Software

4704 Trend Micro

Revenue is led by Japan (32%) and Asia Pacific (26%), with 2 more segments behind.

Owner earnings 2016–2025 ¥30.5B¥42.3B¥46.4B¥41.1B¥52.8B¥53.1B¥55.5B¥55.0B¥45.6B¥63.5B

Retained capital Paid out ¥98.0B more than it earned over 2016–2025; annual owner earnings grew ¥14.9B.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

ACIW ACI Worldwide Inc.

ACI develops, markets, installs, and supports a broad line of software solutions that deliver intelligent payments o rchestration to banks, merchants, and billers .

Owner earnings 2016–2025 $59M$120M$166M$110M$297M$200M$130M$160M$343M$310M

Retained capital Retained $276M of earnings over 2016–2025; annual owner earnings grew $156M, $0.56 per $1 retained.

Balance sheet Modest net debt, $621M · buybacks at an average near $29.67

ADBE Adobe Inc.

Adobe sells software that people use to make and manage digital content. Most of its money comes from Digital Media — the programs designers and everyday users rely on to create images, video and documents, including the Acrobat software behind the PDF — sold mostly by subscription. A smaller part, Digital Experience, sells businesses the tools to deliver and manage personalized experiences for their own customers.

Owner earnings 2016–2025 $2.0B$2.7B$3.8B$4.0B$5.3B$6.9B$7.4B$6.9B$7.9B$9.9B

Retained capital Paid out $4.3B more than it earned over 2016–2025; annual owner earnings grew $5.4B.

Balance sheet Net cash, +$385M · buybacks at an average near $355

ADSK Autodesk Inc.

We are a global leader in 3D design, engineering and entertainment technology solutions, spanning architecture, engineering, construction, product design, manufacturing, media, and entertainment.

Owner earnings 2017–2026 $94M($50M)$310M$1.4B$1.3B$1.5B$2.0B$1.3B$1.6B$2.4B

Retained capital Paid out $3.2B more than it earned over 2017–2026; annual owner earnings grew $1.6B.

Balance sheet Net cash, +$97M · buybacks at an average near $251 · no dividend paid

AGYS Agilysys

Agilysys operates across the Americas, Europe, the Middle East, Africa, Asia-Pacific, and India with headquarters located in Alpharetta, GA.

Owner earnings 2017–2026 $1M$4M$5M$8M$27M$27M$33M$44M$52M$68M

Retained capital Retained $81M of earnings over 2017–2026; annual owner earnings grew $52M, $0.64 per $1 retained.

Balance sheet Net cash, debt-free, +$117M

AI C3.ai Inc.

We provide our customers and partners with an antidote to AI vendor lock-in.

Owner earnings 2019–2026 ($35M)($63M)($39M)($90M)($122M)($75M)($44M)($192M)

Retained capital not read

Balance sheet Net cash, debt-free, +$575M

ALAR ALARUM TECHNOLOGIES LTD.

We offer secured, fast, and anonymous IPPN solutions, as well as multiple data collection products, to our business customers which, in turn, enables them to anonymously and securely browse the internet as well as to collect data from any publicly available source on the web, for their own business purposes.

Owner earnings 2016–2025 ($3M)($5M)($9M)($7M)($7M)($9M)($8M)$5M$9M($2M)

Retained capital not read

Balance sheet Net cash, +$16M

ALKT Alkami Technology Inc.

Alkami is a cloud-based digital sales and service platform provider.

Owner earnings 2019–2025 ($41M)($40M)($30M)($39M)($19M)$17M$41M

Retained capital not read

Balance sheet Net debt against an operating loss, $273M

ALRM Alarm.com

Alarm.com is the leading platform for intelligently connected properties.

Owner earnings 2016–2025 $16M$47M$50M$28M$86M$92M$28M$128M$196M$137M

Retained capital Retained $411M of earnings over 2016–2025; annual owner earnings grew $116M, $0.28 per $1 retained.

Balance sheet Net cash, +$471M · buybacks at an average near $55.08 · no dividend paid

AMPL Amplitude Inc.

We generate revenue primarily through subscription-based pricing, offering flexible plans that scale with our customers.

Owner earnings 2019–2025 ($17M)($11M)($33M)($9M)$24M$17M$28M

Retained capital Paid out $531M more than it earned over 2019–2025; annual owner earnings grew $44M.

Balance sheet Net cash, debt-free, +$192M · buybacks at an average near $13.91

ANSS Ansys Inc.

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

Owner earnings 2015–2024 $360M$354M$409M$463M$455M$512M$526M$607M$692M$752M

Retained capital Retained $2.1B of earnings over 2015–2024; annual owner earnings grew $310M, $0.15 per $1 retained.

Balance sheet Net cash, +$699M · buybacks at an average near $139

API Agora Inc.

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

Owner earnings 2018–2025 ($386K)($1M)$2M($28M)($57M)($15M)($17M)$26M

Retained capital not read

Balance sheet Net debt against an operating loss, $391K

APP AppLovin

We provide end-to-end artificial intelligence-powered advertising solutions for businesses to reach, monetize and grow their global audience.

Owner earnings 2019–2024 $195M$220M$360M$412M$1.1B$2.1B

Retained capital Paid out $703M more than it earned over 2019–2024; annual owner earnings grew $929M.

Balance sheet Modest net debt, $1.0B

APPF AppFolio

AppFolio is a technology leader powering the future of real estate.

Owner earnings 2016–2025 $7M$27M$34M$31M$29M$27M$19M$51M$186M$239M

Retained capital Retained $325M of earnings over 2016–2025; annual owner earnings grew $136M, $0.42 per $1 retained.

Balance sheet Net cash, +$89M · buybacks at an average near $87.37

APPN Appian Corporation

Appian Corporation provides process automation technology.

Owner earnings 2016–2025 ($9M)($10M)($33M)($14M)($9M)($60M)($112M)($120M)$3M$60M

Retained capital not read

Balance sheet Heavy net debt, $54M

ARBE Arbe Robotics Ltd.

We are a provider of imaging radar solutions, and we are leading a radar revolution, bringing uncompromised imaging capabilities to various markets.

Owner earnings 2019–2025 ($23M)($15M)($27M)($41M)($34M)($33M)($38M)

Retained capital not read

Balance sheet Net cash, +$42M

ARQQ Arqit Quantum Inc.

Arqit is a leading provider of encryption analytics and encryption software, enabling organizations to protect data and communications against both today's cyber threats and tomorrow's risks posed by quantum computers.

Owner earnings 2020–2024 ($1M)($24M)($29M)($34M)($34M)

Retained capital not read

Balance sheet Net cash, +$16M

ASAN Asana

Asana is the system of action for work, built for the Agentic Enterprise.

Owner earnings 2019–2026 ($33M)($42M)($96M)($92M)($165M)($26M)$9M$87M

Retained capital not read

Balance sheet Net cash, +$159M

AUR Aurora Innovation Inc.

We have used a "Verifiable AI" approach, intended to leverage advancements in artificial intelligence and machine learning to deliver a practical, verifiable, and commercially scalable solution.

Owner earnings 2019–2025 ($99M)($199M)($612M)($523M)($613M)($645M)($612M)

Retained capital not read

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

AUROW Aurora Innovation Inc.

We have used a "Verifiable AI" approach, intended to leverage advancements in artificial intelligence and machine learning to deliver a practical, verifiable, and commercially scalable solution.

Owner earnings 2019–2025 ($99M)($199M)($612M)($523M)($613M)($645M)($612M)

Retained capital not read

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

AVPT AvePoint Inc.

AvePoint is a global provider of modern data protection, enabling organizations to secure, govern, and operationalize data at scale across major cloud ecosystems.

Owner earnings 2019–2025 ($3M)$18M$4M($3M)$33M$86M$82M

Retained capital Paid out $273M more than it earned over 2019–2025; annual owner earnings grew $60M.

Balance sheet Net cash, debt-free, +$481M · buybacks at an average near $8.13

BAND Bandwidth Inc.

Bandwidth's go-to-market strategy is designed around the global shift from on-premises based technology to cloud-based communications.

Owner earnings 2016–2025 $1M$10M$19M($10M)($8M)$23M$16M$30M$70M$67M

Retained capital Paid out $39M more than it earned over 2016–2025; annual owner earnings grew $46M.

Balance sheet Net debt against an operating loss, $136M

BB BlackBerry Limited

The Company's QNX division develops safe, reliable software for embedded systems across technology-driven industries, including automotive, medical devices, robotics, and industrial automation.

Owner earnings 2018–2026 $689M$83M$14M$74M($36M)($270M)($11M)$13M$47M

Retained capital Paid out $1.7B more than it earned over 2018–2026; annual owner earnings fell $246M.

Balance sheet Net cash, +$163M · buybacks at an average near $4.47

BBAI BigBear.ai Inc.

BigBear.ai Holdings, Inc.'s is a specialized provider of mission-ready artificial intelligence technology, founded originally to serve defense and national security mission customers.

Owner earnings 2019–2025 $4M($20M)($50M)($18M)($39M)($42M)

Retained capital not read

Balance sheet Net debt against an operating loss, $20M

BIDU Baidu Inc. ADS

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

Owner earnings 2016–2025 CN¥18.3BCN¥29.0BCN¥32.3BCN¥22.0BCN¥19.1BCN¥14.4BCN¥20.0BCN¥29.5BCN¥13.1B(CN¥10.4B)

Retained capital Retained CN¥86.3B of earnings over 2016–2025; annual owner earnings fell CN¥15.8B, CN¥-0.18 per CN¥1 retained.

Balance sheet Net cash, +CN¥72.5B

BILL BILL Holdings

We are a leading financial operations platform for small and midsize businesses.

Owner earnings 2018–2025 ($10M)($7M)($6M)($249K)($23M)$180M$278M$346M

Retained capital Paid out $1.4B more than it earned over 2018–2025; annual owner earnings grew $275M.

Balance sheet Net debt against an operating loss, $676M · buybacks at an average near $75.63

BL BlackLine

BlackLine has pioneered customer-centric innovation in financial software, optimizing mission-critical processes for the Office of the CFO.

Owner earnings 2016–2025 ($7M)$2M$10M$25M$48M$71M$45M$121M$189M$161M

Retained capital Paid out $309M more than it earned over 2016–2025; annual owner earnings grew $155M.

Balance sheet Heavy net debt, $276M · buybacks at an average near $52.34

BLIV BeLive Holdings Ordinary Share

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

Owner earnings 2022–2023 (S$3M)S$58K

Retained capital not read

Balance sheet Net cash, debt-free, +S$66K

BLKB Blackbaud Inc.

We are the world's leading provider of AI-powered solutions for social impact.

Owner earnings 2016–2025 $136M$166M$187M$171M$118M$202M$192M$195M$289M$258M

Retained capital Paid out $940M more than it earned over 2016–2025; annual owner earnings grew $84M.

Balance sheet Heavy net debt, $1.1B · buybacks at an average near $64.77 · dividend paid 5 of 10 yrs, cut at least once

BLND Blend Labs Inc.

We help financial institutions deliver transparency, speed, and scale across all major product lines in home lending and consumer banking, supporting end-to-end mortgage applications, home equity, refinance, vehicle, credit card, personal loan, and deposit account opening.

Owner earnings 2019–2025 ($60M)($66M)($129M)($192M)($128M)($23M)($81K)

Retained capital not read

Balance sheet Net cash, debt-free, +$105M

BLZE Backblaze Inc.

We are a high-performance cloud storage platform for data-intensive use cases in the artificial intelligence era and across a broad range of modern cloud workloads, designed to help customers address complex storage needs by reducing the barriers of lock-in, complexity, and cost.

Owner earnings 2020–2025 $11M($4M)($21M)($13M)$11M$19M

Retained capital Paid out $216M more than it earned over 2020–2025; annual owner earnings grew $10M.

Balance sheet Net cash, debt-free, +$51M

BMR Beamr Imaging Ltd. Ordinary Share

Beamr is a world leader in content-adaptive video compression.

Owner earnings 2020–2025 ($1M)$565K($647K)($669K)($2M)($5M)

Retained capital not read

Balance sheet Net cash, +$13M

BOX Box, Inc.

Box is the leading Intelligent Content Management provider.

