IT Services & Consulting

3697 SHIFT

Revenue is Software Testing Related Services (65%), Software Development Related Services (31%) and Other Proximate Services (8%).

Owner earnings 2016–2025 ¥60M¥310M¥1.1B¥920M¥1.9B¥4.4B¥6.7B¥9.6B¥7.7B¥14.3B

Retained capital Retained ¥25.6B of earnings over 2016–2025; annual owner earnings grew ¥10.0B, ¥0.39 per ¥1 retained.

Balance sheet Net cash, +¥11.6B

4307 Nomura Research Institute

Revenue is led by Financial IT Solutions (50%) and Industrial IT Solutions (34%), with 2 more segments behind.

Owner earnings 2017–2026 ¥47.6B¥56.6B¥50.8B¥107.9B¥77.0B¥91.3B¥106.8B¥134.8B¥123.5B¥141.8B

Retained capital Paid out ¥108.4B more than it earned over 2017–2026; annual owner earnings grew ¥81.7B.

Balance sheet Modest net debt, ¥103.5B · dividend paid 10 of 10 yrs, cut at least once

6532 BayCurrent

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2017–2026 ¥1.4B¥3.1B¥2.5B¥8.0B¥11.9B¥15.9B¥21.2B¥21.9B¥31.8B¥35.0B

Retained capital Retained ¥97.3B of earnings over 2017–2026; annual owner earnings grew ¥27.2B, ¥0.28 per ¥1 retained.

Balance sheet Net cash, +¥66.0B · dividend paid 9 of 10 yrs, never cut

6701 NEC

Revenue is IT Services (70%) and Social Infrastructure (26%).

Owner earnings 2018–2026 ¥86.7B¥15.3B¥189.0B¥215.6B¥90.6B¥95.7B¥196.1B¥218.0B¥368.1B

Retained capital Retained ¥893.6B of earnings over 2018–2026; annual owner earnings grew ¥163.7B, ¥0.18 per ¥1 retained.

Balance sheet Net cash, +¥169.8B · dividend paid 9 of 9 yrs, never cut

6702 Fujitsu

Revenue is Service Solutions (67%), Hardware Solutions (29%) and Ubiquitous Solutions (7%).

Owner earnings 2018–2026 ¥65.4B(¥21.2B)¥214.3B¥179.2B¥105.1B¥52.2B¥113.4B¥143.0B¥229.2B

Retained capital Retained ¥877.4B of earnings over 2018–2026; annual owner earnings grew ¥75.7B, ¥0.09 per ¥1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 9 of 9 yrs, never cut

ACN Accenture PLC

We serve clients and manage our business through three geographic markets: Americas, EMEA and Asia Pacific.

Owner earnings 2016–2025 $4.2B$4.5B$5.4B$6.0B$7.6B$8.4B$8.8B$9.0B$8.6B$10.9B

Retained capital Retained $8.0B of earnings over 2016–2025; annual owner earnings grew $4.8B, $0.60 per $1 retained.

Balance sheet Net cash, +$6.5B · buybacks at an average near $214 · dividend paid 7 of 10 yrs, never cut

ADP Automatic Data Processing Inc.

We are a global leader in HR and payroll solutions, serving over 1.1 million clients and paying over 42 million workers in over 140 countries and territories.

Owner earnings 2016–2025 $1.7B$1.9B$2.3B$2.5B$2.9B$2.9B$2.9B$4.0B$3.9B$4.8B

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $2.3B.

Balance sheet Net cash, +$3.8B · buybacks at an average near $153 · dividend paid 10 of 10 yrs, never cut

APLD Applied Digital Corporation

We provide data center infrastructure solutions to the rapidly growing industries of high-performance computing and artificial intelligence.

Owner earnings 2021–2025 ($84K)($2M)$52M($8M)($133M)

Retained capital not read

Balance sheet Net cash, +$34M

ATGL Alpha Technology Group Limited

Revenue is led by System Development (56%) and Technological support and maintenance service and other services (28%), with 2 more lines behind.

