Acevector Valuation Multiples

Microsoft is an American technology company headquartered in Redmond, Washington that sells software, cloud computing services, devices and games to consumers, businesses and governments. It was founded on 4 April 1975 by Bill Gates and Paul Allen and has been led by chief executive Satya Nadella since February 2014. Its products include the Windows operating system, the Microsoft 365 productivity suite, the Azure cloud platform, the Copilot AI assistant, Xbox consoles and games, the LinkedIn professional network, the GitHub developer platform and the Bing search engine. In the fiscal year to 30 June 2026 revenue rose 18% to $331.8 billion, operating income reached $155.2 billion and net income $133.7 billion; Azure revenue passed $100 billion for the first time and Microsoft 365 Copilot exceeded 30 million paid seats. The company earns money from cloud subscriptions and consumption, software licences, advertising, and hardware and game sales, and employs about 223,000 people. Major acquisitions include LinkedIn for $26.2 billion in 2016 and Activision Blizzard for $68.7 billion in 2023, and it is a major investor in OpenAI under a multi-year, multi-billion-dollar partnership announced in January 2023.

Alphabet 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.

Amazon is an American technology and retail company headquartered in Seattle, Washington, with a second headquarters in Arlington County, Virginia. It runs the amazon.com online store and marketplace for third-party sellers, the Amazon Prime subscription programme, which had 200 million subscribers worldwide in 2021, and Amazon Web Services, the cloud computing unit launched in 2002 that rents data storage and computing power to companies. It also sells Echo, Kindle and Fire devices, distributes video, music and audiobooks through Prime Video, MGM+, Amazon Music, Twitch and Audible, and owns the Whole Foods Market grocery chain, Ring, IMDb and the self-driving car developer Zoox. Amazon earns revenue from product sales, seller commissions and fulfilment fees, subscriptions, cloud services and advertising. It reported revenue of US$716.9 billion and net income of US$77.7 billion in 2025 with about 1,576,000 employees, making it the world's largest company by revenue as of 2026 and the second-largest private employer in the United States. Jeff Bezos founded the company as Cadabra on July 5, 1994, in Bellevue, Washington, as an online bookstore and renamed it Amazon that November. Bezos, who owns about 8.8% of the shares, became executive chairman in July 2021, when former AWS chief Andy Jassy became chief executive.

Palantir is an artificial intelligence, analytics, and automated decision-making company that leverages data to drive efficiency across its clients' organizations. The firm serves commercial and government clients via its Foundry and Gotham platforms, respectively. Palantir works only with entities in Western-allied nations and reserves the right not to work with anyone that is antithetical to Western values. The company was founded in 2003 and went public in 2020.

Cisco Systems is a United States networking technology company headquartered in San Jose, California. It develops and sells routers, switches, security products, collaboration systems and software used to connect and manage digital networks. The company serves enterprises, telecommunications providers, public-sector organizations and smaller businesses worldwide. Revenue comes from hardware product sales, software subscriptions, licensing and technical support services. Cisco agreed to acquire CAIS Software Solutions and its IPORT technology in 2000 to strengthen products for property-based broadband access. The company is publicly listed and operates globally through direct sales and partner channels, with products spanning campus, data-center, wide-area and Internet infrastructure.

Oracle is an American multinational technology company headquartered in Austin, Texas, having moved its head office from Redwood Shores, California, in December 2020. It was co-founded on June 16, 1977, in Santa Clara, California, by Larry Ellison, Bob Miner and Ed Oates as Software Development Laboratories, and took its name from its flagship Oracle Database. Oracle sells database software, enterprise applications including enterprise resource planning, human capital management, customer experience and supply chain software, Oracle Cloud Infrastructure and hardware to businesses and governments. It acquired Sun Microsystems and, in June 2022, Cerner for $28.3 billion, which now forms Oracle Health. In January 2025 Oracle joined OpenAI, SoftBank and MGX in the Stargate AI infrastructure venture, and in September 2025 it signed a $300 billion contract with OpenAI for 4.5 gigawatts of capacity over five years. For the quarter ended November 2025 it reported revenue of $14.1 billion, with cloud infrastructure revenue up 68% to $4.1 billion and remaining performance obligations of $130 billion. It employed 141,000 full-time staff in May 2026, and Clay Magouyrk and Mike Sicilia succeeded Safra Catz as co-CEOs, with Ellison as chairman and chief technology officer.

Palo Alto Networks is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, and security operations. The California-based firm has more than 80,000 enterprise customers across the world, including more than three fourths of the Global 2000.

Dell 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 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.

