Semiconductors

3436 SUMCO

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 ¥8.6B¥36.3B¥65.7B¥36.9B¥30.4B¥53.4B¥119.9B¥24.9B(¥9.4B)(¥11.0B)

Retained capital Retained ¥205.2B of earnings over 2016–2025; annual owner earnings fell ¥35.3B, ¥-0.17 per ¥1 retained.

Balance sheet Heavy net debt, ¥270.4B · dividend paid 10 of 10 yrs, cut at least once

6526 Socionext

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

Owner earnings 2022–2026 ¥8.8B¥5.4B¥41.0B¥19.1B(¥7.2B)

Retained capital Retained ¥42.7B of earnings over 2022–2026; annual owner earnings fell ¥752M, ¥-0.02 per ¥1 retained.

Balance sheet Net cash, debt-free, +¥49.5B · dividend paid 3 of 5 yrs, cut at least once

6723 Renesas Electronics

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 2016–2025 ¥60.3B¥97.2B¥107.8B¥163.7B¥201.6B¥270.4B¥413.2B¥408.4B¥210.6B¥363.7B

Retained capital Retained ¥767.0B of earnings over 2016–2025; annual owner earnings grew ¥239.2B, ¥0.31 per ¥1 retained.

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

6963 Rohm

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 ¥27.8B¥24.9B¥11.7B¥37.3B¥13.6B¥50.2B¥42.5B¥10.8B¥538M¥32.4B

Retained capital Paid out ¥93.4B more than it earned over 2017–2026; annual owner earnings fell ¥6.9B.

Balance sheet Net cash, +¥43.8B · dividend paid 10 of 10 yrs, cut at least once

AAOI Applied Optoelectronics Inc.

Applied Optoelectronics Inc. is a leading, vertically integrated provider of fiber-optic networking products, primarily for four networking end-markets: internet data center, cable television, telecommunications,, and fiber-to-the-home.

Owner earnings 2016–2025 $8M$17M($58M)($31M)($60M)($20M)($17M)($17M)($113M)($354M)

Retained capital not read

Balance sheet Net cash, +$76M

ADI Analog Devices Inc.

Analog Devices Inc. is a global semiconductor leader dedicated to solving our customers' most complex engineering challenges.

Owner earnings 2016–2025 $1.2B$950M$2.2B$2.0B$1.8B$2.5B$4.2B$4.5B$3.5B$4.4B

Retained capital Paid out $6.8B more than it earned over 2016–2025; annual owner earnings grew $2.7B.

Balance sheet Modest net debt, $4.5B · dividend paid 10 of 10 yrs, never cut

AIP Arteris Inc.

We are a leading provider of semiconductor system IP, including interconnect and other intellectual property technology.

Owner earnings 2020–2025 $2M($2M)($8M)($17M)($1M)$5M

Retained capital not read

Balance sheet Net cash, debt-free, +$64M

ALAB Astera Labs Inc.

Astera Labs is a global semiconductor company that provides hardware and software solutions for AI and cloud infrastructure applications to solve data, memory, and networking bottlenecks.

Owner earnings 2022–2025 ($37M)($14M)$134M$312M

Retained capital Retained $50M of earnings over 2022–2025; annual owner earnings grew $116M, $2.35 per $1 retained.

Balance sheet Net cash, debt-free, +$168M

ALGM Allegro MicroSystems

Allegro MicroSystems, Inc. is a global leader in the design, development, and marketing of sensor ICs and application-specific power ICs, that enable the sensing, motion control, and power management functions of complex electromechanical or power conversion systems.

Owner earnings 2020–2026 $36M$80M$108M$142M$110M$22M$125M

Retained capital Paid out $827M more than it earned over 2020–2026; annual owner earnings grew $11M.

Balance sheet Heavy net debt, $119M · dividend paid 1 of 7 yrs, cut at least once

ALMU Aeluma Inc.

Aeluma has pioneered a technique to manufacture devices using compound semiconductor materials on large-diameter substrates that are commonly used to manufacture mass-market microelectronics.

Owner earnings 2023–2025 ($4M)($4M)($1M)

Retained capital not read

Balance sheet Net cash, +$528K

AMAT Applied Materials Inc.

Applied Materials sells the machines that make semiconductor chips. Its customers are the foundries, the logic makers and the memory makers who buy these systems to deposit, etch, shape and inspect the microscopic layers on a silicon wafer, and who then pay Applied to service, supply parts for and upgrade that equipment across its long working life in the fab. It earns on the tools it ships and on the recurring service and parts tied to the large installed base sitting in customers' production lines.

Owner earnings 2016–2025 $2.3B$3.4B$3.3B$2.8B$3.4B$5.0B$5.0B$8.2B$8.3B$7.5B

Retained capital Retained $7.6B of earnings over 2016–2025; annual owner earnings grew $5.0B, $0.65 per $1 retained.

Balance sheet Net cash, +$2.1B · buybacks at an average near $71.78 · dividend paid 10 of 10 yrs, never cut

AMBA Ambarella

Ambarella is a leading developer of low-power system-on-a-chip, or SoC, semiconductors and software for edge and physical artificial intelligence applications and intelligent automation.

