 yrs, never cut

TMO Thermo Fisher Scientific Inc

Thermo Fisher supplies the tools and materials that scientific work runs on — instruments, reagents, consumables, and lab equipment, plus the services that go with them — selling to drug and biotech companies, hospitals and diagnostic labs, and academic and government researchers. A large share of what it sells is the recurring supplies and services consumed in everyday lab work, not just the one-time hardware, so the same customers buy from it again and again. It also runs services that help pharmaceutical clients develop and manufacture their products, and it has assembled much of its breadth by buying other companies.

Owner earnings 2016–2025 $2.8B$3.5B$3.8B$4.4B$7.6B$8.5B$8.2B$7.3B$7.3B$6.8B

Retained capital Retained $26.5B of earnings over 2016–2025; annual owner earnings grew $3.8B, $0.14 per $1 retained.

Balance sheet Heavy net debt, $32.6B · dividend paid 10 of 10 yrs, never cut

TRMB Trimble Inc.

Trimble is a leading technology solutions and platform provider, enabling office professionals and field workers to connect their workflows and industry lifecycles, driving a more productive, efficient, and sustainable future.

Owner earnings 2015–2026 $374M$405M$395M$451M$546M$704M$348M$555M$498M$361M

Retained capital Retained $2.0B of earnings over 2015–2026; annual owner earnings grew $80M, $0.04 per $1 retained.

Balance sheet Meaningful net debt, $1.7B · buybacks at an average near $59.62

TRNS Transcat Inc.

Transcat Inc. is a leading provider of accredited calibration, reliability, maintenance optimization, quality and compliance, validation, Computerized Maintenance Management System, and pipette services.

Owner earnings 2017–2026 $2M$4M$6M$5M$17M$7M$8M$19M$26M$20M

Retained capital Retained $67M of earnings over 2017–2026; annual owner earnings grew $18M, $0.26 per $1 retained.

Balance sheet Heavy net debt, $95M · buybacks at an average near $35.81

TTMI TTM Technologies Inc.

We are a leading global manufacturer of technology products, including mission systems, RF components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates.

Owner earnings 2017–2025 $213M$182M$219M$184M$95M$170M$88M$182M

Retained capital Retained $593M of earnings over 2017–2025; annual owner earnings fell $58M, $-0.10 per $1 retained.

Balance sheet Modest net debt, $416M · buybacks at an average near $14.02

VICR Vicor Corporation

We design, develop, manufacture, and market modular power components and power systems for converting electrical power.

Owner earnings 2016–2025 ($8M)($11M)$27M$10M$24M$43M$9M$57M$32M$119M

Retained capital Retained $282M of earnings over 2016–2025; annual owner earnings grew $67M, $0.24 per $1 retained.

Balance sheet Net cash, debt-free, +$403M

VLTO Veralto Corp Common Stock

Veralto is headquartered in Waltham, Massachusetts with a workforce of nearly 17,000 employees as of December 31, 2025, of whom approximately 6,500 were employed in North America, 5,000 were employed in Western Europe, 500 were employed in other developed markets and 5,000 were employed in high-growth markets.

Owner earnings 2021–2025 $842M$836M$909M$820M$1.0B

Retained capital Retained $4.1B of earnings over 2021–2025; annual owner earnings grew $52M, $0.01 per $1 retained.

Balance sheet Modest net debt, $642M · dividend paid 2 of 5 yrs, never cut

VNT Vontier Corporation Common Stock

Vontier Corporation is a global industrial technology company uniting productivity, automation and multi-energy technologies to meet the needs of a rapidly evolving, more connected mobility ecosystem.

Owner earnings 2018–2025 $379M$507M$656M$433M$280M$411M$380M$460M

Retained capital Retained $2.2B of earnings over 2018–2025; annual owner earnings fell $97M, $-0.04 per $1 retained.

Balance sheet Meaningful net debt, $1.6B · dividend paid 5 of 8 yrs, never cut

VPG Vishay Precision Group Inc.

Vishay Precision Group Inc. is a global leader in precision measurement and sensing technologies that help power the future by bridging the physical world with the digital one.

Owner earnings 2016–2025 $1M$13M$22M$20M$23M$16M$18M$31M$11M$6M

Retained capital Retained $158M of earnings over 2016–2025; annual owner earnings grew $4M, $0.03 per $1 retained.

Balance sheet Net cash, +$67M · buybacks at an average near $31.70

VREX Varex Imaging Corporation

Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, linear accelerators, image software processing solutions, and stand-alone X-ray based systems in select application areas.

Owner earnings 2016–2025 $64M$55M$65M$52M($10M)$78M($4M)$88M$26M$19M

Retained capital Retained $81M of earnings over 2016–2025; annual owner earnings fell $17M, $-0.21 per $1 retained.

Balance sheet Net debt against an operating loss, $212M

VRT Vertiv Holdings LLC

Vertiv is a global leader in critical digital infrastructure for applications in data centers, communication networks, and commercial and industrial environments.

Owner earnings 2018–2025 ($287M)$10M$165M$138M($253M)$773M$1.2B$1.9B

Retained capital Retained $974M of earnings over 2018–2025; annual owner earnings grew $1.3B, $1.35 per $1 retained.

Balance sheet Modest net debt, $1.2B · dividend paid 6 of 8 yrs, never cut

VSH Vishay Intertechnology Inc.

Vishay Intertechnology Inc. manufactures one of the world's largest portfolios of discrete semiconductors and passive electronic components that support innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets.

Owner earnings 2016–2025 $162M$198M$97M$140M$191M$290M$320M$181M($37M)($89M)

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings fell $134M, $-0.10 per $1 retained.

Balance sheet Heavy net debt, $436M · buybacks at an average near $19.62