Before revision:  We apply this method to a panel of 333 major firms' patent portfolios in 1976--2005 across 430 technological areas. Results suggest the Mapper graph captures salient patterns in firms ' patenting histories, and our measures of their uniqueness (the type and length of "flares" ) are correlated with firms' financial performances in a statistically and economically significant manner.
After revision:  We apply this method to a panel of 333 major firms' patents in 1976-2005 reveals substantial heterogeneity: some firms remain undifferentiated; others develop unique portfolios. Firms with unique trajectories, which we define graph-theoretically as "flares" ) are correlated with firms' financial performances in a statistically and economically significant manner.