🎉 M&A multiples are live!
Check it out!
...
companies tracked
...
cumulative enterprise value
...
median EV/NTM revenue multiple
...
median NTM/LTM revenue growth
This chart shows the weighted market cap evolution over time, indexed to 0% at the beginning of the period
Loading index data...
Data as of January 5, 2026. 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
Loading key metrics data...
This chart shows the regression relationship between valuation metrics across companies in the index
Loading valuation benchmarks...
Data as of January 5, 2026. 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
Loading rankings data...
Data as of January 5, 2026. 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 |
|---|
Data as of January 5, 2026.
This chart shows the cumulative sum of selected metrics across all companies in the index over time
Loading cumulative data...
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Alphabet | United States of America | USD 315 | +65.1% | $3803834.24M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Microsoft | United States of America | USD 473 | +14.7% | $3515068.688155M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Amazon | United States of America | USD 226 | +5.2% | $2421333.926491M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Oracle | United States of America | USD 196 | +17.0% | $562300.2723M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Alibaba Group | Hong Kong | HKD 149 | +72.1% | $365504.5304021977M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| IBM | United States of America | USD 292 | +34.7% | $272475.312549M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Cisco | United States of America | USD 76 | +30.1% | $300441.23057M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| ServiceNow | United States of America | USD 147 | -27.7% | $153110.707977M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Tata Consultancy Services | India | INR 3251 | -21.7% | $131016.26558535204M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Dell | United States of America | USD 128 | +9.2% | $84691.731517M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Infosys | India | INR 1640 | -14.1% | $73926.37915834565M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Cloudflare | United States of America | USD 196 | +83.1% | $68662.113963M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| CoreWeave | United States of America | USD 79 | NaN% | $39526.545051M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Baidu | Hong Kong | HKD 144 | +58.9% | $50822.66655228918M | 2.6x | 2.4x | 5% | 44% | 19% | 13% | 24% |
| HCLTech | India | INR 1640 | -15.3% | $49432.80501471058M | 3.3x | 3.1x | 8% | 33% | 21% | 14% | 29% |
| DCI Indonesia | Indonesia | IDR 220000 | +375.1% | $31340.6853870858M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| MongoDB | United States of America | USD 400 | +80.3% | $32528.216884M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Wipro | India | INR 269 | -12.8% | $31407.319570755382M | 2.7x | 2.6x | 5% | 30% | 20% | 14% | 25% |
| VeriSign | United States of America | USD 241 | +17.4% | $22297.131M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| CDW | United States of America | USD 133 | -21.7% | $17336.587765M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Nebius Group | United States of America | USD 90 | +202.2% | $22650.059618M | 37.7x | 6.6x | 471% | 63% | 45% | -345% | 515% |
| CGI | Canada | CAD 125 | -19.4% | $19776.433715297135M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| NetApp | United States of America | USD 106 | -7.7% | $21087.485251M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| GoDaddy | United States of America | USD 119 | -37.1% | $16016.98172M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Akamai Technologies | United States of America | USD 85 | -8.8% | $12242.931668M | 3.9x | 3.7x | 5% | 60% | 42% | 20% | 48% |
| Nutanix | United States of America | USD 51 | -15.5% | $13682.236154M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| GDS Holdings | Hong Kong | HKD 36 | +46.8% | $7013.255472588461M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Oracle Corp Japan | Japan | JPY 13190 | -13.0% | $10795.005585355953M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Confluent | United States of America | USD 30 | +8.2% | $10633.374351M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| United Internet | Germany | EUR 28 | +76.6% | $5729.1725381119195M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Dropbox | United States of America | USD 27 | -7.5% | $6744.020707M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Applied Digital | United States of America | USD 28 | +220.9% | $7850.097715M | 35.5x | 19.6x | 82% | 48% | 48% | -216% | 129% |
| Nextdc | Australia | AUD 13 | -16.9% | $5386.7109393152M | 19.4x | 14.7x | 32% | 77% | 49% | -312% | 81% |
| DigitalOcean | United States of America | USD 49 | +41.2% | $4480.370193M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Digital China | China | CNY 39 | +11.0% | $4023.2136695650447M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| VNET Group | United States of America | USD 9 | +78.5% | $2450.825958M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| IONOS Group | Germany | EUR 27 | +23.1% | $4395.33045374502M | 3.0x | 2.8x | 7% | 63% | 35% | 21% | 42% |
| Box | United States of America | USD 29 | -5.3% | $4129.257992M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Computacenter | United Kingdom of Great Britain and Northern Ireland | GBP 29 | +37.9% | $4123.822648778821M | 0.4x | 0.4x | 3% | 17% | 4% | 2% | 7% |
