Proprietary AI analyst is now available

Public AI Valuation Multiples — June 2026

Last updated on 19 June 2026·Software, AI

Public AI valuations as of June 2026

As of June 2026, the AI complex does not trade as one block. The 9 hyperscalers and “Big AI” names at the top of the stack change hands at a median 11.1x forward revenue; the semiconductor supply chain sits at 10.5x, neoclouds and data centers at 11.8x, and networking at 12.0x - while the server and hardware-assembly layer trades for just 0.9x, a fraction of the rest of the stack.

On forward EBITDA the order reshuffles. The supply chain (31.4x) and networking (30.7x) carry the richest multiples - the scarcity premium for leading-edge fabrication and high-speed interconnect - while memory (11.2x) and assembly (12.0x) anchor the bottom, the layers where pricing is commoditized and swings with the cycle.

Growth only partly explains the spread. Neoclouds are the fastest-growing group in the set (median 103% revenue growth) and are paid for it. Memory grows at a healthy 46% yet trades at barely half the neocloud revenue multiple (5.8x versus 11.8x) - the market pricing a cyclical peak, not a secular one. The sections below take each segment in turn.

Hyperscalers and "Big AI" valuation multiples in June 2026

AI conglomerates and hyperscalers are the largest and most diversified beneficiaries of the AI build-out. This space includes chip designers whose compute trains frontier models, and the hyperscalers that monetize AI through cloud, advertising, and software. Their AI exposure sits on top of enormous, cash-generative core franchises.

Because incumbency and balance-sheet strength anchor these names, public markets value them at premium (that is while scrutinizing how durable AI-driven growth really is and how much capital is being committed to compute).

NVIDIA here obviously leads a pack, valued at $5.0T EV, or 11.1x NTM revenue, followed by Alphabet ($4.5T, 8.4x) and Microsoft ($2.8T, 7.3x).

#
1	NVIDIANvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs. GPU use cases have since emerged as important semiconductors used in artificial intelligence to run large language models. Nvidia not only offers AI GPUs, but also a software platform, Cuda, used for AI model development and training. Nvidia is also expanding its data center networking solutions, helping to tie GPUs together to handle complex workloads.	$5.0T	11.1x	16.5x	61%	148%	$5.1M
2	AlphabetAlphabet is a holding company that wholly owns internet giant Google. The California-based company derives slightly less than 90% of its revenue from Google services, the vast majority of which is advertising sales. Alongside online ads, Google services houses sales stemming from Google’s subscription services (YouTube TV and YouTube Music, among others), platforms (sales and in-app purchases on Play Store), and devices (Chromebooks, Pixel smartphones, and smart home products such as Chromecast). Google’s cloud computing platform accounts for roughly 10% of Alphabet’s revenue. The firm’s investments in up-and-coming technologies such as self-driving cars (Waymo), health (Verily), and internet access (Google Fiber) make up the rest.	$4.5T	8.4x	17.8x	20%	67%	$2.1M
3	MicrosoftMicrosoft develops and licenses consumer and enterprise software. It is known for its Windows operating systems and Office productivity suite. The company is organized into three equally sized broad segments: productivity and business processes (legacy Microsoft Office, cloud-based Office 365, Exchange, SharePoint, Skype, LinkedIn, Dynamics), intelligence cloud (infrastructure- and platform-as-a-service offerings Azure, Windows Server OS, SQL Server), and more personal computing (Windows Client, Xbox, Bing search, display advertising, and Surface laptops, tablets, and desktops).	$2.8T	7.3x	11.7x	17%	78%	$1.2M
4	AmazonAmazon is the leading online retailer and marketplace for third party sellers. Retail related revenue represents approximately 74% of total, followed by Amazon Web Services (17%), and advertising services (9%). International segments constitute 22% of Amazon's total revenue, led by Germany, the United Kingdom, and Japan.	$2.7T	3.1x	11.6x	14%	40%	$455K
5	BroadcomBroadcom is one of the largest semiconductor companies in the world and has also expanded into infrastructure software. Its semiconductors primarily serve computing, wired connectivity, and wireless connectivity. It has a significant position in custom AI chips to train and run inference for large language models. It is primarily a fabless designer but holds some manufacturing in-house. In software, it sells virtualization, infrastructure, and security software to large enterprises, financial institutions, and governments. Broadcom is the product of consolidation. Its businesses are an amalgamation of former companies like legacy Broadcom and Avago Technologies in chips, as well as VMware, Brocade, CA Technologies, and Symantec in software.	$2.0T	13.5x	19.7x	65%	133%	$1.9M
6	AMDAdvanced Micro Devices designs a variety of digital semiconductors for markets such as PCs, gaming consoles, data centers (including artificial intelligence), industrial, and automotive applications. AMD’s traditional strength was in central processing units and graphics processing units used in PCs and data centers. However, AMD is emerging as a prominent player in AI GPUs and related hardware. Additionally, the firm supplies the chips found in prominent game consoles such as the Sony PlayStation and Microsoft Xbox.	$868B	13.9x	46.4x	49%	70%	$1.1M
7	OracleOracle provides enterprise applications and infrastructure offerings through a variety of flexible IT deployment models, including on-premises, cloud-based, and hybrid. Founded in 1977, Oracle pioneered the first commercial SQL-based relational database management system, which is commonly used by the world’s largest companies for high-volume online transaction processing workloads. Besides databases, Oracle also sells enterprise resource planning platforms and cloud infrastructure that play an increasingly important role in large language model training and inferencing.	$654B	7.2x	12.8x	33%	83%	$354K
8	Marvell TechnologyMarvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share. Marvell serves the data center, carrier, enterprise, automotive, and consumer end markets with processors, optical and copper transceivers, switches, and storage controllers.	$273B	20.3x	50.9x	42%	80%	$1.2M
9	Cerebras SystemsCerebras Systems Inc is an AI company. It designs the world's fastest AI infrastructure for training and inference. The company builds the world's largest semiconductor as well as the AI systems to power, cool, and feed the processors data. It develops software to link these systems together into industry-leading supercomputers that are simple to use even for the most complicated AI work, using familiar ML frameworks like PyTorch. Customers use its supercomputers to train industry-leading models. The company uses these supercomputers to run inference at speeds unobtainable from alternative commercial technologies. It delivers these AI capabilities to its customers on-premise and via the cloud. The company generates the majority of its revenue from the USA.	$50.7B	28.9x	127.6x	–	43%	$1.3M
	Median		11.1x	17.8x	38%	78%	$1.2M

