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November 2026
Largest Telecom Infrastructure Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Bharti Airtel, Equinix, American Tower, Motorola and Digital Realty Trust.
 | Bharti Airtel Ltd is a telecommunications company. The company's segments include Mobile Services India, Mobile Services Africa, Mobile Services South Asia, Airtel Business, Passive Infrastructure Services, Homes Services, Digital TV Services, and others. It generates maximum revenue from the Mobile Services India segment. Mobile Services India services cover voice and data telecom services provided through wireless technology (2G /3G/4G) in India. It includes the captive national long-distance networks, which provide connectivity to the mobile services business in India. It also includes intra-city fibre networks. | $22 | -5% | $140B | $157B | 7.0x | 12.9x | ||
 | Equinix is a global digital-infrastructure company that develops and operates carrier-neutral data centres and interconnection services. Founded in Silicon Valley in 1998, it is headquartered in Redwood City, California, and is publicly listed on Nasdaq. Its International Business Exchange and xScale facilities give enterprises, cloud platforms, network operators, content providers and financial institutions places to deploy computing equipment and exchange data. Customers also use virtual networking, managed infrastructure, security and professional services to connect distributed applications across markets. Equinix earns recurring revenue primarily from colocation space, power, cross-connects and other subscription-like infrastructure services, supplemented by usage and service fees. Its platform spans hundreds of data centres across six continents and links customers to a large ecosystem of cloud and network providers. The company is structured as a real estate investment trust for United States federal income-tax purposes. | $1,054 | +40% | $104B | $127B | 13.8x | 32.5x | ||
| American Tower owns and operates about 150,000 wireless towers throughout the US, Asia, Latin America, Europe, and Africa. It also owns and/or operates 30 data centers in 11 US markets after acquiring CoreSite. On its towers, the company has a very concentrated customer base, with most revenue in each market generated by the top few mobile carriers. The company operates more than 40,000 towers in the US, which accounted for about half of total revenue in 2024. Outside the US, American Tower operates about 47,000 towers in Latin America (dominated by Brazil), 32,000 towers in Europe, and 27,000 towers in Africa. American Tower operates as a REIT. | $192 | +6% | $89B | $139B | 13.0x | 22.2x | ||
| Motorola is a United States public-safety and enterprise-security technology company supplying land-mobile radio systems, command-center software, video security, analytics, and managed services to governments and businesses. The organization serves customers through a defined operating business rather than acting as an investment vehicle. Its team combines sector expertise, customer delivery, technology or physical operations, and continuing product development. Clients use its products or services to solve recurring operational needs in the markets where it is active. Revenue is generated from commercial products, recurring software, or contracted services supplied to customers. The company maintains its own management, workforce, commercial identity, and relationships with customers and suppliers. Its transaction history is tracked under this operating identity so that similarly named businesses in other countries or industries are not combined with it. The cited company and transaction sources establish the identity, location, activity, and role used in this research packet. | $531 | +44% | $88B | $98B | 8.4x | 27.6x | ||
| Digital Realty is a real estate investment trust that owns and operates carrier-neutral data centers, headquartered in Austin, Texas after relocating there in January 2021. It was established in 2004 by GI Partners, which contributed 21 data centers acquired in bankruptcy auctions, and it trades on the New York Stock Exchange as DLR and is a member of the S&P 500. In 2023 it operated over 300 facilities in more than 25 countries, and it reported revenue of US$4.69 billion in 2022 with about 3,450 employees. It earns rent and fees from colocation, interconnection and large-scale space leased to cloud providers, enterprises and carriers. Its large acquisitions include DuPont Fabros Technology in 2017, Ascenty in 2018 for US$1.8 billion, and Interxion, announced in October 2019 at a US$8.4 billion enterprise value and completed on 12 March 2020. Andrew Power is chief executive. | $180 | +12% | $68B | $91B | 14.9x | 24.7x | ||
 | Nokia is a networking equipment vendor that primarily supports wireless networks and, increasingly, internet protocol and optical systems. The firm operates three segments. The mobile infrastructure segment sells equipment and software used to operate the core of carrier and enterprise wireless networks. Network infrastructure comprises IP, optical, and fixed-network equipment, including switching and routing equipment, optical components, and devices used in fiber-to-the-premises networks. The portfolio business comprises businesses Nokia considers noncore in the future, including fixed wireless access customer premises equipment, enterprise campus edge, and microwave radio. | $8 | +33% | $46B | $44B | 2.0x | 20.9x | ||
| Ciena is a telecommunications equipment provider focused on optical transport technologies, with clients in a number of industries such as communication services providers, web-scale providers, cable operators, government, and large enterprises worldwide. The company provides equipment, software, and services that support transport, switching, aggregation, service delivery, and data traffic management. | $281 | +37% | $40B | $40B | 8.5x | 121.3x | ||
| Crown Castle owns or manages roughly 40,000 wireless towers in the United States. It leases space on its towers to wireless service providers, which install equipment to support their wireless networks. The company has a very concentrated customer base, with about 75% of its revenue from the Big Three US mobile carriers: Verizon, T-Mobile, and AT&T. Crown Castle has plans to divest its fiber business, which is expected to be finalized in the first half of 2026. After that, it will be a stand-alone tower operator. Crown Castle operates as a real estate investment trust. | $91 | 0% | $39B | $61B | 14.4x | 22.7x | ||
 | Telstra is Australia’s largest telecommunications company, with dominant market shares in voice, mobile, enterprise telecom, and fixed-line broadband resale via the national broadband network. Telstra provides most of its products and services via its infrastructure assets, such as a fixed-line network (data centers, exchanges, poles, ducts, pits and pipes, fiber network), a mobile network, and mobile towers. Its customers span retail, corporate, government, wholesale, and overseas segments. Telstra also provides the government-owned, last-mile fixed-line National Broadband Network with long-term access to its infrastructure, in return for recurring payments. Finally, Telstra operates a leading telecom operation in Papua New Guinea and the surrounding South-Pacific countries. | $3 | +9% | $39B | $52B | 3.4x | 9.5x | ||