Owner earnings 2021–2025 (HK$532K)HK$2MHK$4M(HK$20M)(HK$13M)

Retained capital not read

Balance sheet Net debt against an operating loss, HK$900K

ATHM Autohome Inc.

We are a "critical information infrastructure operator" by any government authority.

Owner earnings 2016–2025 CN¥1.5BCN¥2.4BCN¥3.0BCN¥2.7BCN¥3.1BCN¥3.3BCN¥2.4BCN¥2.4BCN¥1.2BCN¥771M

Retained capital Retained CN¥12.4B of earnings over 2016–2025; annual owner earnings fell CN¥828M, CN¥-0.07 per CN¥1 retained.

Balance sheet Net cash, debt-free, +CN¥19.2B · dividend paid 8 of 10 yrs, cut at least once

BILI Bilibili Inc.

Bilibili Inc. markets" for our host market and trading symbol.

Owner earnings 2016–2025 (CN¥218M)CN¥426MCN¥638MCN¥3MCN¥427M(CN¥3.2B)(CN¥4.7B)CN¥85MCN¥5.5BCN¥6.6B

Retained capital Paid out CN¥26.7B more than it earned over 2016–2025; annual owner earnings grew CN¥3.8B.

Balance sheet Net cash, +CN¥10.6B

CARS Cars.com Inc. Common Stock

Cars.com Inc. Common Stock is a trusted audience-powered and data-driven technology platform that simplifies buying and selling cars.

Owner earnings 2016–2025 $189M$153M$149M$80M$122M$137M$127M$135M$150M$147M

Retained capital Paid out $934M more than it earned over 2016–2025; annual owner earnings fell $20M.

Balance sheet Heavy net debt, $395M · buybacks at an average near $14.51

CDW CDW Corp.

CDW Corporation is a leading multi-brand provider of information technology solutions to business, government, education, and healthcare customers in the United States, the United Kingdom, and Canada.

Owner earnings 2016–2025 $541M$697M$820M$791M$1.2B$685M$1.2B$1.5B$1.2B$1.1B

Retained capital Retained $666M of earnings over 2016–2025; annual owner earnings grew $545M.

Balance sheet Meaningful net debt, $5.0B · buybacks at an average near $127 · dividend paid 10 of 10 yrs, never cut

CLVT Clarivate Plc

Clarivate Plc is a public limited company incorporated on January 7, 2019 under the laws of Jersey, Channel Islands.

Owner earnings 2018–2025 ($72M)$48M$156M$205M$306M$502M$358M$365M

Retained capital Paid out $7.0B more than it earned over 2018–2025; annual owner earnings grew $364M.

Balance sheet Heavy net debt, $5.2B · dividend paid 4 of 8 yrs, cut at least once

CTSH Cognizant

Cognizant is an information-technology services firm: it supplies the people and the know-how to build, run, and modernize the software and computing systems that large enterprises depend on. The work is sold by the engagement to big clients, weighted toward health-sciences and financial-services firms, and a large share of it is delivered by staff in lower-cost locations than the client could manage in-house. It earns its keep on the spread between what clients pay for that labor and what it costs to recruit, train, and keep the staff billed out.

Owner earnings 2016–2025 $1.3B$2.1B$2.2B$2.1B$2.9B$2.2B$2.2B$2.0B$1.8B$2.6B

Retained capital Retained $2.1B of earnings over 2016–2025; annual owner earnings grew $251M, $0.12 per $1 retained.

Balance sheet Net cash, +$1.3B · dividend paid 9 of 10 yrs, never cut

CTW CTW

Our cost of revenue primarily consists of the costs that are directly related to providing our platform and services to game developers, who are our customers.

Owner earnings 2023–2025 $2M$877K($473K)

Retained capital not read

Balance sheet Net cash, debt-free, +$12M

DAVA Endava plc

For over 25 years, Endava has successfully delivered digital transformations, utilizing a holistic approach that leverages innovative technologies and enhances our clients' systems to create modern value propositions that fuel their competitive edge in the market.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +£68M

DDI DoubleDown Interactive Co., Ltd.

DoubleDown Casino was ranked the fifth among the top game titles by revenue during 2025, according to Eilers & Krejcik , which estimated that the global social casino market was approximately $6.8 billion in 2025.

