Deep Intelligence Across Industries

Company Headquarters: US Founded: 1999 Workforce: ~ 2,663 Company Working: SecureWorks Corp. is a cyber security company which delivers information security solutions. The company's SecureWorks Counter Threat Platform is a SaaS-based early-warning system that delivers insights and deploys countermeasures derived from analytics and applied intelligence. It prevents security breaches and detects malicious activity in real time. SecureWorks Corp. is a subsidiary of Dell Technologies.

Company Headquarters: US Founded: 1938 Workforce: ~16,254 Company Working: Anderson Group (Anderson America) is a leading global manufacturer of industrial CNC Routers for the woodworking, composites, plastics, graphic and nonferrous metals industries. Anderson America maintains a large showroom and technology center where multiple machines are available for client demonstrations. The company also has a software application training center on-site for both new and existing customers. Anderson offers the most comprehensive CNC router line up in the industry. Anderson America, a wholly owned US subsidiary of Anderson Industrial Corporation, was established in 1991 to provide customer support for the US and Mexican markets. Anderson America's showroom and technology center also features comprehensive technical support staff and a high-tech, in-house spindle repair facility. Anderson America has 19,122 machines all over the world.

Company Headquarters: US Founded: 1914 Workforce: ~4,800 Company Working: MSA Safety, Inc. (MSA) is engaged in developing, manufacturing, supplying, and selling safety products for protecting people and facility infrastructures. Its product portfolio is a mix of self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, head protection, and fall protection products. The company manages its sales through the Americas, international, and corporate segments. The Americas segment includes manufacturing and research and development facilities in the US, Mexico, and Brazil. The international segment comprises the companies in Europe, the Middle East, Africa, and Asia-Pacific.

Company Headquarters: Baden-Württemberg Founded: 1960 Workforce: ~7,525 Company Working: Homag Group is world's leading provider of integrated solutions for production in the woodworking industry and woodworking shops. The company produces home and office furniture, kitchens, parquet and laminate flooring, windows, doors, staircases and even complete prefabricated timber-frame buildings. The range of machines and systems available extends from individual machines for trade businesses to complete, networked production lines for highly industrialized, individual furniture production. Homag Group has a wide range of services related to the machines and systems together with the corresponding control software makes our offering unique. The company operates 14 production facilities and over 20 sales and service companies. Homag Group has a presence in Asia, Australia, New Zealand, Canada, China, India, Korea, North America, Thailand, UK.

Company Headquarters: Switzerland Founded: 1998 Workforce: ~800 Company Working: Sensirion AG is a provider of digital microsensors and systems. The company offers gas and liquid flow sensors, differential pressure sensors, and environmental sensors. Its product portfolio is a mix of sensor systems, modules, and components, including humidity, temperature, multi-pixel gas, particulate matter, liquid flow, differential pressure sensors, and gas meter modules. The company offers its sensors to the medical, industrial, automotive, instrumentation, and consumer goods verticals. It has offices in the US, several countries in Europe, China, Taiwan, Japan, and South Korea. The company offers its customers standard and custom sensor system solutions for a vast range of applications.