Owner earnings 2017–2026 $111M$82M$22M$38M$29M$29M$29M$7M$23M$58M

Retained capital Paid out $689M more than it earned over 2017–2026; annual owner earnings fell $42M.

Balance sheet Net cash, debt-free, +$191M · buybacks at an average near $43.87

AMBQ Ambiq Micro Inc.

We are a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute especially at the edge.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$140M

AMD Advanced Micro Devices

AMD designs high-performance computer chips — the processors and graphics engines, including semi-custom and adaptive system-on-chip parts, that sit at the center of data centers, AI systems, personal computers, game consoles and embedded devices. It sells these designs, together with networking and software, to the cloud operators, equipment makers and device builders who assemble the machines. It does not own the factories; the chips are made by outside foundries, so AMD earns its keep on the gap between what a chip design fetches and what it costs to develop and have built.

Owner earnings 2016–2025 $4M($101M)($129M)$276M$854M$3.2B$3.1B$1.1B$2.6B$7.2B

Retained capital Retained $5.3B of earnings over 2016–2025; annual owner earnings grew $3.7B, $0.70 per $1 retained.

Balance sheet Net cash, +$7.3B · buybacks at an average near $107

AMKR Amkor Technology

Amkor is the world's largest U.S. headquartered outsourced semiconductor assembly and test service provider and is a global leader in outsourced semiconductor packaging and test services.

Owner earnings 2016–2025 $79M$67M$116M$91M$217M$558M$486M$521M$494M$454M

Retained capital Retained $3.1B of earnings over 2016–2025; annual owner earnings grew $402M, $0.13 per $1 retained.

Balance sheet Net cash, +$535M · dividend paid 5 of 10 yrs, cut at least once

AOSL Alpha and Omega Semiconductor Limited

We differentiate ourselves by integrating our expertise in technology, design and advanced manufacturing and packaging to optimize product performance and cost.

Owner earnings 2012–2025 $8M$17M$76M$176M($23M)($11M)($8M)

Retained capital Retained $407M of earnings over 2012–2025; annual owner earnings fell $48M, $-0.12 per $1 retained.

Balance sheet Net cash, +$80M · buybacks at an average near $20.30

ARM Arm Holdings plc

The Company is a global leader in the semiconductor industry.

Owner earnings 2022–2026 $424M$675M$998M$178M$1.3B

Retained capital Retained $3.1B of earnings over 2022–2026; annual owner earnings grew $118M, $0.04 per $1 retained.

Balance sheet Net cash, debt-free, +$3.6B

ARRY Array Technologies Inc.

We are a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar photovoltaic sites.

Owner earnings 2018–2025 ($14M)$384M($124M)($267M)$131M$215M$147M$80M

Retained capital Paid out $163M more than it earned over 2018–2025; annual owner earnings grew $65M.

Balance sheet Net debt against an operating loss, $425M

ASX ASE Technology Holding Co. Ltd.

ASE works the back half of the chip supply chain. Other firms design and fabricate the silicon; ASE takes those finished chips, packages them — seals each one and wires it so it can sit on a circuit board — and tests that it works. It sells this assembly-and-test work, plus related electronics manufacturing services, to chipmakers and the fabless designers that pay to outsource the step rather than build the plants themselves.

Owner earnings 2016–2025 NT$25.4BNT$22.7BNT$9.7BNT$15.5BNT$13.0BNT$27.2BNT$55.5BNT$60.3BNT$31.0BNT$74.8B

Retained capital Retained NT$153.5B of earnings over 2016–2025; annual owner earnings grew NT$36.1B, NT$0.24 per NT$1 retained.

Balance sheet Meaningful net debt, NT$140.2B · dividend paid 10 of 10 yrs, cut at least once

ATOM Atomera Incorporated

Our principal business objective is to enter into commercial license agreements that enable our customers to manufacture and sell MST-enabled products, generating license revenues and ongoing royalties.

Owner earnings 2016–2025 ($7M)($9M)($10M)($10M)($12M)($13M)($13M)($15M)($13M)($15M)

Retained capital not read

Balance sheet Net cash, +$4M

AVGO Broadcom Inc.

Broadcom designs semiconductors and the infrastructure software that runs alongside them, selling both into the systems that carry communications, run data centers, and power large-organization computing. One half is the chips — a broad range of connectivity and processing parts; the other half is software that large enterprises license to operate and secure what they run. It does not own the factories that etch its chips — it designs, others fabricate — and a handful of very large customers account for a large slice of what it sells.

Owner earnings 2016–2025 $3.0B$6.1B$8.2B$9.3B$11.6B$13.3B$16.3B$17.6B$19.4B$26.9B

Retained capital Paid out $12.5B more than it earned over 2016–2025; annual owner earnings grew $15.5B.

Balance sheet Modest net debt, $50.9B · buybacks at an average near $40.61 · dividend paid 10 of 10 yrs, never cut

AXTI AXT Inc

AXT is a worldwide materials science company that develops and produces high-performance compound and single element semiconductor substrates, also known as wafers.

