H-Power Valuation Multiples

Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs. GPU use cases have since emerged as important semiconductors used in artificial intelligence to run large language models. Nvidia not only offers AI GPUs, but also a software platform, Cuda, used for AI model development and training. Nvidia is also expanding its data center networking solutions, helping to tie GPUs together to handle complex workloads.

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.

Taiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with about 70% market share in 2025. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public in Taiwan in 1994 and as an ADR in the US in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC. The foundry leader has an illustrious base of customers, including Apple, AMD, and Nvidia, that look to apply its cutting-edge process technologies to their semiconductor designs. TSMC employs more than 83,000 people.

SpaceX is an American aerospace manufacturer and space transportation company founded in 2002 by Elon Musk and incorporated in Texas, alongside launch and manufacturing sites in Hawthorne, California, Cape Canaveral, Florida, and Vandenberg Space Force Base. The company designs, builds, and operates the Falcon 9 and Falcon Heavy rockets, the Dragon crew and cargo spacecraft, and the fully reusable Starship vehicle, and has accounted for the large majority of global mass launched to orbit in recent years on the strength of reusable-rocket economics and a high launch cadence. Its Starlink division operates a low-Earth-orbit satellite constellation delivering broadband internet to more than ten million subscribers across roughly 160 countries, while the Starshield program supplies satellite and connectivity services to government and defense customers. In February 2026 SpaceX combined with Musk's artificial intelligence firm xAI, the developer of the Grok chatbot, which had itself absorbed the social platform X, consolidating space, connectivity, and AI operations under common ownership. The company completed an initial public offering on June 12, 2026, one of the largest in market history, and is led by Musk as CEO.

Meta is the largest social media company in the world, boasting close to 4 billion monthly active users worldwide. The firm's "Family of Apps," its core business, consists of Facebook, Instagram, Messenger, and WhatsApp. End users can leverage these applications for a variety of different purposes, from keeping in touch with friends to following celebrities and running digital businesses for free. Meta packages customer data, gleaned from its application ecosystem and sells ads to digital advertisers. While the firm has been investing heavily in its Reality Labs business, it remains a very small part of Meta’s overall sales.

Broadcom is one of the largest semiconductor companies in the world and has also expanded into infrastructure software. Its semiconductors primarily serve computing, wired connectivity, and wireless connectivity. It has a significant position in custom AI chips to train and run inference for large language models. It is primarily a fabless designer but holds some manufacturing in-house. In software, it sells virtualization, infrastructure, and security software to large enterprises, financial institutions, and governments. Broadcom is the product of consolidation. Its businesses are an amalgamation of former companies like legacy Broadcom and Avago Technologies in chips, as well as VMware, Brocade, CA Technologies, and Symantec in software.

Tesla is a vertically integrated battery electric vehicle automaker and developer of real world artificial intelligence software, which includes autonomous driving and humanoid robots. The company has multiple vehicles in its fleet, which include luxury and midsize sedans, crossover SUVs, a light truck, and a semi truck. Tesla also plans to begin selling a sports car and offer a robotaxi service. Global deliveries in 2025 were nearly 1.64 million vehicles. The company sells batteries for stationary storage for residential and commercial properties including utilities and solar panels and solar roofs for energy generation. Tesla also owns a fast-charging network and an auto insurance business.

Micron is one of the largest semiconductor companies in the world, specializing in memory and storage chips. Its primary revenue stream comes from dynamic random access memory, or DRAM, and it also has minority exposure to not-and or NAND, flash chips. Micron serves a global customer base, selling chips into data centers, mobile phones, consumer electronics, and industrial and automotive applications. The firm is vertically integrated.

SK hynix is a semiconductor memory manufacturer with around 60%-70% of its revenue from DRAM and 30%-35% of its revenue from NAND. The company is both the second-largest DRAM and NAND supplier globally with a 33% and 21% market share, respectively, as of 2024. SK Hynix increased its market position in NAND from fourth to second, after acquiring Intel's NAND business in 2021. SK Square, an investment management company spun off from SK Telecom, is SK Hynix's largest shareholder and currently holds 20% of the company's shares.

Advanced Micro Devices designs a variety of digital semiconductors for markets such as PCs, gaming consoles, data centers (including artificial intelligence), industrial, and automotive applications. AMD’s traditional strength was in central processing units and graphics processing units used in PCs and data centers. However, AMD is emerging as a prominent player in AI GPUs and related hardware. Additionally, the firm supplies the chips found in prominent game consoles such as the Sony PlayStation and Microsoft Xbox.

Johnson & Johnson is the world's largest and most diverse healthcare firm. It has two divisions: innovative medicine and medtech. These now represent all of the company's sales following the divestment of the consumer business, Kenvue, in 2023. After restructurings in 2023-24, the drug division focuses on three main therapeutic areas: immunology, oncology, and neurology. Geographically, just over half of total revenue is generated in the United States.