Owner earnings 2019–2025 $76M$100M$96M$51M$24M$148M$137M

Retained capital Retained $261M of earnings over 2019–2025; annual owner earnings grew $12M, $0.05 per $1 retained.

Balance sheet Net cash, debt-free, +$469M · dividend paid 2 of 7 yrs, cut at least once

DGNX Diginex 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, +$710K

DOX Amdocs

Revenue is Managed services arrangements (58%) and Others (42%).

Owner earnings 2015–2024 $652M$490M$503M$326M$715M$530M$698M$619M

Retained capital Paid out $1.2B more than it earned over 2015–2024; annual owner earnings grew $67M.

Balance sheet Modest net debt, $300M · dividend paid 8 of 8 yrs, never cut

DXC DXC Technology Company Common Stock

DXC Technology is a leading enterprise technology and innovation partner delivering software, services, and solutions to global enterprises and public sector organizations - helping them harness AI to drive outcomes at a time of exponential change with speed.

Owner earnings 2017–2026 $373M$2.3B$1.5B$2.0B($137M)$1.2B$1.1B$1.2B$1.1B$1.0B

Retained capital Paid out $5.2B more than it earned over 2017–2026; annual owner earnings fell $279M.

Balance sheet Modest net debt, $1.8B · buybacks at an average near $24.58 · dividend paid 5 of 10 yrs, cut at least once

EPAM EPAM Systems

EPAM has used its software engineering expertise to become a leading global provider of digital engineering, cloud and artificial intelligence-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious start-ups.

Owner earnings 2016–2025 $144M$163M$255M$242M$476M$489M$382M$534M$527M$613M

Retained capital Retained $1.9B of earnings over 2016–2025; annual owner earnings grew $371M, $0.19 per $1 retained.

Balance sheet Net cash, +$1.3B · buybacks at an average near $202

EVTC Evertec Inc.

EVERTEC is a leading full-service transaction-processing business and financial technology provider in Latin America, Puerto Rico and the Caribbean, providing a broad range of merchant acquiring, payment services and business solutions.

Owner earnings 2016–2025 $154M$134M$159M$163M$182M$211M$201M$190M$235M$204M

Retained capital Retained $599M of earnings over 2016–2025; annual owner earnings grew $60M, $0.10 per $1 retained.

Balance sheet Heavy net debt, $793M · buybacks at an average near $29.17 · dividend paid 10 of 10 yrs, cut at least once

FA First Advantage Corporation

Revenue is Sterling (49%), First Advantage Americas (44%) and First Advantage International (6%).

Owner earnings 2019–2025 $65M$141M$207M$161M$26M$188M

Retained capital Paid out $113M more than it earned over 2019–2025; annual owner earnings fell $12M.

Balance sheet Heavy net debt, $1.8B · buybacks at an average near $13.27

FIVN Five9

Five9 is a leading provider of intelligent customer experience, or CX, platform for enterprise contact centers.

Owner earnings 2016–2025 $6M$8M$29M$37M$37M($13M)$37M$98M$101M$201M

Retained capital Paid out $321M more than it earned over 2016–2025; annual owner earnings grew $119M.

Balance sheet Heavy net debt, $503M

FORTY Formula Systems (1985) Ltd.

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

Owner earnings 2015–2024 $80M$66M$72M$71M$174M$271M$192M$217M$278M$308M

Retained capital Retained $310M of earnings over 2015–2024; annual owner earnings grew $195M, $0.63 per $1 retained.

Balance sheet Net cash, +$252M · dividend paid 10 of 10 yrs, cut at least once

GDEV GDEV Inc.

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

Owner earnings 2019–2025 $15M$120M$104M$115M$17M$28M$29M

Retained capital Paid out $311M more than it earned over 2019–2025; annual owner earnings fell $55M.

Balance sheet Net cash, +$108M · dividend paid 4 of 7 yrs, never cut

GDRX GoodRx Holdings Inc.

GoodRx is a key integration partner for pharma manufacturers offering discounted cash prices on TrumpRx at launch.