Owner earnings 2016–2025 $10M($13M)($37M)($9M)($14M)($33M)($37M)($7M)($18M)($19M)

Retained capital Retained $6M of earnings over 2016–2025; annual owner earnings fell $1M, $-0.20 per $1 retained.

Balance sheet Net cash, +$117M

CRDO Credo Technology Group Holding Ltd

Credo provides Ethernet solutions to support this type of interconnectivity, and we believe that Ethernet has now become the standard for back end scale out networks.

Owner earnings 2020–2026 ($12M)($45M)($36M)($34M)$17M$43M$430M

Retained capital Retained $408M of earnings over 2020–2026; annual owner earnings grew $194M, $0.48 per $1 retained.

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

CRUS Cirrus Logic

Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world's top mobile and consumer applications.

Owner earnings 2017–2026 $328M$264M$175M$280M$331M$99M$304M$384M$422M$637M

Retained capital Retained $747M of earnings over 2017–2026; annual owner earnings grew $225M, $0.30 per $1 retained.

Balance sheet Net cash, debt-free, +$906M · buybacks at an average near $87.24

CSIQ Canadian Solar Inc. Common Shares (ON)

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

Owner earnings 2016–2025 ($374M)$105M$87M($691M)$682M$378M($1.4B)($808M)

Retained capital Retained $771M of earnings over 2016–2025; annual owner earnings fell $545M, $-0.71 per $1 retained.

Balance sheet Net cash, +$813M

DIOD Diodes

Diodes Incorporated, together with its subsidiaries), delivers high-quality semiconductor products to the world's leading companies in the automotive, industrial, computing, consumer electronics, and communications markets.

Owner earnings 2016–2025 $66M$104M$98M$131M$111M$232M$280M$130M$46M$137M

Retained capital Retained $910M of earnings over 2016–2025; annual owner earnings grew $15M, $0.02 per $1 retained.

Balance sheet Net cash, +$350M

DQ DAQO New Energy Corp.

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

Owner earnings 2016–2025 $76M$115M$68M$134M$141M$562M$2.4B$1.5B($642M)($123M)

Retained capital Retained $3.1B of earnings over 2016–2025; annual owner earnings grew $148M, $0.05 per $1 retained.

Balance sheet Net cash, debt-free, +$856M

ENPH Enphase Energy

Energy storage, by leveraging our design expertise across power electronics, semiconductors and cloud-based software technologies.

Owner earnings 2016–2025 ($45M)($33M)$12M$124M$196M$321M$698M$622M$480M$96M

Retained capital Paid out $4M more than it earned over 2016–2025; annual owner earnings grew $421M.

Balance sheet Net cash, +$308M · buybacks at an average near $125

FORM FormFactor

FormFactor, Inc. is a leading provider of electrical and optical test and measurement technologies along the full semiconductor product lifecycle - from characterization, modeling, reliability, and design de-bug, to qualification and production test.

Owner earnings 2016–2025 $6M$73M$54M$100M$149M$114M$103M$27M$79M$78M

Retained capital Retained $373M of earnings over 2016–2025; annual owner earnings grew $17M, $0.05 per $1 retained.

Balance sheet Net cash, +$140M

FSLR First Solar

Solar modules provide energy at a lower levelized cost of electricity, meaning the net present value of a system's total life cycle costs divided by the quantity of energy that is expected to be produced over the system's life, when compared to traditional forms of energy generation.

Owner earnings 2016–2025 ($23M)$1.2B($458M)($31M)($196M)($22M)$604M$294M$795M$1.5B

Retained capital Retained $3.9B of earnings over 2016–2025; annual owner earnings grew $616M, $0.16 per $1 retained.

Balance sheet Net cash, +$3.0B

GFS GlobalFoundries Inc.

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

Owner earnings 2019–2025 ($91M)$412M$1.1B$1.2B$804M$1.1B$1.0B

Retained capital Paid out $83M more than it earned over 2019–2025; annual owner earnings grew $506M.

Balance sheet Net cash, +$797M

HIMX Himax Technologies Inc.

We are a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies.

Owner earnings 2016–2025 $77M$13M($16M)($17M)$97M$381M$71M$129M$103M$120M

Retained capital Retained $416M of earnings over 2016–2025; annual owner earnings grew $93M, $0.22 per $1 retained.

Balance sheet Net cash, +$74M · dividend paid 9 of 10 yrs, cut at least once

ICG Intchains Group Limited

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

Owner earnings 2020–2025 CN¥15MCN¥394MCN¥323M(CN¥52M)(CN¥148M)(CN¥98M)

Retained capital Retained CN¥791M of earnings over 2020–2025; annual owner earnings fell CN¥343M, CN¥-0.43 per CN¥1 retained.

Balance sheet Net cash, debt-free, +CN¥489M

ICHR Ichor Holdings

Our primary product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices.

Owner earnings 2016–2025 $23M$31M$47M$45M$28M($6M)$2M$42M$10M($6M)

Retained capital Retained $111M of earnings over 2016–2025; annual owner earnings fell $18M, $-0.16 per $1 retained.

Balance sheet Net debt against an operating loss, $25M · buybacks at an average near $20.64

IMOS ChipMOS TECHNOLOGIES INC.

