Technology Hardware

4902 Konica Minolta

Revenue is led by Digital Workplace (56%) and Professional Print (23%), with 2 more segments behind.

Owner earnings 2018–2026 ¥38.4B¥22.1B(¥6.5B)¥52.4B(¥3.8B)(¥8.5B)¥56.1B¥25.3B¥38.4B

Retained capital Paid out ¥175.1B more than it earned over 2018–2026; annual owner earnings grew ¥21.9B.

Balance sheet Heavy net debt, ¥287.5B · dividend paid 9 of 9 yrs, cut at least once

6724 Seiko Epson

Revenue is Printing Solutions (73%), Manufacturing Related and Wearables (15%) and Visual Communications (13%).

Owner earnings 2018–2026 ¥34.3B¥20.8B¥37.1B¥85.7B¥72.2B¥10.8B¥116.0B¥78.7B¥57.8B

Retained capital Retained ¥154.1B of earnings over 2018–2026; annual owner earnings grew ¥53.4B, ¥0.35 per ¥1 retained.

Balance sheet Net cash, +¥101.6B · dividend paid 9 of 9 yrs, never cut

7731 Nikon

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

Owner earnings 2018–2026 ¥97.0B¥48.1B(¥3.0B)(¥12.0B)¥13.4B(¥23.1B)(¥8.4B)(¥3.9B)(¥41.0B)

Retained capital Paid out ¥120.6B more than it earned over 2018–2026; annual owner earnings fell ¥65.1B.

Balance sheet Net debt against an operating loss, ¥61.9B · dividend paid 9 of 9 yrs, cut at least once

7751 Canon

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

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, ¥906.9B

7752 Ricoh

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

Owner earnings 2018–2026 ¥38.0B¥9.5B¥30.1B¥84.8B¥45.1B¥21.2B¥72.3B¥87.9B¥109.2B

Retained capital Paid out ¥198.6B more than it earned over 2018–2026; annual owner earnings grew ¥64.0B.

Balance sheet Meaningful net debt, ¥315.5B · dividend paid 9 of 9 yrs, cut at least once

AAPL Apple Inc.

Apple designs and sells consumer hardware — smartphones, personal computers, tablets, and wearables — that runs its own iOS and macOS software, and it sells a range of related digital services to the people who own those devices. The iPhone is its largest source of revenue and services the second, with the other hardware lines behind them. It makes money first by selling the device and then by collecting recurring fees from the software and services that live on it.

Owner earnings 2016–2025 $53.5B$51.8B$64.1B$58.9B$73.4B$93.0B$111.4B$99.6B$108.8B$98.8B

Retained capital Paid out $91.2B more than it earned over 2016–2025; annual owner earnings grew $45.9B.

Balance sheet Modest net debt, $36.0B · buybacks at an average near $99.83 · dividend paid 10 of 10 yrs, never cut

CRSR Corsair Gaming Inc.

Corsair Gaming Inc. is a leading global provider and innovator of high-performance products for gamers and digital creators such as streamers, vloggers and broadcasters.

Owner earnings 2018–2025 ($5M)$28M$160M$9M$56M$76M$26M$35M

Retained capital Paid out $63M more than it earned over 2018–2025; annual owner earnings fell $15M.

Balance sheet Heavy net debt, $23M · dividend paid 1 of 8 yrs, never cut

DBD Diebold Nixdorf Incorporated

Revenue is Services (57%) and Products (43%).

Owner earnings not read

Retained capital not read

Balance sheet Meaningful net debt, $573M

DELL Dell Technologies Inc.

Dell builds and sells computers — laptops and desktops for households and businesses, and servers, storage and networking gear for the data centers that run companies and train artificial intelligence. Most of the money comes from selling the hardware itself, much of it assembled to order from parts — processors, memory and drives — bought from other makers. A smaller slice comes from the support, financing and services wrapped around those machines.

Owner earnings 2017–2026 $1.7B$5.6B$5.5B$6.7B$9.3B$7.5B$562M$5.9B$1.9B$8.6B

Retained capital Paid out $14.2B more than it earned over 2017–2026; annual owner earnings grew $1.2B.

Balance sheet Meaningful net debt, $20.0B · dividend paid 5 of 10 yrs, cut at least once

EVLV Evolv Technologies Holdings Inc.

Evolv Technologies Holdings, Inc. is a leading security technology company pioneering Artificial Intelligence-powered screening solutions designed to help create safer environments while maintaining efficient visitor flow and a positive visitor experience.

Owner earnings 2020–2021 ($24M)($60M)

Retained capital not read

Balance sheet Net cash, +$57M

FTNT Fortinet Inc.

Fortinet is a leader in cybersecurity, driving the convergence of networking and security.

Owner earnings 2017–2025 $539M$586M$746M$1.0B$1.4B$1.6B$1.8B$2.1B$2.4B

Retained capital Paid out $1.0B more than it earned over 2017–2025; annual owner earnings grew $1.5B.