Owner earnings 2018–2025 $44M$82M$111M$174M$143M$137M$183M$164M

Retained capital Paid out $2.1B more than it earned over 2018–2025; annual owner earnings grew $82M.

Balance sheet Meaningful net debt, $226M · dividend paid 1 of 8 yrs, never cut

GLOB Globant S.A.

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

Owner earnings 2016–2025 $25M$34M$56M$65M$84M$159M$172M$286M$221M$282M

Retained capital Retained $804M of earnings over 2016–2025; annual owner earnings grew $225M, $0.28 per $1 retained.

Balance sheet Modest net debt, $97M

GLOO Gloo Holdings Inc.

Revenue is led by Platform Solutions (40%) and Advertising (28%), with 3 more lines behind.

Owner earnings 2024–2026 ($42M)($47M)($82M)

Retained capital not read

Balance sheet Net cash, +$22M

GMHS Gamehaus Holdings Inc.

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

Owner earnings 2023–2025 $2M$4M$2M

Retained capital not read

Balance sheet Net cash, debt-free, +$17M

GRVY GRAVITY CO., LTD.

Gravity is an online and mobile games developer and publisher based in Korea.

Owner earnings 2015–2024 (₩6.4B)₩2.3B₩25.6B₩34.8B₩25.4B₩68.8B₩72.4B₩97.5B₩130.0B₩77.9B

Retained capital Retained ₩497.0B of earnings over 2015–2024; annual owner earnings grew ₩94.6B, ₩0.19 per ₩1 retained.

Balance sheet net position not read (debt under-captured)

HNGE Hinge Health Inc.

We are a research-led organization and routinely expand our platform with new programs, capabilities, and features.

Owner earnings 2023–2025 ($66M)$48M$171M

Retained capital not read

Balance sheet Net cash, debt-free, +$208M

IBEX IBEX Limited

Ibex delivers innovative business process outsourcing, smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage, and retain valuable customers.

Owner earnings 2021–2025 ($5M)$14M$23M$27M$27M

Retained capital Retained $29M of earnings over 2021–2025; annual owner earnings grew $15M, $0.51 per $1 retained.

Balance sheet Net cash, +$14M · buybacks at an average near $16.10 · dividend paid 1 of 5 yrs, cut at least once

IBM International Business Machines Corp

IBM sells the machinery of corporate computing: software, consulting, and the mission-critical hardware that large enterprises and governments run their core operations on. It makes money from software, from fees for consulting that helps clients modernize and run those systems, and from selling that hardware and financing it. The buyer is the institution's technology department, not the household.

Owner earnings 2016–2025 $13.5B$13.5B$11.9B$12.5B$15.6B$10.7B$9.1B$12.7B$12.4B$12.1B

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings fell $560M.

Balance sheet Meaningful net debt, $47.7B · buybacks at an average near $146 · dividend paid 10 of 10 yrs, never cut

INFY Infosys Limited

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

Owner earnings 2016–2020 $1.6B$1.8B$1.9B$1.9B$2.1B

Retained capital Retained $1.4B of earnings over 2016–2020; annual owner earnings grew $191M, $0.14 per $1 retained.

Balance sheet Net cash, debt-free, +$4.3B · dividend paid 5 of 5 yrs, cut at least once

INOD Innodata Inc.

Innodata Inc. is a global data engineering and AI systems services company that supports the development, training, post-training, evaluation, and deployment of advanced artificial intelligence systems.

Owner earnings 2016–2025 ($5M)($3M)$2M$3M$4M$2M($5M)$339K$29M$40M

Retained capital Retained $37M of earnings over 2016–2025; annual owner earnings grew $25M, $0.69 per $1 retained.

Balance sheet Net cash, +$76M

ISSC Innovative Solutions and Support Inc.

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

Owner earnings 2017–2025 $6M($2M)$2M$4M$4M$6M$2M$5M$10M

Retained capital Retained $6M of earnings over 2017–2025; annual owner earnings grew $4M, $0.63 per $1 retained.

Balance sheet Modest net debt, $21M · dividend paid 2 of 9 yrs, never cut

LIF Life360 Inc.