Technologies enable us to provide our customers with advanced and comprehensive assembly and testing services.

Owner earnings 2015–2024 NT$2.5BNT$598MNT$1.3B(NT$25M)NT$2.3BNT$2.0BNT$2.7BNT$3.9BNT$3.5BNT$859M

Retained capital Retained NT$8.5B of earnings over 2015–2024; annual owner earnings grew NT$1.3B, NT$0.15 per NT$1 retained.

Balance sheet Net cash, +NT$4.4B · dividend paid 10 of 10 yrs, cut at least once

INDI indie Semiconductor Inc.

Our go-to-market strategy focuses on collaborating with key customers and partnering with Tier 1s through aligned product development, in pursuit of solutions addressing the automotive industry's highest growth applications.

Owner earnings 2020–2025 ($22M)($59M)($84M)($117M)($73M)($71M)

Retained capital not read

Balance sheet Net debt against an operating loss, $208M

INTC Intel Corporation

Intel designs and builds semiconductors — chiefly the microprocessors that serve as the central brains of personal computers and data-center servers, along with related chips. It sells mostly to the makers of computers and servers and to the operators of large data centers, who design their machines around its parts. Unlike most chip designers, Intel also owns the factories that fabricate its chips, so it carries the cost of running and refilling those plants whether or not demand shows up.

Owner earnings 2016–2025 $12.2B$10.3B$14.3B$16.9B$21.6B$10.7B($9.4B)($14.3B)($15.7B)($4.9B)

Retained capital Retained $3.3B of earnings over 2016–2025; annual owner earnings fell $23.9B.

Balance sheet Net debt against an operating loss, $32.3B · dividend paid 9 of 10 yrs, cut at least once

IPGP IPG Photonics Corporation

IPG Photonics Corporation develops, manufactures and sells high-performance fiber lasers, fiber amplifiers, diode lasers and laser-based systems that are used for diverse applications in materials processing, medical and advanced applications.

Owner earnings 2016–2025 $171M$279M$233M$190M$198M$267M$103M$186M$149M($3M)

Retained capital Retained $251M of earnings over 2016–2025; annual owner earnings fell $117M, $-0.47 per $1 retained.

Balance sheet Net cash, +$816M · buybacks at an average near $105

JKS JinkoSolar Holding Company Limited

We incur capital expenditures primarily to construct our manufacturing facilities and purchase equipment for the production of silicon wafers, solar cells and solar modules, acquire land use rights.

Owner earnings 2016–2025 (CN¥3.8B)(CN¥2.4B)(CN¥1.8B)(CN¥1.9B)(CN¥3.5B)(CN¥8.2B)(CN¥18.1B)(CN¥1.8B)CN¥7.8B(CN¥2.1B)

Retained capital Retained CN¥4.7B of earnings over 2016–2025; annual owner earnings grew CN¥3.9B, CN¥0.84 per CN¥1 retained.

Balance sheet Net cash, +CN¥21.8B

KLIC Kulicke and Soffa Industries Inc.

Our equipment is generally shipped with a one-year warranty against manufacturing defects.

Owner earnings 2017–2025 $111M$103M$54M$83M$277M$367M$129M$15M$96M

Retained capital Paid out $65M more than it earned over 2017–2025; annual owner earnings fell $9M.

Balance sheet Net cash, +$412M · buybacks at an average near $38.00 · dividend paid 7 of 9 yrs, never cut

KOPN Kopin Corporation

Kopin Corporation is headquartered in Westborough, Massachusetts, is a leader of innovative microdisplay technologies and optical systems, catering to defense, enterprise, industrial, consumer, and medical sectors.

Owner earnings 2016–2025 ($27M)($27M)($29M)($21M)($5M)($11M)($19M)($16M)($15M)($16M)

Retained capital not read

Balance sheet Net cash, debt-free, +$58M

LAES SEALSQ Corp

Revenue is Semiconductors (80%) and ASIC (20%).

Owner earnings 2020–2025 ($3M)($3M)$147K($6M)($11M)($32M)

Retained capital not read

Balance sheet Net cash, +$426M

LASR nLIGHT Inc.

NLIGHT, Inc. is a leading provider of high power lasers for mission-critical directed energy, optical sensing, and advanced manufacturing applications.

Owner earnings 2016–2025 $2M($2M)($5M)($11M)$5M($17M)($26M)$5M($10M)$12M

Retained capital Paid out $242M more than it earned over 2016–2025; annual owner earnings grew $4M.

Balance sheet Net cash, debt-free, +$99M

LPTH LightPath Technologies Inc.

LightPath is a global company with facilities in the United States, the People's Republic of China and the Republic of Latvia.

Owner earnings 2017–2025 $3M$101K($2M)$1M$2M($162K)($6M)($2M)($10M)

Retained capital Paid out $27M more than it earned over 2017–2025; annual owner earnings fell $6M.

Balance sheet Net cash, +$72K

LSCC Lattice Semiconductor

Lattice Semiconductor Corporation develop technologies that we monetize through differentiated programmable logic semiconductor products, silicon-enabling products, system solutions, design services, and technology licenses.