CXMT Corp is engaged in the research, design, production and sales of Dynamic Random Access Memory (DRAM) products. These DRAM products are widely used in mobile terminals, computers, servers, virtual reality, and the Internet of Things (IoT).

Intel is a leading digital chipmaker focused on designing and manufacturing microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors and led the semiconductor industry down the path of Moore's law for advances in semiconductor manufacturing. Intel remains the market share leader in central processing units in both the PC and server end markets. The company is seeking to reinvigorate its chip manufacturing business, Intel Foundry, while developing leading-edge products in its Intel Products business segment.

Roche is a Swiss biopharmaceutical and diagnostic company. The firm's bestselling pharmaceutical products include a variety of oncology therapies from acquired partner Genentech, and its diagnostics group was bolstered by the acquisition of Ventana in 2008. Oncology products account for 50% of pharmaceutical sales, and centralized and point-of-care diagnostics for more than half of diagnostic-related sales.

Lam Research is one of the largest semiconductor wafer fabrication equipment manufacturers in the world. It specializes in deposition and etch, which entail the buildup of layers on a semiconductor and the subsequent selective removal of patterns from each layer. Lam holds the top market share in etch and holds the clear second share in deposition. It is more exposed to memory chipmakers for DRAM and NAND chips. It counts as top customers the largest chipmakers in the world, including TSMC, Samsung, Intel, and Micron.

Applied Materials is the largest semiconductor wafer fabrication equipment manufacturer in the world. It has a broad portfolio spanning nearly every corner of the WFE ecosystem. Applied Materials holds leading market share in deposition, which entails the layering of new materials on semiconductor wafers. It is more exposed to general-purpose logic chips made at integrated device manufacturers and foundries. It counts the largest chipmakers in the world as customers, including TSMC, Intel, and Samsung.

Arm Holdings is the IP owner and developer of the ARM architecture, which is used in 99% of the world’s smartphone CPU cores, and it also has high market share in other battery-powered devices like wearables, tablets, or sensors. Arm licenses its architecture for a fee, offering different types of licenses depending on the flexibility the customer needs. Customers like Apple or Qualcomm buy architectural licenses, which allow them to modify the architecture and add or delete instructions to tailor the chips to their specific needs. Other clients directly buy off-the-shelf designs from Arm. Both off-the-shelf and architectural customers pay a royalty fee per chip shipped.

Arista Networks is a networking equipment provider that primarily sells Ethernet switches and software to data centers. Its marquee product is its extensible operating system that runs a single image across every single one of its devices. The firm operates as one reportable segment. It has steadily gained market share since its founding in 2004, with a focus on high-speed applications. Arista counts Microsoft and Meta Platforms as its largest customers and derives roughly three-fourths of its sales from North America.

Dallas-based Texas Instruments generates over 95% of its revenue from semiconductors and the remainder from its well-known calculators. Texas Instruments is the world's largest maker of analog chips, which are used to process real-world signals such as sound and power. Texas Instruments also has a leading market share position in processors and microcontrollers used in a wide variety of electronics applications.

Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. The firm operates through four segments as of year-end 2024 (revenue figures include some cross-segment revenue): analytical technologies (17% of sales); specialty diagnostic products (11%); life science solutions (23%); and lab products and services, which includes CRO services (the remainder).

Siemens is a multi-industry company focused on the areas of automation, electrification, mobility, and healthcare. Its top three geographic regions—the United States, Germany, and China—contribute over half of group revenue. Siemens has a 71% investment in separately listed Siemens Healthineers. Recent portfolio activity included the listing of Siemens Energy, spinning out its power and gas and Siemens Gamesa business divisions in 2020.

GE Vernova is a global leader in the electric power industry, with products and services that generate, transfer, convert, and store electricity. The company has three business segments: power, wind, and electrification. Power includes gas, nuclear, hydroelectric, and steam technologies, providing dispatchable power. The wind segment includes wind generation technologies, including onshore and offshore wind turbines and blades. Electrification includes grid solutions, power conversion, electrification software, and solar and storage solutions technologies required for the transmission, distribution, conversion, and storage of electricity from the point of generation to the point of consumption.

Founded in 1997, MediaTek is a fabless semiconductor designer focusing on solutions for smartphones, digital televisions, and connectivity products. The business is divided into three segments. The first is "mobile," which accounts for more than half of sales, where MediaTek is the second-largest third-party supplier of smartphone SoCs by revenue to the likes of Xiaomi and Vivo. The second is "smart edge," which accounts for just over 40% of sales, that covers most devices other than smartphones. The third is "power IC" that includes power management products for mobile devices, data centers, connectivity devices and more. Mediatek is headquartered in Hsinchu, Taiwan and employs about 22,400 people.

