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First up is
AOL), the unlikely $2.6 billion Web services stock best known to many investors for its days as "America On Line." But a lot has changed at AOL since then. Today, AOL is primarily a content company, with a collection of sites that includes the Huffington Post, Advertising.com, TechCrunch and StyleList. While subscriptions are still a part of AOL's business model, they dropped to less than a third of revenue in the most recent quarter. The rest comes from advertising on AOL's content sites.
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Despite the exceptional luck in timing its re-entry to the public markets just a few months after the market bottomed in 2009, investors have been slow to warm to AOL. After all, the firm's legacy business has crumbled, and its new business is crowded. But nevertheless, AOL has executed well. The firm is profitable despite its much-reduced scale, and it's done a good job of establishing defensible moats around its niche web properties.
AOL sports a stellar balance sheet, with $483 million in cash offset by just $105 million in debt. That's nearly $5 per share in net cash -- a hefty component of AOL's valuation right now. That's been helped out by the firm's efforts to hike shareholder yield through massive buybacks and dividends.
That adds up to a huge 44.3% yield on AOL's current share price, giving this online content company top billing on our list today.