Owner earnings 2015–2026 $30M$25M$26M$43M$109M$80M$225M$249M$120M$155M

Retained capital Retained $98M of earnings over 2015–2026; annual owner earnings grew $148M, $1.50 per $1 retained.

Balance sheet Net cash, +$117M

LWLG Lightwave Logic Inc.

Lightwave Logic, Inc. is a specialty materials and intellectual property company focused on the development and commercialization of proprietary electro-optic polymer materials designed to enable high-speed optical modulators for data communications and other photonic applications.

Owner earnings 2023–2025 ($13M)($17M)($15M)

Retained capital not read

Balance sheet Net cash, debt-free, +$69M

MCHP Microchip Technology Incorporated

With over 35 years of technology leadership, our broad product portfolio offers a Total System Solution for our customers that can provide a large portion of the silicon requirements in their applications.

Owner earnings 2017–2026 $1.0B$1.2B$1.4B$1.5B$1.8B$2.5B$3.1B$2.6B$772M$871M

Retained capital Retained $2.0B of earnings over 2017–2026; annual owner earnings grew $181M, $0.09 per $1 retained.

Balance sheet Heavy net debt, $5.3B · buybacks at an average near $78.03 · dividend paid 3 of 10 yrs, never cut

MCHPP Microchip Technology Incorporated

With over 35 years of technology leadership, our broad product portfolio offers a Total System Solution for our customers that can provide a large portion of the silicon requirements in their applications.

Owner earnings 2017–2026 $1.0B$1.2B$1.4B$1.5B$1.8B$2.5B$3.1B$2.6B$772M$871M

Retained capital Retained $2.0B of earnings over 2017–2026; annual owner earnings grew $181M, $0.09 per $1 retained.

Balance sheet Heavy net debt, $5.3B · buybacks at an average near $78.03 · dividend paid 3 of 10 yrs, never cut

MPWR Monolithic Power Systems Inc.

Monolithic Power Systems, Inc. is a fabless global company that provides high-performance, semiconductor-based power electronics solutions.

Owner earnings 2016–2025 $93M$118M$129M$201M$249M$291M$210M$598M$752M$786M

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings grew $599M, $0.30 per $1 retained.

Balance sheet Net cash, debt-free, +$1.0B · buybacks at an average near $637 · dividend paid 9 of 10 yrs, never cut

MRAM Everspin Technologies Inc.

We consider a design win to occur when an OEM or contract manufacturer notifies us that it has qualified one of our products as a component in a product or system for production.

Owner earnings 2017–2025 ($20M)($16M)($9M)($3M)$8M$9M$12M$5M$7M

Retained capital Paid out $42M more than it earned over 2017–2025; annual owner earnings grew $23M.

Balance sheet Net cash, +$43M

MRVL Marvell Technology Inc.

Marvell Technology, Inc. is a leading supplier of data infrastructure semiconductor solutions, spanning the data center core to network edge.

Owner earnings 2020–2026 $278M$711M$650M$1.1B$1.2B$1.5B$1.5B

Retained capital Paid out $3.2B more than it earned over 2020–2026; annual owner earnings grew $872M.

Balance sheet Modest net debt, $1.9B · buybacks at an average near $60.86 · dividend paid 7 of 7 yrs, never cut

MTSI MACOM Technology Solutions Holdings Inc.

Technology, circuit design and packaging technology defines the performance parameters and differentiation of our products.

Owner earnings 2012–2025 $15M$28M($17M)($17M)$154M$130M$150M$142M$140M$193M

Retained capital Paid out $338M more than it earned over 2012–2025; annual owner earnings grew $150M.

Balance sheet Net cash, +$285M · dividend paid 1 of 10 yrs, never cut

MU Micron Technology Inc.

Micron makes memory and storage chips — mainly DRAM, the working memory inside computers and phones, and NAND flash, which holds data when the power is off. It sells these to the makers of computers, servers, phones and other electronics, and also under its own Micron and Crucial brands. It earns its money by running its own chip factories, so most of the cost is sunk in the plants and the bits they turn out.

Owner earnings 2016–2025 $188M$3.4B$12.6B$7.8B$2.7B$6.3B$8.1B($6.1B)$121M$9.2B

Retained capital Retained $36.5B of earnings over 2016–2025; annual owner earnings fell $4.4B, $-0.12 per $1 retained.

Balance sheet Modest net debt, $4.6B · dividend paid 4 of 10 yrs, never cut

MX Magnachip Semiconductor Corporation

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

Owner earnings 2016–2025 ($9M)($53M)$10M$28M($29M)$56M($18M)($10M)($18M)($54M)

Retained capital Retained $201M of earnings over 2016–2025; annual owner earnings fell $10M, $-0.05 per $1 retained.

Balance sheet Net debt against an operating loss, $100M · buybacks at an average near $6.35

MXL MaxLinear Inc.

We are a provider of communications systems-on-chip, or SoCs, used in broadband, mobile and wireline infrastructure, data center, and industrial and multi-market applications.

Owner earnings 2016–2025 $109M$68M$95M$71M$61M$129M$347M$30M($63M)$7M

Retained capital Paid out $456M more than it earned over 2016–2025; annual owner earnings fell $99M.

