Positivo Tecnologia Valuation Multiples

Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple’s iPhone makes up a majority of the firm sales, and Apple’s other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple’s sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.

Samsung Electronics is a South Korean public technology manufacturer incorporated in 1969 and headquartered in Suwon. Its Device eXperience division sells smartphones, televisions, home appliances, computers and network products to consumers and enterprise customers. The Device Solutions division manufactures memory, logic and other semiconductor products, while Samsung Display produces display panels and Harman supplies automotive electronics and connected-audio systems. The company earns revenue from product sales, components, licensing and related services across a worldwide manufacturing and distribution network. Samsung Electronics listed in Korea in 1975 and operates through hundreds of subsidiaries and regional organisations. It also makes strategic and venture investments that support technologies relevant to semiconductors, devices, artificial intelligence, robotics and its broader product ecosystem.

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.

Dell Technologies is an American information technology company headquartered in Round Rock, Texas, where Dell has been based since 1994, and listed on the New York Stock Exchange. It was formed in September 2016 when Dell Inc., founded by Michael Dell and taken private in 2013, completed its $67 billion acquisition of the storage and software company EMC. The company has two main divisions: the Client Solutions Group, which sells personal computers, monitors and peripherals including the Alienware gaming brand, and the Infrastructure Solutions Group, which sells servers, data storage and networking equipment. It also offers cloud, security, IT consulting and managed services, and sells to business and consumer customers directly and through channel partners, earning its revenue mainly from hardware sales plus services and software. In the fiscal year ended January 2026 Dell reported revenue of $113.5 billion and net income of $5.9 billion, and it employed about 97,000 people. Michael Dell is chairman and chief executive and owns about 59% of the company. Dell Technologies ranked 44th on the 2025 Fortune 500.

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.

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.

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.

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 60% in the ATE market.

Sony Group is a conglomerate with consumer electronics roots, which not only designs, develops, produces, and sells electronic equipment and devices, but also is engaged in content businesses, such as console and mobile games, music, and movies. Sony is the global top company in CMOS image sensors, game consoles, professional broadcasting cameras, and music publishing, and is one of the top players in digital cameras, wireless earphones, recorded music, movies, and so on. Sony’s business portfolio is well-diversified, with five major business segments.

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.

Accenture is a leading IT services firm that provides consulting, system integration, and business process outsourcing to enterprises around the world. Customers of Accenture come from a variety of sectors, including communications, media and technology, financial services, health and public services, consumer products, and resources. Accenture is the world’s largest professional services company by headcount, with around 800,000 employees in over 120 countries.

Mitsubishi Corp. is Japan’s largest general trading house, or sogo shosha, a type of conglomerate unique to Japan. Its core role is that of a trading intermediary in a variety of industrial sectors, including resources businesses like energy and metals as well as non-resources businesses, both industrial ones like automotive and non-industrial ones like food, healthcare, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Mitsubishi also participates in upstream production businesses and downstream distribution businesses.

Hon Hai Precision is the world's largest contract manufacturer of consumer electronics, communications, and computer products. It is the biggest supplier to Apple, whose business accounted for around 50% of overall revenue in 2025. Hon Hai is also involved in the production of upstream components such as electronic connectors, semiconductor packaging, and metal casings for smartphones, as well as producing servers. These upstream activities are mainly conducted through its listed majority-owned subsidiaries Foxconn Industrial Internet and FIH Mobile. In response to its traditional end markets of computers, smartphones, and telecom equipment maturing in 2019 it started on a strategy to develop expertise in three new growth areas—electric vehicles, digital health, and robotics.

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.

Xiaomi is a technology company providing products and services, founded in early 2010, focusing mainly on smartphones, Internet of Things products, and related internet services. An early adopter of online smartphone sales, Xiaomi uses a customized Android operating system called HyperOS and has recently designed its own system-on-chip. As competition in its home Chinese smartphone market intensified and growth has slowed, it has expanded into other markets and has become the smartphone market leader in India, and is gaining market share in Europe. In 2025, from a country perspective, around 67% of its overall revenue was generated in mainland China, but this should reduce when it sells EVs overseas. The company was listed on the Hong Kong market at the beginning of July 2018.

Vertiv has roots tracing back to 1946 when its founder, Ralph Liebert, developed an air-cooling system for mainframe data rooms. As computers started making their way into commercial applications in 1965, Liebert developed one of the first computer room air conditioning, or CRAC, units, enabling the precise control of temperature and humidity. The firm has slowly expanded its data center portfolio through internal product development and the acquisition of thermal and power management products like condensers, busways, and switches. Vertiv has global operations today; its products can be found in data centers in most regions throughout the world.

Murata Manufacturing produces passive components for electronic devices. Passive components are necessary for all electronic circuits, used to enable wireless communication, store electricity and handle electric flow, remove electromagnetic noise from circuits, and so on. Thus, passive components are imperative for electronic circuits. For instance, one high-end smartphone contains more than 1,000 passive components. Murata Manufacturing is the world's leading supplier of passive components, such as MLCC and SAW filters.

