Company value-chain data

We organize company value-chain data: who each company earns money from and who it pays, cross-checked with sources and dates.

1359 companies (638 researched · 721 baseline)

• 01Hitachi6501.TTransformers & HVDC · Digital infrastructure / Hitachi has reshaped itself around grid and digital infrastructure. FY2026 Q1 revenue rose 20% to JPY 2,709.5 billion, while adjusted EBITA reached JPY 323.5 billion at an 11.9% margin, all Q1 records. Energy revenue grew 37% and orders 87% as European HVDC awards and transmission demand for AI data centers led growth. FY2026 guidance was raised to JPY 11,700 billion of revenue and JPY 1,520 billion of adjusted EBITA.
• 02Hitachi Construction Machinery6305.TExcavators & mining equipment · Parts/service · Americas expansion / Hitachi Construction Machinery sells excavators and ultra-large mining equipment, then monetizes the installed base through parts and service. FY2026 Q1 revenue rose 7.5% to JPY 329.1 billion, led by Asia and Oceania at 34.9%.
• 03CumminsCMIEngines & power · where data-center standby power meets the truck cycle / Cummins has layered data-center standby-power growth onto its installed base in truck and industrial engines. Q2 2026 Power Systems sales rose 19% to $2.3 billion at a 24.5% margin. Engine demand through PACCAR, Komatsu, Hitachi Construction Machinery and Whitehaven is moving alongside hyperscaler generation demand. After gaining about 49% in both 2024 and 2025, the stock slowed to 11% in 2026, separating operating growth from the pace of rerating.
• 04PaccarPCARHeavy trucks · Class 8 share of 29.9% / The largest U.S. truck maker, building heavy commercial trucks under the Kenworth, Peterbilt and DAF brands. Of $28.4B in 2025 revenue, Trucks contributed 68% and Parts 24%, on 144,200 vehicles delivered worldwide. Its U.S./Canada Class 8 retail share was 29.9%. PACCAR builds its own MX-13 and MX-11 diesel engines and sources the balance from Cummins, and co-develops driverless trucks (Peterbilt 579, Kenworth T680) with Aurora.
• 05Itochu8001.TTrading house · Non-resource investment & retail / Itochu is a trading house, but the essence of its model is not commodity-trading spread — it is equity-method and consolidated business investment, compounding the earnings of operating companies like FamilyMart (94.7%), CITIC (20%) and Hitachi Construction Machinery, which is also why Buffett bought this diversified cash-flow portfolio with low-cost yen. FY ended Mar 2026 net profit of JPY 900.3bn at ~16% ROE set a record for a second straight year — and notably in a year commodity prices were soft: the profit was pulled by Machinery (North American power, construction machinery), ICT & Financial and Food, while Metals & Minerals actually fell. With its 'non-resource' structure — the shallowest resource exposure of the five majors — proven out, Itochu is a bet on the compounding of Japanese consumer, retail and finance rather than on commodities.
• 06Federal Realty Investment TrustFRTOpen-air retail · Mixed-use properties · Long-duration rental income / Federal Realty is a retail REIT owning 104 open-air shopping centers and mixed-use properties in coastal metropolitan and supply-constrained U.S. markets. It generated $1.245 billion of rental income in 2025, while its largest tenant, TJX, represented 2.41% of annualized base rent at June 2026. Growth comes from rent increases and property acquisitions, funded in part through credit and term-loan facilities administered by Wells Fargo and Truist.
• 07TJX CompaniesTJXGlobal off-price retailer / TJX Companies earns revenue by selling discounted apparel and home-fashion merchandise through banners including TJ Maxx, Marshalls and HomeGoods. It sources inventory and special-production goods from about 21,000 vendors, operates nearly all stores in leased locations and holds stakes in overseas off-price businesses.
• 08Olympus7733.TGI endoscopy · Surgical and interventional solutions · Single-use therapy devices / Olympus is a Japanese medical-device company supplying gastrointestinal endoscopy and endotherapy plus urology, respiratory and surgical solutions. FY2027 Q1 revenue rose 16.4% to JPY240.4 billion, with Gastrointestinal Solutions contributing 70%.