 | Ericsson is a networking equipment and software provider, primarily selling mobile networking equipment and services to wireless service providers. Ericsson operates in three segments: networks, cloud software and services, and enterprise. While large wireless carriers are its largest customers, Ericsson has expanded its offerings for large enterprises. These products and services include private 5G networking, contact centers as a service, and application performance interfaces. Ericsson aims to combine its 5G network expertise with cloud-native, as-a-service platforms offering a more comprehensive hardware and software package. Ericsson also monetizes its research and development investments by licensing patents to handset manufacturers. | $11 | +11% | $34B | $33B | 1.4x | 6.9x | ||
 | BT Group is the incumbent telecommunications operator in the UK. BT is the owner of Openreach, the largest fixed-line network in the country. Openreach operates as a separate entity due to regulatory requirements but is still 100% owned by BT. Openreach has accelerated its fiber investments and expects to have 90% of the UK covered with FTTH by 2026. In the consumer division, BT has approximately 30% market share in broadband and mobile services. The enterprise segment serves large corporations while the global services division provides communications consultancy services. | $3 | +20% | $28B | $57B | 2.2x | 5.8x | ||
 | China Tower Corp Ltd is a telecommunications tower infrastructure service provider. The Company is principally engaged in the construction, maintenance, and operation of base station ancillary facilities such as telecommunications towers, public network coverage in high-speed railways and subways, and large-scale indoor Distributed Antenna Systems (DAS). The business of the company includes Tower business; DAS business; Smart Tower business and Energy business. The Group’s revenue is generated from the Three TSPs. | $1 | -27% | $20B | $20B | 1.3x | 2.0x | ||
| Yangtze Optical Fibre and Cable Joint Stock Ltd Co are principally engaged in the research, development, production and sale of optical fiber preforms, optical fibers, optical cables optical components and modules and related products. The company is the supplier of optical fibre preform, optical fibre, optical fibre cables and other relevant products in telecommunication industry. The group determines the two reporting segments, optical communication products segment and optical transmission components segment. The company generates majority of revenue from optical communication products segment. Its products include Cutting-Edge Product, Specialty Fibre, Raw Material, Submarine Cable, Communication Optical Fibre, Structured Cabling, Optical Transceiver, Coaxial Cable, etc. | $11 | +134% | $20B | $20B | 9.5x | 81.5x | ||
| SBA Communications owns a portfolio of about 45,000 wireless towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, who install equipment to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market being generated by the top few mobile carriers. It owns more than 17,000 towers in the US, which account for about 75% of leasing revenue. Internationally, SBA’s largest presence is in Brazil, where it owns roughly 10,000 towers. SBA operates as a real estate investment trust. | $189 | -3% | $20B | $35B | 12.3x | 17.9x | ||
 | Cellnex owns and operates more than 100,000 wireless towers in Europe, the result of continued merger and acquisition activity since its initial public offering in 2015. It has acquired towers from several European mobile network operators, including Telefonica, Iliad, CK Hutchison, Bouygues, and Altice. Cellnex is present in France, Italy, Spain, Poland, and the United Kingdom, among others. | $30 | -1% | $20B | $44B | 9.6x | 13.5x | ||
| Hengtong Optic-Electric Co Ltd provides fiber optic communication products in China and internationally. It offers optical rods, optical fiber, optical cable, optical devices, an optical network, ocean optical network products, data communication products, power transmission products, ocean engineering, quantum security communications, rail transit, and smart city products. | $6 | +123% | $15B | $17B | ||||
| MasTec is a leading infrastructure construction company operating mainly in North America across a range of industries. Its primary activities include engineering, building, installing, maintaining, and upgrading communications, oil and gas, utility, renewable energy, and other infrastructure. MasTec reports its results under five segments: communications; clean energy and infrastructure; pipeline infrastructure; power delivery; and other. | $183 | -15% | $15B | $19B | ||||
| Indus Towers Ltd Ltd is a telecommunications tower infrastructure service provider. The company deploys, owns, and manages telecom towers and communication structures for mobile operators. The company acquires and builds towers, while also owning and operating telecom towers and related infrastructure. The company generates revenue through a rental fee to tenants of mobile towers. Energy costs such as electricity and fuel charts are usually passed through to tenants. The company generates the vast majority of its revenue in India. The company's assets are located in India and are often ground-based and rooftop towers. | $4 | -6% | $11B | $12B | ||||
 | TIM, which is 67%-owned by Telecom Italia, is the third largest wireless carrier in Brazil, with 62 million subscribers, equal to about 23% of the market. The firm owns 49% of I-Systems, an infrastructure partnership that is expanding its network footprint across Brazil. I-Systems can provide broadband service to about 8 million locations, including 6.5 million with fiber, equal to 10%-15% of the country. TIM leases capacity on the venture's network to serve retail broadband customers under the UltraFibra brand, but it has agreed to buy out its joint venture partner in 2026, taking full ownership of these assets. TIM also resells fiber network access from other providers. | $4 | -19% | $9.1B | $11B | ||||
 | KT is South Korea's largest fixed-line telecom operator, with around 11.5 million fixed-line broadband customers and 9.5 million IPTV customers, and is the second-largest wireless operator with 28 million subscribers. Additionally, it has a number of nontelecom businesses, including real estate, payment processing, artificial intelligence, and IDC/cloud services, many of which are the focus of its growth strategy. The company was formed from the previously government-owned, monopoly telecom business and was listed in 1998. After selling its mobile business in 1994 (forming its mobile competitor, SK Telecom), KT created its own mobile operator in 1997. | $38 | +122% | $9B | $15B | ||||
 | PT Indoritel Makmur Internasional Tbk is an investment holding company. The company, through its subsidiaries, is engaged in providing infrastructure through fiber optic media and serving telecommunication services ranging from data communication to interactive video, managing SDWAN services, and a variety of other Internet of Things (IoT) derivatives. Its segments are the Corporate segment, the Retail segment, and Others. It generates the majority of revenue from the Corporate segment. The Corporate Business Segment provides fiber-optic-based telecommunications data connection service products for business customers, such as Last Mile Solution, Fiberization, IP Transit, IEPL, MPLS, and DWDM, to other telecommunications operators and international customers. | $1 | -1% | $7.8B | $8.2B | ||||