CATL, headquartered in Ningde, Fujian Province, is a global leading battery manufacturer founded in 2011. The company specializes in the development and production of lithium-ion batteries for EVs and energy storage systems. CATL is the largest EV battery manufacturer in the world and leads the industry in innovative battery technology development for higher-energy density and safety, longer battery service life and super-fast charging. CATL is also involved in the manufacturing of cathode and other related battery materials. Through its subsidiary Brunp, it works with customers to create a closed-loop battery life cycle from production, application, to recycling.

KLA is one of the largest semiconductor wafer fabrication equipment, or WFE, manufacturers in the world. It specializes in the market segment of semiconductor process control, wherein machines inspect semiconductor wafers during research and development and manufacturing for defects and verify precise measurements. In this section of the market, KLA holds a majority share. It also has a small exposure to the etch and deposition segments of the WFE market. It counts as top customers the largest chipmakers in the world, including TSMC and Samsung.

Qualcomm develops and licenses wireless technology and designs chips for smartphones. The company's key patents revolve around CDMA and OFDMA technologies, which are standards in wireless communications that are the backbone of all 3G, 4G, and 5G networks. Qualcomm's IP is licensed by virtually all wireless device makers. The firm is also the world's largest wireless chip vendor, supplying nearly every premier handset maker with leading-edge processors. Qualcomm also sells RF-front end modules into smartphones, as well as chips into automotive and Internet of Things markets.

Marvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share. Marvell serves the data center, carrier, enterprise, automotive, and consumer end markets with processors, optical and copper transceivers, switches, and storage controllers.

Amphenol is a global supplier of connectors, sensors, and interconnect systems. It holds the second-largest connector market share globally and sells into the automotive, broadband, commercial air, industrial, IT and data communications, military, mobile devices, and mobile networks end markets. Amphenol is diversified geographically, with operations in 40 countries.

Foxconn Industrial Internet Co Ltd is engaged in the design, research and development, manufacturing, and sales of various electronic equipment products. The company's main products include communications network equipment, cloud service equipment, precision tools, and industrial robots.

Kioxia Holdings is a Japan-based semiconductor memory manufacturer focusing on NAND memory chips. The company is currently the third-largest NAND supplier globally, with a 14% market share as of 2024. The largest single shareholder of Kioxia is currently Toshiba, which had a 21.9% stake as of November 2025. Kioxia operates nine fabs across Japan: seven in Yokkaichi and two in Kitakami. They are mostly run via a joint venture with Sandisk, Flash Ventures. Flash Ventures is 51% owned by Kioxia. The company’s memory chips are used in various consumer electronics and enterprise infrastructure, such as PCs, smartphones, servers, and USB sticks. Of Kioxia’s revenue, 51% comes from the sales of NAND memory used in solid-state drives, which are used in PCs and servers.

Schneider Electric is a global leader in energy management and industrial automation. It holds leading positions in electrical distribution. Its four end-markets include: Buildings, Data Center & Networks, Infrastructure, and Industry. Its largest countries include the United States, China and India.

Abbott manufactures and markets cardiovascular and diabetes devices, adult and pediatric nutritional products, diagnostic equipment and testing kits, and branded generic drugs. Products include pacemakers, implantable cardioverter defibrillators, neuromodulation devices, coronary stents, catheters, infant formula, nutritional liquids for adults, continuous glucose monitors, and immunoassays and point-of-care diagnostic equipment. Abbott derives roughly 60% of sales outside the United States.

Seagate Technology is a leading supplier of hard disk drives for data storage to the enterprise and consumer markets. It forms a practical duopoly in the market with its chief rival, Western Digital; they are both vertically integrated.

Analog Devices is a leading analog, mixed-signal, and digital-signal processing chipmaker. The firm has a significant market share lead in converter chips, which are used to translate analog signals to digital and vice versa. The company serves tens of thousands of customers; more than half of its chip sales are to industrial and automotive end markets. ADI's chips are also incorporated into wireless infrastructure equipment.

ABB supplies electrical equipment and automation products. Founded in the late 19th century, the company was created out of the merger of two old industrial companies: ASEA and BBC. Its products include electrical equipment, industrial robots, and equipment used for industrial automation, sold via approximately 19 business divisions. ABB is the number-one or -two supplier in two-thirds of its product segments.

Iberdrola is one of the largest utilities in the world with electric utility operations in nearly 40 countries. The company has a 57-gigawatt portfolio of hydro, wind, natural gas, and nuclear power plants. It is one of the largest owners of wind farms in the world, representing about 40% of its portfolio. Although the company has recently developed or acquired distribution and power generation assets in other geographic areas, Spain is still home to more than half of its power generation capacity. Iberdrola also owns and operates electricity and distribution networks in Spain, the UK, Brazil, and the US.