Balance sheet Net cash, +$2.6B

HPE Hewlett Packard Enterprise Company

Hewlett Packard Enterprise sells the gear that runs businesses and data centers — servers that do the computing, storage that holds the data, and the networking equipment, including its Aruba line, that ties them together. The customers are companies, governments, and the operators of large data centers. It earns money selling the hardware, and increasingly by wrapping software around it and renting the whole thing as a subscription rather than a one-time sale.

Owner earnings 2016–2025 $1.8B($1.8B)$8M$1.1B($143M)$3.4B$1.5B$1.6B$2.0B$627M

Retained capital Paid out $3.6B more than it earned over 2016–2025; annual owner earnings grew $1.4B.

Balance sheet Net debt against an operating loss, $19.8B · dividend paid 10 of 10 yrs, never cut

HPQ HP Inc.

HP Inc. sells personal computers and printers. The PCs are laptops and desktops for households, businesses, and schools; the printing side sells the machines and, more profitably, the ink and toner cartridges that feed them. Most of the revenue is the hardware itself, much of it built to order from parts bought from other makers, but a meaningful slice of the printing profit comes from the steady resupply of consumables long after the printer is sold.

Owner earnings 2016–2025 $2.8B$3.3B$4.0B$4.0B$3.7B$5.8B$3.7B$3.0B$3.2B$2.8B

Retained capital Retained $525M of earnings over 2016–2025; annual owner earnings fell $380M.

Balance sheet Modest net debt, $4.9B · buybacks at an average near $23.74 · dividend paid 10 of 10 yrs, never cut

LOGI Logitech International S.A.

Logitech International is a Swiss public company listed on the SIX Swiss Exchange and on the Nasdaq Global Select Market.

Owner earnings 2017–2026 $257M$307M$269M$386M$1.4B$209M$442M$1.1B$786M$976M

Retained capital Retained $2.2B of earnings over 2017–2026; annual owner earnings grew $673M, $0.30 per $1 retained.

Balance sheet Net cash, debt-free, +$1.7B · buybacks at an average near $101

MITK Mitek Systems Inc.

Mitek Systems Inc. is a global provider of digital identity verification and fraud prevention solutions.

Owner earnings 2016–2025 $8M$10M$5M$13M$23M$36M$20M$31M$30M$54M

Retained capital Paid out $2M more than it earned over 2016–2025; annual owner earnings grew $31M.

Balance sheet Net cash, +$189M · buybacks at an average near $11.89

NATL NCR Atleos Corporation

Consumers benefit from increased convenience and connectivity through proximity to our network of approximately 78,000 self-service banking terminal locations is the largest retail surcharge-free independent network of ATMs in the U.S.

Owner earnings 2021–2025 $369M$216M$247M$257M$239M

Retained capital Retained $349M of earnings over 2021–2025; annual owner earnings fell $30M, $-0.09 per $1 retained.

Balance sheet Heavy net debt, $2.3B

NTAP NetApp Inc.

NetApp's sustained success is built on several enduring competitive strengths that set us apart in the market: Deep Cloud Integration : Our native integration with AWS, Microsoft Azure, and Google Cloud provides customers with significant flexibility, unified management, and consistent data services across any environment.

Owner earnings 2017–2026 $811M$1.3B$1.2B$936M$1.2B$1.1B$926M$1.5B$1.3B$1.9B

Retained capital Paid out $4.4B more than it earned over 2017–2026; annual owner earnings grew $475M.

Balance sheet Net cash, +$1.1B · buybacks at an average near $57.46 · dividend paid 10 of 10 yrs, never cut

OSS One Stop Systems Inc.

One Stop Systems Inc. designs, manufactures, and markets specialized enterprise class high-performance compute, high speed switch fabrics, and storage hardware and software, which are designed to target edge applications for AI/ML, sensor processing, sensor fusion, and autonomy.

Owner earnings 2017–2025 ($807K)($5M)($11K)($1M)$5M($8M)($1M)($336K)($7M)

Retained capital not read

Balance sheet Net cash, +$28M

P Everpure Inc.

Everpure is a global technology company providing an integrated storage and data management platform.

Owner earnings 2017–2026 ($65M)$8M$94M$102M$131M$344M$680M$565M$639M$743M

Retained capital Paid out $2.2B more than it earned over 2017–2026; annual owner earnings grew $637M.

Balance sheet Net cash, +$849M

PANW Palo Alto Networks Inc.

Palo Alto Networks, Inc. is a global cybersecurity provider and our vision is a world where each day is safer and more secure than the one before.

Owner earnings 2016–2025 $616M$809M$926M$924M$821M$1.4B$1.8B$2.6B$3.1B$3.5B

Retained capital Paid out $2.6B more than it earned over 2016–2025; annual owner earnings grew $2.3B.

Balance sheet Net cash, +$912M · buybacks at an average near $112

PAR PAR Technology Corporation

PAR is a leading foodservice technology company providing omnichannel cloud-based software and hardware solutions to the restaurant industry in three major restaurant categories quick service, fast casual, and table service and to the retail industry, including convenience and fuel retailers.