Servers and AI infrastructure valuation multiples in June 2026

AI infrastructure companies build and assemble the physical systems AI runs on, so servers, racks, and the manufacturing services behind them.

Hardware assembly is competitive and capex-intensive, that translates to thinner margins than chip designers or software platforms.

They are generally valued bit lower than the broader AI, with valuations sensitive to order backlogs, customer concentration, and the demand - supply risk.

Dell is the highest valued public AI infra company at $284B EV (1.6x NTM revenue), ahead of Flex ($56.0B, 1.6x) and Celestica ($43.3B, 1.9x). Multiples across the group are compressed, consistent with the contract-manufacturing economics for the sector.

#
1	DellDell Technologies is a broad information technology vendor, primarily supplying hardware to enterprises. It focuses on premium and commercial personal computers, as well as enterprise on-premises data center hardware. It holds top-three market shares in its core markets of personal computers, peripheral displays, mainstream servers, and external storage. Dell has a robust ecosystem of component and assembly partners, and also relies heavily on channel partners to fulfill its sales.	$284B	1.6x	13.9x	32%	58%	$1.1M
2	FlexFlex Ltd is a contract manufacturing company providing comprehensive electronics design, manufacturing, and product management services to electronics and technology companies. The company's operating segments include Flex Agility Solutions (FAS) and Flex Reliability Solutions (FRS). Flex Agility Solutions segment includes markets such as Communications, Enterprise and Cloud; Lifestyle; and Consumer Devices. Flex Reliability Solutions segment includes markets such as Automotive, Health Solutions, and Industrial.	$56.0B	1.6x	17.3x	22%	25%	$189K
3	CelesticaCelestica Inc offers supply chain solutions. The company has two operating and reportable segments: Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS). The ATS segment consists of the ATS end market and is comprised of the Aerospace and Defense, Industrial, health tech, and Capital Equipment businesses. Its Capital Equipment business is comprised of the semiconductor, display, and robotics equipment businesses, and the CCS segment consists of Communications and Enterprise end markets, The Enterprise end market is comprised of its servers and storage businesses. The company generates a majority of its revenue from the Connectivity & Cloud Solutions segment.	$43.3B	1.9x	20.7x	46%	59%	$461K
4	JabilJabil Inc. is a U.S based company providing engineering, manufacturing, and supply chain solutions. It provides comprehensive electronics design, production, and product management services to companies in various industries and end markets. It operates through three segments: Regulated Industries, serving automotive, healthcare, and renewables; Intelligent Infrastructure, focused on AI, cloud, data centers, and communications, driving the majority of revenue; and Connected Living and Digital Commerce, specializing in digitalization and automation, such as robotics and warehouse automation. The company operates in the U.S., Mexico, China, Malaysia, Singapore, and several other markets.	$41.8B	1.0x	12.9x	21%	27%	$298M
5	LenovoLenovo is a global technology hardware company with a leading market share in personal computers. The firm has been actively growing its data center business, which primarily sells network servers to enterprise and hyperscale customers, as well as storage equipment through its mainland China joint venture with NetApp. Server-related revenue contribution has jumped to 13% of overall sales in fiscal 2024, from 6% in 2015.	$37.8B	0.4x	7.2x	11%	19%	$959K
6	HPHP (formerly Hewlett-Packard) is a behemoth in the PC and printing markets. It has focused on these markets since it exited IT infrastructure in 2015 with the split from Hewlett Packard Enterprise. HP focuses on the commercial market, but maintains sales of consumer devices and printers. The firm has a broad and global customer base, with only one third of sales coming from the US. HP completely outsources manufacturing and relies heavily on channel partners for its sales and marketing.	$28.7B	0.5x	6.4x	2%	12%	$1.0M
7	SupermicroSuper Micro Computer Inc provides high-performance server technology services to cloud computing, data centers, high-performance computing, and the Internet of Things embedded markets. Its solutions include servers, storage systems, modular blade servers, workstations, full-rack scale solutions, networking devices, server sub-systems, and server management. These turn-key solutions are designed, developed, validated, and installed for AI datacenters. The company has one operating segment that develops and provides high-performance server solutions based upon a, modular and open-standard architecture. More than half of the firm's revenue is generated in the United States, with the rest coming from Europe, Asia, and other regions.	$27.3B	0.5x	9.4x	30%	53%	$3.5M
8	SanminaSanmina Corp is a provider of integrated manufacturing solutions, components, and after-market services to original equipment manufacturers in the communications networks, storage, industrial, defense, and aerospace end markets. The operations are managed as two businesses: Integrated Manufacturing Solutions, which consists of printed circuit board assembly and represents a majority of the firm's revenue; and Components, Products, and Services, which includes interconnect systems and mechanical systems. The firm generates revenue mainly in the United States, China, and Mexico, but has a presence around the world.	$13.6B	0.9x	11.1x	26%	60%	$189K
	Median		0.9x	12.0x	24%	40%	$982K

