Q

Q Qnity Electronics Inc.

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

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

Retained capital not read

Balance sheet Meaningful net debt, $3.2B

QBTS D-Wave Quantum Inc.

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

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

Retained capital not read

Balance sheet Net cash, +$847M

QCOM QUALCOMM Incorporated

Qualcomm designs the chips and holds the patents that make wireless devices work. It sells Snapdragon processors and modems to the companies that build smartphones, cars, and other connected gadgets, and it separately licenses its portfolio of wireless-standard patents to nearly every handset maker, taking a royalty on each device sold. The chip sales carry the bulk of the revenue; the patent royalties carry an outsized share of the profit. Qualcomm does the engineering and farms the actual manufacturing out to others.

Owner earnings 2016–2025 $7.1B$4.3B$3.1B$6.4B$4.4B$8.6B$7.3B$9.8B$11.2B$12.8B

Retained capital Retained $3.2B of earnings over 2016–2025; annual owner earnings grew $6.4B.

Balance sheet Modest net debt, $4.7B · buybacks at an average near $94.57

QCRH QCR Holdings Inc.

QCR Holdings Inc. engages in direct financing lease contracts and equipment financing agreements through m2, a wholly-owned subsidiary of QCBT based in Waukesha, Wisconsin.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

QDEL QuidelOrtho

Our global infrastructure and commercial reach support our customers across more than 140 countries and territories with quality diagnostics, a broad test portfolio and market-leading service.

Owner earnings 2021–2025 $581M$753M$71M($112M)($83M)

Retained capital Paid out $1.8B more than it earned over 2021–2025; annual owner earnings fell $510M.

Balance sheet Net debt against an operating loss, $2.7B

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

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

QRVO Qorvo Inc.

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

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

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

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

QSR Restaurant Brands International Inc.

We are one of the world's largest quick service restaurant companies with nearly $47 billion in annual system-wide sales and over 33,000 restaurants in more than 120 countries and territories as of December 31, 2025.

Owner earnings 2016–2025 $1.2B$1.4B$1.1B$1.4B$804M$1.6B$1.4B$1.2B$1.3B$1.4B

Retained capital Paid out $2.7B more than it earned over 2016–2025; annual owner earnings grew $102M.

Balance sheet Heavy net debt, $12.1B · buybacks at an average near $59.90 · dividend paid 10 of 10 yrs, never cut

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

QUAD Quad Graphics Inc

Quad is a marketing experience company that simplifies the complexities of marketing, removing friction from wherever it occurs along the marketing journey.

Owner earnings 2016–2025 $248M$258M$164M$45M$129M$87M$94M$77M$56M$51M

Retained capital Paid out $516M more than it earned over 2016–2025; annual owner earnings fell $162M.

Balance sheet Heavy net debt, $1.1B · dividend paid 10 of 10 yrs, cut at least once

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

QUCY Quantum Cyber N.V.

We are a public company under Dutch law.

Owner earnings 2024–2025 ($17M)($11M)

Retained capital not read

Balance sheet Net cash, debt-free, +$889K

QUIK QuickLogic Corporation

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

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

Retained capital not read

Balance sheet Net cash, +$3M

QURE uniQure N.V.

We are a leader in the field of gene therapy, seeking to deliver to patients suffering from rare and other devastating diseases single treatments with potentially curative results.

Owner earnings 2016–2025 ($78M)($69M)($78M)($104M)($142M)$281M($154M)($153M)($186M)($178M)

Retained capital not read

Balance sheet Net cash, +$29M

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

QXO QXO Inc.

QXO was primarily a technology solutions and professional services company, providing critical software applications, consulting and other professional services, including specialized programming, training and technical support to small and mid-size companies in the manufacturing, distribution and services industries.

Owner earnings 2017–2025 $2M$1M($974K)$2M$111K$2M$463K$85M$183M

Retained capital Paid out $272M more than it earned over 2017–2025; annual owner earnings grew $89M.

Balance sheet Net debt against an operating loss, $696M · dividend paid 6 of 9 yrs, cut at least once