Life360 is a leading technology platform connecting millions of people throughout the world to the people, pets and things they care about most.

Owner earnings 2020–2025 ($8M)($12M)($57M)$7M$31M$87M

Retained capital Paid out $23M more than it earned over 2020–2025; annual owner earnings grew $67M.

Balance sheet Net cash, +$184M

LZ LegalZoom.com Inc.

LegalZoom is a leading online platform for legal services, transforming how individuals and small businesses navigate the legal system.

Owner earnings 2019–2025 $41M$82M$42M$52M$104M$100M$148M

Retained capital Paid out $483M more than it earned over 2019–2025; annual owner earnings grew $62M.

Balance sheet Net cash, debt-free, +$203M · buybacks at an average near $9.28

MFI mF International Limited

Revenue is led by Subscriptions (45%) and Hosting Support and Maintenance Services (15%), with 4 more lines behind.

Owner earnings 2021–2025 HK$12MHK$13MHK$11M(HK$22M)(HK$16M)

Retained capital not read

Balance sheet Net cash, +HK$220M

MGRT Mega Fortune Company Limited

We are an Internet of Things solution provider in Hong Kong.

Owner earnings 2023–2024 ($34K)($105K)

Retained capital not read

Balance sheet Net cash, +$103K

MOVE Corvex Inc.

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

Owner earnings FY2024 ($23M)

Retained capital not read

Balance sheet Net cash, +$7M

MWC Micware Co. Ltd.

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

Owner earnings 2024–2026 ¥222M¥1.8B¥1.8B

Retained capital not read

Balance sheet Net cash, +¥5.7B

NRDS NerdWallet Inc.

NerdWallet Inc. provides consumers and small and mid-sized businesses with trusted guidance across a broad range of finance topics through a digital platform that integrates independent editorial content, comparison tools, data-driven product marketplaces, and access to regulated financial services offered through our subsidiaries.

Owner earnings 2019–2025 $31M$14M$5M$20M$71M$71M$130M

Retained capital Paid out $126M more than it earned over 2019–2025; annual owner earnings grew $74M.

Balance sheet Net cash, debt-free, +$98M

NXTT Next Technology Holding Inc.

Next Technology Holding Inc. operates under a "SaaS+AI" model, emphasizing customized and entrusted development projects designed in response to specific market demand.

Owner earnings 2020–2022 $1M($4M)($38M)

Retained capital not read

Balance sheet Net cash, debt-free, +$6M

OOMA Ooma Inc.

Ooma provides leading communications services and related technologies that bring unique features, ease of use, and affordability to business and residential customers through our smart software-as-a-service and unified communications platforms.

Owner earnings 2017–2026 ($1M)$1M($6M)($10M)$1M$4M$5M$8M$22M$23M

Retained capital Paid out $85M more than it earned over 2017–2026; annual owner earnings grew $20M.

Balance sheet Heavy net debt, $31M

PAGS PagSeguro Digital Ltd. Class A

Our Market Payments Micro-merchants and SMEs drive the Brazilian economy According to SEBRAE and Brazil's Internal Revenue Service, there were 16.8 million micro-merchants in Brazil as of December 31, 2025 .

Owner earnings 2015–2024 R$44MR$75MR$446M(R$1.8B)R$360MR$1.8BR$129MR$2.5BR$3.0B(R$4.5B)

Retained capital Retained R$8.6B of earnings over 2015–2024; annual owner earnings grew R$129M, R$0.02 per R$1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 2 of 10 yrs, never cut

PEGA Pegasystems

We develop, market, license, host, and support enterprise software that helps organizations optimize decisions and processes in real-time so they can deliver outcomes that transform their business.

Owner earnings 2016–2025 $21M$144M$92M($53M)($26M)$29M$4M$201M$338M$491M

Retained capital Paid out $730M more than it earned over 2016–2025; annual owner earnings grew $257M.

Balance sheet Net cash, debt-free, +$426M · dividend paid 10 of 10 yrs, never cut

PERI Perion Network Ltd.