 | INWIT is an Italian tower and wireless infrastructure company that builds and manages shared digital infrastructure used by mobile operators. It was founded in 2015 as a spin-off from TIM and merged with the tower business of Vodafone Italy in March 2020, after which it entered the FTSE MIB index. The company is listed on Euronext Milan and is headquartered in Milan. Its assets include towers, small cells, distributed antenna systems for indoor coverage and Wi-Fi and IoT solutions, offered under a tower-as-a-service model. In 2025 INWIT reported consolidated revenues of 1,077.2 million euros and EBITDA of 984.4 million euros, and it guides to revenues of 1,050 to 1,090 million euros for 2026. Its largest shareholders include Central Tower Holding, which holds 37.6% of the share capital, and an investment vehicle of Ardian. | $8 | -9% | $7.5B | $13B | ||||
| Dycom Industries Inc is a provider of specialty contracting services to the telecommunications infrastructure and utility industries throughout the United States. The company has two reporting segments: Communications and Building Systems. The Communications segment provides specialty contracting services, including program management, planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications and digital infrastructure providers. The Building Systems segment specializes in providing comprehensive building infrastructure solutions, including electrical, energy management, security, and fire safety systems for data centers and other critical facilities. The firm generates key revenue from Communications. | $222 | -39% | $6.7B | $9.4B | ||||
| Fiberhome Telecommunication Technologies Co Ltd is a China-based company engaged in the manufacture and sales of communication equipment. Its main products include communication system equipment, optical fibers, cables and data networking products, such as the optical networking products, Internet protocol (IP) data products, broadband access products, optical fibers and cable products, wireless communication products and power supplies, as well as the optoelectronic devices. The company mainly distributes its products in domestic and overseas markets. | $4 | +31% | $5.8B | $6.8B | ||||
| Glarun Technology Co Ltd is involved in fields associated with electronic information technology from high starting points and focuses on the growth and development in aspects of traffic electronics, supply chain integration service, microwave and communication, software and information service, energy electronics and other relevant industries. Its business fields include Rail transit; Air traffic; Intelligent transportation and Maritime traffic. | $4 | +3% | $4.8B | $4.7B | ||||
| Sterlite Technologies Ltd is an Indian-based company engaged in the business of Connectivity and Network Solutions. Its products and solutions mainly include integrated optical fiber, copper telecom cables, structured data cables, access equipment, fiber connectivity and system integration solution offerings for telecom networks, OSS/ BSS solutions, billing and bandwidth management solutions for organizations, and others. Its segments include Optical networking business (ONB), Global service business (GSB) and Digital and technology solutions (Digital). The company offers its services within India and in the International market. It earns majority of the revenue from Optical networking business segment. | $8 | +545% | $3.9B | $3.9B | ||||
 | Comsys Holdings Corp installs electrical and telecommunications facilities and equipment. The company operates through the Comsys Information Systems Group segment, Hokuriku Telephone Construction Group segment, NDS Group segment, Nippon Comsys Group segment, SYSKEN Group segment, Sanwa Comsys Engineering Group segment, TOSYS Group segment, Tsuken Group segment, and Others segment. It generates the majority of its revenue from the Nippon Comsys Group segment, which is engaged in the construction of telecommunications facilities focusing on the Nippon Telegraph and Telephone Corporation (NTT) group. | $33 | +19% | $3.8B | $3.4B | ||||
 | Axiata Group Bhd is a telecommunications company. The business segment of the company is the Mobile segment, which includes the provision of mobile services and other services such as the provision of interconnect services, sale of devices, pay television transmission services, broadband services, digital business, and others; the Fixed broadband segment is engaged in the broadband and broadcasting business; Infrastructure segment is engaged in the provision of telecommunication infrastructure and related services; and Others comprise investment holding entities, financing entities and other operating companies providing other services including digital business and fibre optic transmission. The company has a presence in Malaysia, Indonesia, Bangladesh, Sri Lanka, Nepal, and Cambodia. | $0 | -31% | $3.7B | $8B | ||||
 | Huber& Suhner AG is a Switzerland-based company that designs and creates connections for data and power transmission. It specializes in electrical and optical connectivity components and system solutions that deliver high performance, quality, reliability, and a long service life even under the toughest of conditions. The company has three reportable segments Industry, Communication, and Transportation. It generates the majority of revenue from the Industry segment. Its product portfolio includes radio frequency and microwave products; fiber-optic products involving ultra-high data transmission speeds; low-frequency products such as databus, signal, and power cables; and passive components such as cables, connectors, assemblies, and antennas. | $201 | +10% | $3.7B | $3.5B | ||||
| HFCL Ltd is an Indian manufacturer and exporter of optical fiber cables and broadband equipment for the telecommunication industry. Firm business segments include Telecom Products and Turnkey Contracts Services. The Telecom Product segment produces optical fiber cable, optical fiber, and telecom equipment. The Turnkey Contracts and services segment is engaged in delivering telecom infrastructure and communication network systems for Telecom Operators, Defence Services, Railways, Safe and Smart Cities, etc. The firm's products and solutions include Fiber optics, Telecommunication, Defence, and Passive Networking Components. It generates substantial revenue from the sale of turnkey projects and related activities. | $2 | +178% | $3.3B | $3.4B | ||||
| Helios Towers PLC is a United Kingdom-based company that provides telecommunications towers and infrastructure. The company offers tower-related operational services, including site selection, site preparation, maintenance, security, and power management. The solutions offered by the company include Colocation, Build-to-suit, In-building solutions, Managed Services, and others. | $3 | +50% | $3.2B | $5.1B | ||||
| China Communications Services Corp Ltd is active in the technology sector. It provides integrated comprehensive solutions for the informatization and digitalization sector. It provides integrated solutions, including telecommunications infrastructure services, business process outsourcing services as well as applications, content, and other services to telecommunications operators, government agencies, industrial customers, and small-and-medium enterprises. The Company principally has one operating segment, which is the provision of integrated comprehensive smart solutions in the field of informatization and digitalization. | $0 | -28% | $3.1B | $1.4B | ||||
