Apple Inc.

Apple is one of the world's most valuable companies, built around the iPhone and a tightly integrated ecosystem of devices, software and fast-growing services such as the App Store, iCloud and Apple Pay. Its brand strength, loyal customer base and vast installed base give it exceptional pricing power and among the largest cash flows of any corporation. Apple reinstated its dividend in 2012 and has raised it modestly each year since, though the yield is very low because the company returns far more capital through enormous share buybacks. The payout is trivially covered by its cash generation. Income is beside the point here; investors hold Apple for growth and total capital return rather than dividend yield.