Perion is an advanced technology leader solving the complexities of modern digital advertising through AI-native execution infrastructure.

Owner earnings 2016–2025 $29M$34M$31M$44M$22M$70M$121M$155M$67K$38M

Retained capital Retained $215M of earnings over 2016–2025; annual owner earnings grew $33M, $0.15 per $1 retained.

Balance sheet Net cash, +$231M

PHUN Phunware Inc.

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

Owner earnings 2018–2023 ($7M)($6M)($11M)($23M)($28M)($18M)

Retained capital not read

Balance sheet Net cash, +$96M

PLTK Playtika Holding Corp.

We are one of the world's leading operators of mobile games creating fun, innovative experiences that entertain and engage our users.

Owner earnings 2018–2025 $435M$468M$480M$504M$448M$483M$449M$531M

Retained capital Paid out $1.5B more than it earned over 2018–2025; annual owner earnings grew $27M.

Balance sheet Net debt against an operating loss, $1.7B · dividend paid 4 of 8 yrs, cut at least once

QBTS D-Wave Quantum Inc.

Wave is the world's first company to deliver commercial-grade annealing quantum computing systems and solutions.

Owner earnings 2020–2025 ($30M)($37M)($46M)($61M)($44M)($74M)

Retained capital not read

Balance sheet Net cash, +$847M

RAMP LiveRamp Holdings Inc.

LiveRamp Holdings Inc. is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters.

Owner earnings 2017–2026 ($49M)($23M)($9M)($40M)($23M)$74M$30M$101M$153M$166M

Retained capital Paid out $137M more than it earned over 2017–2026; annual owner earnings grew $167M.

Balance sheet Net cash, +$133M

RDDT Reddit Inc.

Within subreddits, Redditors engage in active and in-depth conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another in comment threads on any topic.

Owner earnings 2022–2025 ($100M)($85M)$216M$684M

Retained capital Paid out $204M more than it earned over 2022–2025; annual owner earnings grew $261M.

Balance sheet Net cash, debt-free, +$954M

RGTI Rigetti Computing Inc.

We offer our full-stack quantum computing platform as a cloud service to a wide range of end-users, directly through our Rigetti Quantum Cloud Services platform, and also through public cloud service providers.

Owner earnings 2022–2025 ($85M)($60M)($62M)($77M)

Retained capital not read

Balance sheet Net cash, debt-free, +$130M

RGTIW Rigetti Computing Inc.

We offer our full-stack quantum computing platform as a cloud service to a wide range of end-users, directly through our Rigetti Quantum Cloud Services platform, and also through public cloud service providers.

Owner earnings 2022–2025 ($85M)($60M)($62M)($77M)

Retained capital not read

Balance sheet Net cash, debt-free, +$130M

RNG RingCentral Inc.

RingCentral Contact Center is a collaborative contact center solution that delivers AI-powered omni-channel and workforce engagement solutions integrated with RingEX.

Owner earnings 2016–2025 $15M$22M$45M$37M($79M)$123M$159M$376M$458M$587M

Retained capital Paid out $2.7B more than it earned over 2016–2025; annual owner earnings grew $447M.

Balance sheet Heavy net debt, $1.5B · buybacks at an average near $43.44

SHAZ SharonAI Holdings Inc.

SharonAI Holdings, Inc. is an Australian neocloud operator, purpose-built to power the next generation of artificial intelligence and high-performance computing.

Owner earnings 2024–2025 ($3M)($5M)

Retained capital not read

Balance sheet Net cash, debt-free, +$71M

SJ SCIENJOY HOLDING CORPORATION

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

Owner earnings 2018–2025 CN¥107MCN¥228MCN¥155MCN¥116MCN¥56MCN¥102MCN¥68MCN¥70M

Retained capital Retained CN¥175M of earnings over 2018–2025; annual owner earnings fell CN¥83M, CN¥-0.48 per CN¥1 retained.

Balance sheet Net cash, +CN¥313M

SOHU Sohu.com Limited

Sohu's Business Marketing Services Business Sohu's main business is the marketing services business, which consists primarily of advertising and other marketing-related services.