CrowdStrike is a cloud-native cybersecurity company specializing in security verticals such as endpoint, cloud workload, identity, and security operations. CrowdStrike's primary offering is its Falcon platform, which provides enterprises with a unified view to detect and respond to security threats across their IT infrastructure. The Austin, Texas-based firm was founded in 2011 and went public in 2019.

Founded in Germany in 1972 by former IBM employees, SAP is the world’s largest provider of enterprise application software. Known as the leader in enterprise resource planning software, SAP’s portfolio also includes software for supply chain management, procurement, travel and expense management, and customer relationship management, among others. The company operates in more than 180 countries and has more than 400,000 customers, approximately 80% of which are small to medium-size enterprises.

Alibaba Group is a Chinese technology company headquartered in Hangzhou, Zhejiang, founded on 28 June 1999 by Jack Ma and 17 friends and students as the business-to-business marketplace Alibaba.com. It operates China's largest consumer marketplaces, Taobao (consumer-to-consumer) and Tmall (business-to-consumer), the global B2B site Alibaba.com and domestic wholesale platform 1688, alongside international e-commerce, Alibaba Cloud, the Cainiao logistics network, local consumer services and digital media and entertainment businesses, reorganised in 2023 into six business groups. It earns revenue mainly from merchant advertising and commissions on its marketplaces, plus cloud computing, logistics and direct sales. Early backers included Goldman Sachs, SoftBank and Investor AB, which invested $25 million in October 1999. Its September 2014 New York Stock Exchange IPO raised $25 billion, then the largest in history, giving it a market value of $231 billion, and in January 2018 it became the second Asian company to pass a $500 billion valuation. Joseph Tsai became chairman and Eddie Wu chief executive in 2023.

IBM (International Business Machines) is an American technology company headquartered in Armonk, New York, and operating in more than 175 countries. It sells hybrid-cloud and AI software, including Red Hat and the watsonx portfolio, IT consulting services, and infrastructure hardware such as IBM Z mainframes. Its customers are mainly large enterprises and governments, and it earns revenue from software subscriptions and licences, consulting and managed-services contracts, and hardware sales and financing. In 2025 IBM reported revenue of $67.5 billion, up 8%, with software up 11%, consulting up 2% and infrastructure up 12%, and free cash flow of $14.7 billion. The company was founded in 1911 as the Computing-Tabulating-Recording Company and renamed International Business Machines in 1924; it dominated mainframe computing with the System/360 and launched the IBM Personal Computer in 1981 before selling its PC division to Lenovo in 2005. More recently it bought Red Hat for $34 billion in 2019, spun off its managed infrastructure services unit as Kyndryl in 2021, and in December 2025 agreed to acquire data-streaming company Confluent for about $11 billion. Arvind Krishna is chairman and chief executive.

Shopify is a Canadian commerce software company headquartered in Ottawa, Ontario, that provides the cloud platform more than 5 million merchants use to run online stores and physical retail. Its subscription plans let businesses build storefronts, manage products, orders and inventory, and sell through point-of-sale systems, social networks and marketplaces, while merchant solutions add Shopify Payments, the Shop Pay accelerated checkout (more than 150 million users in 2024), shipping, merchant lending through Shopify Capital and an app store with more than 10,000 third-party apps. Revenue comes from monthly subscription fees and, increasingly, from payment processing and other transaction-linked services. Merchants processed US$292.3 billion of transactions on the platform in 2024, and 2025 revenue rose 30% to US$11.6 billion with net income of US$1.23 billion; the company had about 7,600 employees in 2025. Shopify was started by Tobias Lütke, Daniel Weinand and Scott Lake, and Lütke remains chief executive. It went public on May 21, 2015, trades on the Toronto Stock Exchange, moved its US listing from the NYSE to Nasdaq on March 31, 2025, and joined the Nasdaq-100 that May.

Salesforce provides enterprise cloud computing solutions. The company offers customer relationship management technology that brings companies and customers together. Its Customer 360 platform helps the group deliver a single source of truth, connecting customer data across systems, apps, and devices to help companies sell, service, market, and conduct commerce. It also offers Service Cloud for customer support, Marketing Cloud for digital marketing campaigns, Commerce Cloud as an e-commerce engine, the Salesforce Platform, which allows enterprises to build applications, and other solutions, such as MuleSoft for data integration.

Recruit is a holding company for various technology and employment-related businesses. Recruit’s primary business is its HR technology segment, in which it owns two out of three globally scaled employment-related platforms: www.indeed.com, an online marketplace for employment; and www.glassdoor.com, an online review site for employers. Recruit also owns various marketing businesses operating in Japan for life events and lifestyle, a software solutions business for small and medium-size enterprises, or SMEs, in Japan, and various staffing businesses operating throughout the developed world.