| IHS Holding Ltd is an independent owner, operator, and developer of shared telecommunications infrastructure. The company provides telecommunications infrastructure to its customers, who are MNOs, who in turn provide wireless voice and data services to their end-users. Its geographical segments are Nigeria, Sub-Saharan Africa, the Middle East and North Africa (MENA), and Latin America (Latam). The majority of its revenue is derived from Nigeria. | $8 | +19% | $2.8B | $4.5B | ||||
 | NetLink NBN Trust is a national provider of internet service. It designs, builds, owns, and operates network infrastructure comprising ducts, manholes, and fiber cables. Its non-building address point (NBAP) applications include infrastructure for telecommunications operators such as wireless network base stations, cameras, sensors, signage, and outdoor kiosks. The company generates the majority of its revenue from Installation-related revenue and Ancillary project revenue. The company operates in Singapore, the USA, the UK, and the rest of the World. | $1 | -4% | $2.8B | $3.4B | ||||
 | Operadora De Sites Mexicanos SA de CV is engaged in building, installing, maintaining, operating, and marketing, various types of towers and other support structures, as well as physical spaces and other non-electronic elements for the installation of radiating radio communications equipment. | $1 | +5% | $2.5B | $5.4B | ||||
 | Sunevision Holdings Ltd is an Investment holding company. Its segment includes Data centre and IT facilities covering the provision of data center and IT facilities colocation services to allow customers to house their IT infrastructure or equipment, interconnection services to provide customers with high-speed and reliable interconnectivity, and other managed services; and ELV and IT systems comprise installation and maintenance services for the respective systems. It generates the majority of its revenue from Data centre and IT facilities. The company generates the majority of its revenue from Hong Kong. | $1 | -10% | $2.4B | $4.4B | ||||
| Array Digital Infrastructure, formerly US Cellular, sold its regional wireless operations serving about 4.4 million customers to T-Mobile in August 2025. The firm has agreed to sell most of its remaining spectrum licenses; however, it will still retain rights to C-band spectrum in several locations after these deals are closed. Array also owns a 5.5% stake in Verizon Wireless' Los Angeles operations, as well as other smaller wireless partnership interests in Oklahoma and upstate New York. The firm still operates a portfolio of about 4,400 wireless towers. | $28 | -43% | $2.4B | $3.4B | ||||
| Ligent Technologies Inc is an investment holding company. It operates in the optical communication industry, engaged in the research, production and sales of optical transceivers, optical chips and optical network terminals. Geographically, it has a presence in Asia, North America, Europe and others. The majority of revenue is derived from Asia, mainly from China. | $2 | -- | $2.3B | $2.3B | ||||
 | Chorus is New Zealand’s largest fixed-line communications infrastructure entity. It completed the government's rollout of ultra-fast broadband a fiber-to-the-premises network covering 87% of the population in New Zealand in December 2022. Chorus offers wholesale access to the country's only nationwide copper and fiber infrastructure network. This allows around 100 retail service providers to enable consumers and business to connect to the internet and other telecommunications products. Chorus also provides backhaul services to retail service providers and connects mobile telephony towers. | $5 | -12% | $2B | $3.8B | ||||
| Liberty Latin America Ltd is a telecommunications company. It is a provider of video, broadband internet, fixed-line telephony, and mobile services to residential and business customers. The company's reportable segments include C&W Caribbean, Liberty Networks, C&W Panama, VTR, Liberty Puerto Rico and Liberty Costa Rica. The company generates the majority of its revenue from C&W Caribbean, and Liberty Puerto Rico segments. | $10 | +12% | $1.8B | $10B | ||||
| Anterix Inc is a United States-based company engaged in delivering broadband needed to modernize infrastructure for energy, transportation, logistics, and other industries. The company offers Private LTE for utilities which help to automate processes, monitor environmental conditions, enable artificial intelligence, and drive productivity. | $80 | +290% | $1.6B | $1.5B | ||||
| Cetc Potevio Science & Technology Co Ltd formerly Gci Science & Technology Co Ltd is a China-based company engaged in the provision of telecommunication network construction technical services and products. It mainly provides public network integrated solutions and special network integrated solutions. The company's network products include network coverage products, network access equipment and communication series printed circuit boards. | $2 | -44% | $1.5B | $1.3B | ||||
 | Browave Corp is mainly engaged in the design, production, and sales of optical fiber communication components. Its products include Modules, Components, MPO/MTP Cable, and Optical parts. | $15 | +78% | $1.5B | $1.4B | ||||
| PT Dayamitra Telekomunikasi Tbk is engaged in providing telecommunications infrastructure. The Group has two segments namely Telecommunication tower lease and Others. It derives maximum revenue from Telecommunication tower lease segment. | $0 | -52% | $1.4B | $2.6B | ||||
| PT Tower Bersama Infrastructure Tbk is a provider of coverage solutions. The firm's primary business is leasing space for antennas and other equipment for wireless signal transmission to telecommunication operators. The Company also provides telecommunications operators with access to its Distributed Antenna System networks in shopping malls and office buildings. A majority of the firm's revenue is generated from Indonesia. The company's operating segments include Tower, Repeater, Building, and Fiber Optic. The company generates the majority of its revenue from the Tower segment. | $0 | -50% | $1.3B | $3B | ||||
| Foci Fiber Optic Communications Inc designs, manufactures, and markets high-performance fiber optic components and integrated modules including fiber optic coupler, PLC splitter, thin film coarse WDM, dense WDM, multi-fiber cable assembly module, etc. that increase the bandwidth and flexibility of today’s communication networks. Its products include interconnector series, isolators, couplers, splitters, attenuators, WDM devices, and filter devices, among others. Geographically, it generates the majority of its revenue from America. | $11 | -3% | $1.3B | $1.2B | ||||
| Rai Way is an Italian operator of broadcasting and digital infrastructure, based in Rome and listed on Euronext Milan under the ticker RWAY. It owns and runs the transmission network that carries the radio and television signals of the public broadcaster RAI, which holds about 65 percent of its capital. The network comprises more than 2,300 sites, with DVB-T and DVB-T2 television, FM and DAB+ radio, and satellite and fibre links. Rai Way also sells tower hosting to mobile operators, more than 6,000 km of fibre connectivity, edge data centers with cloud services and a content delivery network. The company became operational on 1 March 2000, after RAI transferred its transmission and broadcasting division to it, and it listed on the stock exchange in 2014. In the first half of 2026 it reported revenues of EUR 143.9 million and adjusted EBITDA of EUR 96.8 million. | $5 | -26% | $1.3B | $1.3B | ||||