Owner earnings 2016–2025 $135M$109M$59M$196M$89M($69M)$24M($29M)($49M)($5M)

Retained capital Retained $155M of earnings over 2016–2025; annual owner earnings fell $129M, $-0.83 per $1 retained.

Balance sheet Net cash, debt-free, +$831M

SOPH SOPHiA GENETICS SA

We collaborate not only to provide valuable technologies to hospitals and laboratories around the world directly or through collaborators, but also to increase our channels and to offer a variety of application and product choices to our large customer base.

Owner earnings 2019–2025 ($33M)($32M)($61M)($74M)($55M)($45M)($36M)

Retained capital not read

Balance sheet Net cash, +$20M

SSTK Shutterstock Inc.

Shutterstock Inc. is a leading global creative platform connecting brands and businesses to high quality content.

Owner earnings 2016–2025 $81M$73M$67M$77M$139M$188M$115M$96M($15M)$124M

Retained capital Paid out $22M more than it earned over 2016–2025; annual owner earnings fell $5M.

Balance sheet Modest net debt, $97M · dividend paid 7 of 10 yrs, cut at least once

SVREW SaverOne 2014 Ltd.

We are a technology company engaged in the design, development and commercialization of transportation and safety solutions, designed to save lives by preventing car accidents based on our patented technology of detecting, analyzing and locating cellular phone radio frequency, or RF, Signals.

Owner earnings 2020–2025 (₪12M)(₪23M)(₪28M)(₪35M)(₪34M)(₪29M)

Retained capital not read

Balance sheet Net cash, +₪14M

SY So-Young International Inc.

We filed a transfer application to transfer from The Nasdaq Global Market to The Nasdaq Capital Market on February 11, 2025.

Owner earnings 2017–2025 CN¥91MCN¥197MCN¥378MCN¥165MCN¥54M(CN¥129M)(CN¥29M)(CN¥72M)(CN¥163M)

Retained capital Paid out CN¥1.1B more than it earned over 2017–2025; annual owner earnings fell CN¥309M.

Balance sheet Net cash, debt-free, +CN¥418M · dividend paid 2 of 9 yrs, cut at least once

TASK TaskUs Inc.

TaskUs provides a suite of services to our clients that need assistance designing their customer experience programs and optimizing their operating environments, including D igital CX strategy, operational excellence and technology assessment and recommendations.

Owner earnings 2019–2025 $24M$39M($62M)$103M$113M$100M$96M

Retained capital Paid out $130M more than it earned over 2019–2025; annual owner earnings grew $102M.

Balance sheet Modest net debt, $30M · dividend paid 2 of 7 yrs, cut at least once

TBRG TruBridge Inc.

TruBridge Inc. is a leading provider of healthcare solutions and services for community hospitals, their clinics and other healthcare systems.

Owner earnings 2016–2025 $2M$23M$23M$42M$47M$47M$32M($868K)$29M$36M

Retained capital Paid out $63M more than it earned over 2016–2025; annual owner earnings grew $5M.

Balance sheet Heavy net debt, $140M · buybacks at an average near $35.62 · dividend paid 5 of 10 yrs, cut at least once

TCX Tucows Inc.

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

Owner earnings 2016–2025 $22M$31M$37M$40M$36M$29M$19M($15M)($24M)($9M)

Retained capital Paid out $245M more than it earned over 2016–2025; annual owner earnings fell $46M.

Balance sheet Net debt against an operating loss, $245M · buybacks at an average near $32.15

TOST Toast Inc.

Toast, Inc., which we refer to as Toast, we, or the Company, is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community.

Owner earnings 2019–2025 ($133M)($153M)($10M)($172M)$103M$306M$608M

Retained capital Paid out $1.3B more than it earned over 2019–2025; annual owner earnings grew $438M.

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

TRVG trivago N.V.

We offer to our advertisers the ability to submit bids to participate in our marketplace.

Owner earnings 2016–2025 €23M(€26M)(€29M)€66M€2M€29M€62M€24M€17M€3M

Retained capital Paid out €812M more than it earned over 2016–2025; annual owner earnings grew €26M.