Balance sheet Net debt against an operating loss, $51M · buybacks at an average near $34.71

NA Nano Labs Ltd

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

Owner earnings 2020–2025 (CN¥4M)CN¥63M(CN¥292M)(CN¥239M)(CN¥176M)(CN¥108M)

Retained capital not read

Balance sheet Meaningful net debt, CN¥143M

NVDA NVIDIA Corp.

NVIDIA designs the chips — graphics processing units — that have become the workhorse for artificial intelligence and other heavy computing, and it sells them mostly to the operators of large data centers, alongside networking gear, systems, and the software that ties it all together. It does not own the factories; it designs the parts and pays outside foundries to make them, so the bulk of its money comes from compute and networking, with smaller lines behind. Wrapped around the silicon is CUDA, a software platform that runs on its GPUs and on which a great many developers build their work.

Owner earnings 2022–2026 $8.1B$3.8B$27.0B$62.2B$99.9B

Retained capital Retained $140.5B of earnings over 2022–2026; annual owner earnings grew $50.1B, $0.36 per $1 retained.

Balance sheet Net cash, +$36.8B · buybacks at an average near $65.20 · dividend paid 5 of 5 yrs, never cut

NVEC NVE Corporation

In General NVE Corporation, referred to as NVE, we, us, or our, develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information.

Owner earnings 2017–2026 $12M$15M$14M$16M$13M$12M$18M$18M$13M$14M

Retained capital Paid out $42M more than it earned over 2017–2026; annual owner earnings grew $2M.

Balance sheet Net cash, debt-free, +$20M · buybacks at an average near $47.38 · dividend paid 10 of 10 yrs, never cut

NVTS Navitas Semiconductor Corporation

Navitas SiC MOSFETs have lower resistance at higher temperatures, and operate at cooler temperatures, for expected 3x longer device life expectancy.

Owner earnings 2020–2025 ($21M)($42M)($45M)($44M)($62M)($44M)

Retained capital not read

Balance sheet Net cash, +$237M

NXPI NXP Semiconductors N.V.

NXP Semiconductors N.V. is a global semiconductor company and a long-standing supplier in the industry, with over 70 years of innovation and operating history.

Owner earnings 2017–2025 $1.9B$3.8B$1.8B$2.1B$2.3B$2.8B$2.7B$2.1B$2.4B

Retained capital Paid out $4.7B more than it earned over 2017–2025; annual owner earnings fell $112M.

Balance sheet Meaningful net debt, $9.0B · buybacks at an average near $132 · dividend paid 8 of 9 yrs, never cut

NXT Nextpower Inc.

We are a leading global provider of solar and energy technology solutions for utility-scale power plants.

Owner earnings 2021–2026 $92M($153M)$104M$425M$642M$532M

Retained capital Retained $708M of earnings over 2021–2026; annual owner earnings grew $519M, $0.73 per $1 retained.

Balance sheet Net cash, debt-free, +$1.1B

ON ON Semiconductor Corporation

We offer intelligent power and intelligent sensing solutions that drive electrification, energy efficiency, safety, and automation in automotive, industrial, and other end-markets, including AI data center.

Owner earnings 2016–2025 $370M$707M$759M$160M$501M$1.3B$2.1B$1.4B$1.2B$1.4B

Retained capital Retained $5.5B of earnings over 2016–2025; annual owner earnings grew $721M, $0.13 per $1 retained.

Balance sheet Heavy net debt, $798M · buybacks at an average near $43.37

OSIS OSI Systems Inc. Common Stock (DE)

OSI Systems, Inc. is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications.

Owner earnings 2016–2025 $42M$46M$90M$92M$108M$122M$49M$79M($110M)$74M

Retained capital Retained $195M of earnings over 2016–2025; annual owner earnings fell $45M, $-0.23 per $1 retained.

Balance sheet Modest net debt, $365M · buybacks at an average near $81.51

PENG Penguin Solutions Inc.

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

Owner earnings 2016–2025 $1M($20M)$42M$136M$55M$137M$85M$65M$58M$100M

Retained capital Paid out $190M more than it earned over 2016–2025; annual owner earnings grew $66M.

Balance sheet Modest net debt, $8M

PLAB Photronics

Photronics is one of the world's leading manufacturers of photomasks, which are high precision photographic quartz or glass plates containing microscopic images of electronic circuits.

Owner earnings 2016–2025 $72M$5M$38M($11M)$72M$42M$195M$222M$179M$171M

Retained capital Retained $504M of earnings over 2016–2025; annual owner earnings grew $152M, $0.30 per $1 retained.

Balance sheet Net cash, +$394M

POET POET Technologies Inc.

POET is on the forefront of providing scalable solutions for current and future AI systems.

Owner earnings 2016–2025 ($11M)($9M)($13M)($10M)($11M)($12M)($15M)($17M)($30M)($33M)

Retained capital not read

Balance sheet Net cash, +$310M

POWI Power Integrations

Power supplies, which convert the high-voltage AC from a wall outlet to the low-voltage DC required by most electronic devices.