| Cordiant Digital Infrastructure Ltd is an investment company. Its principal activity is to invest in Digital Infrastructure Assets. The company seeks to generate attractive total returns for shareholders over the longer term, comprising capital growth and a progressive dividend, through investment in digital infrastructure assets. The company operates geographically into Poland, Czech Republic, Ireland, Belgium, and the USA. | $2 | +20% | $1.2B | $1.5B | ||||
| PT Sarana Menara Nusantara Tbk is an investment company. The company's main business focus is to invest in companies engaged in operating telecommunication tower locations for lease to wireless communication companies. The business segments of the company include Tower lease and Other services (VSAT service, and Wireline). The majority of the company's revenue is generated from the Tower Lease segment. | $0 | -36% | $1.2B | $3.8B | ||||
| Uniti is the product of the August 2025 merger of the firm with Windstream, its former primary customer. The combined firm owns a 217,000 route-mile fiber network that primarily serves enterprise customers. This fiber business generates about 20% of consolidated revenue. Uniti also owns phone networks that reach about 4.5 million households, mostly in less-populated markets in the Southeast. Uniti is rapidly upgrading this network to offer fiber-based broadband services. Its fiber network reaches about 1.8 million locations in its service territory. Residential telecom services account for about a third of total revenue. Small business and wholesale services provided over the legacy phone network account for about 20% of revenue. | $5 | -23% | $1.2B | $12B | ||||
| China Bester Group Telecom Co Ltd formerly known as Wuhan Bester Group Telecom Co Ltd is specialized in communications network technology services. It is engaged in planning, design, construction, maintenance, and optimization of communications networks for telecom operators in China. It offers full-service information solutions for governments, industries and enterprises. Further it offers personalized information services to the public. | $2 | -31% | $1.2B | $1.7B | ||||
| GCI Liberty Inc through its wholly owned subsidiary, provides a full range of data, wireless, video, voice, and managed services to residential customers, businesses, governmental entities, and educational and medical institutions in Alaska under the GCI brand. | $27 | -18% | $1.1B | $1.9B | ||||
| Macquarie Technology Group operates three business units. The telecom division is how the group first began in 1992, providing voice, mobile, and general connectivity and network security services to businesses utilizing its data network. The cloud services and government division leverages the group’s data center facilities to provide cybersecurity, colocation services, public and private cloud, and storage services to corporate and government customers. In 2018, the data centers division was separately launched, providing sovereign data centers for governments, major hyperscalers, and large multinationals. | $35 | -20% | $913M | $997M | ||||
| Superloop Ltd is provides connectivity and services to customers in three segments of the market: Consumer, Business and Wholesale. Majority of revenue comes from Consumer segment is defined by customers who purchase basic internet and mobile phone products for domestic residential use, followed by Business segment is defined by small, medium and large corporate customers who purchase connectivity services to facilitate their core business. The products sold in the Business segment include NBN TC2 and Enterprise Ethernet, Internet Access, Dark Fibre, Fixed Wireless Access, Third Party Access, Mobile 4G, SD-WAN, Security, VoIP and Managed Wifi, followed by Wholesale segment is defined by large scale telecommunications, data and technology customers. | $2 | -5% | $902M | $1000M | ||||
 | Priortech Ltd provides contract manufacturing services. It also operates through its subsidiaries. Its activities include supply of printed circuit boards and assembled electronic components & supply of automated optical inspection solutions and wafers. It operates in electronics industry and provides capital equipment, technologies, and manufacturing services. | $76 | +13% | $897M | $993M | ||||
| Service Stream Ltd is an essential services provider in Australia, specialising in the design, construction, operation and maintenance of essential infrastructure networks and assets across the Telecommunications, Utilities and Asset & Facility Management sectors. It delivers services across electricity, gas, water, industrial infrastructure, renewable energy systems, fixed and wireless telecommunications, Defence and social infrastructure assets, and others. Services are provided on behalf of government, government-related entities and private asset owners/network operators. Its segments are: the Telecommunications segment, generating maximum revenue and providing comprehensive, end-to-end services for fixed-line and wireless telecommunications networks, and the Utilities segment. | $1 | -3% | $888M | $908M | ||||
| RailTel Corporation of India Ltd is a neutral telecom infrastructure provider in the country. It owns a pan-India optic fiber network on an exclusive Right of Way along the Railway track. The company's operating segment includes Telecom Services and Project Work services. It generates maximum revenue from the Telecom Services segment. The telecom services segment of the company provides services such as Managed Data Services; Leased Lines; Virtual Private Networks; Internet Leased Lines; Data Centre; Tower collocation, Rack and space, and NLD for voice carriage, and the project work services involve the following projects; National Optical Fiber Networks, Telecom and IT services related projects, and Enterprise specific IT & ITES Projects. | $3 | -29% | $869M | $713M | ||||
| Vistance Networks (NASDAQ: VISN) is a US provider of network infrastructure and connectivity products. Its range covers broadband access network systems, cable headend optics, passive optical networks and radio frequency equipment. It has sold its RUCKUS Networks business and is headquartered in Richardson. | $4 | -79% | $863M | $186M | ||||
| Hexatronic Group AB is a technology group specialized in fiber communications products. The company supplies fiber optic products and solutions, and a complete range of passive infrastructure for telecom companies. The company offers products such as Fiber Solutions, including cables, Microtubules and bundles of microtubules, as well as Accessories for Cables and microducts. Additionally, it provides installation services. Wireless solutions include 5G and Wireless network infrastructure, along with the InOne Powered Fibersystem. For harsh environments, the company offers dynamic cables, Connectivity Solutions, and sensor systems. The company operates in Sweden, Europe (other than Sweden), North America, and APAC, with the majority of revenue from Europe and North America. | $4 | +70% | $840M | $1B | ||||
 | EuroTeleSites AG offers solutions and services to deploy and support wireless networks. It is a telecommunications infrastructure provider and offers comprehensive solutions for building and maintaining mobile networks in Austria, Bulgaria, Croatia, North Macedonia, Slovenia, and Serbia. | $5 | -9% | $827M | $2.1B | ||||