NAURA Technology Group Co Ltd engages in the research, development, manufacture, sale, and service of electronic equipment and components in the People's Republic of China. The company offers semiconductor equipment, including etching equipment, PVD and CVD equipment, oxidation/diffusion equipment, cleaning equipment, novel display equipment, gas mass flow controllers, etc., and vacuum heat treatment equipment and technical solutions for the semiconductors, photovoltaic equipment, vacuum electronic devices, magnetic materials, aerospace, and smart power grid sectors.

Mitsubishi Electric is a Tokyo diversified industrial manufacturer founded in 1921 and publicly listed in Japan. It designs and sells factory-automation equipment, power and energy systems, building systems, transportation products, automotive equipment, semiconductors, communications equipment and consumer appliances. Industrial companies, utilities, infrastructure operators, governments, commercial-building owners and households use its products. Revenue comes primarily from equipment and component sales, supported by installation, maintenance, engineering and other services. The group operates manufacturing, research, sales and service networks across Asia, Europe, the Americas and other regions. Its space and defence business supplies satellite, communications and related aerospace systems. Mitsubishi Electric also invests strategically where partnerships can expand technology and commercial access. It co-invested with COFIDES in PLD Space's 2026 Series C financing and was identified as a lead investor in that round.

Nintendo started its video game console business in 1983 by launching the NES, and started its portable console business in 1989 by launching the Game Boy. Since then, the firm has focused on expanding the gaming population by delivering unique entertainment experiences on its original console systems. However, Nintendo not only makes game consoles, but also owns world-renowned IPs such as Super Mario, Pokemon, and Zelda, which have been a source of cash flow for 40 years.

Panasonic Holdings Corp is engaged in the development, manufacture, and sale of a wide range of electronic and electrical products. The company operates through six segments. The Lifestyle segment provides home appliances such as refrigerators, air conditioners, and beauty and hair care devices. The Automotive segment offers in-vehicle infotainment systems, speaker systems, and advanced driver assistance systems. The Connect segment supplies communication systems, welding machines, and projectors. The Industry segment produces electronic components, motors, and factory automation equipment. The Energy segment develops and sells lithium-ion batteries, dry batteries, and small secondary batteries. The Others segment includes the sale of televisions, cameras, and building materials.

Keysight Technologies is a leader in the field of testing and measurement, helping electronics OEMs and suppliers alike bring products to market to fit industry standards and specifications. Keysight specializes in the communications market, but also supplies into the government, automotive, industrial, and semiconductor manufacturing markets. Keysight’s solutions include testing tools, analytical software, and services. The firm’s stated objective is to reduce time to market and improve efficiency at its more than 30,000 customers.

Founded in 1930 and transformed over the decades through the acquisition of dozens of esteemed brands, Ametek owns more than 40 autonomous industrial businesses operating across research, aerospace, energy, medical, and manufacturing. Ametek segments its business into two operating groups: the electronic instruments group and the electromechanical group. The EIG sells a broad portfolio of analytical, test, and measurement instruments, while the EMG sells highly engineered components, interconnects, and specialty metals. The company emphasizes product differentiation and market leadership in the niche markets it operates in.

Garmin is an American multinational technology company that designs, manufactures and sells GPS-enabled devices and related software for the fitness, outdoor, automotive, aviation and marine markets. It was founded in October 1989 as ProNav in Lenexa, Kansas, by Gary Burrell and Min Kao, who is chairman, and has had its corporate headquarters in Olathe, Kansas, since 1996, while its legal domicile has been Schaffhausen, Switzerland, since 2010; Cliff Pemble is president and chief executive. Its products include running and multisport watches, cycling computers, wearables, handheld GPS units, avionics and flight decks, marine chartplotters, fish finders and automotive systems, supported by the Garmin Connect platform and subscription services. Garmin is listed on the New York Stock Exchange as GRMN and is in the S&P 500. In 2025 it generated revenue of $7.25 billion, operating income of $1.88 billion and net income of $1.66 billion, with nearly 23,000 employees in 34 countries. It earns revenue mainly from product sales to consumers and to aircraft, boat and car makers, plus subscriptions. It has made many bolt-on acquisitions, including Navionics, Firstbeat Analytics, JL Audio, MyLaps and, in 2026, TrainingPeaks and TrainHeroic.

Teradyne provides testing equipment, including automated test equipment for semiconductors, system testing for hard disk drives, circuit boards, and electronics systems, and wireless testing for devices. The firm entered the industrial automation market in 2015 and sells collaborative and autonomous robots for factory applications. Teradyne serves numerous end markets and geographies, directly and indirectly, through its products, but its most significant exposure is to semiconductor testing. Teradyne serves vertically integrated, fabless, and foundry chipmakers with its equipment.

Infosys is an IT services provider based in Bengaluru, India, with offices in more than 50 countries. The company leverages its offshore outsourcing model to serve clients across different industries, such as financial services and manufacturing. Infosys’ IT services offerings include consulting, digital transformation, and business process outsourcing.