### Headcount trend FY2024 and FY2025 headcount are taken directly from the respective Forms 10-K (14,138 and 15,109). FY2022 is from the FY2022 Form 10-K (12,595). FY2021 and FY2023 are from a third-party aggregation of the same filings. As of 31 December 2025, approximately 30% of employees were in the United States, approximately 20% in Canada, and approximately 50% outside the US and Canada, primarily in EMEA. Fortinet states it owns no manufacturing or research and development activities in China. ### Positioning statement (150 words) Fortinet is the volume leader of the global network-security industry and the only large-cap security vendor whose competitive architecture rests on proprietary silicon. Its differentiation is a single operating system — FortiOS — running across appliances, virtual machines, cloud and SaaS, accelerated by in-house FortiASIC security processing units that deliver materially better performance-per-watt and total cost of ownership than merchant-silicon rivals. That combination has produced a 55% unit share of the firewall market and well over half a million customers in more than 100 countries, sold almost entirely through a two-tier channel. Fortinet is now converting that installed base into three pillars: Secure Networking (the mature core), Unified SASE, and AI-driven Security Operations. Financially it is unusually self-funded — GAAP-profitable every year since its 2009 IPO, with an 80%-plus gross margin, a 35%-plus non-GAAP operating margin, a net cash balance sheet, and $2.2 billion of free cash flow in FY2025 largely returned through buybacks. --- ### The company's own description (FY2025 Form 10-K, paraphrased) Fortinet describes itself as a leader in cybersecurity driving the convergence of networking and security, with a mission to secure people, devices and data everywhere. Its integrated platform, the Fortinet Security Fabric, spans secure networking, unified Secure Access Service Edge (SASE) and AI-driven security operations (SecOps). As of 31 December 2025 its end-customers were located in over 100 countries and included enterprises across financial services, retail, healthcare and operational technology verticals, communication and security service providers, and government organisations. Research and development is centred in the United States and Canada with a global footprint of support and centres of excellence. The company held 1,064 US patents and 1,405 global patents at year-end 2025, including 321 AI-related patents, and states it has been recognised in over 140 enterprise analyst reports. Fortinet identifies five core technology differentiators: FortiOS (the unified operating system, including emerging quantum-resistant cryptography); FortiASIC (application-specific integrated circuit security processing units); FortiCloud (its organically built global cloud infrastructure, powered by the FortiStack SaaS platform); FortiAI (a dual-layered "AI for Security / Security for AI" framework); FortiEndpoint (a converged single-agent endpoint); and OT Security for cyber-physical systems. ### Independent characterisation Fortinet is best understood as a hardware-anchored platform annuity. The economics work in three stages: 1. **Land with silicon.** A FortiGate appliance is sold at a hardware gross margin (67.3% in FY2025) that is deliberately lower than the software industry norm, but the appliance is cheaper per unit of throughput than competitors because the heavy lifting is done by an in-house ASIC rather than an x86 CPU. This is the mechanism behind the 55% unit share. 2. **Attach the subscription.** Every appliance carries FortiGuard AI-powered security services and FortiCare technical support, recognised rateably over one-to-five year terms at an 86.8% service gross margin (FY2025). Service revenue was 67.4% of total FY2025 revenue. 3. **Expand across the Fabric.** The same FortiOS licence and management plane extends into switching, wireless, SD-WAN, SASE, endpoint, cloud-native protection and the SOC — which is why Unified SASE and SecOps together reached 36% of billings in FY2025 from roughly 30% two years earlier. **Revenue model mix** FY2023 billings are the company's rounded disclosure ($6.40 billion). **Value chain position.** Fortinet is fabless and asset-light in manufacturing but asset-heavy in cloud. It outsources appliance assembly to contract and original design manufacturers — Accton Technology, IBASE Technology, Micro-Star International, Senao Networks and Wistron among them — with approximately 87% of hardware manufactured in Taiwan. Its proprietary ASICs are built by contract manufacturers including Toshiba America Electronic Components and Renesas Electronics America, using foundries in Taiwan and Japan operated by TSMC or by the contract manufacturer itself. Finished goods route through Fortinet's own warehouses in California and the Netherlands, or a logistics partner in Taoyuan City, Taiwan. Conversely, Fortinet owns rather than rents its SASE delivery infrastructure: more than 190 points of presence globally, plus owned data centres and colocation arrangements — a deliberate choice management argues delivers roughly one-third the total cost of ownership of peers who rent public-cloud capacity. **Route to market.** Substantially all revenue is generated through a two-tier channel: distributors sell to resellers, service providers and managed security service providers (MSSPs), who sell to end-customers. Named distributors include Arrow Electronics, Exclusive, Ingram Micro and TD Synnex. Concentration is material: six distributors purchasing directly accounted for 67% of total net accounts receivable at 31 December 2025 (69% at end-2024), and one distributor alone accounted for 32% of net accounts receivable. Fortinet maintains sales professionals in over 100 countries and uses a direct-touch overlay for large enterprise and service-provider deals. **Customers and end-markets.** Well over half a million customers. Verticals disclosed: financial services, government, manufacturing, retail, technology, education, healthcare and telecommunications. Service providers and MSSPs are described in the 10-K risk factors as Fortinet's largest industry vertical — a concentration that cuts both ways. Operational technology and cyber-physical systems is the fastest-growing vertical adjacency, with OT billings rising more than 25% in FY2025. ---

Company Headquarters: Japan Founded: 1969 Workforce: ~800 Company Working: New Cosmos Electric Co., Ltd. is engaged in the research, development, manufacture, sale, and maintenance of gas sensors, alarms, and detectors. Its products include residential gas and fire alarms, industrial use gas detection systems, portable gas detectors, odor sensors, and air measuring instruments. Regionally, the company operates in Japan and countries in the Americas and the rest of Asia. In July 2016, it acquired Figaro Engineering Inc., which is a company that deals with the manufacture and sale of gas sensors and gas detection equipment.