Neoclouds and data center valuation multiples in June 2026

These companies own or operate the compute capacity and physical real estate AI workloads depend on, like specialized GPU clouds, colocation and interconnection. The economics are very capex-heavy and financed by long-lived assets.

Investors weigh utilization, contract duration, and the cost of capital as much as headline growth. Established data-center operators trade on stable, recurring cash flows, while newer GPU-cloud operators are valued on growth expectations that carry both higher upside and greater execution and financing risk.

Equinix leads with EV of $128B (11.9x NTM revenue), followed by CoreWeave ($97.2B, 5.3x) and Digital Realty Trust ($83.6B, 11.8x).

Big valuation spread between established colocation operators and newer GPU-cloud entrants (the latter carrying the more premium multiples.)

#
1	EquinixEquinix is one of the leading providers of cloud- and carrier-neutral data centers, offering colocation and interconnection services to hyperscalers and businesses. Equinix operates 270 properties in 77 metropolitan areas across 36 countries, serving over 10,000 customers. About 70% of Equinix’s revenue comes from renting physical space, which allows hyperscalers and other clients to store servers, data storage, and networking equipment. The other 30% of revenue is generated primarily through interconnection services (20%) and other managed services (10%).	$128B	11.9x	23.3x	11%	62%	$672K
2	CoreWeaveCoreWeave Inc is a modern cloud infrastructure technology company that offers the CoreWeave Cloud Platform which consists of proprietary software and cloud services that deliver the automation and efficiency needed to manage complex AI infrastructure at scale. Its platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications that are changing the way of living and working across the globe.	$97.2B	5.3x	8.7x	113%	205%	–
3	Digital Realty TrustDigital Realty is one of the leading providers of cloud- and carrier-neutral data centers, offering colocation and interconnection services to hyperscalers and large businesses. Digital Realty operates 300 properties in 57 metropolitan areas across 31 countries, serving 5,000 customers. Renting physical space accounts for about 90% of Digital Realty’s revenue. The firm enables hyperscalers and other clients to store servers, data, and networking equipment. The other 10% of revenue is generated primarily through interconnection services (8%) and other fee income (2%).	$83.6B	11.8x	21.5x	11%	65%	$1.4M
4	Nebius GroupNebius is a vertically integrated cloud provider focusing on AI and high-performance computing. It is a carve-out of the previous Russian tech firm Yandex, following the Russian sanctions since the Ukraine-Russia war. Nebius designs and operates its own data centers and servers across Europe and the US, with a total capacity of several hundred megawatts. In September 2025, Microsoft became a major Nebius client under a multiyear $17 billion revenue agreement to provide computing capacity.	$73.0B	10.1x	19.5x	278%	599%	$386K
5	IRENIREN Ltd is engaged in data center business powering the future of Bitcoin, AI and beyond utilizing renewable energy. Bitcoin mining operations generate revenue by earning Bitcoin through a combination of Block rewards and transaction fees from the operation of its Bitcoin miners and exchanging these Bitcoin for fiat currencies such as USD or CAD.	$23.2B	8.2x	11.6x	290%	259%	$1.9M
6	DigitalOceanDigitalOcean Holdings Inc is a cloud computing platform offering on-demand infrastructure and platform tools for developers, start-ups, and small and medium-sized businesses. The customers use the platform for a wide range of cases, such as web and mobile applications, website hosting, e-commerce, media and gaming, personal web projects, and managed services, among many others. Geographically, the company generates maximum revenue from North America and also has a presence in Europe, Asia, and the Rest of the world.	$18.6B	13.2x	33.4x	40%	65%	$617K
7	Applied DigitalApplied Digital Corp is a designer, developer, and operator of next-generation digital infrastructure across North America. It provides digital infrastructure solutions and cloud services to industries like High-Performance Computing (HPC) and Artificial Intelligence (AI). The company operates in the following business segments: Data Center Hosting Business and HPC Hosting Business. The majority of its revenue is generated from the Data Center Hosting Business, which operates data centers to provide energized space to crypto mining customers.	$14.4B	16.3x	42.1x	103%	149%	$703K
	Median		11.8x	21.5x	103%	149%	$688K