Owner earnings 2017–2026 ($17M)$24M$41M$39M$293M$314M$330M$350M

Retained capital Paid out $1.0B more than it earned over 2017–2026; annual owner earnings grew $316M.

Balance sheet Net cash, +$27M

BRZE Braze

Braze is a leading customer engagement platform that empowers brands to Be Absolutely Engaging.

Owner earnings 2020–2026 ($8M)($8M)($38M)($27M)($113K)$27M$62M

Retained capital Paid out $644M more than it earned over 2020–2026; annual owner earnings grew $47M.

Balance sheet Net cash, debt-free, +$124M

BSY Bentley Systems Incorporated

Bentley Systems is the infrastructure engineering software company.

Owner earnings 2018–2025 $143M$154M$242M$270M$256M$392M$421M$520M

Retained capital Retained $439M of earnings over 2018–2025; annual owner earnings grew $265M, $0.60 per $1 retained.

Balance sheet Meaningful net debt, $1.1B · dividend paid 8 of 8 yrs, cut at least once

BZ KANZHUN LIMITED

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

Owner earnings 2019–2025 (CN¥124M)CN¥355MCN¥1.6BCN¥863MCN¥2.8BCN¥3.1BCN¥4.4B

Retained capital Paid out CN¥964M more than it earned over 2019–2025; annual owner earnings grew CN¥2.8B.

Balance sheet Net cash, debt-free, +CN¥13.6B · dividend paid 2 of 7 yrs, never cut

CACI CACI International Inc.

CACI provides technology that addresses our customers' most challenging needs.

Owner earnings 2016–2025 $222M$238M$280M$507M$446M$519M$671M$324M$434M$481M

Retained capital Retained $2.2B of earnings over 2016–2025; annual owner earnings grew $167M, $0.08 per $1 retained.

Balance sheet Meaningful net debt, $2.8B

CCC CCC Intelligent Solutions Holdings Inc.

CCC is a leading Software-as-a-Service and AI platform provider for the multi-trillion-dollar insurance economy powering operations for insurers, repairers, automakers, part suppliers, and more.

Owner earnings 2019–2025 $46M$86M$103M$172M$213M$231M$255M

Retained capital Paid out $1.7B more than it earned over 2019–2025; annual owner earnings grew $155M.

Balance sheet Heavy net debt, $1.2B · buybacks at an average near $67.37 · dividend paid 1 of 7 yrs, cut at least once

CCCS CCC Intelligent Solutions

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

Owner earnings 2019–2025 $46M$86M$103M$172M$213M$231M$255M

Retained capital Paid out $1.7B more than it earned over 2019–2025; annual owner earnings grew $155M.

Balance sheet Heavy net debt, $1.2B · buybacks at an average near $67.37 · dividend paid 1 of 7 yrs, cut at least once

CCSI Consensus Cloud Solutions Inc.

Consensus Cloud Solutions, Inc. is a provider of secure information delivery services.

Owner earnings 2019–2025 $204M$206M$201M$53M$78M$88M$106M

Retained capital Retained $743M of earnings over 2019–2025; annual owner earnings fell $113M, $-0.15 per $1 retained.

Balance sheet Meaningful net debt, $484M · buybacks at an average near $16.65

CDNS Cadence Design Systems Inc.

Cadence is a global technology leader that develops computational, AI-driven software, accelerated hardware, and silicon intellectual property products and solutions.

Owner earnings 2016–2025 $391M$413M$543M$655M$810M$1.1B$1.2B$1.1B$1.6B

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $868M, $0.75 per $1 retained.

Balance sheet Net cash, +$675M · buybacks at an average near $71.68

CERT Certara Inc.

We are a global leader in biosimulation science, technology, and consulting services for using Model-Informed Drug Development in the global biopharmaceutical and biotech industry.

Owner earnings 2019–2025 $36M$44M$59M$91M$81M$79M$95M

Retained capital Paid out $170M more than it earned over 2019–2025; annual owner earnings grew $38M.

Balance sheet Heavy net debt, $104M

CEVA Ceva, Inc.

We are the leader in silicon and software intellectual property enabling Physical AI - the intelligence embedded directly into billions of devices that connect, sense, and infer data in the real world.

Owner earnings 2016–2025 $13M$22M$5M$6M$12M$24M$3M($9M)$516K($6M)

Retained capital Paid out $92M more than it earned over 2016–2025; annual owner earnings fell $19M.

Balance sheet Net cash, debt-free, +$41M · buybacks at an average near $27.32

CFLT Confluent Inc.

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

Owner earnings 2019–2025 ($70M)($83M)($109M)($161M)($106M)$31M$61M

Retained capital not read

Balance sheet Net debt against an operating loss, $749M

CGNT Cognyte Software Ltd.

Software can help organizations uncover the unknown by revealing patterns and anomalies, providing near real-time insights, and accelerating decision-making.

Owner earnings 2019–2026 $44M$53M$57M($9M)($45M)$28M$36M$30M

Retained capital Paid out $74M more than it earned over 2019–2026; annual owner earnings fell $20M.

Balance sheet Net cash, debt-free, +$117M

CHKP Check Point Software Technologies Ltd.

Our solutions deliver leading protection across infrastructure, to make sure organizations are protected from AI-driven attacks.

Owner earnings 2016–2025 $938M$1.1B$1.1B$1.1B$1.1B$1.2B$1.1B$1.0B$1.0B$1.2B

Retained capital Paid out $3.9B more than it earned over 2016–2025; annual owner earnings grew $20M.

Balance sheet Net cash, debt-free, +$2.5B

CLBT Cellebrite DI Ltd.

Revenue is led by Subscription Services (70%) and Term-Licenses (20%), with 2 more lines behind.

Owner earnings 2019–2025 $12M$60M$31M$14M$97M$124M$160M

Retained capital Paid out $226M more than it earned over 2019–2025; annual owner earnings grew $92M.

Balance sheet Net cash, debt-free, +$276M · dividend paid 3 of 7 yrs, cut at least once

CLPS CLPS Incorporation

We are a global information technology, consulting and solutions service provider focused on delivering services primarily to global institutions, including banking, wealth management, e-commerce, and automotive areas both in China and globally.

Owner earnings 2016–2025 $4M$562K($5M)($98K)$6M($3M)$2M$9M$8M($4M)

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

Balance sheet Net cash, +$29M · dividend paid 7 of 10 yrs, cut at least once

CMCM Cheetah Mobile Inc.

Revenue is Internet Business (53%) and AI and Others (47%).

Owner earnings 2016–2017 CN¥319MCN¥606M

Retained capital not read

Balance sheet Net cash, +CN¥1.4B

COUR Coursera Inc.

We use data-driven marketing to efficiently attract learners to a wide range of paid offerings, including standalone courses, multi-course specializations, industry certificate programs, and university degrees.

Owner earnings 2019–2025 ($26M)($18M)$192K($40M)$29M$94M$107M

Retained capital Paid out $776M more than it earned over 2019–2025; annual owner earnings grew $91M.

Balance sheet Net cash, debt-free, +$793M · buybacks at an average near $12.01

CRM Salesforce Inc.

Salesforce sells software that companies rent to manage their dealings with customers — tracking sales, handling service, and running marketing and commerce. It is sold almost entirely by subscription and delivered over the internet, so customers pay year after year to keep the service running rather than buying once. The pitch is to gather a firm's scattered customer records into one place that its people and its software agents all work from.

Owner earnings 2017–2026 $1.7B$2.4B$3.0B$3.9B$4.1B$5.3B$6.3B$9.5B$12.4B$14.4B

Retained capital Paid out $9.7B more than it earned over 2017–2026; annual owner earnings grew $9.8B.

Balance sheet Modest net debt, $6.9B · dividend paid 2 of 10 yrs, never cut

CRNC Cerence Inc.

Cerence is a market leader for building integrated, branded and differentiated virtual assistants for automobiles, offering an extensive solutions portfolio that includes conversational & generative AI as well as audio & communications AI.

Owner earnings 2018–2025 $109M$84M$26M$62M($20M)$2M$12M$47M

Retained capital Paid out $961M more than it earned over 2018–2025; annual owner earnings fell $52M.

Balance sheet Net debt against an operating loss, $196M

CRWD CrowdStrike Holdings Inc.

Our Falcon platform is composed of tightly integrated, proprietary technologies that enable us to deliver superior protection and performance, while reducing complexity for our customers.

Owner earnings 2018–2026 ($66M)($38M)$77M$318M$520M$842M$1.0B$1.2B$1.4B

Retained capital Paid out $1.0B more than it earned over 2018–2026; annual owner earnings grew $1.2B.

Balance sheet Net cash, +$4.5B

CRWV CoreWeave Inc.

CoreWeave Cloud combines proprietary software and orchestration, advanced infrastructure, and managed cloud services within a highly secure environment to deliver best-in-class high-performance computing, enabling our customers to develop, deploy, and operate advanced AI models and applications at scale.

Owner earnings 2023–2025 $1.7B$1.9B$604M

Retained capital not read

Balance sheet Net debt against an operating loss, $18.2B

CVLT Commvault Systems

Commvault Systems is a provider of cyber resiliency solutions designed to help the enterprise protect, secure, and recover their data, applications, and identity systems in a world of increasing cyber threats and attacks.

Owner earnings 2017–2026 $94M$77M$104M$85M$116M$173M$167M$200M$204M$237M

Retained capital Paid out $1.5B more than it earned over 2017–2026; annual owner earnings grew $122M.

Balance sheet Net cash, +$19M · buybacks at an average near $78.93

CWAN Clearwater Analytics

Our front-to-back platform provides a single source of truth for global investment assets, made available daily or on-demand, instead of weekly or monthly.

Owner earnings 2019–2025 ($232M)($9M)($135K)$53M$79M$69M$164M

Retained capital Retained $125M of earnings over 2019–2025; annual owner earnings grew $184M, $1.48 per $1 retained.

Balance sheet Net debt against an operating loss, $731M · dividend paid 1 of 7 yrs

CXM Sprinklr Inc.

We Are Sprinklr provides a Unified Customer Experience Management platform that helps organizations manage customer interactions across channels and teams.

Owner earnings 2020–2026 $16M$5M($39M)$21M$63M$72M$158M

Retained capital Paid out $508M more than it earned over 2020–2026; annual owner earnings grew $104M.

Balance sheet Net cash, debt-free, +$163M

DBX Dropbox

Our market opportunity grew as we've expanded from keeping files in sync to keeping teams in sync.

Owner earnings 2016–2025 $137M$305M$362M$392M$491M$708M$764M$759M$872M$931M

Retained capital Paid out $4.6B more than it earned over 2016–2025; annual owner earnings grew $586M.

Balance sheet Modest net debt, $542M · buybacks at an average near $23.75

DCBO Docebo Inc.

Docebo to provide an integrated learning platform and community while enhancing the social learning experience for existing Docebo customers.

Owner earnings 2019–2025 ($5M)$4M($4M)$1M$15M$28M$27M

Retained capital Retained $41M of earnings over 2019–2025; annual owner earnings grew $25M, $0.63 per $1 retained.

Balance sheet Net cash, debt-free, +$74M

DDD 3D Systems Corporation

We provide comprehensive 3D printing and digital manufacturing solutions, including 3D printers for plastics and metals, materials, software, and services, including maintenance, advanced manufacturing and applications engineering.

Owner earnings 2016–2025 $41M($5M)($36M)$8M($34M)$29M($91M)($108M)($61M)($98M)

Retained capital not read

Balance sheet Net debt against an operating loss, $351M

DDOG Datadog Inc.

Datadog is the AI-powered observability and security platform for cloud applications.

Owner earnings 2017–2025 $11M$5M$11M$104M$277M$391M$632M$836M$1.0B

Retained capital Retained $215M of earnings over 2017–2025; annual owner earnings grew $814M, $3.79 per $1 retained.

Balance sheet Net debt against an operating loss, $582M

DJT Trump Media & Technology Group Corp.

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

Owner earnings 2022–2025 ($24M)($10M)($64M)$14M

Retained capital not read

Balance sheet Net debt against an operating loss, $508M

DJTWW Trump Media & Technology Group Corp.