Owner earnings 2016–2025 $86M$50M$59M$200M$55M$184M$176M$45M$64M$87M

Retained capital Paid out $146M more than it earned over 2016–2025; annual owner earnings grew $453K.

Balance sheet Net cash, debt-free, +$250M · dividend paid 10 of 10 yrs, never cut

Q Qnity Electronics Inc.

Qnity is one of the largest global leaders in materials and solutions for the semiconductor and electronics industries.

Owner earnings 2023–2025 $651M$861M$988M

Retained capital not read

Balance sheet Meaningful net debt, $3.2B

QRVO Qorvo Inc.

Qorvo is a global leader in the development and commercialization of technologies and products for wireless, wired and power markets.

Owner earnings 2017–2026 $567M$678M$589M$782M$1.1B$836M$684M$706M$485M$680M

Retained capital Paid out $2.8B more than it earned over 2017–2026; annual owner earnings grew $12M.

Balance sheet Modest net debt, $330M · buybacks at an average near $95.20

QUIK QuickLogic Corporation

We develop programmable logic semiconductor technologies, including embedded Field Programmable Gate Array intellectual property and specialized FPGA devices used in a range of applications requiring adaptable hardware functionality.

Owner earnings 2017–2025 ($14M)($13M)($12M)($7M)($3M)($4M)($4M)($6M)

Retained capital not read

Balance sheet Net cash, +$3M

RMBS Rambus

Rambus is at the forefront of enabling the next era of AI-driven computing, addressing the critical challenges of signal and power integrity at increasingly extreme data rates in the data center, edge and client markets.

Owner earnings 2016–2025 $87M$108M$75M$122M$163M$195M$221M$186M$221M$348M

Retained capital Paid out $124M more than it earned over 2016–2025; annual owner earnings grew $161M.

Balance sheet Net cash, debt-free, +$443M

SEDG SolarEdge Technologies Inc.

We are a global smart energy technology company that changed the way power is harvested and managed in photovoltaic systems.

Owner earnings 2016–2025 $49M$130M$178M$242M$200M$175M($18M)($237M)($373M)$81M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings fell $295M.

Balance sheet Net debt against an operating loss, $128M

SHLS Shoals Technologies Group Inc.

Shoals Technologies Group is a leading design-engineering company and manufacturer of advanced electrical infrastructure solutions for mission critical applications across solar photovoltaic, BESS, and data center power systems.

Owner earnings 2019–2025 $34M$51M($8M)$36M$81M$72M$3M

Retained capital Retained $261M of earnings over 2019–2025; annual owner earnings grew $27M, $0.10 per $1 retained.

Balance sheet Meaningful net debt, $134M

SIMO Silicon Motion Technology Corporation

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

Owner earnings 2016–2025 $116M$92M$96M$67M$104M$158M$65M$127M$52M$31M

Retained capital Retained $331M of earnings over 2016–2025; annual owner earnings fell $31M, $-0.10 per $1 retained.

Balance sheet Net cash, +$203M · dividend paid 10 of 10 yrs, cut at least once

SITM SiTime

We are a leading provider of Precision Timing solutions to the global electronics industry.

Owner earnings 2018–2025 ($3M)$6M$11M$51M$28M($889K)($13M)$47M

Retained capital Paid out $187M more than it earned over 2018–2025; annual owner earnings grew $7M.

Balance sheet Net debt against an operating loss, $24M

SKYT SkyWater Technology Inc.

SkyWater Technology, Inc. is a U.S.-based, independent, pure-play semiconductor foundry providing foundational-node manufacturing, advanced technology development, and advanced packaging services through an integrated, multi-site operating model.

Owner earnings 2021–2025 $77M($86M)($31M)$11M($53M)

Retained capital Paid out $3M more than it earned over 2021–2025; annual owner earnings fell $11M.

Balance sheet Net debt against an operating loss, $70M

SLAB Silicon Laboratories

Silicon Laboratories Inc. is a leader in secure, intelligent wireless technology for a more connected world.

Owner earnings 2011–2026 $109M$118M$177M$149M$151M$118M$115M($53M)($26M)$66M

Retained capital Paid out $1.3B more than it earned over 2011–2026; annual owner earnings fell $139M.

Balance sheet Net debt against an operating loss, $86M

SMTC Semtech Corporation

We design, develop, manufacture and market a diverse portfolio of products for commercial applications, addressing the global infrastructure, high-end consumer and industrial end markets.

Owner earnings 2017–2026 $85M$76M$167M$96M$95M$177M$98M($123M)$50M$171M

Retained capital Paid out $1.3B more than it earned over 2017–2026; annual owner earnings fell $76M.

Balance sheet Heavy net debt, $296M · buybacks at an average near $45.08

SPCB SuperCom Ltd. Ordinary Shares (Israel)

Revenue is IoT (91%), e-Gov (6%) and Cyber Security (3%).

Owner earnings 2016–2025 ($11M)($2M)($7M)($8M)($7M)($11M)($5M)($4M)($3M)($6M)

Retained capital not read

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

STM STMicroelectronics N.V.

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

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$771M

SWKS Skyworks Solutions Inc.

We operate worldwide with engineering, manufacturing, sales, and service facilities throughout Asia, Europe, and North America.