Semiconductor supply chain valuation multiples in June 2026

AI picks-and-shovels layer - foundries, equipment makers, materials, packaging, and test that every advanced chip must pass through. These businesses tend to have deep technical moats and extremely high barriers to entry.

That supports durable margins, but the group is cyclical and exposed to the timing of fab investment. The market values critical, hard-to-replicate tooling and leading-edge manufacturing at a premium, while more commoditized or trailing-edge participants trade at a discount.

TSMC dominates the space at $1.9T EV (10.2x NTM revenue), with ASML ($728B, 14.6x) and Intel ($686B, 11.1x) close behind. Biggest premium goes to the "irreplaceable" names owning leading-edge manufacturing.

#
1	TSMCTaiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with about 70% market share in 2025. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public in Taiwan in 1994 and as an ADR in the US in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC. The foundry leader has an illustrious base of customers, including Apple, AMD, and Nvidia, that look to apply its cutting-edge process technologies to their semiconductor designs. TSMC employs more than 83,000 people.	$1.9T	10.2x	14.0x	32%	110%	$1.4M
2	ASMLASML is the leader in lithography systems for manufacturing semiconductors with 90% market share. Lithography is the process in which a light source is used to expose circuit patterns from a photo mask onto a semiconductor wafer. Lithography allows chipmakers to increase the number of transistors on the same area of silicon, with lithography historically representing a high portion of the cost of making cutting-edge chips. ASML outsources the manufacturing of most of its parts, acting like an assembler. ASML’s largest clients are TSMC, Samsung, and Intel.	$728B	14.6x	35.5x	19%	59%	$887K
3	IntelIntel is a leading digital chipmaker focused on designing and manufacturing microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors and led the semiconductor industry down the path of Moore's law for advances in semiconductor manufacturing. Intel remains the market share leader in central processing units in both the PC and server end markets. The company is seeking to reinvigorate its chip manufacturing business, Intel Foundry, while developing leading-edge products in its Intel Products business segment.	$686B	11.1x	31.2x	11%	44%	$621K
4	Applied MaterialsApplied Materials is the largest semiconductor wafer fabrication equipment manufacturer in the world. It has a broad portfolio spanning nearly every corner of the WFE ecosystem. Applied Materials holds leading market share in deposition, which entails the layering of new materials on semiconductor wafers. It is more exposed to general-purpose logic chips made at integrated device manufacturers and foundries. It counts the largest chipmakers in the world as customers, including TSMC, Intel, and Samsung.	$489B	12.5x	35.0x	24%	54%	$777K
5	Lam ResearchLam Research is one of the largest semiconductor wafer fabrication equipment manufacturers in the world. It specializes in deposition and etch, which entail the buildup of layers on a semiconductor and the subsequent selective removal of patterns from each layer. Lam holds the top market share in etch and holds the clear second share in deposition. It is more exposed to memory chipmakers for DRAM and NAND chips. It counts as top customers the largest chipmakers in the world, including TSMC, Samsung, Intel, and Micron.	$486B	15.9x	40.1x	32%	68%	$970K
6	KLAKLA is one of the largest semiconductor wafer fabrication equipment, or WFE, manufacturers in the world. It specializes in the market segment of semiconductor process control, wherein machines inspect semiconductor wafers during research and development and manufacturing for defects and verify precise measurements. In this section of the market, KLA holds a majority share. It also has a small exposure to the etch and deposition segments of the WFE market. It counts as top customers the largest chipmakers in the world, including TSMC and Samsung.	$340B	20.0x	42.2x	26%	66%	$800K
7	Tokyo ElectronTokyo Electron is a major supplier of semiconductor fabrication tools. It operates primarily in the etching, deposition, and cleaning segments, which involve adding and removing materials to and from semiconductor wafers. Customers include leading-edge logic, foundry, and memory chipmakers such as Samsung Electronics, Intel, TSMC, and SK Hynix.	$212B	10.2x	31.7x	26%	53%	$774K
8	ASE GroupASE Technology Holding Co Ltd is a semiconductor assembly and testing firm. The company operates in segments: Packaging, Testing, and Electronic Manufacturing Services. Of these, Packaging segment contribute the maximum revenue. The packaging segment involves packaging bare semiconductors into completed semiconductors with improved electrical and thermal characteristics. The Testing Segment includes front-end engineering testing, wafer probing, and final testing services. In the EMS segment, the company designs manufactures, and sells electronic components and telecommunication equipment motherboards. The company is based in Taiwan but garners over half its sales from firms in the United States.	$89.5B	3.3x	14.0x	21%	44%	$185M
9	TeradyneTeradyne provides testing equipment, including automated test equipment for semiconductors, system testing for hard disk drives, circuit boards, and electronics systems, and wireless testing for devices. The firm entered the industrial automation market in 2015 and sells collaborative and autonomous robots for factory applications. Teradyne serves numerous end markets and geographies, directly and indirectly, through its products, but its most significant exposure is to semiconductor testing. Teradyne serves vertically integrated, fabless, and foundry chipmakers with its equipment.	$68.4B	13.7x	38.7x	31%	76%	$483K