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

Owner earnings 2022–2025 ($24M)($10M)($64M)$14M

Retained capital not read

Balance sheet Net debt against an operating loss, $508M

DOCN DigitalOcean

DigitalOcean is an agentic inference cloud platform that helps AI and Digital Native Enterprises build, run, and scale intelligent applications with speed, simplicity, and predictable economics.

Owner earnings 2019–2025 ($14M)($17M)$36M$89M$116M$153M$181M

Retained capital Paid out $1.3B more than it earned over 2019–2025; annual owner earnings grew $148M.

Balance sheet Heavy net debt, $1.0B · buybacks at an average near $44.03

DOCU DocuSign

Docusign IAM platform is a system of record that enables customers of all sizes to ingest a vast, complex body of agreements into a single repository, build agreement workflows that operate at scale, and take action on high-accuracy insights from agreement data.

Owner earnings 2017–2026 ($33M)$36M$46M$66M$215M$445M$429M$887M$920M$1.1B

Retained capital Paid out $1.5B more than it earned over 2017–2026; annual owner earnings grew $939M.

Balance sheet Net cash, debt-free, +$602M · buybacks at an average near $65.34

DOMO Domo, Inc.

Because Domo can digitally connect an organization and empower employees to engage with data in a governed way, we believe our market potential is broad.

Owner earnings 2017–2026 ($149M)($156M)($138M)($87M)($22M)($6M)($16M)($4M)($18M)($2M)

Retained capital not read

Balance sheet Net debt against an operating loss, $84M

DOYU DouYu International Holdings Limited ADS

We operate our platform both on mobile apps and PC portals, through which users can enjoy immersive and interactive games and entertainment livestreaming, access to a wide array of video and graphic contents, and participate in community events and discussions.

Owner earnings 2017–2025 (CN¥405M)(CN¥370M)CN¥797MCN¥649M(CN¥593M)(CN¥74M)(CN¥53M)(CN¥240M)(CN¥53M)

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥1.8B

DSGX Descartes Systems

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

Owner earnings 2016–2026 $51M$69M$67M$73M$99M$127M$171M$202M$213M$261M

Retained capital Retained $700M of earnings over 2016–2026; annual owner earnings grew $163M, $0.23 per $1 retained.

Balance sheet Net cash, +$327M

DSP Viant Technology Inc.

We are an advertising technology company.

Owner earnings 2019–2025 $13M$18M$28M($4M)$37M$49M$52M

Retained capital Paid out $3M more than it earned over 2019–2025; annual owner earnings grew $26M.

Balance sheet Cash equals debt, $0 · dividend paid 1 of 7 yrs, cut at least once

DT Dynatrace

Dynatrace to address a significant market opportunity through our differentiated platform, deep cloud ecosystem integrations, and trusted customer and partner relationships.

Owner earnings 2018–2026 $110M$140M($150M)$211M$240M$342M$363M$440M$543M

Retained capital Paid out $135M more than it earned over 2018–2026; annual owner earnings grew $416M.

Balance sheet Net cash, debt-free, +$1.2B · buybacks at an average near $44.01

DUOL Duolingo Inc.

We Are Duolingo is a technology company founded by two engineers, Luis von Ahn and Severin Hacker.

Owner earnings 2020–2025 $15M$6M$48M$150M$273M$373M

Retained capital Retained $382M of earnings over 2020–2025; annual owner earnings grew $242M, $0.63 per $1 retained.

Balance sheet Net cash, debt-free, +$1.0B

DUOT Duos Technologies Group Inc.

Duos also continues to operate as a technology company which designs, develops, deploys and operates intelligent technology solutions with a focus on software applications and artificial intelligence in addition to large project, consulting, implementation and asset management.

Owner earnings 2016–2025 ($2M)($4M)($419K)($4M)($4M)($7M)($8M)($9M)($5M)($16M)

Retained capital not read

Balance sheet Net cash, +$13M

DV DoubleVerify

We are one of the industry's leading media effectiveness platforms that leverages artificial intelligence to drive superior outcomes for global brands.

Owner earnings 2019–2025 $23M$11M$73M$55M$103M$133M$173M

Retained capital Retained $18M of earnings over 2019–2025; annual owner earnings grew $100M.

Balance sheet Net cash, +$255M

EA Electronic Arts

Electronic Arts is a global leader in digital interactive entertainment.

Owner earnings 2017–2026 $1.5B$1.6B$1.4B$1.7B$1.8B$1.7B$1.3B$2.1B$1.9B$2.3B

Retained capital Paid out $728M more than it earned over 2017–2026; annual owner earnings grew $610M.

Balance sheet Net cash, +$2.5B · dividend paid 6 of 10 yrs, never cut

ECX ECARX Holdings Inc.

We collaborate with Qualcomm to offer flexible SoC portfolios for global markets.

Owner earnings 2020–2024 (CN¥437M)(CN¥972M)(CN¥536M)(CN¥1.3B)(CN¥545M)

Retained capital not read

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

ESTC Elastic

We offer three Elasticsearch-powered solutions—Search & AI, Elastic Observability, and Elastic Security—that are built on our platform.

Owner earnings 2017–2026 ($17M)($24M)($27M)($33M)$19M$3M$33M$145M$263M$324M

Retained capital Paid out $963M more than it earned over 2017–2026; annual owner earnings grew $267M.

Balance sheet Net cash, +$799M · buybacks at an average near $76.93

EVCM EverCommerce

EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based small- and medium-sized businesses.

Owner earnings 2019–2025 ($8M)$53M$34M$62M$102M$112M$109M

Retained capital Paid out $641M more than it earned over 2019–2025; annual owner earnings grew $81M.

Balance sheet Heavy net debt, $394M · buybacks at an average near $9.83

EVER EverQuote Inc.

We operate a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents.

Owner earnings 2017–2025 ($3M)($3M)$2M$7M$4M($20M)($7M)$62M$92M

Retained capital Paid out $31M more than it earned over 2017–2025; annual owner earnings grew $50M.

Balance sheet Net cash, +$167M · buybacks at an average near $6.88

FDS FactSet

Revenue is Americas (65%), EMEA (25%) and Asia Pacific (10%).

Owner earnings 2016–2025 $293M$284M$352M$368M$448M$494M$487M$585M$615M$617M

Retained capital Retained $503M of earnings over 2016–2025; annual owner earnings grew $296M, $0.59 per $1 retained.

Balance sheet Modest net debt, $1.0B · buybacks at an average near $270 · dividend paid 10 of 10 yrs, never cut

FIG Figma Inc.

Figma Slides Figma is a connected platform where teams can ideate, explore, and align on decisions together.

Owner earnings 2023–2025 $1.0B($64M)$246M

Retained capital not read

Balance sheet Net cash, debt-free, +$1.7B

FLUT Flutter Entertainment plc

Flutter is the world's leading online sports betting and iGaming operator based on revenue.

Owner earnings 2022–2025 $1.0B$778M$1.5B$1.1B

Retained capital Paid out $3.5B more than it earned over 2022–2025; annual owner earnings grew $13M.

Balance sheet Heavy net debt, $10.5B · buybacks at an average near $278

FROG JFrog

JFrog's goal is to provide a system of record for the software supply chain in the Artificial Intelligence era.

Owner earnings 2018–2025 $7M$8M$26M$24M$17M$72M$108M$142M

Retained capital Paid out $398M more than it earned over 2018–2025; annual owner earnings grew $94M.

Balance sheet Net cash, debt-free, +$704M

FRSH Freshworks Inc.

Freshworks provides solutions that enable organizations to acquire, engage, and better serve their customers and employees.

Owner earnings 2019–2025 ($14M)$28M$6M($10M)$84M$151M$237M

Retained capital Paid out $962M more than it earned over 2019–2025; annual owner earnings grew $151M.

Balance sheet Net cash, debt-free, +$781M · buybacks at an average near $13.90

FSLY Fastly Inc.

Fastly is the essential platform to deliver resilient, highly performant, always-on software and services at global scale.

Owner earnings 2017–2025 ($36M)($34M)($46M)($40M)($73M)($90M)($11M)$6M$66M

Retained capital not read

Balance sheet Net debt against an operating loss, $80K

GCL GCL Global Holdings Ltd

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

Owner earnings 2023–2025 ($5M)$1M($10M)

Retained capital not read

Balance sheet Net debt against an operating loss, $35M

GDDY GoDaddy Inc.

GoDaddy is a global leader serving a large market of entrepreneurs, developing and delivering easy-to-use solutions as a one-stop shop provider, backed by proactive, informed and personalized guidance.

Owner earnings 2016–2025 $325M$392M$472M$636M$698M$778M$920M$1.0B$1.3B$1.6B

Retained capital Paid out $2.8B more than it earned over 2016–2025; annual owner earnings grew $884M.

Balance sheet Meaningful net debt, $2.7B · dividend paid 1 of 10 yrs, never cut

GDS GDS Holdings Limited ADS

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

Owner earnings 2016–2025 (CN¥356M)(CN¥546M)(CN¥754M)(CN¥849M)(CN¥1.3B)(CN¥1.4B)(CN¥311M)(CN¥1.1B)(CN¥1.2B)(CN¥94M)

Retained capital Paid out CN¥4.6B more than it earned over 2016–2025; annual owner earnings fell CN¥266M.

Balance sheet Net debt against an operating loss, CN¥11.6B

GDYN Grid Dynamics Holdings Inc.

Grid Dynamics Holdings Inc. is an Enterprise Artificial Intelligence transformation partner for the Fortune 1000.

Owner earnings 2018–2025 $9M$10M$4M$13M$26M$33M$18M$25M

Retained capital Paid out $145M more than it earned over 2018–2025; annual owner earnings grew $18M.

Balance sheet Net cash, debt-free, +$342M · buybacks at an average near $9.99 · dividend paid 1 of 8 yrs, cut at least once

GEGGL Great Elm Group, Inc.

Revenue is led by Management Fees (43%) and Incentive Fees (25%), with 5 more lines behind.

Owner earnings 2020–2023 $13M($19M)$29M($2M)

Retained capital Paid out $7M more than it earned over 2020–2023; annual owner earnings fell $5M.

Balance sheet Net debt against an operating loss, $4M

GEN Gen Digital

Gen helps people protect what matters most — their data, identity, privacy, reputation and financials — through award-winning cyber-security, online privacy, identity protection and financial wellness solutions used by nearly 500 million users in more than 150 countries.

Owner earnings 2017–2026 ($279M)$808M$1.3B($950M)$700M$968M$751M$2.0B$1.2B$1.5B

Retained capital Paid out $5.0B more than it earned over 2017–2026; annual owner earnings grew $985M.

Balance sheet Meaningful net debt, $7.8B · buybacks at an average near $22.88 · dividend paid 10 of 10 yrs, cut at least once

GENVR Gen Digital Inc. Contingent Value Rights

Gen helps people protect what matters most — their data, identity, privacy, reputation and financials — through award-winning cyber-security, online privacy, identity protection and financial wellness solutions used by nearly 500 million users in more than 150 countries.

Owner earnings 2017–2026 ($279M)$808M$1.3B($950M)$700M$968M$751M$2.0B$1.2B$1.5B

Retained capital Paid out $5.0B more than it earned over 2017–2026; annual owner earnings grew $985M.

Balance sheet Meaningful net debt, $7.8B · buybacks at an average near $22.88 · dividend paid 10 of 10 yrs, cut at least once

GIBO GIBO Holdings Limited

GIBO.ai offers a suite of AI-powered animation content creation tools through GIBO Create , our integrated suite of AI-powered content creation tools which enables content creators on our platform to improve their productivity and effortlessly become pros at content production.

Owner earnings FY2024 $23M

Retained capital not read

Balance sheet net position not read

GLBE Global-E Online Ltd.

We operate at the forefront of global e-commerce, which is being transformed by technology, internet adoption and the rise of social networks connecting the world.

Owner earnings 2019–2025 $7M$29M$18M$88M$106M$167M$281M

Retained capital Paid out $487M more than it earned over 2019–2025; annual owner earnings grew $167M.

Balance sheet Net cash, debt-free, +$320M

GNS Genius Group Limited

Revenue is Academy (56%), Resorts (26%) and School (17%).