ServiceNow Inc provides software solutions to structure and automate various business processes via a SaaS delivery model. The company primarily focuses on the IT function for enterprise customers. ServiceNow began with IT service management, expanded within the IT function, and more recently directed its workflow automation logic to functional areas beyond IT, notably customer service, HR service delivery, and security operations. ServiceNow also offers an application development platform as a service.

Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 800,000 customers across the world.

Uber Technologies is a technology provider that matches riders with drivers, hungry people with restaurants and food couriers, and shippers with carriers. The firm's on-demand technology platform is currently utilized by traditional cars as well as autonomous vehicles, but could eventually be used for additional products and services, such as delivery via drones or electronic vehicle take-off and landing (eVTOL) technology. Uber operates in over 70 countries, with over 202 million users who order rides or food at least once a month.

S&P Global provides data and benchmarks to capital and commodity market participants. Its ratings business is the largest credit rating agency in the world and S&P's largest segment by profitability. S&P's largest segment by revenue is market intelligence, which provides desktop, data and advisory solutions, enterprise solutions, and credit/risk solutions mostly in the financial-services industry. S&P's other segments include energy (formerly commodity insights, this segment includes Platts and other data), mobility (Carfax), and indexes. S&P plans to spin off mobility in 2026.

Founded in 2012, Snowflake is a fully managed platform that consolidates data hosted on different public clouds for centralized analytics and governance. Snowflake’s cloud-native architecture allows users to independently scale the compute and storage layers, providing customers with optimized performance at lower costs. The company’s data lake and data warehouse products support a variety of use cases, including business analytics, data engineering, and artificial intelligence. Snowflake is widely used by Fortune 2000 companies in financial services, media, and retail sectors.

Cloudflare is a software company based in San Francisco, California, that offers security and web performance offerings by utilizing a distributed, serverless content delivery network, or CDN. The firm’s edge computing platform, Workers, leverages this network by providing clients the ability to deploy and execute code without maintaining servers.

PDD Holdings operates commerce businesses globally. Its main operations are Pinduoduo, a social commerce platform in China, and Temu, a global e-commerce marketplace. PDD also has a community group purchase business in China. PDD has built a network of sourcing, logistics, and fulfillment capabilities that support its underlying businesses. PDD has also started its first-party brand business for global markets.

Datadog is a cloud-native company that focuses on analyzing machine data. The firm's product portfolio, delivered via software as a service, enables clients to monitor and analyze their entire information technology infrastructure, from servers to applications and Python scripts. Datadog's platform can ingest and analyze large amounts of machine-generated data in real time, allowing clients to utilize it for a variety of applications throughout their businesses to ensure uptime and latency objectives.

Adobe provides content creation, document management, and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing, and engaging with compelling content multiple operating systems, devices, and media. The company operates with three segments: digital media content creation, digital experience for marketing solutions, and publishing for legacy products (less than 5% of revenue).

Tata Consultancy Services is a leading global IT services provider based in Mumbai, India. Founded in 1968, it is one of the first companies to leverage a global delivery model that helps clients outsource their IT needs to offshore labor. The company boasts a wide range of offerings, including IT consulting, managed services, and business process outsourcing.

Cadence Design Systems is a provider of electronic design automation software, intellectual property, and system design and analysis products. EDA software automates and aids in the chip design process, enhancing design accuracy, productivity, and complexity in a full-flow end-to-end solution. Cadence offers a portfolio of design IP, as well as system design and analysis products, which enables system-level analysis and verification solutions.

Synopsys is a technology company supplying engineering software and semiconductor intellectual property to companies designing chips and electronic systems. Its electronic design automation tools support the design, verification and implementation of integrated circuits. The company also provides reusable semiconductor IP, including interface, analog, embedded memory and other functional building blocks that customers incorporate into their own chips. Its customers are commercial engineering and product-development organisations across semiconductor and other technology markets. Revenue comes from licensing software and intellectual property and providing associated support, training and engineering services. Its portfolio also includes simulation and analysis technologies used to assess engineering designs and system behaviour. The business combines internally developed technologies with acquired capabilities, including the embedded memory and logic library portfolio obtained through its acquisition of Virage Logic in 2010.

AppLovin is a vertically integrated advertising technology company that serves as a demand-side platform for advertisers, a supply-side platform for publishers, and an exchange that facilitates transactions between the two. About 80% of AppLovin’s revenue comes from the DSP, AppDiscovery, while the remainder comes from the SSP, Max. AppLovin’s primary tool for future growth is Axon 2, an ad optimizer within the DSP that lets advertisers place ads based on specified return thresholds.