10	United MicroelectronicsFounded in 1980, United Microelectronics is the world's third-largest dedicated chip foundry, with 5% market share in 2024 after TSMC and SMIC. UMC’s headquarters are in Hsinchu, Taiwan, and it operates 12 fabs in Taiwan, Mainland China, Japan and Singapore, with additional sales offices in Europe, the US, and South Korea. UMC features a diverse customer base that includes Texas Instruments, MediaTek, Intel, Broadcom, Novatek, and Realtek, supplying a wide range of products applied in communications, display, memory, automotive and more. UMC employs about 19,000 people as of February 2025.	$55.2B	5.9x	13.2x	15%	60%	$399K
11	GlobalFoundriesGlobalFoundries is a top-five contract semiconductor manufacturer globally. It was originally the manufacturing arm of Advanced Micro Devices before it was spun out in 2009. The foundry sells chips into a range of end markets including smartphones, PCs, Internet of Things, data centers, automotive, industrial, and so on, but primarily focuses on more mature process technologies. Until 2021, the firm was privately held by Mubadala Investment, the sovereign wealth fund of the United Arab Emirates, which remains its controlling shareholder today. GlobalFoundries merged with Chartered Semiconductor Manufacturing in 2009 and acquired IBM's chipmaking business in 2015. GF is headquartered in Malta, New York, and has about 13,000 staff.	$46.4B	6.1x	17.7x	9%	40%	$624K
12	MKSMKS Inc delivers foundational technology solutions for leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. The company provides instruments, components, subsystems, systems, process control solutions, and specialty chemicals technology that improve process performance and optimize productivity. Its solutions address challenges of miniaturization and complexity in device manufacturing, enabling increased power, speed, and feature enhancement. MKS Inc operates through three divisions: Vacuum Solutions Division (VSD), Photonics Solutions Division (PSD), and Materials Solutions Division (MSD). The company operates in the United States, which generates maximum revenue, as well as China and other countries.	$31.2B	6.1x	22.4x	19%	49%	$382K
13	Tower SemiconductorTower Semiconductor Ltd is a pure-play specialty foundry that manufactures semiconductors. As a pure-play foundry, it focuses on producing integrated circuits (ICs), based on the design specifications of customers. The company's line of integrated circuits is incorporated into a range of products and markets, including consumer electronics, personal computers, communications, automotive, and industrial and medical device products. It produces ICs alongside wholly-owned subsidiaries through fabrication facilities located in Japan. The company has a geographical presence in the USA, Japan, Asia (other than Japan), and Europe.	$31.0B	14.1x	36.3x	28%	58%	$292K
14	EntegrisEntegris is a leading supplier of purification solutions and advanced materials. The vast majority of sales are to the semiconductor industry. The majority of revenue comes from semiconductor fabricators, but the company sells to all areas of the semiconductor manufacturing supply chain including equipment and engineering, chemicals and materials, and distributors. Entegris specializes in materials science and materials purity, both of which are crucial in the semiconductor manufacturing process.	$30.5B	8.4x	28.8x	10%	36%	$415K
15	Amkor TechnologyAmkor Technology Inc is a OSAT (outsourced semiconductor assembly and test) service provider. It has pioneered the outsourcing of integrated circuit (IC) packaging and test services and is a strategic manufacturing partner for the semiconductor companies, foundries, and electronics original equipment manufacturers (OEMs). The firm's products are organized into two categories namely advanced products that include flip chip, fine pitch bumping, wafer-level processing, advanced SiPs, power modules, and others, and Mainstream products that includes wirebond packaging and testing. The company derives maximum revenue from the advanced products category. The company derives majority of its revenue from Foreign states.	$22.1B	2.8x	14.8x	12%	32%	$218K
16	Onto InnovationOnto Innovation Inc is engaged in the design, development, manufacture, and support of high-performance control metrology, defect inspection, lithography, and data analysis systems used by microelectronics device manufacturers. The Company and its subsidiaries currently operate in a single operating segment. The company mainly operates in the United States, Southeast Asia, China, Japan, and Europe, with Taiwan and South Korea the sources of total revenue.	$16.0B	10.8x	31.7x	28%	93%	$831K
17	Advanced Energy IndusAdvanced Energy Industries Inc provides precision power conversion, measurement, and control solutions. The company designs, manufactures, sells, and services power electronics conversion products that transform raw electrical power into controllable, usable power for complex equipment. It operates in one reporting segment, Power Electronics Conversion Products, serving the Semiconductor Equipment, Data Center Computing, Industrial and Medical, and Telecom and Networking markets. Its products include Plasma Power Products, AC-DC Power Supply Units, DC-DC Converters, High Voltage solutions, SCR Power Controllers, and Sense and Measurement solutions. The company operates in the United States, Asia, Europe, and other regions.	$14.9B	6.2x	26.9x	21%	46%	$138K
18	CamtekCamtek Ltd is engaged in the manufacturing of metrology and inspection equipment and software solutions for the semiconductor industry. Its systems inspect wafers for various semiconductor market segments, including Advanced Packaging, Heterogenous Integration (HI), Compound Semiconductors, Memory, and foundries among others. Geographically, it derives maximum revenue from China followed by Asia Pacific, Korea, United States, and Europe. The company's products and services include Surface Inspection, Bump Inspection and Metrology, and others.	$8.8B	13.9x	44.5x	19%	45%	$2.9M
	Median		10.5x	31.4x	21%	54%	$699K