Owner earnings 2020–2025 ($2M)($3M)($8M)($13M)($46M)($13M)

Retained capital not read

Balance sheet Net debt against an operating loss, $6M

GOOG Alphabet Inc. Class C Capital Stock

Alphabet runs Google. Most of what it earns comes from advertising — selling the attention of people who use Search, YouTube, and the Android and Chrome software that sits on their phones and screens — placed against each other in an auction that advertisers bid into. A smaller part rents out cloud computing and tools to businesses that would rather not build their own.

Owner earnings 2016–2025 $32.1B$32.2B$42.0B$47.4B$57.1B$81.4B$78.0B$89.8B$110.0B$143.6B

Retained capital Retained $216.0B of earnings over 2016–2025; annual owner earnings grew $79.0B, $0.37 per $1 retained.

Balance sheet Net cash, +$78.3B · dividend paid 2 of 10 yrs, never cut

GOOGL Alphabet Inc.

Alphabet runs Google. Most of what it earns comes from advertising — selling the attention of people who use Search, YouTube, and the Android and Chrome software that sits on their phones and screens — placed against each other in an auction that advertisers bid into. A smaller part rents out cloud computing and tools to businesses that would rather not build their own.

Owner earnings 2016–2025 $32.1B$32.2B$42.0B$47.4B$57.1B$81.4B$78.0B$89.8B$110.0B$143.6B

Retained capital Retained $216.0B of earnings over 2016–2025; annual owner earnings grew $79.0B, $0.37 per $1 retained.

Balance sheet Net cash, +$78.3B · dividend paid 2 of 10 yrs, never cut

GOOGM Alphabet Inc.

Alphabet is a collection of businesses — the largest of which is Google.

Owner earnings 2016–2025 $32.1B$32.2B$42.0B$47.4B$57.1B$81.4B$78.0B$89.8B$110.0B$143.6B

Retained capital Retained $216.0B of earnings over 2016–2025; annual owner earnings grew $79.0B, $0.37 per $1 retained.

Balance sheet Net cash, +$78.3B · dividend paid 2 of 10 yrs, never cut

GOOGN Alphabet Inc.

Alphabet is a collection of businesses — the largest of which is Google.

Owner earnings 2016–2025 $32.1B$32.2B$42.0B$47.4B$57.1B$81.4B$78.0B$89.8B$110.0B$143.6B

Retained capital Retained $216.0B of earnings over 2016–2025; annual owner earnings grew $79.0B, $0.37 per $1 retained.

Balance sheet Net cash, +$78.3B · dividend paid 2 of 10 yrs, never cut

GRND Grindr Inc.

Grindr platform offers a variety of location-based social features and functions, including identity expression; connection; and interaction; with trust and safety tools across the experience, and subscriptions for premium features offering further access and control.

Owner earnings 2021–2025 $34M$50M$36M$94M$141M

Retained capital Paid out $537M more than it earned over 2021–2025; annual owner earnings grew $50M.

Balance sheet Meaningful net debt, $309M · buybacks at an average near $17.93

GRRR Gorilla Technology Group Inc.

Gorilla is a global solution provider specializing in Security Intelligence, Network Intelligence, Business Intelligence, and Internet of Things.

Owner earnings 2020–2024 ($6M)$2M($9M)($9M)($30M)

Retained capital not read

Balance sheet Net debt against an operating loss, $1M

GTLB GitLab Inc.

GitLab is the intelligent orchestration platform for DevSecOps, where software teams and their Artificial Intelligence agents stay in flow to ship software faster.

Owner earnings 2020–2026 ($60M)($74M)($50M)($81M)$33M($67M)$230M

Retained capital not read

Balance sheet Net cash, debt-free, +$280M

GTM ZoomInfo Technologies Inc

ZoomInfo is a global leader in modern go-to-market software, data, and intelligence for sales, marketing, operations, and recruiting teams.

Owner earnings 2018–2025 $41M$38M$161M$286M$399M$415M$344M$435M

Retained capital Paid out $940M more than it earned over 2018–2025; annual owner earnings grew $318M.

Balance sheet Heavy net debt, $1.1B · buybacks at an average near $12.53

GWRE Guidewire Software

Guidewire is the platform that property and casualty insurers rely on to engage with customers, innovate, and operate more efficiently.

Owner earnings 2016–2025 $93M$133M$131M$71M$92M$93M($47M)$33M$189M$295M

Retained capital Paid out $756M more than it earned over 2016–2025; annual owner earnings grew $53M.

Balance sheet Net cash, +$475M · buybacks at an average near $78.69

HPAI Helport AI Limited

Our partnership typically involves co-modeling and co-developing efforts based on our designs of the AI product and its expected application, and Youfei Shuke's provision of AI infrastructure.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$152K

HSTM HealthStream Inc.

HealthStream's solutions help them to professionally develop their knowledge and skills, manage and fulfill their required continuing education and certifications, manage their schedules, including swapping and filling shifts, engage with peers, provide personalized competency development, and optimize their career pathways.

Owner earnings 2016–2025 $19M$41M$36M$44M$34M$39M$49M$62M$56M$60M

Retained capital Retained $18M of earnings over 2016–2025; annual owner earnings grew $27M, $1.54 per $1 retained.

Balance sheet Net cash, debt-free, +$83M · buybacks at an average near $20.91 · dividend paid 7 of 10 yrs, cut at least once

HUBS HubSpot Inc.

We provide an agentic customer platform that helps marketing, sales, and customer service teams drive business growth.

Owner earnings 2016–2025 $8M$34M$63M$90M$52M$210M$236M$317M$561M$708M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $494M.

Balance sheet Net cash, +$499M

HUYA HUYA Inc.

Revenue is Live Streaming (71%) and Game Related Services, Advertising and Others (29%).

Owner earnings 2016–2025 (CN¥420M)CN¥236MCN¥691MCN¥1.9BCN¥1.2BCN¥288M(CN¥444M)(CN¥79M)CN¥54M(CN¥212M)

Retained capital Paid out CN¥7.4B more than it earned over 2016–2025; annual owner earnings fell CN¥247M.

Balance sheet Net cash, debt-free, +CN¥693M · dividend paid 2 of 10 yrs, cut at least once

IAC IAC Inc.

Since then, IAC has transformed itself into a leading Internet company through the development, building, acquisition and distribution to its stockholders of a number of businesses and continues to build companies and invest opportunistically.

Owner earnings 2018–2025 $315M$157M$94M$29M($223M)$96M$340M$45M

Retained capital Paid out $1.0B more than it earned over 2018–2025; annual owner earnings fell $28M.

Balance sheet Net debt against an operating loss, $466M · buybacks at an average near $44.10

IIIV i3 Verticals Inc.

Verticals provides mission-critical enterprise software solutions to public sector entities.

Owner earnings 2016–2025 $9M$8M$16M$26M$21M$43M$41M$33M$45M$4M

Retained capital Retained $60M of earnings over 2016–2025; annual owner earnings grew $16M, $0.28 per $1 retained.

Balance sheet Net cash, debt-free, +$67M

INTA Intapp

We are a leading global provider of AI-powered solutions for the world's premier accounting, consulting, investment banking, legal, private capital and real assets firms.

Owner earnings 2020–2025 ($4M)($12M)$14M$25M$65M$122M

Retained capital Paid out $312M more than it earned over 2020–2025; annual owner earnings grew $71M.

Balance sheet Net cash, +$38M

INTU Intuit Inc.

Intuit sells financial software to two kinds of customers: ordinary people and small businesses. Consumers use TurboTax to file their taxes and Credit Karma to watch their credit; small firms use QuickBooks to keep their books, run payroll, and get paid, and Mailchimp to find customers. Most of the money arrives as subscriptions and per-use fees collected over the internet, and because the product is code rather than a physical thing, serving one more customer costs the company almost nothing.

Owner earnings 2016–2025 $1.3B$1.5B$2.1B$2.2B$2.4B$3.2B$3.7B$4.9B$4.7B$6.1B

Retained capital Paid out $499M more than it earned over 2016–2025; annual owner earnings grew $3.6B.

Balance sheet Modest net debt, $3.1B · dividend paid 10 of 10 yrs, never cut

IONQ IonQ Inc.

IonQ is the world's first and only quantum platform company.

Owner earnings 2020–2025 ($13M)($29M)($50M)($89M)($124M)($300M)

Retained capital not read

Balance sheet Net cash, debt-free, +$2.4B

IOT Samsara Inc.

We pioneered the Connected Operations Platform, which is an open platform that connects the people, assets, and systems of some of the world's most complex operations, allowing them to develop actionable insights and improve their operations.

Owner earnings 2021–2026 ($183M)($182M)($115M)($23M)$111M$207M

Retained capital not read

Balance sheet Net cash, debt-free, +$319M

JG Aurora Mobile Limited

Revenue is Subscription (60%), Vertical Applications (29%) and Value Added Services (11%).

Owner earnings 2016–2025 (CN¥61M)(CN¥104M)(CN¥156M)(CN¥65M)CN¥56M(CN¥93M)(CN¥18M)(CN¥18M)CN¥4MCN¥65M

Retained capital not read

Balance sheet Heavy net debt, CN¥55M

JKHY Jack Henry

Jack Henry & Associates, Inc. is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve.

Owner earnings 2016–2025 $310M$315M$372M$378M$457M$439M$470M$342M$522M$588M

Retained capital Retained $828M of earnings over 2016–2025; annual owner earnings grew $152M, $0.18 per $1 retained.

Balance sheet Modest net debt, $173M · buybacks at an average near $123 · dividend paid 10 of 10 yrs, never cut

KARO Karooooo Ltd.

Revenue is Cartrack (91%) and Karooooo Logistics (9%).

Owner earnings 2019–2025 R 236MR 618MR 565MR 379MR 547MR 307MR 1.3B

Retained capital Retained R 1.4B of earnings over 2019–2025; annual owner earnings grew R 235M, R 0.16 per R 1 retained.

Balance sheet Net cash, +R 1.0B · dividend paid 7 of 7 yrs, cut at least once

KC Kingsoft Cloud Holdings Limited

Revenue is Public cloud services (69%) and Enterprise Cloud Services (31%).

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +CN¥3.0B

KD Kyndryl Holdings Inc.

Kyndryl is a leading provider of mission-critical enterprise technology services, offering advisory, implementation and managed service capabilities to thousands of customers in more than 60 countries.

Owner earnings 2019–2026 ($56M)($408M)($871M)($84M)($197M)$337M$340M

Retained capital Paid out $6.9B more than it earned over 2019–2026; annual owner earnings grew $605M.

Balance sheet Heavy net debt, $3.1B

KDK Kodiak AI Inc. Common Stock

Kodiak is a leading provider of physical AI, with a focus on AI-powered autonomous vehicle technology, that is designed to help tackle some of the toughest driving jobs.

Owner earnings 2023–2025 ($47M)($54M)($98M)

Retained capital not read

Balance sheet Net cash, +$9M

KVYO Klaviyo Inc. Series A

Klaviyo is a B2C CRM that helps consumer companies create smarter, stronger, and more valuable customer experiences.

Owner earnings 2021–2025 ($28M)($33M)$116M$160M$209M

Retained capital Paid out $655M more than it earned over 2021–2025; annual owner earnings grew $143M.

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

LDOS Leidos Holdings Inc.

Leidos Holdings Inc. is a holding company whose direct 100%-owned subsidiary and principal operating company is Leidos, Inc.

Owner earnings 2015–2026 $367M$420M$445M$695M$871M$929M$863M$980M$1.3B$1.6B

Retained capital Retained $3.0B of earnings over 2015–2026; annual owner earnings grew $886M, $0.30 per $1 retained.

Balance sheet Modest net debt, $3.5B · dividend paid 1 of 10 yrs, cut at least once

LGCL Lucas GC Limited

Our capability to constantly innovate remains an important differentiator as we continue to deliver new functions on our platforms.

Owner earnings 2021–2025 CN¥59M(CN¥18M)(CN¥41M)CN¥12MCN¥22M

Retained capital Retained CN¥203M of earnings over 2021–2025; annual owner earnings fell CN¥2M, CN¥-0.01 per CN¥1 retained.

Balance sheet Net cash, debt-free, +CN¥35M

LSPD LIGHTSPEED COMMERCE INC.