| Sinnet Technology | China | CNY 13 | -14.3% | $3214.070421951466M | 3.5x | 3.3x | 8% | 17% | 21% | NaN% | 28% |
| Kingsoft Cloud | Hong Kong | HKD 6 | -6.9% | $3238.951741859267M | 2.7x | 2.3x | 18% | 21% | 26% | -3% | 44% |
| Rackspace | United States of America | USD 1 | -55.8% | $237.331802M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Sinch | Sweden | SEK 31 | +51.8% | $2677.0365677550426M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Biprogy | Japan | JPY 5414 | +13.6% | $3354.174112391602M | 1.2x | 1.1x | 5% | 26% | 14% | 5% | 20% |
| TietoEVRY | Finland | EUR 18 | +7.5% | $2520.07273086966M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Wangsu | China | CNY 10 | -3.0% | $3603.0357484280235M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| SoftwareOne | Switzerland | CHF 9 | +48.4% | $2453.26992820046M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Ucap Cloud Information | China | CNY 195 | +336.7% | $1878.8933935518269M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| UCloud Technology | China | CNY 28 | +100.9% | $1831.9507380011325M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Megaport | Australia | AUD 12 | +65.1% | $1508.8632147576M | 8.2x | 6.2x | 33% | 68% | 25% | -5% | 58% |
| OVH | France | EUR 7 | -16.4% | $1316.14504331682M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Richinfo Technology | China | CNY 25 | +15.7% | $1627.0600440454732M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Montnets | China | CNY 12 | +12.5% | $1399.792264457496M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| C3.ai | United States of America | USD 14 | -60.8% | $1935.357613M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Inspur Digital Enterprise | Hong Kong | HKD 7 | +78.7% | $1098.087993178905M | 0.9x | 0.8x | 9% | 28% | 9% | 5% | 18% |
| Systena | Japan | JPY 514 | +41.6% | $1174.5561543379335M | 1.8x | 1.7x | 5% | NaN% | NaN% | NaN% | n/a |
| Cyber Folks | Poland | PLN 212 | +36.9% | $902.3772504036974M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Consensus Cloud | United States of America | USD 22 | -7.5% | $412.805433M | 2.6x | 2.6x | 1% | 80% | 54% | NaN% | 54% |
| Beijing Topnew Info | China | CNY 44 | +25.0% | $888.4687077811856M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Inspur | China | CNY 18 | +28.5% | $920.4570199944261M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| CANCOM | Germany | EUR 27 | +14.7% | $984.69355086774M | 0.4x | 0.4x | 5% | 40% | 7% | 4% | 12% |
| Wiit | Italy | EUR 20 | +4.8% | $596.84283769236M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Ribbon Communications | United States of America | USD 3 | -30.8% | $512.138811M | 1.0x | 0.9x | 6% | 53% | 15% | 4% | 21% |
| SAKURA Internet | Japan | JPY 2780 | -37.5% | $711.2687608189367M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Odine | Turkey | TRY 319 | +127.6% | $820.029134861769M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Tucows | United States of America | USD 22 | +30.8% | $244.619335M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Unisys | United States of America | USD 3 | -56.4% | $185.395875M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Plus Alpha Consulting | Japan | JPY 2412 | +26.3% | $653.5538268023029M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Baudroie | Japan | JPY 2282 | -7.5% | $454.408526663512M | 4.2x | 3.1x | 34% | 34% | 22% | 12% | 56% |
| Kinx | South Korea | KRW 124600 | +58.3% | $418.51783748253195M | 3.9x | 3.4x | 14% | 35% | 32% | NaN% | 46% |
| Beijing QingCloud Tech Gr | China | CNY 60 | +79.6% | $411.91281915807156M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| E2E Networks | India | INR 2028 | -50.8% | $451.1811129363894M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Anterix | United States of America | USD 22 | -28.8% | $416.070573M | 63.8x | 60.4x | 6% | NaN% | -478% | 604% | -473% |
| Locaweb | Brazil | BRL 4 | +28.3% | $414.05289187686043M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| GABIA | South Korea | KRW 32950 | +95.8% | $298.41208739470056M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Proact IT Group | Sweden | SEK 111 | -3.9% | $315.61888079488926M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Edarat Group | Saudi Arabia | SAR 249 | -30.4% | $334.1791403185784M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Napatech | Norway | NOK 29 | +20.8% | $319.621428607401M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Backblaze | United States of America | USD 5 | -19.9% | $273.395597M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| FreeBit Co | Japan | JPY 1694 | +17.3% | $236.32110636844084M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Synchronoss | United States of America | USD 9 | -10.8% | $91.358369M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Netcall | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +3.3% | $253.67486060610003M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| DUG Tech | Australia | AUD 2 | +57.0% | $194.886281091M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Beeks Group | United Kingdom of Great Britain and Northern Ireland | GBP 2 | -16.6% | $213.29845109514002M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Crexendo | United States of America | USD 7 | +26.1% | $203.746848M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Iomart Group | United Kingdom of Great Britain and Northern Ireland | GBP 0 | -76.6% | $26.979387431040003M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Bharat Global Developers | India | INR 142 | -90.3% | $160.5694561023307M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| DHH | Italy | EUR 23 | -0.9% | $138.58353759504M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Lucent | United States of America | USD 9 | +479.8% | $141.726M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Qiniu Cloud | Hong Kong | HKD 1 | -24.1% | $166.78368525449963M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| TerraSky | Japan | JPY 2135 | -7.3% | $176.1941350693764M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Performance Technologies | Greece | EUR 8 | +57.2% | $139.53649270559998M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| InfraCom Group | Sweden | SEK 25 | +19.0% | $93.66730195742349M | 1.3x | 1.2x | 3% | 52% | 15% | 8% | 18% |