Intuit serves small and midsize businesses with accounting software QuickBooks and online marketing platform Mailchimp. The company also operates retail tax filing tool TurboTax, personal finance platform Credit Karma, and a suite of professional tax offerings for accountants. Founded in the mid-1980s, Intuit enjoys a dominant market share for small-to-midsize business accounting and self-serve tax filing in the US.

MercadoLibre is a publicly listed e-commerce and financial technology company founded in Buenos Aires in 1999 by Marcos Galperin. It operates an online marketplace, the Mercado Pago payments and credit business, the Mercado Envios logistics network and an advertising unit across eighteen Latin American countries. The company is incorporated in Delaware, trades on the Nasdaq under the symbol MELI and has its headquarters in Montevideo, Uruguay. It reported revenues of 28.9 billion dollars for 2025 and operating income of 3.2 billion dollars, with about 123,670 employees. Its commerce and fintech services reached 131 million unique buyers over the twelve months to the second quarter of 2026. The company has grown through acquisitions of classifieds portals, logistics and payments businesses and through minority investments made partly through its corporate venture fund.

Moody’s, along with S&P Ratings, is a leading provider of credit ratings on fixed-income securities. The ratings segment, Moody’s Investors Service, includes corporates, structured finance, financial institutions, and public finance ratings. MIS represents a majority of the firm’s profit and often (depending on bond issuance levels) a majority of the firm's revenue. The other segment, Moody’s Analytics, consists of decision solutions, research and insights, and data and information.

Prosus is a consumer internet group with listed and unlisted platforms across 100 countries. Around 80% of Prosus’ net asset value is derived from its Tencent holdings, the world’s largest game publisher and operator of WeChat, China’s super app with 1.3 billion users. Prosus has approximately a 23% stake in Tencent. The rest of the group’s businesses and investments are organized into classifieds, food delivery, payments and fintech, and edtech. This includes ownership of iFood, Brazil’s largest food delivery app, and a 25% stake in Swiggy, the second-largest delivery platform in India.In 2019, Prosus was spun out of South Africa-based parent company Naspers Ltd and listed on the Euronext exchange. Naspers holds approximately 75% of Prosus’ shares.

DoorDash is an online delivery demand aggregator. Consumers can use its app to order food on demand for delivery or in-store pickup from participating merchants. After acquiring Wolt in 2022, the firm expanded beyond the US to offer this service in Europe and Asia. DoorDash creates a marketplace that lets merchants build an online presence, market their offerings, and meet demand through delivery. The firm provides similar services to non-restaurant businesses, such as grocery, retail, and pet supplies. DoorDash is also rolling out emerging technologies, such as drone delivery, to continually innovate and deliver the best possible service to both supply-side and demand-side participants in its marketplace.

RELX is a global provider of information-based analytics and decision tools for professional and business customers in various industries. The company serves sectors such as science and medical research, risk management, and legal. In addition, RELX organizes large-scale digital and face-to-face events such as industry trade shows. Around 60% of revenue is generated in North America and about 20% in Europe.

Carvana Co is an e-commerce platform for buying and selling used cars. The company derives revenue from used vehicle sales, wholesale vehicle sales and other sales and revenues. The other sales and revenues include sales of loans originated and sold in securitization transactions or to financing partners, commissions received on VSCs and sales of GAP waiver coverage. The foundation of the business is retail vehicle unit sales. This drives the majority of the revenue and allows the company to capture additional revenue streams associated with financing, VSCs, auto insurance and GAP waiver coverage, as well as trade-in vehicles.

Strategy Inc is a bitcoin treasury company and a provider of business intelligence services. It is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments. The company also provides industry AI-powered enterprise analytics software. It has one reportable operating segment: the Software Business, which is engaged in the design, development, marketing, and sales of the company's enterprise analytics software platform through cloud subscriptions and licensing arrangements and related services (i.e., product support, consulting, and education). Geographically, the company operates in EMEA, U.S. and Other Regions, of which maximum revenue is derived from U.S..

Meituan is a Beijing-based technology platform company founded in 2010 by Wang Xing and listed on the Hong Kong Stock Exchange since September 2018, when its shares debuted at HK$69. Its core services are food delivery, the Dianping consumer-review platform, hotel and travel booking and instant retail, and its Keeta brand has taken the delivery model abroad since May 2023, starting in Hong Kong and later reaching the Middle East and Brazil. In 2025 it reported revenue of about CN¥364.9 billion (US$53.8 billion) and employed about 110,000 people. By the end of 2024 it had over 770 million annual transacting users and more than 14.5 million annual active merchants, and it holds a majority share of more than 65% of China's food-delivery market. Meituan also invests through a strategic investment department, which took part in Meicai's Series C round in 2015.