Memory and data storage valuation multiples in June 2026

Memory and storage supply the capacity AI’s data-hungry workloads consume, spanning DRAM, NAND flash, hard drives, and storage systems. Historically this has been the most cyclical corner of semiconductors, with commodity-like pricing that swings on supply and demand.

As a result, the market typically applies lower (more volatile) valuation multiples here than to differentiated logic or software.

Samsung is the largest by enterprise value at $1.4T (2.8x NTM revenue), ahead of Micron ($1.3T, 7.0x) and SK Hynix ($1.2T, 4.7x).

#
1	SamsungSamsung Electronics is a diversified electronics conglomerate that manufactures and sells a wide range of products including smartphones, televisions, home appliances, telecommunications network equipment, as well as electronic and device components such as semiconductors and flat panel displays. Samsung is the world's largest manufacturer of smartphones and televisions as well as memory semiconductor products. The Manufacturing and sale of mobile phones and semiconductors make up >70% of both the company’s revenue as well as its profit.	$1.4T	2.8x	4.7x	50%	164%	$1.8M
2	MicronMicron is one of the largest semiconductor companies in the world, specializing in memory and storage chips. Its primary revenue stream comes from dynamic random access memory, or DRAM, and it also has minority exposure to not-and or NAND, flash chips. Micron serves a global customer base, selling chips into data centers, mobile phones, consumer electronics, and industrial and automotive applications. The firm is vertically integrated.	$1.3T	7.0x	8.3x	87%	209%	$705K
3	SK HynixSK Hynix is a semiconductor memory manufacturer with around 60%-70% of its revenue from DRAM and 30%-35% of its revenue from NAND. The company is both the second-largest DRAM and NAND supplier globally with a 33% and 21% market share, respectively, as of 2024. SK Hynix increased its market position in NAND from fourth to second, after acquiring Intel’s NAND business in 2021. SK Square, an investment management company spun off from SK Telecom, is SK Hynix’s largest shareholder and currently holds 20% of the company’s shares.	$1.2T	4.7x	5.7x	89%	328%	$2.1M
4	KIOXIAKioxia Holdings is a Japan-based semiconductor memory manufacturer focusing on NAND memory chips. The company is currently the third-largest NAND supplier globally, with a 14% market share as of 2024. The largest single shareholder of Kioxia is currently Toshiba, which had a 21.9% stake as of November 2025. Kioxia operates nine fabs across Japan: seven in Yokkaichi and two in Kitakami. They are mostly run via a joint venture with Sandisk, Flash Ventures. Flash Ventures is 51% owned by Kioxia. The company’s memory chips are used in various consumer electronics and enterprise infrastructure, such as PCs, smartphones, servers, and USB sticks. Of Kioxia’s revenue, 51% comes from the sales of NAND memory used in solid-state drives, which are used in PCs and servers.	$334B	5.4x	6.6x	154%	324%	$706K
5	SanDiskSandisk is one of the five largest suppliers of NAND flash memory semiconductors globally. Sandisk is vertically integrated, producing substantially all of its flash chips at manufacturing sites across Japan via a joint-venture framework with Kioxia. Sandisk then repackages most of its chips into SSDs for consumer electronics, external storage, or cloud storage. Sandisk was formerly a piece of Western Digital for nine years (after being acquired in 2016) and was spun off as an independent company in 2025.	$320B	7.2x	9.9x	128%	208%	$669K
6	Western DigitalWestern Digital is a leading vertically integrated supplier of hard disk drives. The HDD market is a practical duopoly, with Western Digital and Seagate being the two largest players. Western Digital designs and manufactures its HDDs, with much of the manufacturing and workforce located in Asia. The primary consumers of HDDs are data centers.	$256B	14.5x	28.9x	38%	83%	$238K
7	SeagateSeagate Technology is a leading supplier of hard disk drives for data storage to the enterprise and consumer markets. It forms a practical duopoly in the market with its chief rival, Western Digital; they are both vertically integrated.	$245B	14.9x	30.4x	38%	79%	$303K
8	NetAppNetApp Inc is a provider of enterprise data management and storage solutions. The company's segments include Hybrid Cloud and Public Cloud. It generates maximum revenue from the Hybrid Cloud segment. The Hybrid Cloud segment offers a portfolio of storage management and infrastructure solutions that help customers recast their traditional data centers with the power of the cloud. This portfolio is designed to operate with public clouds to unlock the potential of hybrid, multi-cloud operations. Hybrid Cloud is composed of software, hardware, and related support, as well as professional and other services. Geographically, the company generates the majority of its revenue from the United States, Canada and Latin America (Americas).	$30.4B	4.0x	12.5x	8%	38%	$592K
9	EverpureEverpure Inc is a allows organizations to take control of their data with an industry, ever-evolving storage and data management platform. It helps companies unleash the power of their data by ensuring it is secure, accessible, intelligent, and ready to perform in the AI era. The group makes data management effortless while simultaneously scaling performance and significantly reducing energy consumption. Its solutions are Artificial Intelligence, Cloud, Cyber Resilience, Data Protection, Databases, High-Performance Computing, and Virtualization. The group's platform and products, Enterprise Data Cloud, The Everpure Platform, Evergreen//One, FlashArray, and Others.	$23.5B	5.0x	21.4x	19%	44%	$610K
10	Silicon MotionSilicon Motion Technology Corp is engaged in developing NAND flash controllers for SSDs and other solid state storage devices. Its only operating segment is to develop NAND flash controllers and SSDs solutions. The company derives revenue from product categories such as Mobile Storage, Mobile Communications, and others. Silicon's geographical segments are Taiwan, the United States, Korea, China, Singapore, Malaysia, and others. The company products are used in Personal Computing, Smartphone/Tablet/CE, Flash Card/USB Flash Drive, Industrial and Embedded, Automotive, and Enterprise and Data centers.	$10.7B	6.2x	25.2x	41%	107%	$487K
	Median		5.8x	11.2x	46%	136%	$640K