Balance sheet Net cash, debt-free, +€202M · dividend paid 1 of 10 yrs, never cut

UPWK Upwork Inc.

We define talent as those who deliver services through the Upwork Marketplace, Lifted, or other Upwork workforce solutions.

Owner earnings 2016–2025 $2M($6M)$12M($2M)$19M$10M$10M$52M$150M$242M

Retained capital Paid out $84M more than it earned over 2016–2025; annual owner earnings grew $146M.

Balance sheet Net cash, +$313M

VRSK Verisk Analytics Inc.

Verisk is a leading data, analytics, and technology provider serving clients in the insurance ecosystem.

Owner earnings 2016–2025 $421M$608M$769M$740M$876M$949M$862M$831M$920M$1.2B

Retained capital Paid out $2.6B more than it earned over 2016–2025; annual owner earnings grew $382M.

Balance sheet Meaningful net debt, $4.1B · buybacks at an average near $177 · dividend paid 7 of 10 yrs, never cut

VRSN VeriSign Inc.

We are a global provider of critical internet infrastructure and domain name registry services, enabling internet navigation for many of the world's most recognized domain names.

Owner earnings 2016–2025 $666M$653M$661M$714M$687M$754M$804M$808M$875M$1.1B

Retained capital Paid out $1.7B more than it earned over 2016–2025; annual owner earnings grew $257M.

Balance sheet Modest net debt, $1.2B · buybacks at an average near $162 · dividend paid 1 of 10 yrs, never cut

WDAY Workday Inc.

Workday is the enterprise AI platform for managing people, money, and agents.

Owner earnings 2017–2026 $230M$324M$404M$1.4B$1.9B$2.2B$2.8B

Retained capital Paid out $3.0B more than it earned over 2017–2026; annual owner earnings grew $2.0B.

Balance sheet Net cash, +$2.5B

WIT Wipro Limited

Wipro is one of India's large information-technology services and consulting firms. It sells software development, systems and infrastructure work, and the running of clients' back-office processes to big companies across several continents, staffing the work with a large, mostly offshore workforce and billing clients for that effort. It is an asset-light, people business: the payroll is the main cost, and the spread between what it bills and what it pays its workers is the profit.

Owner earnings 2016–2025 ₹64.9B₹71.9B₹62.4B₹93.5B₹77.1B₹128.0B₹90.6B₹115.8B₹165.7B₹154.7B

Retained capital Retained ₹374.2B of earnings over 2016–2025; annual owner earnings grew ₹79.0B, ₹0.21 per ₹1 retained.

Balance sheet Net cash, +₹469.5B · dividend paid 10 of 10 yrs, cut at least once

WKEY WISeKey International Holding Ltd

Revenue is Semiconductor (76%), ASIC (19%) and Non-reportable (5%).

Owner earnings 2017–2025 ($6M)($10M)($14M)($13M)($22M)($17M)($17M)($18M)($33M)

Retained capital not read

Balance sheet Net cash, +$437M

YEXT Yext Inc.

We do so by enabling brands to collect, organize, and deliver their critical knowledge to consumers and manage their digital presence at scale to connect, engage, and convert customers.

Owner earnings 2017–2026 ($15M)($34M)$2M($38M)($9M)$8M$12M$43M$48M$53M

Retained capital Paid out $738M more than it earned over 2017–2026; annual owner earnings grew $64M.

Balance sheet Net cash, +$140M

YMT Yimutian Inc.

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

Owner earnings 2023–2025 (CN¥20M)(CN¥62M)(CN¥50M)

Retained capital not read

Balance sheet net position not read

ZS Zscaler Inc.

Zscaler Zero Trust Exchange is a cloud-native platform, which implements Zero Trust principles to securely connect users, devices, applications and workloads, including AI agents, without relying on traditional hub-and-spoke network architecture and firewall-centric security.

Owner earnings 2016–2025 ($17M)($14M)$4M$33M$36M$154M$253M$365M$635M$808M

Retained capital Paid out $1.2B more than it earned over 2016–2025; annual owner earnings grew $612M.

Balance sheet Net cash, +$688M