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companies tracked
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cumulative enterprise value
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median EV/NTM revenue multiple
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median NTM/LTM revenue growth
This chart shows the weighted market cap evolution over time, indexed to 0% at the beginning of the period
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Data as of November 14, 2025. Index data powered by FactSet and Morningstar, S&P 500 data sourced from Yahoo Finance.
This chart shows the weighted median evolution over time of key valuation metrics
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This chart shows the regression relationship between valuation metrics across companies in the index
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Data as of November 14, 2025. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.
This chart shows company rankings by selected metric within the index
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Data as of November 14, 2025. Companies with EV multiples above 50x are considered non-meaningful and excluded from calculation.
Compare key metrics between companies in the index
| Comp 1 | Comp 2 | Comp 3 |
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Data as of November 14, 2025.
This chart shows the cumulative sum of selected metrics across all companies in the index over time
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Similar to NASDAQ 100 Index, 🌩️ Multiples Cloud Infrastructure Index employs a modified market capitalization weighting scheme.
The weight process uses company-level weightss, which are derived using company enterprise value.
Company weights are evaluated based on two rules:
No company’s weight may exceed 24%.
The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.
If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.
If no company’s initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company’s weight may exceed 20% of the Index.
If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:
If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.
| Company | HQ | Stock Price | 1Y Perf. | Market Cap | EV/Revenue (LTM) | EV/Revenue (NTM) | Revenue Growth NTM/LTM | Gross Margin (NTM) | EBITDA Margin (NTM) | FCF Margin (NTM) | Rule of 40 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Microsoft | United States of America | USD 511 | +27.4% | $3798985.514576M | 12.6x | 10.9x | 16% | 68% | 61% | 23% | 75% |
| Alphabet | United States of America | USD 287 | +63.8% | $3463622.61M | 8.6x | 7.6x | 14% | 62% | 47% | 15% | 58% |
| Amazon | United States of America | USD 244 | +31.0% | $2610550.749886M | 3.8x | 3.4x | 11% | 51% | 25% | 5% | 35% |
| Oracle | United States of America | USD 227 | +56.5% | $647101.413408M | 12.0x | 9.9x | 21% | 66% | 55% | -13% | 70% |
| Alibaba Group | Hong Kong | HKD 162 | +74.6% | $397681.38699510496M | 2.6x | 2.4x | 9% | 42% | 18% | 9% | 25% |
| IBM | United States of America | USD 315 | +48.7% | $294422.895185M | 5.2x | 5.0x | 5% | 60% | 28% | 21% | 32% |
| Cisco | United States of America | USD 74 | +33.5% | $291456.014195M | 5.3x | 4.9x | 6% | 68% | 37% | 26% | 38% |
| ServiceNow | United States of America | USD 864 | -1.5% | $179850.79004M | 13.7x | 11.5x | 19% | 81% | 36% | 34% | 54% |
| Tata Consultancy Services | India | INR 3106 | -22.9% | $126720.01316433321M | 4.1x | 3.9x | 5% | 40% | 27% | 19% | 32% |
| Dell | United States of America | USD 134 | +31.0% | $89766.61251M | 1.0x | 1.0x | 10% | 21% | 11% | 7% | 21% |
| Cloudflare | United States of America | USD 226 | +188.8% | $79051.453316M | 37.7x | 29.6x | 27% | 76% | 23% | 13% | 50% |