Company Headquarters: Sweden Founded: 1993 Workforce: ~100 Company Working: SenseAir AB is engaged in manufacturing gas sensors. The company produces OEM modules, wall mount, duct mount, handheld, desktop, and vehicle sensors as well as accessories, software, and support services. Its products and solutions are suitable for use in indoor and outdoor air quality, alcohol detection, alarms, automotive, and industrial applications. The company has offices in Sweden, Germany, the US, and China and caters to customers worldwide. In January 2018, SenseAir AB was acquired by Asahi Kasei Microdevices Corporation (AKM).

Company Headquarters: Germany Founded: 2005 Workforce: ~400 Company Working: Bosch Sensortec GmbH (Bosch), a subsidiary of Robert Bosch GmbH, is engaged in the development, manufacture, and sale of microelectromechanical systems (MEMS) products and solutions. Its product portfolio includes 3-axis acceleration, integrated 6- and 9-axis sensors, gyroscope, and geomagnetic sensors, and environmental sensors, among other solutions. Its products have applications in smartphones, smart homes, tablets, wearables, drones, AR/VR devices, robots, and the Internet of Things (IoT). The company primarily operates in the US and several countries in Europe and Asia-Pacific.

Company Headquarters: France Founded: 1967 Workforce: ~325,000 Company Working: Capgemini SE (Capgemini) is engaged in providing consulting, technology, professional, and outsourcing services. It operates through four segments, which are consulting, technology, outsourcing, and local professional services. The device as a service (DaaS) market falls under its local professional services segment. The local professional services segment offers professional technology services to suit local requirements for infrastructures, applications, engineering, testing, and operations. This segment includes services such as application lifecycle services, application outsourcing services, business process management, business process outsourcing, cloud services, consulting services, cybersecurity, finance & accounting, global engineering services, infrastructure services, insights & data, mobile solutions, service management, social business, procurement, ready2series, service integration, supply chain management, testing services, and workforce management. Its consulting services business helps its clients identify, build, and carry through transformation programs to enhance their growth and sharpen their competitive edge on a long-term basis. The company’s technology services business offers solutions to design, develop, and implement a wide range of technology projects that involve complex systems integration and IT application development. The outsourcing services business segment covers support services to client's information systems and assistance to outsource the IT systems. The company has research centers across India, the US, and the UK and has a presence in over 40 countries worldwide.

Company Headquarters: UK Founded: 2001 Workforce: ~30 Company Working: Dynament is engaged in designing and manufacturing gas sensors using miniature infrared (IR) gas sensing technology for OEMs of gas monitoring and detection products. The company offers sensors for the detection of hydrocarbons, biogas, methane, propane, carbon dioxide, and nitrous oxide. Its product portfolio comprises three series—the platinum series, the premier gold series, and the standard series. The company serves customers across 42 countries worldwide, which primarily includes the US, the UK, and other European countries.