| Tejas Networks Ltd is an optical and data networking products company. The company designs, develops, and manufactures high-performance products for building high-speed communication networks that carry voice, data, and video traffic from fixed-line, mobile, and broadband networks. It serves telecommunications service providers, internet service providers, utilities, defense, and government entities. It derives a majority of its revenue from India and the rest from International markets. | $4 | -19% | $797M | $1.3B | ||||
| Genew Technologies Co Ltd is engaged in design and sales of communication system equipment, and provide customers with professional and complete customized communication technology solutions. The company's product categories include Core Network; Copper Access Network; Unified Communication; Optical Transmission Network; Optical Access Network; and Ethernet Switch. | $4 | -16% | $706M | $770M | ||||
| ITG is a US provider of digital and utility infrastructure services with its principal office in Fort Lauderdale, Florida. Founded in 2013 by field technicians, it supports the planning, design, construction, operation, maintenance and expansion of broadband, wireless, fiber, data center, utility and civil infrastructure. It works through two service lines: Engineering & Maintenance, which provides recurring network design, upgrades, repairs, fulfillment and underground utility locating and generates most of its revenue, and Infrastructure Deployment, which builds fiber, wireless and underground civil projects for carriers, overbuilders, data center operators and utilities. ITG operates from more than 260 locations across 49 US states with a workforce of over 14,000, has installed some 350,000 miles of fiber, and runs its field operations on a proprietary business intelligence platform called FUSE 360. The company earns fees under recurring service programs and project contracts, and its 2025 revenue was $1.15 billion, up 15.7% on the prior year. ITG, Inc. listed its Class A shares on Nasdaq under the ticker ITG on 1 July 2026. | $6 | -- | $705M | $1.6B | ||||
 | Dalekovod DD offers engineering, production, construction, and installation of electric power facilities, facilities for the road, railroad, mass transit, and telecommunication infrastructure activities. The business segments of the company are the Production segment which includes forging works, the casting plant, and the laboratory for quality control and the production and sales of metal frames, manufacture and sales of suspension and jointing equipment whereas the Construction segment includes the services of construction and project documentation preparation of power and distribution facilities, transformer stations, installing antenna and others. The company generates maximum revenue from the construction segment. | $17 | +70% | $686M | $635M | ||||
| PT Inti Bangun Sejahtera Tbk is engaged in providing telecommunication services. The company's operating segment includes Telecommunication towers, buildings, tools and machineries, and network equipment. The company generates maximum revenue from the Telecommunication tower. | $0 | +52% | $642M | $649M | ||||
| Kinx Inc is a Korea based carrier-neutral infrastructure provider. The company offers services to prominent domestic and international carriers, content providers, multiple system operators, financial institutions, and government agencies. | $131 | +85% | $638M | $677M | ||||
| Shenandoah Telecommunications Company, with its subsidiaries, provides various broadband communication products and services via its wireless, cable, fiber optic, and fixed wireless networks to customers in the Mid-Atlantic United States. The company operates through one business unit: Broadband. The broadband segment provides broadband Internet, video, and voice services to residential and commercial customers. The broadband segment generates the vast majority of the company's revenue, with the bulk of sales flowing from residential and small, and medium businesses within the broadband unit. | $10 | -7% | $563M | $1.4B | ||||
 | Reunert Ltd operates a portfolio of electrical engineering, ICT and applied electronics businesses. IT manufactures and sells power cables and low-voltage circuit breakers; provides ICT products and services including business communications, total workspace solutions, rental-based finance and digital integration; and develops, supplies and maintains high-precision electronic products for secure communications, fuze technology, radar systems, specialised engineering and renewable energy solutions. it operates through three reportable segments: Electrical Engineering, which generates the majority of revenue, ICT, and Applied Electronics. IT operates mainly in South Africa, the Rest of Africa, Asia, Australia, Europe, and North America, and the majority of revenue is from South Africa. | $3 | -18% | $468M | $470M | ||||
| Dongwon Systems Corp is engaged in the business of packaging. Its categories include soft packing; glass bottle; PET bottle; aluminum can; steel cans; paper box; industrial film; sanitary film and others. | $16 | -17% | $459M | $679M | ||||
| Adtran Holdings Inc is a provider of networking and communications platforms, software, and services focused on the broadband access market. It operates under two reportable segments: Network Solutions, which includes hardware and software products that enable a digital future that supports the company's Subscriber, Access & Aggregation, and Optical Networking Solutions; and Services & Support Segment which includes network design, implementation, maintenance and cloud-hosted services supporting the company's Subscriber, Access & Aggregation, and Optical Networking Solutions. | $5 | -39% | $394M | $931M | ||||
| Allot Ltd. is an Israeli public network-intelligence and security company founded in 1996. It provides technology to mobile, fixed and cloud service providers and to enterprises that need visibility and control over network traffic. Allot's products cover application and traffic analytics, policy control, network optimization and network-based security services. The company sells deployed network platforms and software while also generating recurring subscription revenue from security and service offerings. Its customers use the technology to manage bandwidth, protect subscribers and monetize broadband services. Allot acquired Oversi Networks in 2012 to add video caching and acceleration to its service-gateway portfolio and integrate those functions with analytics, charging and traffic-management capabilities. | $8 | -17% | $392M | $297M | ||||
| Pace Digitek builds telecom infrastructure such as towers, optical fibre and passive equipment, and also does solar and energy storage projects. Customers are telecom operators, tower companies and government programmes. It is headquartered in Bengaluru. | $2 | -30% | $362M | $438M | ||||
| Rapac Communication & Infrastructure Ltd manufactures telecommunication equipments. It provides equipments for broadcast applications. It also works in the domain of data communication, voice communication & multimedia through its subsidiaries. It focuses on telecom, government and energy and infrastructure in Israel. | $23 | +24% | $348M | $517M | ||||