| Infosys | India | INR 1542 | -15.6% | $72076.16805956796M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| CoreWeave | United States of America | USD 78 | NaN% | $38786.331807M | 11.7x | 4.9x | 138% | 76% | 69% | -135% | 200% |
| HCLTech | India | INR 1598 | -12.7% | $48771.76471269017M | 3.3x | 3.0x | 8% | 33% | 21% | 14% | 30% |
| Baidu | Hong Kong | HKD 126 | +31.8% | $44635.35072506111M | 2.2x | 2.1x | 4% | 44% | 18% | 13% | 22% |
| DCI Indonesia | Indonesia | IDR 262100 | +494.6% | $37394.07070102212M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| MongoDB | United States of America | USD 365 | +33.1% | $29726.181564M | 12.0x | 10.2x | 17% | 74% | 15% | 12% | 30% |
| Wipro | India | INR 245 | -12.8% | $28977.19629012621M | 2.5x | 2.3x | 5% | 30% | 20% | 14% | 25% |
| CDW | United States of America | USD 147 | -15.3% | $19189.243547M | 1.1x | 1.1x | 4% | 22% | 10% | 5% | 13% |
| VeriSign | United States of America | USD 250 | +35.6% | $23220.423M | 14.8x | 14.2x | 5% | 88% | 75% | 63% | 80% |
| Nebius Group | United States of America | USD 89 | +511.9% | $22317.674085M | 43.0x | 8.9x | 384% | 65% | 30% | -261% | 374% |
| CGI | Canada | CAD 123 | -20.9% | $19105.044381290318M | 1.9x | 1.8x | 5% | 17% | 20% | 13% | 23% |
| NetApp | United States of America | USD 110 | +2.1% | $21902.129311M | 3.2x | 3.1x | 4% | 72% | 33% | 24% | 34% |
| GoDaddy | United States of America | USD 133 | -20.2% | $17910.315452M | 4.3x | 4.0x | 7% | 64% | 33% | 33% | 39% |
| Nutanix | United States of America | USD 66 | +14.7% | $17996.410843M | 6.6x | 5.7x | 15% | 88% | 25% | 28% | 32% |
| Akamai Technologies | United States of America | USD 89 | -25.7% | $12756.530564M | 4.1x | 3.9x | 5% | 60% | 42% | 20% | 48% |
| Oracle Corp Japan | Japan | JPY 14115 | -3.1% | $11767.726553713634M | 6.5x | 6.0x | 7% | 44% | 34% | 28% | 41% |
| GDS Holdings | Hong Kong | HKD 32 | +61.9% | $6218.47329596542M | 7.1x | 6.3x | 12% | 25% | 46% | -2% | 58% |
| Dropbox | United States of America | USD 30 | +12.2% | $7613.00518M | 3.9x | 4.0x | -1% | 82% | 47% | 39% | 46% |
| United Internet | Germany | EUR 25 | +42.5% | $5030.445145459201M | 1.2x | 1.1x | 3% | 32% | 22% | 4% | 23% |
| Informatica | United States of America | USD 25 | -8.9% | $7662.815281M | 4.7x | 4.5x | 5% | 81% | 33% | 27% | 37% |
| Confluent | United States of America | USD 23 | -10.7% | $8185.848442M | 6.4x | 5.5x | 17% | 78% | 11% | 8% | 27% |
| Applied Digital | United States of America | USD 23 | +412.7% | $6449.556277M | 32.7x | 17.6x | 86% | 44% | 44% | -215% | 95% |
| Nextdc | Australia | AUD 15 | -4.0% | $6050.396206323M | 22.7x | 17.9x | 27% | 78% | 48% | -300% | 77% |
| Digital China | China | CNY 43 | +21.6% | $4407.664955029545M | 0.3x | 0.3x | 7% | 5% | NaN% | NaN% | n/a |
| DigitalOcean | United States of America | USD 48 | +2.7% | $4425.474908M | 6.6x | 5.5x | 18% | 61% | 39% | 19% | 59% |
| VNET Group | United States of America | USD 9 | +217.1% | $2413.162331M | 4.0x | 3.3x | 19% | 25% | 32% | -63% | 50% |
| IONOS Group | Germany | EUR 27 | +26.3% | $4312.5877148976M | 2.7x | 2.5x | 7% | 57% | 31% | 18% | 37% |
| Box | United States of America | USD 32 | +1.0% | $4630.550615M | 4.3x | 4.1x | 7% | 81% | 31% | 28% | 36% |
| Sinnet Technology | China | CNY 13 | +25.7% | $3335.0938194254977M | 3.7x | 3.4x | 8% | 15% | 21% | -2% | 28% |
| Computacenter | United Kingdom of Great Britain and Northern Ireland | GBP 28 | +30.9% | $3911.1790772370005M | 0.4x | 0.4x | 4% | 13% | 4% | 2% | 9% |
| Biprogy | Japan | JPY 5814 | +28.6% | $3678.6754005467683M | 1.3x | 1.2x | 5% | 27% | 14% | 8% | 19% |
| Kingsoft Cloud | Hong Kong | HKD 6 | +331.1% | $3492.4371460437856M | 2.7x | 2.3x | 18% | 17% | 22% | -5% | 34% |
| Rackspace | United States of America | USD 1 | -36.6% | $288.656662M | 1.3x | 1.3x | 1% | 20% | 11% | 3% | 11% |
| Sinch | Sweden | SEK 30 | +9.1% | $2606.040465287183M | 1.1x | 1.1x | 1% | 35% | 13% | 7% | 14% |