• 09Canon7751.TCameras & printing · Semiconductor lithography & nanoimprint / Canon is a precision-optics conglomerate that earns over half its revenue from cameras and office equipment (Printing), but the real re-rating point hides in the 8%-of-sales Industrial unit — the call option on nanoimprint lithography (NIL), regarded as the one path to shrink chips without EUV (ASML). FY2025 consolidated sales of JPY 4,624.7bn (+2.5%) and OP of JPY 455.4bn make for modest top-line growth, but the profit gain is pulled by Imaging (+12.5%) and AI-related lithography while Printing (-1.1%) structurally shrinks. With the NIL it co-developed with Kioxia and DNP over a decade having shipped its first commercial tool (to TIE) in 2024, the question is whether a semiconductor-equipment option is embedded in a stock the market still prices as a declining camera/printer company.
• 10DuPontDDHealthcare materials · Water technologies · Diversified industrials / Following the 2025 Qnity electronics separation, DuPont focuses on medical packaging and components, water treatment, building technologies and industrial materials. FY2025 continuing-operations sales were $6.849 billion, with healthcare and water growth offsetting weaker diversified industrials.
• 11Qnity ElectronicsQSemiconductor materials · DuPont spinoff (Nov 2025) / Pure-play electronic-materials maker spun off from DuPont on 3 Nov 2025 and listed on the NYSE under ticker Q. FY2025 net sales were about $4.75B, combining Semiconductor Technologies ($2.64B) and Interconnect Solutions ($2.11B), with cost of sales at 54% of net sales. It supplies CMP pads and slurries, photoresists, cleaning and etch chemistries and advanced-packaging materials to nearly all of the top-20 chipmakers; Samsung Electronics (11% of net sales) and TSMC (8%) are its largest customers, and the top 10 customers account for 34% of net sales. AI and advanced-packaging ramps drive volume growth.
• 12Monster Beverage CorporationMNSTGlobal energy drink company / Monster Beverage develops energy drinks and sells finished products through bottlers and distributors, with Coca-Cola Europacific Partners and Coca-Cola Consolidated contributing 25% of FY2025 net sales. It relies on third-party bottlers and co-packers, purchases concentrates for Strategic Brands from Coca-Cola, and uses aluminum cans made by Ball. Coca-Cola is both a distribution partner and a major shareholder.
• 13Ball CorporationBALLWorld-leading beverage cans · Aluminum packaging · Customer concentration / Ball supplies aluminum packaging for beverages, personal care and household products. AB InBev, Coca-Cola bottler and Red Bull affiliates represented 40% of its $13.161 billion 2025 sales, while pass-through clauses shifted much of H1 2026 aluminum inflation to customers.
• 14BlackstoneBXAlternative asset management · AI-infrastructure capital / Blackstone was the world's largest alternative asset manager with $1.3463 trillion of assets under management at June 30, 2026. It generated $1.78 billion of fee-related earnings in Q2 2026 and $6.35 billion over the latest twelve months. Across real estate, private equity, credit and insurance, and multi-asset investing, it manages institutional and individual capital while supplying equity, debt, and royalty financing to data centers and life sciences.
• 15Alnylam PharmaceuticalsALNYRNAi therapeutics · Rare diseases · Collaboration revenue / Alnylam sells RNA interference therapeutics and earns collaboration revenue from Roche, Regeneron and Novartis. FY2025 revenue was $3.714 billion, while Q2 2026 net product revenue rose 74% year over year to $1.172 billion.
• 16Regeneron PharmaceuticalsREGNAntibody-led biopharma / A biopharma company anchored by direct EYLEA and Libtayo sales and its share of Sanofi Dupixent profits. Q2 2026 revenue rose 17% to $4.291 billion, including $2.174 billion of Sanofi collaboration revenue.