| Comba Telecom Systems Holdings Ltd is an investment holding company. The company operates in two segments: Wireless telecommunications network system equipment & services, and Operator telecommunication services. Its solutions include Antenna Site, In-Vehicle Broadband, Indoor Coverage Enhancement, Large Venue Coverage, LTE Upgrade, Railway/Tunnel Coverage, Wireless Backhaul, and Small Cell. It serves various industries such as airports, Education, Government and Public, Hospitality, stadiums, Transportation, and others. The company generates maximum revenue from the Wireless telecommunications network system equipment & services segment. Its geographical segments are Mainland China, Other countries/areas in the Asia Pacific, Americas, European Union, Middle East, and Other countries. | $0 | -69% | $344M | $196M | ||||
| Bondada Engineering Ltd is an integrated infrastructure company providing engineering, procurement, and construction (EPC) and operations and maintenance (O&M) services to pan-India customers in the telecom and solar energy sectors. The company generates the majority of its revenue from EPC services, which include passive telecom infrastructure such as cell site construction, tower erection, maintenance, and the supply of poles, towers, power equipment, and optical fiber cable services to telecom companies and tower operators. The company and its subsidiaries are engaged in Civil, mechanical, electrical, and O&M works; manufacturing of telecom towers and steel structures; solar EPC and O&M; UPVC windows; AAC blocks; LED lights; BLDC motors; and solar IPP. | $3 | -- | $323M | $331M | ||||
| Ericsson Nikola Tesla DD is a provider of communication products and services and ICT solutions related to healthcare, national and public safety, state administration, transport, utilities, and multimedia communication. The company's principal activities include research and development of telecommunications software and services, design, testing, and integration of total communications solutions, managed services, supply, and maintenance of communications solutions and ICT solutions, towards customers within the Ericsson Group, customers in the Republic of Croatia, and Bosnia and Herzegovina, and several customers in Central and Eastern Europe. It operates in four segments Networks, Digital Services, Managed Services, and Others. | $243 | +5% | $319M | $280M | ||||
 | Intracom Holdings SA is a Greece based company. It provides information and technology solutions, construction projects, defense electronics, advanced communication systems, and defense applications software. The company's services are used by the public sector, banks, telecommunication sector, healthcare sector, environmental sector, and others. | $3 | -10% | $284M | $308M | ||||
| PT Bali Towerindo Sentra Tbk is a provider of telecommunication tower leasing and transmission network services in Bali Province and is expanding outside Bali Province by building Microcell Poles in several cities in Indonesia. Its supporting business activity is management and human resources development consultancy services, telecommunication services, information technology services, and services for the installation of telecommunication devices. The company operates in two business segments, which include Cellular that includes tower leasing, transmission/bandwidth leasing, and operations & maintenance (O&M), covering electricity and backup power activities, and Non-cellular, which offers residential, corporate, and government Fiber-to-the-X (FTTX) products under the brand Balifiber. | $0 | -14% | $268M | $443M | ||||
| STL Networks Ltd is a technology services organization mainly involved in providing comprehensive solutions across fiber network services, system integration, IT infrastructure management, setting up data center operations, Network Operations Center (NOC), and Security Operations Center (SOC). The Group operates only in one Business Segment, i.e., Global Services Business, consisting of providing comprehensive solutions across fiber network services, system integration, IT infrastructure management, setting up data center operations, Network Operations Center (NOC), and Security Operations Center (SOC). The Company generates maximum revenue from India. | $0 | +98% | $237M | $309M | ||||
 | Bangladesh Submarine Cables PLC provides high-capacity bandwidth through submarine cable to IGW, IIG, ISP, and other operators across Bangladesh, ensuring customers benefit from telecom and IT-related services. It is the sole provider of submarine cable bandwidth services in the country, manages the country’s submarine cable systems, and also acts as an IIG service provider. The company provides bandwidth and IPLC services (E-1, STM-1, STM-4, STM-16, STM-64/10GE, and 100GE) to IIG and IGW operators, IP transit to IIGs and ISPs, IPLC to corporate and other BTRC-permitted customers, co-location services at its data center and landing stations, and National Internet Exchange (NIX) service. | $1 | +7% | $211M | $187M | ||||
| AudioCodes Ltd provides voice communications solutions for enterprises, contact centers, and service providers, including voice infrastructure, cloud-based platforms, and Voice AI applications. Its AudioCodes Live Platform is a cloud-based service delivery platform that enables provisioning, management, and operation of voice and AI-based communication services, including PSTN connectivity and integration with platforms such as Microsoft Teams, Webex Calling, and Zoom Phone. The company's solutions are organized into three layers: voice infrastructure and devices, cloud-based platforms, and Voice AI applications for contact center and productivity use cases. It also offers management tools such as One Voice Operations Center (OVOC), Device Manager, and AudioCodes Routing Manager (ARM). | $9 | +0% | $210M | $205M | ||||
| GTL Infrastructure Ltd is a telecom tower company operational in India. It provides passive infrastructure on a shared basis to telecom operators. The firm's business model is based on building, owning, operating and maintaining the passive telecom infrastructure sites capable of hosting multiple service providers. It also associates with projects being promoted by the department of telecommunications and cellular operators association of India. | $0 | -23% | $147M | $762M | ||||
| Optical Cable Corp manufactures a broad range of fiber optic and copper data communication cabling and connectivity solutions for the enterprise, wireless carrier, and specialty markets. The Company offers high quality products that operate as a system solution or integrate with other components, including fiber, copper, hybrid cabling, cabinets, racks, enclosures, and deployable solutions for enterprise networks, data centers, residential, campus, Passive Optical LAN installations, and customized applications in military, industrial, mining, petrochemical, renewable energy, and broadcast industries. It operates a single reportable segment covering the design, development, manufacture, and marketing of its cabling and connectivity solutions. | $10 | +29% | $93M | $101M | ||||
| PT MNC Asia Holding Tbk is an investment company that operates in the diversified media industry. The company operates through four strategic business sectors: Media & Entertainment, Financial Services, Tourism & Hospitality, and Energy. The company generates the majority of its revenue from the Media & Entertainment through advertising and content business. | $0 | -54% | $73M | $1.4B | ||||