Networking valuation multiples in June 2026

These companies supply the optical and high-speed connectivity - transceivers, lasers, cabling, fiber, and interconnect. Public markets reward proprietary tech and rising content per system with higher multiples, while more commoditized component suppliers see valuations that track the broader hardware cycle.

Zhongji Innolight tops the group at $224B EV (12.2x NTM revenue), followed by Amphenol ($216B, 6.1x) and Corning ($176B, 8.6x).

#
1	Zhongji InnolightZhongji Innolight Co Ltd is a China-based company engaged in the research & development, production, and sales of high-end optical communication transceiver modules, 5G wireless networks, telecom transmission, and fixed network access. The company pays attention to technology research and development and promotes products with high speed, Miniaturization, low power consumption, and low cost that are developed to provide cloud data centers of high-speed Optical transceivers for telecom equipment manufacturers 5G Fronthaul, midhaul, and backhaul optical modules are used to transmit optical on metro, backbone, and core networks modules as well as applications for fixed networks.	$224B	12.2x	30.5x	91%	192%	$663K
2	AmphenolAmphenol is a global supplier of connectors, sensors, and interconnect systems. It holds the second-largest connector market share globally and sells into the automotive, broadband, commercial air, industrial, IT and data communications, military, mobile devices, and mobile networks end markets. Amphenol is diversified geographically, with operations in 40 countries.	$216B	6.1x	18.7x	28%	77%	$136K
3	CorningCorning is a provider of glass, ceramics, and optical fiber across six distinct end markets. Corning’s largest segments by revenue are display glass for TVs and optical fiber for telecom networks and data centers. It also provides cover glass for smartphones as well as filters and substrates and glass for cars, produces pharmaceutical glass, and produces polysilicon for solar panels. Corning is a US producer and is vertically integrated across its products and markets.	$176B	8.6x	29.6x	16%	50%	$244K
4	EoptolinkEoptolink Technology Inc Ltd is engaged in the research & development, production, and sales of optical modules. The company's main products include point-to-point optical modules; and passive optical network optical modules.	$119B	12.3x	26.7x	75%	155%	$705K
5	CoherentCoherent Corp engaged in materials, networking, and lasers, is a vertically integrated manufacturing company that develops, manufactures, and markets engineered materials, optoelectronic components and devices, and lasers for use in the industrial, communications, electronics and instrumentation markets. The firm operates in three segments Networking, Materials, and Lasers Segment. It generates maximum revenue from Networking segment. The company geographically operates in North America. Europe, China, Japan and Rest of the world.	$77.2B	8.1x	31.0x	36%	55%	$192K
6	Astera LabsAstera Labs Inc designs and delivers semiconductor-based connectivity solutions for cloud and AI infrastructure. Its Intelligent Connectivity Platform integrates semiconductor technology, microcontrollers, sensors, and software to enhance performance, scalability, and data management. The company offers products such as integrated circuits (ICs), boards, and modules, catering to hyperscalers and system OEMs. The company's solutions focus on data, network, and memory management in AI-driven platforms. Geographically, the company operates in Singapore, China, Taiwan, and United States, of which maximum revenue is derived from United States.	$70.3B	37.9x	99.3x	58%	120%	$1.1M
7	LumentumLumentum Holdings Inc is a California-based technology firm. The company provides two types of optical and photonic products: optical components that are used in telecommunications networking equipment, and commercial lasers for manufacturing, inspection, and life-science lab uses. Its segments are Optical Communications and Commercial Lasers. The firm is also expanding into new optical applications, such as 3-D sensing laser diode for consumer electronics. It generates maximum revenue from the OpComms segment. The OpComms segment products include a wide range of components, modules, and subsystems to support customers including carrier networks for access (local), metro (intracity), long-haul, and submarine (undersea) applications.	$66.3B	11.9x	28.1x	89%	126%	$156K