| TietoEVRY | Finland | EUR 18 | +8.8% | $2516.0827865616M | 1.4x | 1.5x | -5% | 78% | 16% | 9% | 10% |
| Wangsu | China | CNY 11 | +20.0% | $3882.5600044921043M | 4.5x | 4.2x | 7% | 33% | 19% | NaN% | 25% |
| OVH | France | EUR 8 | -6.7% | $1346.6869581936M | 2.2x | 2.1x | 7% | NaN% | 40% | 2% | 45% |
| SoftwareOne | Switzerland | CHF 8 | +6.0% | $2180.5997758568774M | 1.2x | 0.9x | 29% | 92% | 21% | 10% | 48% |
| Fastly | United States of America | USD 11 | +14.7% | $1709.136M | 2.9x | 2.7x | 9% | 60% | 11% | 5% | 19% |
| Megaport | Australia | AUD 15 | +135.1% | $1631.6789640921002M | 9.8x | 7.7x | 27% | 69% | 23% | -3% | 47% |
| Ucap Cloud Information | China | CNY 164 | +351.0% | $1556.0174920281775M | NaNx | 11.6x | NaN% | 36% | NaN% | NaN% | n/a |
| UCloud Technology | China | CNY 23 | +67.5% | $1505.4010969024614M | 6.9x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Richinfo Technology | China | CNY 26 | +20.4% | $1622.308540316033M | 5.3x | 4.5x | 19% | 38% | 17% | NaN% | 37% |
| Montnets | China | CNY 12 | +9.0% | $1356.3018584356726M | 2.2x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| C3.ai | United States of America | USD 14 | -28.6% | $1943.680713M | 3.6x | 3.9x | -7% | 60% | -54% | -31% | -77% |
| Inspur Digital Enterprise | Hong Kong | HKD 8 | +140.7% | $1208.4264854434318M | 1.0x | 0.9x | 9% | 29% | 9% | 6% | 17% |
| Systena | Japan | JPY 514 | +45.5% | $1196.4853754311323M | 1.8x | 1.7x | 6% | 27% | 16% | 11% | 22% |
| CANCOM | Germany | EUR 24 | +0.4% | $874.966826304M | 0.5x | 0.5x | 4% | 41% | 7% | 4% | 11% |
| SAKURA Internet | Japan | JPY 3185 | -27.3% | $830.1030036883448M | 4.3x | 3.5x | 22% | 30% | 23% | -17% | 44% |
| Consensus Cloud | United States of America | USD 23 | +32.0% | $446.635712M | 2.7x | 2.7x | 1% | 80% | 53% | NaN% | 54% |
| Beijing Topnew Info | China | CNY 46 | +31.3% | $911.0386463424749M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Inspur | China | CNY 19 | -0.9% | $930.529749272886M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Cyber Folks | Poland | PLN 177 | +55.5% | $740.7324053444155M | 4.0x | 3.4x | 18% | NaN% | 32% | 19% | 48% |
| Ribbon Communications | United States of America | USD 3 | -5.6% | $536.862753M | 1.0x | 1.0x | 5% | 53% | 15% | 4% | 18% |
| Wiit | Italy | EUR 19 | -4.3% | $567.6984628656M | 4.2x | 3.9x | 6% | NaN% | 39% | 14% | 45% |
| Tucows | United States of America | USD 21 | +3.5% | $232.516063M | 2.0x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Odine | Turkey | TRY 283 | +153.9% | $742.3056563374989M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Unisys | United States of America | USD 3 | -48.3% | $198.944035M | 0.3x | 0.3x | 0% | 27% | 14% | 3% | 13% |
| Plus Alpha Consulting | Japan | JPY 2435 | +10.2% | $666.7230719541614M | 5.3x | 4.6x | 15% | 73% | 39% | 25% | 53% |
| Baudroie | Japan | JPY 2693 | +23.1% | $546.2617544055887M | 5.2x | 3.9x | 36% | 34% | 22% | 12% | 58% |
| E2E Networks | India | INR 2812 | -28.1% | $633.5168796658742M | 16.7x | 9.6x | 73% | NaN% | 71% | 0% | 141% |
| Beijing QingCloud Tech Gr | China | CNY 60 | +60.8% | $403.09207574040494M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Locaweb | Brazil | BRL 4 | -5.8% | $417.7859042162616M | 1.4x | 1.2x | 11% | NaN% | 22% | 10% | 32% |
| GABIA | South Korea | KRW 30000 | +100.7% | $268.668596779074M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Backblaze | United States of America | USD 5 | +44.7% | $313.770474M | 2.3x | 2.0x | 12% | 79% | 21% | 4% | 31% |
| Kinx | South Korea | KRW 88300 | +32.5% | $294.56699323717913M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Anterix | United States of America | USD 18 | -37.7% | $344.43734M | 52.6x | 51.4x | 2% | 93% | -568% | 758% | -637% |
| Proact IT Group | Sweden | SEK 103 | -24.1% | $283.295396575436M | 0.6x | 0.6x | 3% | 24% | 10% | 6% | 13% |