 | Ekinops SA is a provider of open and interoperable telecommunications solutions for service providers, including telecommunications operators and businesses. Its offerings support the deployment of optical transport, broadband, high-speed data, and enterprise network services, including solutions designed for network virtualization. Its portfolio includes the Ekinops 360 platform for metropolitan, regional, and long-distance optical transport networks using WDM technology, the OneAccess portfolio providing physical and virtualized Layer 2 and Layer 3 connectivity solutions, and the Compose portfolio, which includes software and management tools for software-defined networking, SD-WAN, edge-to-cloud infrastructure, and secure service edge (SSE) solutions. | $3 | +62% | $73M | $85M | ||||
 | Alcatel Lucent Teletas Telekomunikasyon AS is a Turkey-based communications services and equipment provider. It is primarily involved in the production and sale of telecommunication equipment. The company operates through Core Network and Access Network segments. It offers telephone switchboards and transmission devices; and fixed, mobile, and private network solutions and services. Geographically business activities are functioned through the region of Turkey. | $1 | -43% | $54M | $28M | ||||
| Nextcom Ltd provides telecommunication services. It acts as an integrator of infrastructure & communications networks. It provides services like Underground Fiber-Optic Infrastructure, Services for End Users and wired & wireless communication networks. It is also engaged in renewable energy, infrastructure and engineering facilities, and natural gas. | $3 | -- | $43M | $58M | ||||
| Huge Group Ltd is an investment holding company. Along with its subsidiaries, it is engaged in providing voice, messaging and data connectivity services using the wireless system for mobile-based, fixed cellular last-mile solutions to residential customers and a range of corporate clients, from large corporations to small and medium enterprises. The company generates all of its revenue from South Africa. The company's segment includes Connectivity and Cloud, Distribution, Software and xTech, and Corporate Office. The company generates the majority of its revenue from Connectivity and Cloud. | $0 | +113% | $25M | $44M | ||||
| UTStarcom Holdings Corp is providing telecommunication network products, solutions and services. It focus on delivering carrier-class packet optical, network synchronization and broadband access (both wireless and fixed line) products and solutions, coupled with Software Defined Networking (SDN) platform, optimized for mobile backhaul, metro aggregation, broadband access and value added services. The business activity of the firm is operated through the Equipment and Service segment. The Equipment segment is focused on equipment sales, including network infrastructure and application products, and the Service segment is engaged in providing services and support of equipment products and also the new operational support. Key revenue is generated from Equipment segment. | $2 | -23% | $18M | - | ||||
| Swoop Holdings Ltd is a provider of fixed wireless internet services to wholesale, business and residential customers. The Swoop network is designed and scaled to deliver ultra-reliable, high-throughput, flexible telecom network services. | $0 | -38% | $17M | $21M | ||||
| GTL provides operations and maintenance for telecom towers and passive infrastructure to mobile operators and tower companies in India. It has been restructuring its debt for years. The company is headquartered in Mumbai. | $0 | -21% | $12M | $531M | ||||
| Vislink Technologies Inc is a technology business specializing in collecting, delivering, and managing high-quality, live video and associated data from the scene of the action to the viewing screen. The company provides RF and 5G solutions for collecting live news, sports, entertainment, and news events for the broadcast, surveillance, and defense markets with real-time video intelligence using a range of transmission products. The company provides professional and technical services utilizing a staff of technology experts with decades of applied knowledge and real-world experience in terrestrial microwave, satellite, fiber optic, surveillance, and wireless communications systems, delivering a broad spectrum of customer solutions. | $4 | +91% | $10M | $4M | ||||
| Swissnet Group AG is a diversified provider of digital and Information and Communications Technology (ICT) solutions. The Group's activities include ICT infrastructure and services under the Swissnet brand in Switzerland, as well as AI-powered concierge and guest engagement solutions offered through Lokalee. Its primary focus is on selling location-based marketing software as a service (SaaS) to enable retailers across industries to transform the shopping experience for customers in physical stores. This service includes a comprehensive suite of software, Track Bluetooth-Beacons, and software for Wi-Fi management, all designed to be installed in physical stores. Geographically, the Group generates its key revenue from the DACH region, followed by other European markets and other regions. | $1 | -82% | $9M | $25M | ||||
| Hammer Technology Holdings Corp is a public company advancing disruptive technologies in fintech, AI, and healthcare. Its fintech arm focuses on digital stored value solutions through the HammerPay mobile payments platform, enabling secure, encrypted commerce and remittances between consumers and merchants in developing regions. Initially formed to deliver high-speed wireless broadband in the U.S., the company has expanded services to Africa and is pursuing partnerships with wireless operators. The company has since diversified its technology portfolio, with HammerPay marking its step into fintech. | $0 | -- | $6M | $6M | ||||
| Telemasters Holdings Ltd is a diversified technology investment company. It provides comprehensive telecommunications services including internet connectivity, cloud solutions, and data storage tailored for businesses across South Africa. The company's reporting segments are: ICT Managed Solutions, Data Centre Services and Corporate. It generates the majority of revenue from the ICT Managed Solutions segment, which provides i) ICT managed solutions to medium and small enterprises through a comprehensive suite of products and services focused on digital connectivity and ii) Data Centre Services. | $0 | +22% | $4M | $4M | ||||
| Pentanet Ltd is a licensed telecommunications carrier and internet service provider (ISP), delivering high-speed internet services via its fixed-wireless network and other fixed-line networks. The company provides a range of services for residential, commercial, and enterprise customers. It operates in two segments namely Telecommunications and related services, and Gaming and technology services within Australia. The company generates maximum revenue from the Telecommunications services segment. | $0 | -46% | $4M | $8M | ||||
| DZS Inc is a provider of network access solutions. It designs, develops, and manufactures communications network equipment for telecommunications operators and enterprises. The firm provides solutions in the following areas: broadband access, middle-mile optical transport, and networks orchestration, network assurance, and Wi-Fi management software. Its primary geographic markets are the Americas, Europe, Middle East, Africa, Australia, and New Zealand. | $0 | -- | $4K | $4K | ||||
| Median | $4 | -3% | $1.2B | $1.5B | 3.4x | 11.9x |
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