Lightspeed's technology and insights makes work flow across teams, channels and locations to help accelerate growth and provide the best customer experience.

Owner earnings 2020–2025 ($32M)($95M)($98M)($135M)($105M)($37M)

Retained capital not read

Balance sheet Net cash, debt-free, +$558M

MANH Manhattan Associates

Manhattan Associates develops modern, cloud-based, supply chain commerce solutions that help our customers in three distinct areas of their business: Supply Chain Execution - We provide companies with the tools needed to manage distribution and optimize transportation costs throughout their entire commercial network.

Owner earnings 2016–2025 $133M$158M$130M$139M$138M$181M$173M$241M$289M$383M

Retained capital Paid out $364M more than it earned over 2016–2025; annual owner earnings grew $164M.

Balance sheet Net cash, debt-free, +$330M

MBLY Mobileye Global Inc.

Mobileye is a leader in the development and deployment of advanced driver assistance systems and autonomous driving technologies and solutions.

Owner earnings 2020–2025 $258M$582M$523M$355M$338M$523M

Retained capital Paid out $4.3B more than it earned over 2020–2025; annual owner earnings fell $49M.

Balance sheet Net cash, debt-free, +$1.8B · dividend paid 1 of 6 yrs, cut at least once

MDB MongoDB Inc.

MongoDB is the developer data platform company whose mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data.

Owner earnings 2017–2026 ($40M)($47M)($49M)($33M)($54M)($1M)($20M)$115M$138M$500M

Retained capital Paid out $2.1B more than it earned over 2017–2026; annual owner earnings grew $297M.

Balance sheet Net cash, +$867M · buybacks at an average near $254

META Meta Platforms Inc.

Meta runs a set of apps — Facebook, Instagram, WhatsApp, Messenger — that let people connect, share, and find and build communities. The apps cost the user nothing; the money comes from selling advertisers the attention of those users, matched to them by what the company has learned about them. A small, separate arm builds virtual-reality headsets and AI glasses, but the audience and the advertising it carries are nearly the whole business.

Owner earnings 2016–2025 $13.8B$21.2B$25.0B$30.6B$31.9B$49.7B$41.8B$59.9B$75.8B$97.2B

Retained capital Retained $136.0B of earnings over 2016–2025; annual owner earnings grew $57.7B, $0.42 per $1 retained.

Balance sheet Net cash, +$22.8B · buybacks at an average near $252 · dividend paid 2 of 10 yrs, never cut

MGNI Magnite Inc.

Magnite, Inc.,, provides technology solutions to automate the purchase and sale of digital advertising inventory.

Owner earnings 2016–2025 $37M($11M)($34M)$21M($26M)$109M$162M$188M$202M$182M

Retained capital Paid out $518M more than it earned over 2016–2025; annual owner earnings grew $194M.

Balance sheet Modest net debt, $12M · buybacks at an average near $9.84

MKTW MarketWise Inc.

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

Owner earnings 2019–2025 $54M$56M$63M$48M$62M($22M)$46M

Retained capital Paid out $1.5B more than it earned over 2019–2025; annual owner earnings fell $29M.

Balance sheet Net cash, debt-free, +$70M · buybacks at an average near $6.19

MNDY monday.com Ltd.

We design and assess our program based on the ISO 27001 and National Institute of Standards and Technology frameworks.

Owner earnings 2019–2025 ($37M)($39M)$14M$19M$208M$298M$320M

Retained capital Paid out $496M more than it earned over 2019–2025; annual owner earnings grew $296M.

Balance sheet Net cash, debt-free, +$1.7B

MOMO Hello Group Inc.

Our ADSs currently trade on The Nasdaq Global Select Market under the symbol "MOMO."

Owner earnings 2016–2025 CN¥1.4BCN¥2.8BCN¥3.2BCN¥5.3BCN¥3.0BCN¥1.5BCN¥1.1BCN¥2.2BCN¥1.6BCN¥1.1B

Retained capital Retained CN¥3.9B of earnings over 2016–2025; annual owner earnings fell CN¥842M, CN¥-0.22 per CN¥1 retained.

Balance sheet Net cash, +CN¥5.4B · dividend paid 7 of 10 yrs, cut at least once

MQ Marqeta Inc.

Marqeta's open APIs provide instant access to a highly scalable, cloud-based payment infrastructure that enables customers to embed the payments experience into apps or websites for a personalized user experience.

Owner earnings 2019–2025 ($19M)$48M$54M($15M)$20M$56M$161M

Retained capital Paid out $1.5B more than it earned over 2019–2025; annual owner earnings grew $51M.

Balance sheet Net cash, debt-free, +$709M · buybacks at an average near $6.68

MSFT Microsoft Corp.

Microsoft writes and licenses software for businesses and individuals: the productivity tools people use to write, calculate and communicate, the operating system that runs personal computers, and the server software that runs behind the scenes. It sells much of that software as a subscription and rents computing power and storage from its own datacenters. Buyers range from one person paying for an email account to the largest enterprises running their operations on its cloud.

Owner earnings 2016–2025 $28.4B$33.4B$36.2B$42.5B$50.0B$67.4B$76.4B$76.6B$103.3B$114.2B

Retained capital Retained $178.7B of earnings over 2016–2025; annual owner earnings grew $65.4B, $0.37 per $1 retained.

Balance sheet Net cash, +$51.4B · buybacks at an average near $171 · dividend paid 10 of 10 yrs, never cut

MTC MMTec Inc.

We provide comprehensive, Internet-based technology services and solutions to the Chinese language speaking hedge funds, mutual funds, registered investment advisors, proprietary trading groups, and brokerage firms engaging in securities market transactions and settlements globally.

Owner earnings 2017–2024 ($968K)($2M)($2M)($2M)($4M)($6M)($5M)$718K

Retained capital not read

Balance sheet Net cash, +$8M

MTCH Match Group Inc.

We are Match Group, Inc., through its portfolio companies, is a leading provider of digital technologies designed to help people make meaningful connections.

Owner earnings 2016–2025 $266M$341M$957M$899M$746M$871M$477M$829M$882M$1.0B

Retained capital Retained $386M of earnings over 2016–2025; annual owner earnings grew $390M.

Balance sheet Meaningful net debt, $2.9B · buybacks at an average near $38.01 · dividend paid 2 of 10 yrs, cut at least once

MTLS Materialise NV

We are a leading provider of additive manufacturing and medical software tools and of sophisticated 3D printing services.

Owner earnings 2019–2024 €15M€19M€18M€7M€11M€16M

Retained capital Retained €26M of earnings over 2019–2024; annual owner earnings fell €6M, €-0.23 per €1 retained.

Balance sheet Net cash, +€54M

NABL N-able Inc.

Our software platform is designed to provide end-to-end coverage across the IT environment, delivering comprehensive protection and efficient performance.

Owner earnings 2019–2025 $20M$74M$15M$59M$76M$62M$75M

Retained capital Retained $44M of earnings over 2019–2025; annual owner earnings grew $35M, $0.79 per $1 retained.

Balance sheet Heavy net debt, $282M

NAVN Navan Inc.

Navan is a global AI-powered business travel and expense platform.

Owner earnings 2024–2026 ($167M)($51M)$33M

Retained capital not read

Balance sheet Net cash, +$616M

NCNO nCino

NCino Platform Works nCino offers a trusted platform of best-in-class, intelligent solutions that unites people and data to help FIs enhance strategic decision-making, improve risk management, and elevate customer satisfaction.

Owner earnings 2020–2026 ($15M)$5M($25M)($34M)$54M$53M$83M

Retained capital Paid out $420M more than it earned over 2020–2026; annual owner earnings grew $75M.

Balance sheet Heavy net debt, $125M · buybacks at an average near $25.20

NET Cloudflare Inc.

Cloudflare is a leader in this Connectivity Cloud category.

Owner earnings 2017–2025 ($9M)($62M)($68M)($74M)($2M)$21M$140M$253M$413M

Retained capital Paid out $1.1B more than it earned over 2017–2025; annual owner earnings grew $315M.

Balance sheet Net debt against an operating loss, $1.0B

NEXN Nexxen International Ltd.

Nexxen is a global, flexible advertising technology platform with deep expertise in data and advanced TV that provides advertisers, agencies, digital publishers, broadcasters, and others with technology and data solutions to plan, buy, manage, sell, and measure advertising across the digital advertising supply chain.

Owner earnings 2019–2025 $44M$35M$167M$77M$56M$143M$98M

Retained capital Paid out $156M more than it earned over 2019–2025; annual owner earnings grew $17M.

Balance sheet Net cash, debt-free, +$133M

NICE NICE Ltd

Revenue is Cloud (76%), Services (19%) and Products (5%).

Owner earnings 2016–2025 $201M$355M$365M$347M$456M$437M$448M$532M$798M$698M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $369M, $0.35 per $1 retained.

Balance sheet Net cash, debt-free, +$417M · dividend paid 2 of 10 yrs, cut at least once

NIQ NIQ Global Intelligence plc

Leveraging our strong NIQ brand, long-term client relationships, global scale, proprietary technology and extensive data and insights, we are positioned as a global leader in measuring, analyzing and predicting consumer behavior in the FMCG vertical, T&D and other verticals in which we operate.

Owner earnings 2023–2025 ($36M)$39M$264M

Retained capital not read

Balance sheet Heavy net debt, $3.1B

NOW ServiceNow Inc.

ServiceNow sells cloud-based software that runs the routine work inside large organizations — automating the workflows, approvals, and hand-offs that move between departments, with applications layered on a single platform. Customers are public and private institutions that pay a recurring subscription for access rather than buying the software outright. The company writes the code once and rents it to many, which is why most of the sales dollar falls through as gross profit; the platform itself is the product.

Owner earnings 2016–2025 $76M$529M$661M$971M$1.4B$1.8B$2.3B$2.7B$3.7B$4.6B

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings grew $3.2B, $1.29 per $1 retained.

Balance sheet Net cash, +$3.3B · buybacks at an average near $164

NTCT NetScout Systems Inc.

NetScout is an industry leader with over four decades of experience in providing enterprise network observability, carrier service assurance, cybersecurity, and Distributed Denial-of-Service, protection solutions.

Owner earnings 2017–2026 $197M$207M$126M$205M$202M$286M$146M$52M$212M$285M

Retained capital Paid out $1.4B more than it earned over 2017–2026; annual owner earnings grew $7M.

Balance sheet Net cash, debt-free, +$668M

NTES NetEase Inc.

Revenue is led by Games and related value-added services (82%) and NetEase Cloud Music (7%), with 2 more segments behind.

Owner earnings 2016–2025 CN¥15.2BCN¥11.1BCN¥11.2BCN¥16.0BCN¥23.8BCN¥23.3BCN¥25.6BCN¥33.0BCN¥38.4BCN¥49.7B

Retained capital Retained CN¥119.7B of earnings over 2016–2025; annual owner earnings grew CN¥27.9B, CN¥0.23 per CN¥1 retained.

Balance sheet Net cash, +CN¥69.5B · dividend paid 10 of 10 yrs, cut at least once

NTNX Nutanix

Nutanix is a hybrid multicloud computing leader, offering organizations a unified software platform for running applications and AI and managing data anywhere.

Owner earnings 2016–2025 ($23M)($24M)$30M($35M)($249M)($158M)$18M$207M$598M$750M

Retained capital Paid out $4.9B more than it earned over 2016–2025; annual owner earnings grew $524M.

Balance sheet Meaningful net debt, $574M

NTSK Netskope Inc.

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

Owner earnings 2024–2026 ($198M)($144M)$15M

Retained capital not read

Balance sheet Net cash, +$437M

NXDR Nextdoor Holdings Inc.

Nextdoor is the essential neighborhood network connecting over 105 million Verified Neighbors 1 to the people, places, and information that matter most in their local communities.

Owner earnings 2020–2025 ($45M)($55M)($64M)($60M)($21M)$6M

Retained capital not read

Balance sheet Net cash, debt-free, +$63M

NYAX Nayax Ltd.

Nayax is a global commerce enablement, payments and loyalty platform designed to help merchants scale their business, improve their revenue potential, and enhance their operational efficiency.

Owner earnings 2020–2025 $5M($15M)($29M)$8M$40M$35M

Retained capital Paid out $54M more than it earned over 2020–2025; annual owner earnings grew $41M.