Company Headquarters: UK Founded: 1977 Workforce: ~200 Company Working: City Technology Ltd (City Technology), a subsidiary of Honeywell International, Inc., is engaged in the provision of gas sensing solutions. The company offers 300 different types of gas sensors for applications in industrial safety, emissions, automotive, medical, and residential safety, among others. Its product range includes three series sensors, four series sensors, five series sensors, seven series sensors, medical sensors (MOX), MICRO sensors, and ECOSURE. The three series sensors include original gas sensors while the four series gas sensors include portable gas detectors that can detect oxygen, toxic gases, carbon dioxide, and hydrocarbons. The company's five series sensors are used in the environments of flue gas analyzers and combustion efficiency monitors. Its seven series range is a combination of portable and fixed gas detectors used for detecting oxygen and toxic gases in medical gas applications. Its medical sensors (MOX) include the detection of oxygen and other gas sensors used for respiratory and anaesthesia applications. The MICRO sensors include two compact sensors, namely, MICROceL and MICROpeL sensors, to detect carbon monoxide, hydrogen sulphide, and combustible gases. City Technology's sensoric toxic gas sensors are used in the detection of exotic gases. Its ECOSURE range enables the detection of carbon monoxide (CO) in residential and commercial environments. The company’s products can analyze the general air quality and detect over 28 gases, including ammonia, arsine, carbon dioxide, carbon monoxide, chlorine, chlorine dioxide, diborane, ethylene oxide, fluorine, hydrazine, hydrides, hydrogen chloride, hydrogen cyanide, hydrogen fluoride, hydrogen selenide, hydrogen sulphide, mercaptan, methane, nitric oxide, nitrogen dioxide, oxygen, ozone, phosgene, phosphine, silane, sulphur dioxide, and tetrahydrothiophene. The company primarily operates in the US, the UK, Germany, Taiwan, Switzerland, and China.

Company Headquarters: Dolní Dobrouc, Czech Republic Founded: 1990 Workforce: ~224 Company Working: Contipro a.s. (Contipro) is engaged in the production of hyaluronic acid for manufacturing nutritional supplements and active ingredients for cosmetics. It conducts research and development for use of hyaluronan acid in tissue engineering, nanotechnology, wound healing, and drug delivery. The company has marketing network spread across more than 61 countries with over 100 researchers. The company’s sales revenue in 2017 was USD 31.05 million.

Company Headquarters: Henan, China Founded: 2008 Workforce: ~1,240 Company Working: China Railway Group Limited (CRGL) designs, manufactures and develops tunnel boring machines for customers across the globe. The company is one of the world’s-leading construction companies in industrial equipment manufacturing, infrastructure construction, scientific research, and consulting. It also operates in real estate development, financial trust, resources development, and other trade activities. CRGL provides business scope covering fields of infrastructures, including highways, railways, municipal facilities, urban rail transits, housing and buildings, hydropower stations, water conservancies, airports, docks, and harbors. CRGL holds one of the leading positions in the design, development, and manufacturing of machinery equipment. The company owns multiple tunnel boring machines, bridge erecting machines, track laying machines, and shield machines in China. The machinery also comprises ship-mounted cranes with high lifting capacity, deep-sea water working equipment, and catenary installation equipment for electrified railways. The company has a track record of building several projects in Asia, Africa, Europe, South America, and the Atlantic. It currently operates in more than 90 countries and regions across the globe

Company Headquarters: Taiwan Founded: 1980 Workforce: ~12,000 Company Working: United Microelectronics Corporation (UMC) is one of the leading global semiconductor companies which provides advanced IC protection for every electronics application held in the electronics industry. The company offers complementary metal-oxide semiconductor (CMOS) logic wafers, mixed-signal wafers, radiofrequency complementary metal-oxide semiconductor wafers, embedded memory products, complementary metal-oxide semiconductor image sensors, and high voltage integrated circuits. The company’s foundry solutions enable chip designers to improve the company’s technology and manufacturing, which include 14nm FinFET volume production, specialty process platforms specifically developed for AI, 5G and IoT applications, and world-class 28nm High-K/Metal Gate technology. It operates in Asia-Pacific, Europe, and North America.

Company Headquarters: Hong Kong Founded: 1976 Workforce: ~26,000 Company Working: VTech Holdings Limited engages in the designing, manufacture, and distribution of consumer electronic products. Its product portfolio includes a variety of electronic learning products (ELPs) and telecommunication products. Apart from this, the company also offers contract manufacturing services. Its electronic learning products include infant electronic learning products, toddler and preschool learning products, children's smartwatch, and TV-connected educational gaming system. The company's telecommunication products include residential phones, commercial phones for small to medium enterprises, hotel phones, cordless headset, smart home devices, and integrated access devices. Its contract manufacturing services provide electronic manufacturing service (EMS) for professional audio equipment, wireless products, switching mode power supplies, and solid-state lighting. The company operates under the brands VTech, LeapFrog, Snom, and AT&T. Geographically, the company operates in North America, Europe, the Middle East & Africa, and Asia-Pacific.