8	Credo Technology GroupCredo Technology Group Holding Ltd delivers high-speed solutions to break bandwidth barriers on every wired connection in the data infrastructure market. It provides secure, high-speed connectivity solutions that deliver improved power and cost efficiency as data rates and corresponding bandwidth requirements increase exponentially throughout the data infrastructure market. It has a geographic presence in Hong Kong, the United States, Mainland China, Taiwan, and the Rest of the World.	$49.3B	19.2x	36.2x	73%	148%	$2.1M
9	MACOM Technology SolutionsMACOM Technology Solutions Holdings Inc is a provider of analog, digital, and mixed-signal semiconductor solutions to original equipment manufacturers and distributors. These solutions are found in systems for industrial, medical, scientific, and test and measurement markets. The firm's portfolio of products includes integrated circuits, multichip modules, power pallets and transistors, diodes, amplifiers, switches and switch limiters, passive and active components, and complete subsystems.	$29.6B	19.8x	55.9x	27%	64%	$484K
10	FabrinetFabrinet provides advance-level optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices, and sensors. The company offers a broad range of advance optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advance-level of packaging, integration, final assembly, and testing. The company generates the majority of its revenue from North America and Asia-Pacific, with the rest from Europe.	$19.6B	3.5x	27.7x	23%	40%	$208K
11	Applied OptoelectronicsApplied Optoelectronics Inc is a provider of fiber-optic networking products, for four networking end-markets; internet data center, CATV, telecom, and FTTH. The Company designs and manufactures a wide range of optical communications products at varying levels of integration, from components, subassemblies, and modules to complete turn-key equipment. Through direct sales personnel, and manufacturing teams in the United States, China, and Taiwan, the company coordinates with customers to determine product design, qualifications, and performance. The Company has manufacturing and research and development facilities located in the U.S., Taiwan, and China.	$12.8B	6.9x	52.0x	156%	139%	$138K
12	AXTAXT Inc is a developer and producer of compound and single element semiconductor substrates, also known as wafers. The dominant substrates used in producing semiconductor chips and other electronic circuits are made from silicon. It is engaged in the design, development, manufacture, and distribution of high-performance compound semiconductor substrates and the sale of materials. The company provides alternative or specialty materials in the form of substrates or wafers, including compound and single-element substrates. Its compound substrates combine indium with phosphorous or gallium with arsenic. Geographically firm has its business presence across the region of Europe, Japan, Taiwan, China, North America, and the Asia Pacific from which China derives its maximum revenue to the company.	$5.5B	30.7x	146.5x	57%	77%	$82K
	Median		12.0x	30.7x	57%	98%	$226K

Data and methodology

Underlying data

Public markets data is powered by FactSet (consensus analyst estimates), and Morningstar (historical data). Data points are calendarized to December where relevant: retrieved data on financial year ends (e.g. FY, FY+1 etc.) are mapped to calendar years (2025A, 2026E etc.) before the appropriate month weights are then applied to prior/future fundamentals.

Private transaction data is multi-sourced, aggregated from harvesting public information, 3rd party APIs, and data engineering. All data is verified and provided with an extensive manual process. If data permits, we apply our own logic to get to the EV. For example, for a large M&A deal with available information on the target's net debt, we might adjust a valuation to fully reflect an accurate EV. In all other cases, we take the reported valuation as the numerator. Financials: we source LTM revenue and LTM EBITDA data from company filings, press releases, or other verified sources. If LTM data is unavailable, we take the 'next best-fit' period (run-rate or calendar year), provided it makes sense in a given case. For example, if a deal closed in November 2025, we might take full-year 2025 revenue as a revenue benchmark.

Any raw figures are harmonised to USD for comparison purposes.

This page is built on data available at Multiples. Sign up for a free trial to see the full dataset.

ON THIS PAGE

SHARE THIS POST