| Edarat Group | Saudi Arabia | SAR 222 | -15.4% | $298.06293766300547M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Napatech | Norway | NOK 28 | +18.8% | $298.4008470274307M | 12.7x | 7.2x | 75% | 65% | -5% | -4% | 36% |
| Netcall | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +26.0% | $269.9265837707M | 3.7x | 3.4x | 8% | 82% | 23% | 18% | 30% |
| FreeBit Co | Japan | JPY 1565 | +25.6% | $222.013124814955M | 0.6x | 0.6x | 7% | NaN% | NaN% | NaN% | n/a |
| Bharat Global Developers | India | INR 182 | -72.3% | $207.4331914359099M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| DUG Tech | Australia | AUD 2 | +33.0% | $182.68111502550002M | 2.8x | 2.3x | 20% | NaN% | 33% | 4% | 47% |
| Beeks Group | United Kingdom of Great Britain and Northern Ireland | GBP 2 | -3.7% | $197.9823238552M | 4.0x | 3.5x | 12% | 39% | 39% | 4% | 47% |
| Synchronoss | United States of America | USD 5 | -51.3% | $56.616575M | 1.1x | 1.1x | 5% | 79% | 30% | 12% | 34% |
| Crexendo | United States of America | USD 7 | +18.8% | $208.663815M | 2.7x | 2.4x | 12% | 64% | 16% | 14% | 28% |
| Iomart Group | United Kingdom of Great Britain and Northern Ireland | GBP 0 | -70.3% | $40.371704096200006M | 0.9x | 0.8x | 5% | NaN% | 18% | 1% | 16% |
| Qiniu Cloud | Hong Kong | HKD 1 | -33.3% | $174.61041991391448M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| DHH | Italy | EUR 22 | -7.9% | $132.2724381792M | 2.9x | 2.5x | 15% | 44% | 33% | 14% | 47% |
| TerraSky | Japan | JPY 2051 | +10.9% | $172.42206373959954M | 0.7x | 0.6x | 15% | NaN% | NaN% | NaN% | n/a |
| Lucent | United States of America | USD 8 | +90.3% | $120.9M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Radcom | United States of America | USD 13 | +30.3% | $218.525096M | 1.7x | 1.5x | 12% | 77% | NaN% | NaN% | n/a |
| JIG-SAW | Japan | JPY 2994 | -3.3% | $128.21801042848915M | 5.3x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Gigas Hosting | Spain | EUR 4 | -44.0% | $61.361296886400005M | 1.3x | 1.3x | 2% | NaN% | 25% | NaN% | 26% |
| Performance Technologies | Greece | EUR 7 | +20.6% | $117.6958489344M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| InfraCom Group | Sweden | SEK 20 | +18.4% | $74.73963654688042M | 1.1x | 1.1x | 2% | 52% | 15% | 7% | 16% |
| GrandTech Cloud Services | Taiwan | TWD 130 | -5.8% | $114.53738943296999M | 1.6x | 1.4x | 16% | 15% | NaN% | 1% | n/a |
| NameSilo | Canada | CAD 1 | +253.5% | $83.20676794688936M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| eCloudvalley Digital Tech | Taiwan | TWD 66 | -27.6% | $144.0887748582M | 0.2x | 0.2x | 7% | 11% | 2% | 2% | 8% |
| Techstep | Norway | NOK 12 | -0.8% | $40.62735218117862M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Avant Technologies | United States of America | USD 0 | -4.7% | $52.244144M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Veea | United States of America | USD 1 | -80.6% | $28.679515M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Binero Group | Sweden | SEK 2 | -21.5% | $29.79572485905956M | 0.7x | 0.6x | 19% | NaN% | 11% | NaN% | 26% |
| Dubber | Australia | AUD 0 | +23.8% | $29.0178599571M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| AVM Software | United States of America | USD 2 | +10.1% | $24.95172M | 0.9x | 0.7x | 29% | 53% | 1% | NaN% | 23% |
| Prologue | France | EUR 0 | +19.0% | $27.566705952000003M | 0.2x | 0.3x | -12% | NaN% | 8% | 5% | -5% |
| SysGroup | United Kingdom of Great Britain and Northern Ireland | GBP 0 | -41.7% | $18.163183474000004M | 0.5x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Munic | France | EUR 1 | -11.8% | $8.1024435216M | 0.8x | 0.8x | 2% | NaN% | 8% | -6% | 10% |
Stock prices as of November 14, 2025. Rule of 40 and revenue per FTE data is based on the last fiscal year. Financial data powered by Morningstar and FactSet.
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