| Radcom | United States of America | USD 13 | +5.8% | $210.978433M | 1.5x | 1.4x | 11% | 77% | NaN% | NaN% | n/a |
| JIG-SAW | Japan | JPY 2690 | -20.4% | $113.08783966891654M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| NameSilo | Canada | CAD 2 | +194.0% | $103.98772524865483M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Gigas Hosting | Spain | EUR 3 | -60.6% | $45.26041202982M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| GrandTech Cloud Services | Taiwan | TWD 119 | -15.8% | $104.35939566454921M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| eCloudvalley Digital Tech | Taiwan | TWD 61 | -33.0% | $132.24572787444M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Techstep | Norway | NOK 13 | -8.0% | $43.794727677324M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Avant Technologies | United States of America | USD 0 | -23.4% | $56.592928M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Veea | United States of America | USD 1 | -83.1% | $29.925857M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Binero Group | Sweden | SEK 2 | -10.4% | $32.23500697137712M | 0.7x | 0.5x | 32% | NaN% | 11% | NaN% | 44% |
| Dubber | Australia | AUD 0 | -40.6% | $32.5101694302M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Prologue | France | EUR 0 | +26.5% | $30.7078204974M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| AVM Software | United States of America | USD 2 | -13.6% | $22.638311M | 0.7x | 0.6x | 15% | 54% | 2% | NaN% | 17% |
| SysGroup | United Kingdom of Great Britain and Northern Ireland | GBP 0 | -8.6% | $18.02342254878M | 0.5x | 0.4x | 14% | 51% | 7% | NaN% | 21% |
| Munic | France | EUR 1 | +54.0% | $10.17694761708M | 0.9x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Stock prices as of January 5, 2026. Rule of 40 and revenue per FTE data is based on the last fiscal year. Financial data powered by Morningstar and FactSet.
Tracks key publicly listed B2B SaaS companies headquartered in Europe
Explore indexTracks top 100 publicly traded Chinese tech companies across software, consumer, semiconductors, fintech, and more
Explore indexTracks public AI companies across big tech AI conglomerates, chipmakers, robotics, autonomous AI, pure-play AI software, and vertical AI applications
Explore indexTracks all publicly traded tech companies operating across Latin American markets
Explore indexTracks key publicly traded semiconductor manufacturers and chipmakers
Explore indexTracks publicly listed consumer subscription software (SaaS) companies, across all verticals (e.g. streaming, mobile apps, etc.)
Explore indexTracks world's biggest and most impactful publicly traded console, PC and mobile gaming companies
Explore indexTracks publicly listed female tech (FemTech) companies that focus on women's health, wellness, and personal care
Explore indexTracks medical device manufacturers with market cap above $1B, across all device categories
Explore indexTracks all publicly traded airlines across all verticals (network carriers, low-cost carriers, regional airlines, cargo airlines, charter services, etc.)
Explore indexTracks public DefenseTech companies across cybersecurity, weapons systems, autonomous tech, space technologies, etc.
Explore indexTracks key publicly traded EV manufacturers, battery manufacturers, and EV charging companies
Explore indexTracks key publicly traded telecom service providers across the globe
Explore indexTracks key publicly traded online dating and matchmaking companies
Explore indexTracks world's biggest and most impactful publicly listed tech companies
Explore indexTracks publicly traded travel tech companies across both B2C (OTAs, metasearch, etc.) and B2B (travel management systems, B2B travel, etc.)
Explore indexTracks 100 largest publicly traded Saudi Arabian companies across all sectors
Explore indexTracks publicly listed cybersecurity companies across network security, endpoint protection, identity management, cloud security, etc.
Explore indexTracks public digital health companies across DTx, healthcare IT, healthcare software, telemedicine, fitness & wellness
Explore indexTracks publicly traded food delivery companies across restaurant delivery, quick commerce, ghost kitchens, meal kits, grocery delivery, etc.
Explore indexTracks all European large cap tech companies (with market cap above $10B)
Explore indexTracks publicly listed online classifieds companies across horizontal and vertical platforms (real estate, automotive, jobs, etc.)
Explore indexTracks all publicly traded online marketplaces across verticals (delivery, ridesharing etc.) and business models (classifieds, B2B, C2C etc.)
Explore indexTracks key publicly traded social networking and online community companies across the world
Explore indexTracks key publicly traded automakers across mass market cars, premium cars, electric vehicles, commercial vehicles, etc.
Explore indexGet access to always up-to-date, precisely categorized 70K+ public and private valuation multiples, across tech and beyond.