Balance sheet Net cash, +$5M

ODYS Odysight.ai Inc.

We specialize in predictive maintenance and condition-based monitoring, utilizing advanced AI-driven sensor visualization solutions, using video analytics and algorithms.

Owner earnings 2019–2025 ($2M)($4M)($6M)($6M)($10M)($8M)($14M)

Retained capital not read

Balance sheet Net cash, +$26M

OKTA Okta Inc.

We focus on attracting and retaining our customers by building on and increasing the value we provide to them over time.

Owner earnings 2017–2026 ($45M)($29M)$9M$47M$119M$91M$74M$504M$742M$875M

Retained capital Paid out $2.6B more than it earned over 2017–2026; annual owner earnings grew $728M.

Balance sheet Net cash, debt-free, +$3.0B · buybacks at an average near $83.41

OPRA Opera Limited

Revenue is Advertising (64%) and Query (35%).

Owner earnings 2017–2025 $8M$31M($53M)$91M$26M$53M$81M$89M$112M

Retained capital Retained $221M of earnings over 2017–2025; annual owner earnings grew $99M, $0.45 per $1 retained.

Balance sheet Net cash, +$402M · dividend paid 3 of 9 yrs, never cut

ORCL Oracle Corp.

Oracle sells software that large organizations use to run the core of their operations — databases that store and manage their data, and applications for functions such as finance, human resources, and supply chains. It delivers this software both as licenses customers install and as cloud services Oracle hosts and runs for them, and it earns the rest from support, consulting, and a smaller hardware line. The buyers depend on these systems to keep the business running day to day.

Owner earnings 2017–2026 $13.1B$14.2B$13.3B$11.6B$14.3B$7.6B$14.6B$15.5B$17.0B$24.4B

Retained capital Paid out $44.3B more than it earned over 2017–2026; annual owner earnings grew $5.4B.

Balance sheet Meaningful net debt, $52.6B · buybacks at an average near $56.27 · dividend paid 10 of 10 yrs, never cut

OSPN OneSpan Inc.

This acquisition provides OneSpan's customers with a wider range of flexible, adaptable authentication options.

Owner earnings 2016–2025 $26M$15M($2M)$11M$12M($5M)($11M)($17M)$46M$50M

Retained capital Paid out $30M more than it earned over 2016–2025; annual owner earnings grew $14M.

Balance sheet Net cash, debt-free, +$165M · buybacks at an average near $12.86 · dividend paid 1 of 10 yrs, never cut

OTEX Open Text Corporation

And Strategy About OpenText OpenText is an Information Management company that provides software and services that empower digital businesses of all sizes to become more intelligent, connected, secure and responsible.

Owner earnings 2016–2025 $456M$361M$603M$812M$882M$812M$889M$655M$808M$687M

Retained capital Retained $957M of earnings over 2016–2025; annual owner earnings grew $244M, $0.26 per $1 retained.

Balance sheet Heavy net debt, $5.2B · buybacks at an average near $52.95 · dividend paid 10 of 10 yrs, never cut

PATH UiPath

Revenue is Subscription services (59%), License (38%) and Professional services and other (3%).

Owner earnings 2020–2026 ($368M)$27M($64M)($29M)$292M$306M$352M

Retained capital Paid out $2.3B more than it earned over 2020–2026; annual owner earnings grew $451M.

Balance sheet Net cash, debt-free, +$1.5B · buybacks at an average near $11.48

PAYC Paycom Software

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

Owner earnings 2016–2025 $85M$111M$155M$182M$174M$252M$272M$371M$388M$503M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $304M, $0.27 per $1 retained.

Balance sheet Net cash, +$341M · dividend paid 3 of 10 yrs, never cut

PCOR Procore Technologies

We are the leading global provider of construction management software, and are helping transform one of the oldest, largest, and least digitized industries in the world.

Owner earnings 2019–2025 ($20M)$15M$24M($3M)$82M$177M$282M

Retained capital Paid out $1.3B more than it earned over 2019–2025; annual owner earnings grew $174M.

Balance sheet Net cash, debt-free, +$768M · buybacks at an average near $67.67

PCTY Paylocity

Our software solutions provide the following key benefits to our clients: Single Platform with Flexible Data The foundation of our platform is a single employee system of record and end-to-end capabilities to support the employee lifecycle, ensuring efficiency and compliance from recruitment to retirement.

Owner earnings 2016–2025 $17M$41M$76M$104M$96M$115M$137M$261M$367M$405M

Retained capital Retained $561M of earnings over 2016–2025; annual owner earnings grew $300M, $0.53 per $1 retained.

Balance sheet Net cash, +$235M · buybacks at an average near $163

PD PagerDuty

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

Owner earnings 2018–2026 ($13M)($7M)($3M)$6M($9M)$12M$70M$115M$112M

Retained capital Paid out $664M more than it earned over 2018–2026; annual owner earnings grew $106M.

Balance sheet Net cash, +$49M · buybacks at an average near $19.17

PDFS PDF Solutions Inc.

Solutions, which are designed to shorten the time necessary for technology development and provide their fabless customers with a higher yielding process with improved electrical performance, which are both critical metrics for market success.

Owner earnings 2016–2025 ($2M)$6M$8M$19M$16M$571K$27M$10M$6M$20M

Retained capital Paid out $129M more than it earned over 2016–2025; annual owner earnings grew $8M.

Balance sheet Heavy net debt, $25M · buybacks at an average near $15.93

PDYN Palladyne AI Corp.

We are a U.S.-based technology company developing and offering embodied AI software and collaborative autonomy solutions, advanced avionics, UAVs, advanced UAV engineering services and precision-manufactured components for defense and commercial/industrial markets.

Owner earnings 2020–2025 ($18M)($47M)($67M)($77M)($23M)($28M)

Retained capital not read

Balance sheet Net cash, +$46M

PERF Perfect Corp. Class A Ordinary Share

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

Owner earnings 2020–2025 $2M$1M($3M)$13M$13M$13M

Retained capital Paid out $370M more than it earned over 2020–2025; annual owner earnings grew $13M.

Balance sheet Net cash, debt-free, +$126M

PINS Pinterest Inc.

Pinterest is an AI-powered visual search and discovery platform, positioned at the intersection of search, social, and commerce.

Owner earnings 2017–2025 ($119M)($83M)($33M)$11M$744M$440M$605M$940M$1.3B

Retained capital Paid out $1.2B more than it earned over 2017–2025; annual owner earnings grew $1.0B.

Balance sheet Net cash, debt-free, +$969M · buybacks at an average near $30.79

PLTR Palantir Technologies Inc.

Our software platforms provide the critical infrastructure needed to integrate our customers' data and operations and run their software in virtually any environment.

Owner earnings 2018–2025 ($52M)($178M)($309M)$321M$201M$697M$1.1B$2.1B

Retained capital Paid out $1.1B more than it earned over 2018–2025; annual owner earnings grew $1.5B.

Balance sheet Net cash, debt-free, +$7.2B

PONY Pony AI Inc.

Revenue is Virtual Driver Operation and Other Related Services (45%), Products (37%) and Engineering Solution Services (18%).

Owner earnings 2022–2025 ($167M)($121M)($122M)($172M)

Retained capital not read

Balance sheet Net cash, debt-free, +$1.2B

PPLI People Incorporated

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

Owner earnings 2018–2025 $315M$157M$94M$29M($223M)$96M$340M$45M

Retained capital Paid out $1.0B more than it earned over 2018–2025; annual owner earnings fell $28M.

Balance sheet Net debt against an operating loss, $466M · buybacks at an average near $44.10

PRCH Porch Group Inc.

Porch is a leader in the home software-as-a-service space, serving approximately 24 thousand companies across industries essential to the home-buying process—home inspectors, title companies, mortgage providers, and more.

Owner earnings 2019–2025 ($30M)($49M)($36M)($20M)$33M($32M)$66M

Retained capital not read

Balance sheet Heavy net debt, $336M

PRGS Progress Software

Progress Software Corporation provides software products that enable our customers to develop, deploy, and manage responsible AI-powered applications and digital experiences with agility and ease.

Owner earnings 2016–2025 $97M$102M$114M$124M$138M$174M$186M$168M$206M$229M

Retained capital Paid out $416M more than it earned over 2016–2025; annual owner earnings grew $97M.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $40.71 · dividend paid 9 of 10 yrs, cut at least once

PSN Parsons Corporation

Our Federal Solutions business is an advanced technology provider to the U.S. government.

Owner earnings 2017–2025 $237M$255M$153M$255M$184M$207M$367M$474M$410M

Retained capital Retained $1.1B of earnings over 2017–2025; annual owner earnings grew $202M, $0.19 per $1 retained.

Balance sheet Modest net debt, $771M · buybacks at an average near $57.89 · dividend paid 1 of 9 yrs, cut at least once

PTC PTC Inc.

Revenue is Product lifecycle management (64%), Computer-aided design (36%) and Perpetual License (1%).

Owner earnings 2017–2025 $110M$212M$221M$214M$344M$416M$587M$736M$857M

Retained capital Retained $586M of earnings over 2017–2025; annual owner earnings grew $546M, $0.93 per $1 retained.

Balance sheet Modest net debt, $1.0B · buybacks at an average near $119

PUBM PubMatic Inc.

PubMatic Inc. is an independent, artificial intelligence-powered advertising technology company that delivers digital advertising performance.

Owner earnings 2019–2025 $28M$9M$73M$64M$71M$56M$67M

Retained capital Paid out $56M more than it earned over 2019–2025; annual owner earnings grew $28M.

Balance sheet Net cash, debt-free, +$146M

QLYS Qualys

We are a leading provider of a cloud-based platform delivering information technology, security and compliance solutions.

Owner earnings 2016–2025 $52M$87M$103M$133M$150M$176M$183M$236M$232M$304M

Retained capital Paid out $259M more than it earned over 2016–2025; annual owner earnings grew $177M.

Balance sheet Net cash, debt-free, +$462M · buybacks at an average near $118

QTWO Q2 Holdings Inc.

We deliver these solutions through a unified, cloud-based software platform purpose-built for the complex, regulated financial services industry, enabling scalable and highly configurable digital financial experiences.

Owner earnings 2016–2025 ($11M)($3M)($9M)($13M)($27M)$11M$25M$65M$129M$195M

Retained capital Paid out $585M more than it earned over 2016–2025; annual owner earnings grew $137M.

Balance sheet Net cash, debt-free, +$433M · buybacks at an average near $72.46

QUBT Quantum Computing Inc.

Our Entropy Quantum Computer, is a quantum application of our Core Photonics Technology, designed to solve complex optimization problems.

Owner earnings 2022–2025 ($16M)($20M)($20M)($35M)

Retained capital not read

Balance sheet Net cash, +$1.1B

QXL Quantum X Labs Inc.

Revenue is Search (45%) and Total Operating (45%).

Owner earnings 2015–2024 ($1M)($137K)$4M$3M$918K$2M

Retained capital Paid out $29M more than it earned over 2015–2024; annual owner earnings grew $1M.

Balance sheet Net debt against an operating loss, $8M · dividend paid 2 of 6 yrs, never cut

RBBN Ribbon Communications Inc.

We are a leading global provider of communications technology to service providers and enterprises.

Owner earnings 2016–2025 $15M$4M($18M)$45M$84M$2M($37M)$8M$37M$35M

Retained capital Paid out $547M more than it earned over 2016–2025; annual owner earnings grew $26M.

Balance sheet Net debt against an operating loss, $237M · buybacks at an average near $3.58

RBLX Roblox Corporation

Roblox is an immersive gaming and creation platform that offers people millions of ways to be together, inviting its community to explore, create, and share endless unique experiences.

Owner earnings 2019–2025 $72M$481M$566M$239M$250M$643M$1.6B

Retained capital Paid out $4.9B more than it earned over 2019–2025; annual owner earnings grew $448M.

Balance sheet Net cash, +$2.1B

RBRK Rubrik Inc.

Our automated policy-driven platform delivers data security enforcement, incident response orchestration, and API integrations with the broader security ecosystem.

Owner earnings 2023–2026 ($6M)($17M)$31M$253M

Retained capital Paid out $2.1B more than it earned over 2023–2026; annual owner earnings grew $86M.