Owner earnings 2017–2025 $1.2B$988M$1.1B$815M$1.4B$935M$1.6B$1.7B$1.1B

Retained capital Retained $735M of earnings over 2017–2025; annual owner earnings grew $383M.

Balance sheet Net cash, +$378M · buybacks at an average near $100 · dividend paid 9 of 9 yrs, never cut

SYNA Synaptics

Synaptics designs and delivers AI-enabled edge solutions that bring AI closer to end users and transform how we engage with intelligent connected devices, whether at home, at work or on the move.

Owner earnings 2016–2025 $228M$122M$111M$131M$206M$298M$432M$297M$102M$116M

Retained capital Paid out $301M more than it earned over 2016–2025; annual owner earnings grew $18M.

Balance sheet Net debt against an operating loss, $388M · buybacks at an average near $82.05

TE T1 Energy Inc.

T1 Energy Inc. is an energy solutions provider building an integrated U.S. solar supply chain for solar modules to invigorate the United States with scalable, reliable, and low-cost energy.

Owner earnings 2023–2025 ($91M)($113M)$17M

Retained capital not read

Balance sheet Net debt against an operating loss, $208M

TOYO TOYO Co. Ltd

The acquisition supports TOYO's strategic expansion into the U.S market, complementing its existing manufacturing footprint for solar cells in Vietnam and Ethiopia.

Owner earnings 2023–2025 ($15M)$23M$96M

Retained capital not read

Balance sheet Modest net debt, $13M

TSEM Tower Semiconductor Ltd.

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

Owner earnings 2016–2025 $110M$168M$103M$100M$36M$107M$237M$419M$182M$92M

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $104M, $0.05 per $1 retained.

Balance sheet Net cash, +$977M

TSM Taiwan Semiconductor Manufacturing Company Limited

TSMC is the world's largest contract chip manufacturer — a foundry that builds the chips other companies design but do not make themselves, from Apple's processors to Nvidia's AI accelerators and much of the rest of the leading edge. It owns the fabrication; its customers own the designs and the brands.

Owner earnings 2015–2024 NT$272.4BNT$319.7BNT$329.5BNT$258.4BNT$333.7BNT$498.1BNT$698.0BNT$1.18TNT$719.0BNT$1.17T

Retained capital Retained NT$3.42T of earnings over 2015–2024; annual owner earnings grew NT$717.4B, NT$0.21 per NT$1 retained.

Balance sheet Net cash, +NT$2.04T · dividend paid 10 of 10 yrs, never cut

TXN Texas Instruments Incorporated

Texas Instruments designs and makes semiconductor chips — mostly analog parts that handle real-world signals like power, sound and temperature, plus embedded processors that run the simple computing inside a device. It sells these chips by the catalog to the companies that build the gear, vehicles and electronics of many industries. The money comes from making an enormous variety of small, long-lived parts in its own factories and selling each to many customers across many markets.

Owner earnings 2016–2025 $4.1B$4.8B$6.6B$5.8B$5.5B$8.0B$7.8B$5.2B$4.8B$5.2B

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings fell $72M.

Balance sheet Modest net debt, $9.2B · buybacks at an average near $105 · dividend paid 10 of 10 yrs, never cut

UCTT Ultra Clean Holdings

Ultra Clean Holdings, Inc., is a leading developer and supplier of critical subsystems, components, parts, and ultra-high purity cleaning and analytical services primarily for the semiconductor industry.

Owner earnings 2016–2025 $10M$44M$30M$95M$72M$178M$9M$98M$19M$15M

Retained capital Retained $116M of earnings over 2016–2025; annual owner earnings grew $16M, $0.14 per $1 retained.

Balance sheet Net debt against an operating loss, $170M

UMC United Microelectronics Corporation

Our large production capacity and advanced process technologies enable us to provide our customers with volume production and flexible and quick-to-market manufacturing services.

Owner earnings 2015–2024 NT$16.4B(NT$3.1B)NT$8.2BNT$31.3BNT$38.4BNT$39.4BNT$42.3BNT$104.8BNT$48.4BNT$48.5B

Retained capital Retained NT$239.0B of earnings over 2015–2024; annual owner earnings grew NT$60.1B, NT$0.25 per NT$1 retained.

Balance sheet Net cash, +NT$99.1B · dividend paid 7 of 10 yrs, cut at least once

VIAV Viavi Solutions Inc.

Viavi Solutions Inc. is a global provider of network test, monitoring and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace and critical infrastructure.

Owner earnings 2016–2025 $29M$65M$24M$94M$104M$208M$142M$78M$97M$62M

Retained capital Paid out $447M more than it earned over 2016–2025; annual owner earnings grew $40M.

Balance sheet Net cash, +$29M · buybacks at an average near $12.82

WOLF Wolfspeed Inc. Common Stock New

Wolfspeed, Inc. is a North Carolina corporation established in 1987, and our headquarters are in Durham, North Carolina.

Owner earnings 2013–2025 $208M$134M$1M$78M($259M)($696M)($791M)($1.1B)($3.0B)($2.0B)

Retained capital not read

Balance sheet Net debt against an operating loss, $12.1B