Founded in 1911 by Joseph Eaton, the eponymous company began by selling truck axles in New Jersey. Eaton has since become an industrial powerhouse largely through acquisitions in various end markets. Eaton's portfolio can broadly be divided into two parts: its electrical and industrial businesses. Its electrical portfolio (representing around 70% of company revenue) sells components within data centers, utilities, and commercial and residential buildings, while its industrial business (30% of revenue) sells components within commercial and passenger vehicles and aircraft. Eaton receives favorable tax treatment as a domiciliary of Ireland, but it generates over half of its revenue within the US.

Hitachi Ltd is engaged in diverse businesses spanning industries, energy, IT, and real estate. The company operates through four business segments. The Connective Industries segment covers elevators, escalators, home appliances, air conditioning, semiconductor manufacturing equipment, medical analyzers, industrial and distribution solutions, water and environmental solutions, and industrial equipment. The Digital Systems & Services segment offers system integration, consulting, cloud services, IT products, software, and ATMs. The Green Energy & Mobility segment focuses on power grids, renewable energy, nuclear power, and railway systems. The Others include real estate management, sales, and leasing. It generates the majority of its revenue from the Green Energy & Mobility segment.

Tokyo Electron is a major supplier of semiconductor fabrication tools. It operates primarily in the etching, deposition, and cleaning segments, which involve adding and removing materials to and from semiconductor wafers. Customers include leading-edge logic, foundry, and memory chipmakers such as Samsung Electronics, Intel, TSMC, and SK Hynix.

Western Digital is a leading vertically integrated supplier of hard disk drives. The HDD market is a practical duopoly, with Western Digital and Seagate being the two largest players. Western Digital designs and manufactures its HDDs, with much of the manufacturing and workforce located in Asia. The primary consumers of HDDs are data centers.

In 1984, Danaher's founders transformed a real estate organization into an industrial-focused manufacturing company. Then, through a series of mergers, acquisitions, and divestitures, Danaher now focuses primarily on manufacturing scientific instruments and consumables in the life sciences and diagnostic industries after the late 2023 divestiture of its environmental and applied solutions group, Veralto.

Founded in 1954 and headquartered in Tokyo, Advantest specializes in semiconductor test systems and is a well-known leader in automated test equipment, or ATE. Advantest also has a high market share in test systems for nonmemory semiconductors, including application processors for mobile phones. The company is also involved in peripheral businesses, such as semiconductor device transport equipment. Following its acquisition of Verigy in July 2011, Advantest holds a market share of over 50% in the ATE market.

Intuitive develops, produces, and markets a robotic system for assisting minimally invasive surgery. It also provides the instrumentation, disposable accessories, and warranty services for the system. The company has placed more than 10,000 da Vinci systems in hospitals worldwide, with more than 6,000 installations in the US and a growing number in emerging markets.

Siemens Energy manufactures a wide range of equipment used to generate and transmit energy. The group is a product of the spinout from Siemens AG in 2020, consisting of the power and gas segment and Siemens Gamesa, although its operations go back over 150 years. Approximately one-sixth of global electricity generation is based on its technology.

Founded in 1902, Air Liquide is one of the leading industrial gas companies in the world, serving over 3.8 million customers in 78 countries. The company generated approximately EUR 27.9 billion of revenue in 2025, serving a wide range of industries, including chemicals, energy, healthcare, food and beverage, and electronics. Air Liquide employs approximately 65,000 people.

One of the largest medical-device companies, Medtronic develops and manufactures therapeutic medical devices for chronic diseases. Its portfolio includes pacemakers, defibrillators, transcatheter heart valves, stents, insulin pumps, spinal fixation devices, neurovascular products, advanced energy, ablation laser therapy, and surgical tools. The company primarily markets its products to healthcare institutions and physicians in the United States, Western Europe, and Japan. Foreign sales account for roughly 50% of the company's total sales.

Keyence Corporation, founded in May 1974 by Takemitsu Takizaki and headquartered in Osaka, Japan, began as Lead Electric Co., Ltd. before rebranding to Keyence (derived from “KEY of sciENCE”) in 1986. As a global leader in industrial automation, the company designs and manufactures a comprehensive range of high-precision products, including sensors (photoelectric, laser, proximity), machine vision systems, measurement instruments (laser displacement sensors, 3D scanners), control systems (PLCs, HMIs), laser markers, digital microscopes, and safety equipment.

Stryker designs, manufactures, and markets an array of medical equipment, instruments, consumable supplies, and implantable devices. The product portfolio includes hip and knee replacements, extremities, endoscopy systems, operating room equipment, embolic coils, hospital beds and gurneys, and orthopedic robotics. Stryker remains one of the three largest competitors in reconstructive orthopedic implants and holds the leadership position in operating room equipment. Roughly one-fourth of Stryker's total revenue currently comes from outside the United States.