Owner earnings 2017–2025 ($4M)($8M)($19M)($22M)($55M)($44M)($22M)($26M)($30M)

Retained capital not read

Balance sheet Net debt against an operating loss, $314M

PSTG Pure Storage

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2017–2026 ($65M)$8M$94M$102M$131M$344M$680M$565M$639M$743M

Retained capital Paid out $2.2B more than it earned over 2017–2026; annual owner earnings grew $637M.

Balance sheet Net cash, +$849M

QMCO Quantum Corporation

Quantum delivers end-to-end data management solutions designed for unstructured data in the artificial intelligence era.

Owner earnings 2017–2026 $6M($8M)($20M)($4M)($8M)($40M)($17M)($16M)($29M)($40M)

Retained capital not read

Balance sheet Net debt against an operating loss, $129M

RDCM Radcom Ltd.

Revenue is Products (52%) and Services (48%).

Owner earnings 2016–2025 $9M($11M)($3M)$6M($477K)$2M$6M$4M$11M$14M

Retained capital Retained $7M of earnings over 2016–2025; annual owner earnings grew $11M, $1.70 per $1 retained.

Balance sheet Net cash, debt-free, +$110M

SMCI Super Micro Computer Inc.

We are a Silicon Valley-based provider of total IT solutions which address demanding workloads from the enterprise and cloud to the intelligent edge.

Owner earnings 2016–2025 $95M($113M)$60M$238M($59M)$95M($466M)$637M($2.5B)$1.6B

Retained capital not read

Balance sheet Net cash, +$525M

SMCIP Super Micro Computer Inc.

We are a Silicon Valley-based provider of total IT solutions which address demanding workloads from the enterprise and cloud to the intelligent edge.

Owner earnings 2016–2025 $95M($113M)$60M$238M($59M)$95M($466M)$637M($2.5B)$1.6B

Retained capital not read

Balance sheet Net cash, +$525M

SNDK Sandisk Corporation

Sandisk is a leading developer, manufacturer and provider of data storage devices and solutions based on NAND flash technology.

Owner earnings 2023–2025 ($932M)($475M)($79M)

Retained capital not read

Balance sheet Net debt against an operating loss, $368M

SSYS Stratasys Ltd. Ordinary Shares (Israel)

Revenue is Products (69%) and Services (31%).

Owner earnings 2016–2025 $17M$39M$40M($34M)$859K$11M($89M)($75M)($3M)($7M)

Retained capital Paid out $1.0B more than it earned over 2016–2025; annual owner earnings fell $61M.

Balance sheet Net cash, +$67M

STX Seagate Technology Holdings PLC

We are a leading provider of data storage technology and infrastructure solutions that enable enterprises and end users to confidently store and unlock the value of their data.

Owner earnings 2016–2025 $1.1B$1.5B$1.7B$1.2B$1.1B$1.1B$1.3B$626M$664M$818M

Retained capital Paid out $4.9B more than it earned over 2016–2025; annual owner earnings fell $738M.

Balance sheet Meaningful net debt, $4.2B · buybacks at an average near $53.54 · dividend paid 10 of 10 yrs, cut at least once

VYX NCR Voyix Corporation

NCR Voyix is a global platform-powered leader in unified commerce for shopping and dining, empowering customers to simplify transactions, optimize and scale operations and deliver superior experiences to customers through our modernized suite of microservices-based applications and comprehensive service offerings.

Owner earnings 2016–2025 $821M$624M$429M$543M$610M$903M$335M$564M($162M)($375M)

Retained capital Retained $571M of earnings over 2016–2025; annual owner earnings fell $616M, $-1.08 per $1 retained.

Balance sheet Heavy net debt, $3.7B

WDC Western Digital Corporation

We are a leading developer, manufacturer, and provider of data storage devices and solutions based on hard disk drive technology.

Owner earnings 2017–2025 $2.9B$3.4B$671M$177M$752M$758M($1.2B)($781M)$1.3B

Retained capital Paid out $1.4B more than it earned over 2017–2025; annual owner earnings fell $2.5B.

Balance sheet Heavy net debt, $11.2B · buybacks at an average near $74.75 · dividend paid 5 of 9 yrs, cut at least once

XRX Xerox Holdings Corporation

Xerox is a workplace technology company, building and integrating services-led, software-enabled, workplace solutions for enterprises large and small.

Owner earnings 2017–2025 ($336M)$1.1B$1.3B$504M$600M$123M$657M$484M$187M

Retained capital Paid out $5.8B more than it earned over 2017–2025; annual owner earnings fell $238M.

Balance sheet Net debt against an operating loss, $3.7B · dividend paid 9 of 9 yrs, cut at least once

YIBO Planet Image International Limited

Revenue is Offline sales to dealers (47%), Offline sales to ODM customers (43%) and Online sales to retail customers (10%).

Owner earnings 2021–2025 $5M$6M$17M($3M)($3M)

Retained capital Retained $19M of earnings over 2021–2025; annual owner earnings fell $6M, $-0.31 per $1 retained.

Balance sheet Net cash, +$46M