Balance sheet Net debt against an operating loss, $751M

RCAT Red Cat Holdings Inc.

Compared to traditional manned platforms, many unmanned systems can be deployed more rapidly, operate in high-risk or contested environments, and be procured at significantly lower cost.

Owner earnings 2015–2025 ($113K)($2M)($1M)($16M)($30M)($18M)($91M)

Retained capital not read

Balance sheet Net cash, +$17M

RDVT Red Violet Inc. Common Stock

We build proprietary technologies and apply analytical capabilities to deliver identity intelligence.

Owner earnings 2017–2025 ($11M)($8M)$2M$6M$9M$12M$15M$24M$29M

Retained capital Paid out $23M more than it earned over 2017–2025; annual owner earnings grew $28M.

Balance sheet Net cash, debt-free, +$44M

RPD Rapid7

Rapid7 is a global cybersecurity operations software and service provider on a mission to create a safer digital world by making cybersecurity simpler and more accessible.

Owner earnings 2016–2025 $5M$8M($7M)($18M)($9M)$45M$58M$100M$168M$146M

Retained capital Paid out $678M more than it earned over 2016–2025; annual owner earnings grew $136M.

Balance sheet Heavy net debt, $418M

RUM Rumble Inc.

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

Owner earnings 2021–2025 ($5M)($34M)($98M)($90M)($74M)

Retained capital not read

Balance sheet Net cash, +$238M

RUMBW Rumble Inc.

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

Owner earnings 2021–2025 ($5M)($34M)($98M)($90M)($74M)

Retained capital not read

Balance sheet Net cash, +$238M

RXT Rackspace Technology Inc.

Rackspace Technology is a leading end-to-end hybrid cloud and AI solutions company.

Owner earnings 2018–2025 $292M$155M$200K$262M$166M$278M($71M)$91M

Retained capital Paid out $3.8B more than it earned over 2018–2025; annual owner earnings fell $50M.

Balance sheet Net debt against an operating loss, $2.6B · buybacks at an average near $10.00

RYET Ruanyun Edai Technology Inc.

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

Owner earnings 2024–2025 ($804K)($2M)

Retained capital not read

Balance sheet net position not read

RZLV Rezolve AI PLC

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

Owner earnings 2023–2025 ($13M)($22M)($63M)

Retained capital not read

Balance sheet Net cash, +$24M

RZLVW Rezolve AI PLC

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

Owner earnings 2023–2025 ($13M)($22M)($63M)

Retained capital not read

Balance sheet Net cash, +$24M

S SentinelOne

We pioneered the world's first purpose-built AI-powered cybersecurity platform for autonomous defense.

Owner earnings 2020–2026 ($45M)($70M)($99M)($198M)($70M)$32M$76M

Retained capital not read

Balance sheet Net cash, debt-free, +$629M

SABR Sabre

Sabre provides global travel solutions for travel suppliers and travel buyers through a business-to-business travel marketplace called Sabre Mosaic Marketplace consisting of our global distribution network and a broad set of solutions that integrate with our distribution platform to add value for travel suppliers and travel buyers.

Owner earnings 2016–2025 $372M$362M$441M$466M($836M)($469M)($346M)($14M)($9M)($192M)

Retained capital Paid out $2.9B more than it earned over 2016–2025; annual owner earnings fell $463M.

Balance sheet Heavy net debt, $3.7B · buybacks at an average near $21.88 · dividend paid 5 of 10 yrs, cut at least once

SAIC Science Applications International Corporation

Science Applications International Corporation is a leading provider of technical, engineering and mission and enterprise information technology services primarily to the U.S. government.

Owner earnings 2017–2026 $258M$195M$156M$437M$723M$482M$507M$369M$469M$577M

Retained capital Paid out $604M more than it earned over 2017–2026; annual owner earnings grew $269M.

Balance sheet Heavy net debt, $2.3B · dividend paid 10 of 10 yrs, never cut

SAIL SailPoint Inc.

SailPoint Inc. delivers solutions to enable adaptive identity security for the enterprise.

Owner earnings 2024–2026 ($253M)($112M)$65M

Retained capital not read

Balance sheet Net cash, debt-free, +$358M

SANG Sangoma Technologies Corporation

Revenue is Services (82%) and Products (18%).

Owner earnings 2021–2025 $17M$19M$22M$40M$39M

Retained capital Paid out $156M more than it earned over 2021–2025; annual owner earnings grew $14M.

Balance sheet Net debt against an operating loss, $34M

SAP SAP SE ADS

SAP makes the enterprise software that runs the back office of much of the corporate world — the systems that handle a large company's finance, supply chain, procurement and people. Once a business runs on SAP, replacing it is so costly and risky that it rarely does, which is the heart of the franchise.

Owner earnings 2016–2025 €3.6B€3.8B€2.8B€2.7B€6.4B€5.5B€4.8B€5.5B€4.4B€8.4B

Retained capital Retained €14.7B of earnings over 2016–2025; annual owner earnings grew €2.7B, €0.18 per €1 retained.

Balance sheet Net cash, +€3.2B · dividend paid 10 of 10 yrs, cut at least once

SHOP Shopify Inc.

Shopify's business is designed to empower our merchants by offering a comprehensive, multi-channel commerce platform that supports their business as it grows.

Owner earnings 2022–2025 ($186M)$905M$1.6B$2.0B

Retained capital Paid out $78M more than it earned over 2022–2025; annual owner earnings grew $731M.

Balance sheet Net cash, debt-free, +$5.8B

SIFY Sify Technologies Limited

Revenue is Telecom services (40%), Data center services (36%) and Digital Service (25%).

Owner earnings 2016–2025 ₹958M₹152M₹452M(₹93M)₹2.8B₹4.3B(₹1.0B)₹4.1B₹1.2B₹3.0B

Retained capital Retained ₹5.6B of earnings over 2016–2025; annual owner earnings grew ₹2.3B, ₹0.40 per ₹1 retained.

Balance sheet Heavy net debt, ₹30.4B · dividend paid 6 of 10 yrs, cut at least once

SLP Simulations Plus Inc.

Simulations Plus Inc. is a global leader and premier provider in the biopharma sector, offering advanced software and consulting services that enhance drug discovery and development, clinical trial operations, and commercialization.

Owner earnings 2016–2025 $5M$7M$9M$11M$11M$18M$17M$21M$13M$17M

Retained capital Paid out $44M more than it earned over 2016–2025; annual owner earnings grew $10M.

Balance sheet Net cash, +$26M · buybacks at an average near $40.65 · dividend paid 9 of 10 yrs, cut at least once

SMWB Similarweb Ltd.

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

Owner earnings 2019–2025 ($10M)($5M)($30M)($57M)($5M)$29M$13M

Retained capital not read

Balance sheet Net cash, debt-free, +$72M

SNAP Snap Inc.

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

Owner earnings 2016–2025 ($640M)($796M)($782M)($341M)($225M)$223M$55M$78M$219M$493M

Retained capital not read

Balance sheet Net debt against an operating loss, $667M

SNOW Snowflake Inc.

Our platform is the innovative technology that powers the AI Data Cloud, enabling customers to consolidate data into a single source of truth to drive meaningful insights, apply AI to solve business problems, build data applications, and share data and data products.

Owner earnings 2019–2026 ($145M)($180M)($55M)$94M$521M$813M$913M$1.1B

Retained capital Paid out $9.4B more than it earned over 2019–2026; annual owner earnings grew $1.1B.

Balance sheet Net cash, +$548M · buybacks at an average near $1,183

SNPS Synopsys Inc.

Synopsys Inc. is the leader in engineering solutions from silicon to systems, enabling customers to rapidly innovate AI-powered products.

Owner earnings 2016–2025 $520M$562M$325M$602M$837M$1.4B$1.6B$1.5B$1.3B$1.3B

Retained capital Retained $3.8B of earnings over 2016–2025; annual owner earnings grew $908M, $0.24 per $1 retained.

Balance sheet Heavy net debt, $10.5B · buybacks at an average near $148

SOGP Sound Group Inc.

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

Owner earnings 2017–2025 (CN¥34M)CN¥8M(CN¥107M)CN¥19M(CN¥61M)CN¥125M(CN¥123M)(CN¥38M)CN¥277M

Retained capital Paid out CN¥483M more than it earned over 2017–2025; annual owner earnings grew CN¥83M.

Balance sheet Net cash, debt-free, +CN¥766M · dividend paid 1 of 9 yrs, never cut

SOUN SoundHound AI Inc

SoundHound developer platform, Houndify, is an open-access platform that allows developers to leverage SoundHound's Voice AI technology and a library of over 100 content domains, including commonly used domains for points of interest, weather, flight status, sports and more.

Owner earnings 2021–2025 ($67M)($95M)($69M)($110M)($99M)

Retained capital not read

Balance sheet Net cash, +$164M

SOUNW SoundHound AI Inc.

SoundHound developer platform, Houndify, is an open-access platform that allows developers to leverage SoundHound's Voice AI technology and a library of over 100 content domains, including commonly used domains for points of interest, weather, flight status, sports and more.

Owner earnings 2021–2025 ($67M)($95M)($69M)($110M)($99M)

Retained capital not read

Balance sheet Net cash, +$164M

SPSC SPS Commerce

SPS Commerce is a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers through shared infrastructure built to handle the complexity of modern commerce operations.

Owner earnings 2016–2025 $11M$24M$46M$58M$75M$98M$80M$113M$137M$158M

Retained capital Retained $164M of earnings over 2016–2025; annual owner earnings grew $109M, $0.67 per $1 retained.

Balance sheet Net cash, debt-free, +$151M · buybacks at an average near $112

SPT Sprout Social Inc

For over 15 years, Sprout Social has helped companies command their market on social media.

Owner earnings 2018–2025 ($19M)($15M)($14M)$14M$9M$4M$23M$39M

Retained capital Paid out $350M more than it earned over 2018–2025; annual owner earnings grew $39M.

Balance sheet Net cash, +$125M

SRAD Sportradar Group AG

Sportradar is a leading technology platform enabling next generation engagement in sports and the number one provider of B2B solutions to the global sports betting industry based on revenue.

Owner earnings 2019–2025 €139M€149M€126M€160M€244M€348M€398M

Retained capital Retained €73M of earnings over 2019–2025; annual owner earnings grew €192M, €2.63 per €1 retained.

Balance sheet Net cash, +€353M

SSNC SS&C Technologies

We provide the global financial services industry with a broad range of software-enabled services, which consist of software-enabled outsourcing services and subscription-based on-demand cloud solutions which are managed and hosted at our facilities, and specialized software products, which are deployed at our clients' facilities.

Owner earnings 2016–2025 $391M$436M$607M$1.3B$1.1B$1.4B$1.1B$1.2B$1.3B$1.7B

Retained capital Retained $228M of earnings over 2016–2025; annual owner earnings grew $905M.

Balance sheet Heavy net debt, $7.0B · dividend paid 10 of 10 yrs, never cut

SVCO Silvaco Group Inc.

Silvaco Group, Inc. is a provider of technology computer aided design software, electronic data automation software and semiconductor intellectual property.

Owner earnings 2023–2025 $841K($20M)($35M)

Retained capital not read

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

TBLA Taboola.com Ltd.

Taboola is a technology company that helps businesses grow by placing ads on publisher sites, mobile apps, and devices, which we collectively refer to as digital properties.

Owner earnings 2020–2025 $121M$33M$26M$52M$149M$179M

Retained capital Paid out $456M more than it earned over 2020–2025; annual owner earnings grew $67M.

Balance sheet Net cash, +$19M

TDC Teradata Corporation

Teradata is uniquely suited to provide this with our autonomous AI and knowledge platform as well as our data and analytics capabilities.

Owner earnings 2016–2025 $393M$246M$211M$94M$223M$435M$405M$356M$279M$286M

Retained capital Paid out $1.7B more than it earned over 2016–2025; annual owner earnings grew $24M.

Balance sheet Net cash, +$37M

TEAM Atlassian

The Atlassian Cloud Platform underpins our cloud app portfolio, allowing us to provide unified experiences, standardized data, and common enterprise infrastructure across all apps and teams.