• 17The Coca-Cola CompanyKOConcentrates & syrups · Finished beverages / Coca-Cola sells concentrate and syrups to bottlers worldwide and also operates finished-product businesses. Revenue was $47.9 billion in 2025, with concentrate operations contributing about 59%. Q2 2026 net revenue rose 7% to $13.4 billion as concentrate sales increased 4%. Its 17.59% CCEP stake makes it both a brand supplier and a strategic shareholder.
• 18Coca-Cola Europacific PartnersCCEPCoca-Cola bottling · Europe and APS distribution · 31 countries / Coca-Cola Europacific Partners buys Coca-Cola concentrates and syrups plus finished products such as Monster, then manufactures and sells beverages across 31 countries. Revenue was €20.9 billion in 2025, while net Coca-Cola-related cost-of-sales transactions reached €4.5 billion. H1 2026 revenue rose 4.4% to €10.7 billion.
• 19American ExpressAXPPremium cards · Closed-loop payments · Card Member lending / American Express combines card issuing, merchant acquiring and its payment network. Revenue net of interest expense reached $72.229 billion in 2025, with merchant discount revenue contributing more than half. The Delta cobrand portfolio alone represented about 13% of worldwide billed business and 21% of Card Member loans.
• 20Berkshire HathawayBRK-BThe patient-capital anchor. A $397B cash-and-T-bill fortress that earns on the rate clock, not the AI clock / Berkshire Hathaway is Warren Buffett's diversified holding company, built on insurance float that funds wholly owned operating businesses and a concentrated public equity portfolio. What defines it in the AI era is what it is not doing: instead of chasing chips or hyperscalers, it has piled a record cash and short-term US Treasury hoard that reached about $397 billion in Q1 2026, earning T-bill yields while it waits. Buffett handed the CEO role to Greg Abel on January 1, 2026, and the cash kept growing after.
• 21Palantir TechnologiesPLTRDefense & enterprise AI software / A defense and enterprise AI-software company built around Gotham, Foundry and AIP. Q2 2026 revenue reached $1.935 billion (+93%), split almost evenly between government at $990.0 million (+79%) and commercial at $945.4 million (+110%). U.S. commercial revenue was $764 million (+149%) and U.S. government revenue was $809 million (+90%). Its platform connects defense and field-data partners, including Satellogic imagery and Edge AI.
• 22SatellogicSATLSub-meter Earth observation · Imagery analytics & satellite sales / Satellogic is a vertically integrated, Uruguay-based operator of 50cm-class Earth-observation satellites. Q2 2026 revenue rose 259% to $15.9 million and operating income reached $0.3 million, its first positive quarter. Data & Analytics contributed $7.1 million and Space Systems $8.8 million; it also secured an imagery agreement above $18 million with an international defense customer and a $12 million in-orbit satellite transfer to a sovereign defense customer. Launch connects to SpaceX, while imagery and AI integration connects to Palantir.
• 23Hyundai Motor Company005380.KSAutomobiles · Apex of group circular ownership / Korea's largest automaker and the apex of Hyundai Motor Group's circular ownership. FY2025 revenue reached a record KRW 186.254 trillion, while operating profit fell 19.5% to KRW 11.468 trillion (6.2% margin). In H1 2026, revenue rose 2.7% to KRW 95.154 trillion and hybrid sales reached 353,668 units, but operating profit declined 25.8% to KRW 5.366 trillion. Stakes in Hyundai Transys (41.13%), Kia (35.17%) and Hyundai Wia (25.35%), together with its battery and AI procurement network, show how automaking margins feed into parts, electrification and robotics capital allocation.
• 24Hyundai Wia011210.KS92% vehicle parts · K2/K9 artillery · thermal management / A Hyundai Motor Group supplier of engines, modules and driveline parts to Hyundai Motor and Kia, and a maker of large-caliber artillery for the K2 tank and K9 howitzer. First-half 2026 revenue was KRW 4.533 trillion, while defense momentum lifted other-business sales by 8.3%.