Company Headquarters: US Founded: 2009 Workforce: ~16,000 Company Working: GlobalFoundries engages in the manufacturing and designing of the semiconductors in the technology sector. The company offers post-wafer-manufacturing direct and indirect supplementary, prototyping, APM framework, turnkey services, and supply chain management. The company operates in North America, Asia-Pacific, and Europe. The company provides various market solutions related to mobility, automotive, communication and data center, IoT, and aerospace and defense. The company also provides technological solutions that deal with CMOS, RF, and ASICS.

Company Headquarters: US Founded: 2007 Workforce: ~1,700 Company Working: Fitbit, Inc. engages in the provision of connected health and fitness devices to track and monitor various health-related parameters like sleep duration, heart rate, BMI, calories burned, and exercises routines. Its product portfolio includes activity trackers, smartwatches, and smart scales among others. The company offers a personalized online dashboard and mobile app that automatically syncs with the wearable device to display real-time data from these devices. It sells its products through more than 45,000 retail stores across 86 countries in the world. Regionally, the company operates across the Americas, Europe, the Middle East, and Africa and the Asia-Pacific region.

Company Headquarters: India Founded: 1954 Workforce: ~8,000 Company Working: Voltas Ltd designs, develops, engineers, manufactures, and sells various types of commercial refrigeration equipment, across the globe. It is a part of multinational conglomerate TATA Group and has a firm hold in the commercial refrigeration equipment and air conditioner market. It operates through three business segments, namely unitary cooling products, engineering projects, engineering products. The unitary cooling products segment covers commercial refrigeration products, water dispensers, air conditioners, air coolers and other products. The segment deals with a wide variety of cooling appliances such as air conditioners (ACs), air coolers, commercial refrigeration products including freezers, visi coolers, and water dispensers. The engineering projects segment comprises domestic and international projects for facilitating infrastructure development, rural electrification, revamping of railway stations, metros, roads, airports, and ports. The engineering products segment covers textile machinery and mining & construction equipment. The company has business locations in India, the UAE, Oman, Bahrain, Qatar, Saudi Arabia, and Singapore. It has 9 subsidiaries, 5 joint ventures and 2 associate companies.

Company Headquarters: Osaka, Japan Founded: 1890 Workforce: ~40,000 Company Working: Kubota Corporation designs, develops, and sells industrial products, consumer products, and machinery across North America, Europe, Asia-Pacific, and the Middle East. It operates through two business segments: farm & industrial machinery and water & environment. The farm & industrial machinery segment offers tractors, combine harvesters, rice transplanters, utility vehicles, riding mowers, mini excavators, wheel loaders, and gasoline engine. The water & environment segment offers ductile iron pipes, plastic pipes, pumps, valves, spiral welded steel pipes. The company offers utility vehicles for agriculture and construction applications. It has 187 consolidated companies in North America, Europe, and Asia-Pacific. It operates in the US, Germany, France, China, India, Vietnam, Thailand, South Africa, Kenya, Abu Dhabi, and Oman. KUBOTA LOGISTICS Corporation, Kubota-Chemix, Okanetsu Co., Ltd, Aomori Kubota Corporation, and Kubota Kikou Corporation are some of the subsidiaries of the company.

Company Headquarters: Minnesota, US Founded: 1935 Workforce: ~6,853 Company Working: The Toro Company designs, manufactures, and sells turf irrigation systems, lighting products, snow and ice management products, turf maintenance equipment, rental and specialty construction equipment, landscaping equipment and lighting products, and rental and specialty construction equipment. It offers its products under two business segments: professional and residential. The professional segment offers sports fields and grounds maintenance equipment, golf course mowing and maintenance equipment, landscape contractor mowing equipment, and landscape creation and renovation equipment. The company’s products are advertised and sold all over the world through a vast network of distributors, dealers, mass retailers, hardware retailers, and home centers, as well as online (direct to end-users). It offers its products and services under its Toro, Exmark, BOSS, Irritrol, Hayter, Pope, PERROT, Unique Lighting Systems, and Lawn-Boy trademarks, most of which are registered in the US and/or in the countries outside the US where the company markets its products. The Toro Company has manufacturing facilities located in the US, Mexico, Australia, the United Kingdom, Italy, Romania, Germany, Poland, and China.