Atlassian produces software that helps teams work together more efficiently and more effectively. The company provides project planning and management software, collaboration tools, and service desk solutions. Atlassian was founded in 2002 and is headquartered in Sydney, Australia.

eBay is an American e-commerce company based in San Jose, California, that runs online marketplaces where individuals and businesses buy and sell goods through auctions and fixed-price "Buy It Now" listings in 190 markets. It was founded by Pierre Omidyar as AuctionWeb on September 3, 1995, and is listed on Nasdaq and included in the S&P 500. eBay earns most of its revenue from commissions charged to sellers when items sell. In 2023 it reported 132 million annual active buyers and $73 billion of transaction volume, 48% of it in the United States, at a take rate of 13.81%. In 2025 the company generated revenue of $11.1 billion, operating income of $2.28 billion and net income of $2.03 billion, and employed about 12,300 people. Its subsidiaries include the fashion resale app Depop, the Asian marketplace Qoo10 and TCGplayer, a trading-card marketplace agreed in 2022 for up to $295 million. eBay spun off PayPal in 2015, sold StubHub to Viagogo for $4.05 billion in 2020 and sold its classifieds business the same year. Jamie Iannone has been chief executive since April 2020, with Paul Pressler as chairman.

Veeva is the global leading supplier of cloud-based software solutions for the life sciences industry. The company's best-of-breed offerings address operating and regulatory requirements for customers ranging from small, emerging biotechnology companies to departments of global pharmaceutical manufacturers. The company leverages its domain expertise to improve the efficiency and compliance of the underserved life sciences industry, displacing large, highly customized and dated enterprise resource planning systems that have limited flexibility. Its two main products are Veeva CRM, a customer relationship management platform for companies with a salesforce, and Veeva Vault, a content management platform that tackles various functions within any life sciences company.

Founded in 1982, Autodesk is a multinational software company best known for pioneering computer-aided design, or CAD, with its AutoCAD product. Nowadays, Autodesk provides design software for a variety of verticals, including architecture & construction, manufacturing, and media & entertainment. Autodesk products have been used in some of the world's most iconic landmarks, like Burj Khalifa, and well-known movie titles like Avatar.

Constellation Software is an acquirer, manager, and developer of vertical market software, or VMS, businesses globally. VMS differentiates from horizontal software in that it provides mission critical solutions within a specific industry for customers in a particular market. Constellation operates through a decentralized model in which each business operates as its own independent entity. Managers of individual businesses are incentivized to optimize their business for returns on invested capital and revenue growth. Excess cash generated by the individual businesses is repatriated to portfolio managers who focus on allocating as much capital as possible on new acquisitions. As of 2025, Constellation consisted of over 1,000 individual businesses and 64,000 employees.

Workday is a software company that offers human capital management, financial management, and business planning solutions for enterprises. Known for being a cloud-only software provider, Workday was founded in 2005 and is headquartered in Pleasanton, California.

Nebius 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.

Sea started as a gaming business, Garena, but in 2015 expanded into e-commerce. Sea operates Southeast Asia's largest e-commerce company, Shopee, in terms of gross merchandise value. Shopee is a hybrid consumer-to-consumer and business-to-consumer marketplace platform operating in Indonesia, Taiwan, Vietnam, Thailand, Malaysia, the Philippines, and Brazil. For Garena, Free Fire is the key revenue-generating game. Sea’s third business, Monee, provides lending, payment, digital banking, and insurance services. As of March 2025, Forrest Li, the founder, chair, and CEO, owned 59.1% of the voting power. Tencent owned 18.5% of issued shares with no voting power.

Iqvia is the result of the 2016 merger of Quintiles, a leading global contract research organization, and IMS Health, a leading healthcare data and analytics provider. The research and development segment focuses primarily on providing outsourced late-stage clinical trials for pharmaceutical, device, and diagnostic firms. The technology and analytics segment provides aggregated information and technology services to clients in the healthcare industry, including pharmaceutical companies, providers, payers, and policymakers, as well as data and analytics capabilities for clinical trials, including virtual trials. The company also has a small contract sales business.

NetApp 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).

Idexx Laboratories primarily develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock. Its key product lines include single-use canine and feline test kits that veterinarians can employ in the office, benchtop chemistry and hematology analyzers for test-panel analysis on-site, reference lab services, and tests to detect and manage disease in livestock. The firm also offers vet practice management software and consulting services to animal hospitals. Idexx derives roughly 35% of its revenue from outside the United States.