Owner earnings 2021–2025 $758M$769M$842M$1.4B$1.4B

Retained capital Paid out $3.5B more than it earned over 2021–2025; annual owner earnings grew $434M.

Balance sheet Net cash, +$1.9B · buybacks at an average near $184

TEM Tempus AI Inc.

Tempus is a technology company focused on healthcare that straddles two converging worlds.

Owner earnings 2022–2025 ($187M)($236M)($211M)($239M)

Retained capital not read

Balance sheet Net cash, +$396M

TENB Tenable

Tenable is the leading provider of exposure management solutions.

Owner earnings 2016–2025 ($6M)($9M)($8M)($18M)$54M$93M$122M$148M$213M$255M

Retained capital Paid out $946M more than it earned over 2016–2025; annual owner earnings grew $213M.

Balance sheet Net cash, +$48M · buybacks at an average near $42.56

TLS Telos Corporation

Telos Corporation is a Maryland corporation headquartered in Ashburn, Virginia.

Owner earnings 2016–2025 $13M($1M)$4M$8M($3M)$4M$15M$661K($28M)$29M

Retained capital Paid out $266M more than it earned over 2016–2025; annual owner earnings fell $5M.

Balance sheet Net cash, +$37M · buybacks at an average near $5.32

TRIP TripAdvisor Inc.

Tripadvisor group is a portfolio of global online platforms purpose-built to connect travelers with experiences, accommodations, restaurants and other relevant travel destination points of interest.

Owner earnings 2016–2025 $249M$174M$344M$341M($249M)$54M$344M$172M$70M$163M

Retained capital Paid out $1.4B more than it earned over 2016–2025; annual owner earnings fell $121M.

Balance sheet Net cash, +$216M · buybacks at an average near $28.52 · dividend paid 1 of 10 yrs, never cut

TTAN ServiceTitan Inc.

Our founders, Ara Mahdessian and Vahe Kuzoyan, are the sons of trades business owners and founded ServiceTitan to provide tradespeople, like their parents, with technology that is purpose built to help trades businesses thrive.

Owner earnings 2023–2026 ($178M)($68M)$33M$105M

Retained capital not read

Balance sheet Net cash, +$428M

TTD The Trade Desk Inc.

We are a global leader in advertising technology.

Owner earnings 2016–2025 $71M$24M$75M$39M$376M$336M$494M$552M$641M$877M

Retained capital Paid out $545M more than it earned over 2016–2025; annual owner earnings grew $633M.

Balance sheet Net cash, +$1.3B

TTWO Take-Two Interactive

We are a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe.

Owner earnings 2017–2026 $387M$450M$803M$632M$843M$197M($121M)($158M)($215M)$462M

Retained capital Paid out $8.4B more than it earned over 2017–2026; annual owner earnings fell $517M.

Balance sheet Net debt against an operating loss, $541M

TUYA Tuya Inc.

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

Owner earnings 2019–2025 ($57M)($51M)($129M)($71M)$35M$79M$80M

Retained capital not read

Balance sheet Net cash, debt-free, +$952M

TWLO Twilio Inc.

Twilio Programmable Voice is an API that allows developers to build solutions to make, manage, and receive phone calls globally through a browser, application, phone, or other methods.

Owner earnings 2016–2021 $2M($13M)$3M($31M)$7M($104M)

Retained capital Paid out $2.0B more than it earned over 2016–2021; annual owner earnings fell $40M.

Balance sheet Modest net debt, $310M

TYL Tyler Technologies

Tyler Technologies is a leading provider of integrated software and technology management solutions for the public sector.

Owner earnings 2016–2025 $154M$153M$223M$217M$332M$338M$359M$360M$604M$638M

Retained capital Retained $1.4B of earnings over 2016–2025; annual owner earnings grew $357M, $0.26 per $1 retained.

Balance sheet Net cash, +$498M · buybacks at an average near $224

U Unity Software

Unity is the leading platform to develop, deploy, and grow games and interactive experiences.

Owner earnings 2018–2025 ($102M)($95M)($20M)($153M)($117M)$179M$286M$404M

Retained capital Paid out $6.0B more than it earned over 2018–2025; annual owner earnings grew $362M.

Balance sheet Net cash, +$479M

VEEV Veeva Systems Inc.

Veeva is the leading provider of industry cloud solutions for the global life sciences industry.

Owner earnings 2017–2020 $137M$224M$302M$434M

Retained capital Retained $760M of earnings over 2017–2020; annual owner earnings grew $99M, $0.13 per $1 retained.

Balance sheet Net cash, debt-free, +$1.9B

VERX Vertex Inc.

Vertex is a leading provider of enterprise compliance technology for global commerce.

Owner earnings 2018–2024 $59M$72M$39M$59M$18M$25M$93M

Retained capital Paid out $335M more than it earned over 2018–2024; annual owner earnings fell $11M.

Balance sheet Heavy net debt, $26M · dividend paid 3 of 7 yrs

VIA Via Transportation Inc.

Transportation vertical operates on a different and fragmented technology platform many of which rely on legacy software solutions with antiquated and unscalable architectures.

Owner earnings 2023–2025 ($95M)($71M)($33M)

Retained capital not read

Balance sheet Net cash, debt-free, +$371M

VRNS Varonis

Varonis is a data security company focused on protecting what matters most to organizations: their data.

Owner earnings 2016–2025 $5M$13M$19M($17M)($16M)($3M)$475K$54M$109M$135M

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings grew $87M.

Balance sheet Net cash, +$431M · buybacks at an average near $19.37

VTEX VTEX Class A

VTEX is the backbone for connected commerce that delivers more efficiency and less maintenance to organizations seeking to make smarter IT investments and modernize their tech stack.

Owner earnings 2019–2025 $239K$10M($54M)($30M)$4M$25M$32M

Retained capital not read

Balance sheet Net cash, debt-free, +$215M

WAY Waystar Holding Corp.

Waystar provides healthcare organizations with mission-critical AI-powered software that simplifies healthcare payments for providers across the continuum of care.

Owner earnings 2022–2025 $85M$30M$143M$283M

Retained capital Paid out $14M more than it earned over 2022–2025; annual owner earnings grew $66M.

Balance sheet Heavy net debt, $1.4B

WB WEIBO CORPORATION

Revenue is Revenues From Advertising Agencies (54%), Revenues From Advertisers Signing Contracts With Company Directly (32%) and Value Added Services (15%).

Owner earnings 2016–2025 $223M$524M$468M$610M$707M$779M$521M$636M$578M$477M

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings grew $159M, $0.06 per $1 retained.

Balance sheet Net cash, +$309M · dividend paid 3 of 10 yrs, cut at least once

WEAV Weave Communications Inc.

Weave Payments: we provide payment processing, with point-of-sale and digital payment solutions that allow patients to make payments from anywhere, and patient financing solutions.

Owner earnings 2019–2025 ($25M)($18M)($28M)($15M)$9M$12M$15M

Retained capital not read

Balance sheet Net cash, +$45M

WIX Wix.com Ltd.

Revenue is Creative Subscription (71%) and Business Solutions (29%).

Owner earnings 2016–2020 $36M$77M$107M$137M$133M

Retained capital Paid out $395M more than it earned over 2016–2020; annual owner earnings grew $52M.

Balance sheet Net cash, debt-free, +$661M

WK Workiva

Workiva is a leading, AI-powered platform for trust, transparency, and accountability.

Owner earnings 2016–2025 ($12M)$4M$5M$28M$31M$46M$8M$69M$86M$138M

Retained capital Paid out $643M more than it earned over 2016–2025; annual owner earnings grew $99M.

Balance sheet Net debt against an operating loss, $357M

WRD WeRide Inc.

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

Owner earnings 2022–2024 (CN¥751M)(CN¥512M)(CN¥678M)

Retained capital not read

Balance sheet Net cash, +CN¥3.7B

XNET Xunlei Limited

Our ADSs currently trade on The Nasdaq Global Select Market under the symbol "XNET."

Owner earnings 2016–2025 $11M($20M)($37M)($49M)($23M)$13M$48M$22M$26M$27M

Retained capital Retained $915M of earnings over 2016–2025; annual owner earnings grew $40M, $0.04 per $1 retained.

Balance sheet Net cash, +$263M

XPER Xperi Inc. Common Stock

We operate in one reportable business segment and group our revenue into four categories: Pay-TV, Consumer Electronics, Connected Car and Media Platform.

Owner earnings 2020–2025 ($30M)($32M)($42M)($7M)($60M)($6M)

Retained capital not read

Balance sheet Net cash, +$57M

XYZ Block Inc.

Block designs and operates connected ecosystems that integrate commerce solutions, financial services, software, hardware, and networks to serve individuals and small businesses, primarily through Cash App's consumer network and Square's business network.

Owner earnings 2016–2025 ($2M)$102M$234M$265M$89M$714M$5M($50M)$1.6B$2.4B

Retained capital Retained $496M of earnings over 2016–2025; annual owner earnings grew $1.2B, $2.42 per $1 retained.

Balance sheet Net cash, +$848M

XZO Exzeo Group Inc.

Exzeo Platform provides technology-based solutions for operational and administrative activities and functions performed by insurance carriers and their agents, including quoting and underwriting, policy management, claims management, data reporting, and financial reporting.

Owner earnings 2023–2025 $8M$47M$97M

Retained capital not read

Balance sheet Net cash, debt-free, +$305M

YALA Yalla Group Limited

Revenue is Group Chatting Services (63%) and Games Services (36%).

Owner earnings 2018–2025 $23M$31M$65M$143M$118M$138M$172M$136M

Retained capital Retained $494M of earnings over 2018–2025; annual owner earnings grew $109M, $0.22 per $1 retained.

Balance sheet Net cash, debt-free, +$668M · dividend paid 1 of 8 yrs, never cut

YMM Full Truck Alliance Co. Ltd.

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

Owner earnings 2019–2025 (CN¥934M)CN¥522M(CN¥255M)(CN¥101M)CN¥2.2BCN¥2.9BCN¥4.5B

Retained capital Paid out CN¥1.1B more than it earned over 2019–2025; annual owner earnings grew CN¥3.4B.

Balance sheet Net cash, debt-free, +CN¥17.1B · dividend paid 2 of 7 yrs, never cut

YOU Clear Secure Inc.

Clear Secure Inc. is a secure identity company making experiences safer and easier - both digitally and physically.

Owner earnings 2019–2025 $9M($22M)$57M$150M$199M$284M$343M

Retained capital Retained $142M of earnings over 2019–2025; annual owner earnings grew $260M, $1.84 per $1 retained.

Balance sheet Net cash, debt-free, +$86M

YXT YXT.COM GROUP HOLDING LIMITED

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

Owner earnings 2022–2025 (CN¥469M)(CN¥262M)(CN¥213M)(CN¥147M)

Retained capital not read

Balance sheet Net cash, +CN¥85M

ZENA ZenaTech Inc.

ZenaTech, Inc. is a technology solutions company that specializes in mission-critical cloud-based software applications integrated with smart hardware to deliver innovative solutions across diverse industries.

Owner earnings 2023–2025 (C$2M)(C$10M)(C$38M)

Retained capital not read

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

ZETA Zeta Global Holdings Corp.

Zeta is a leading AI-powered omnichannel data-driven cloud platform that provides enterprises with consumer intelligence and marketing automation software.

Owner earnings 2019–2025 $27M$33M$35M$56M$70M$108M$185M

Retained capital Paid out $909M more than it earned over 2019–2025; annual owner earnings grew $89M.

Balance sheet Net cash, +$123M

ZIP ZipRecruiter Inc.

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

Owner earnings 2019–2025 ($5M)$87M$138M$126M$102M$45M$10M

Retained capital Paid out $503M more than it earned over 2019–2025; annual owner earnings fell $21M.

Balance sheet Net debt against an operating loss, $357M

ZM Zoom

Zoom is a platform designed for flexible communication and today's flexible work needs.

Owner earnings 2018–2026 $17M$44M$135M$1.4B$1.6B$1.2B$1.5B$1.8B$1.9B

Retained capital Retained $2.0B of earnings over 2018–2026; annual owner earnings grew $1.7B, $0.83 per $1 retained.

Balance sheet Net cash, debt-free, +$1.3B