Company Headquarters: Rotterdam, Netherlands Founded: 1565 Workforce: ~5,559 Company Working: Royal Vopak is a global leader in tank storage solutions. It provides secure, clean, and efficient storage and handling bulk liquid products and gases, including chemicals, oils, gases, LNG, biofuels, and vegoils. The company has a presence in over 23 countries spread across four divisions, which are Europe & Africa, Asia & the Middle East, China & North Asia, and the Americas.

Company Headquarters: Switzerland Founded: 1953 Workforce: ~14,328 Company Working: Endress+Hauser Group Services AG (Endress+Hauser) is one of the leading manufacturers and suppliers of products, solutions, and services for industrial process measurement and automation. The company’s offerings for process automation include products, solutions, and services for flow, level, pressure and temperature measurement, process analysis, and data management. Additionally, it offers engineering services such as project management and automation services. The company offers its solutions in multiple markets, including water and wastewater, chemical, petrochemical, life science, food and beverage, power and energy, oil and gas, pulp and paper, and shipbuilding. The company’s production centers focuses on research & development, production, product management, quality assurance, and logistics, while the sales centers act as local partners for the market and customers. The company has a presence in Europe, the Americas, Asia-Pacific, and the Middle East & Africa.

Company Headquarters: Spain Founded: 2010 Workforce: ~303,608 Company Working: Quadpack Industries SA (Quadpack) is a global provider of standard and custom-made packaging solutions. The company specializes in packaging development for skin care, cosmetics, make-up and perfumery brands. The primary products in airless packaging offered by the company include caps, bottles, tubes, jars, loose powder, rollerball, vial, sticks and travel sprays. It also provides services including 3D rendering, packaging development, QA and testing, and logistics. Quadpack markets its products to major cosmetic companies. The company has business presence in 10 countries worldwide, including France, Germany, the UK, Australia, Italy and the US. It operates a test laboratory and a logistics centre in Barcelona and a manufacturing division in Catalonia.

Company Headquarters: US Founded: 1987 Workforce: ~13100 Company Working: Silgan Holdings Inc. is a manufacturer of metal and plastic rigid packaging for consumer products. It operates through the following segments metal containers, closures, and plastic containers. The company offers airless system products through its dispensing system segment. The product portfolio of the company includes metal containers, metal, composite and plastic closures, and plastic containers. It also provides plastic containers to suit personal care products such as skin lotions, hair treatment products, plastic thermoformed barrier, non-barrier bowls, and trays for food products. The company’s manufacturing facilities are located in the US and Canada. Silgan has business presence across the Americas, Europe, and Asia

Company Headquarters: Japan Founded: 1918 Workforce: ~26,750 Company Working: Nippon Sheet Glass Co., Ltd manufactures and sells glass and glazing products. Its portfolio of products includes solar control glass, thin display glass, glass cord for automotive engine belts, copier and printer lenses, battery separators, glassflake, metashine, thermal insulation glass, glass for solar energy, safety and security glazing, automotive glazing products, fire-resistant glass and noise control glazing. The company caters to commercial, residential, automotive and solar energy sectors and operates through the architectural, automotive, technical glass, and others business segments. The architectural business manufactures and sells flat glass, interior and external glazing products, and glass for the solar energy sector. The automotive business supplies automotive glazing for new vehicles and replacement markets. The technical glass business manufactures and sells very thin glass for small displays, lenses, light guides for printers, and glass fiber products that include battery separators and glass components for engine timing belts. The others business deals with the acquisition of Pilkington and small businesses. It operates production facilities and serves to various countries in the Americas, Africa, the Middle East, Asia-Pacific, and Europe.

Company Headquarters: Sweden Founded: 2003 Workforce: ~30 Company Working: ChromoGenics AB operates as a holding company, which develops window technologies for saving energy and increasing the comfort levels in buildings. The company offers dynamic glass with controllable heat and light transmission. The company’s unique technology ConverLight provides sustainable solar control for increased indoor comfort and energy efficiency. ConverLight has also contributed to Green Building certifications.