Fujitsu Ltd delivers total solutions in the field of information and communication technology. The company provides solutions/system integration services focused on information system consulting and construction, and infrastructure services centered on outsourcing services. The company operates in three segments. The Hardware Solution segment covers system products such as servers, storage systems, and network equipment, including mobile base stations and optical transmission systems. Service Solution consists of global services centered on Fujitsu Uvance, along with Japan and overseas region-specific businesses. Ubiquitous Solution focuses on client computing devices such as personal computers. It generates the majority of its revenue from the Service Solution segment.

Hangzhou Hikvision Digital Technology is the world’s largest manufacturer of video surveillance equipment. Since then, the company has been growing its software and analytics offerings, as customers are increasingly seeking customized total solutions. Hikvision is also developing its Innovative businesses, which accounted for 21% of overall 2023 revenue. The smart-home business is powered by the EZVIZ consumer brand. Innovative business includes the development of industrial robotics, automotive electronics, X-ray sensors, infrared sensors, memory products and medical systems. Hikvision employs more than 58,000 people.

Everpure Inc is a allows organizations to take control of their data with an industry, ever-evolving storage and data management platform. It helps companies unleash the power of their data by ensuring it is secure, accessible, intelligent, and ready to perform in the AI era. The group makes data management effortless while simultaneously scaling performance and significantly reducing energy consumption. Its solutions are Artificial Intelligence, Cloud, Cyber Resilience, Data Protection, Databases, High-Performance Computing, and Virtualization. The group's platform and products, Enterprise Data Cloud, The Everpure Platform, Evergreen//One, FlashArray, and Others.

NEC Corp is engaged in IT services, networks, social infrastructure, and solutions. The company operates through three segments: IT Services, Social Infrastructure, and Others. The IT Services segment provides system integration, consulting, maintenance, outsourcing, cloud services, system equipment, and software services. The Social Infrastructure segment offers network infrastructure, including core networks, mobile base stations, optical transmission systems, and marine systems, along with telecom software, OSS/BSS solutions, aerospace and defense system integration, and maintenance. The Others segment covers the development, manufacturing, and sales of system equipment. It generates the majority of its revenue from the IT Services segment.

Advanced Micro-fabrication Equipment Inc is engaged in the development, production, and sales of equipment such as plasma etching equipment, deep silicon etching equipment, and metal organic chemical vapor deposition (MOCVD) equipment for microelectronic devices such as integrated circuits and LED chips.

Lenovo is a global technology hardware company with a leading market share in personal computers. The firm has been actively growing its data center business, which primarily sells network servers to enterprise and hyperscale customers, as well as storage equipment through its mainland China joint venture with NetApp. Server-related revenue contribution has jumped to 13% of overall sales in fiscal 2024, from 6% in 2015.

Quanta Computer is a Taiwanese contract manufacturer of electronic hardware, headquartered in Taoyuan, that designs and builds products for global technology brands as an original design manufacturer (ODM). It is one of the world's largest makers of notebook computers, with an estimated 31% of worldwide notebook production in the first quarter of 2008, and it also builds servers, enterprise network systems, home entertainment, mobile communication and automotive electronics products. Quanta was chosen in 2005 as the manufacturer of the One Laptop per Child project's XO-1 laptop and in 2011 designed servers with Facebook as part of the Open Compute Project. It earns revenue from manufacturing contracts with brand owners and cloud operators. The company was founded in 1988 and is listed on the Taiwan Stock Exchange. It has also made strategic investments, including joining the US$56 million third funding round of InfiniBand chip developer Mellanox Technologies in 2002.

Celestica Inc offers supply chain solutions. The company has two operating and reportable segments: Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS). The ATS segment consists of the ATS end market and is comprised of the Aerospace and Defense, Industrial, health tech, and Capital Equipment businesses. Its Capital Equipment business is comprised of the semiconductor, display, and robotics equipment businesses, and the CCS segment consists of Communications and Enterprise end markets, The Enterprise end market is comprised of its servers and storage businesses. The company generates a majority of its revenue from the Connectivity & Cloud Solutions segment.

HCL Technologies Ltd provides enterprises with IT solutions. It focuses on offering Digital, Internet of Things, Cloud, Automation, Cybersecurity, Infrastructure Management, and Engineering services to solve business problems for clients. It offers solutions to a variety of industries, including Financial Services, Public Services, Consumer Services, Healthcare, and Manufacturing. It operates in three segments: IT and Business Services, Engineering and R&D Services, and HCL Software. The firm emphasizes consultation services for firms, intending to offer them digital and design solutions. The majority of the firm's revenue comes from the IT and Business Services segment. Geographically, it derives maximum revenue from the USA, and the rest from Europe, India, and the Rest of the world.

Flex Ltd is an electronics manufacturing services and original design manufacturing company, legally domiciled and headquartered in Singapore with its operational headquarters in Austin, Texas. It traces its origins to Flextronics, founded on September 25, 1969 by Joe and Barbara Ann McKenzie, and operated as Flextronics International before adopting the Flex name. The company designs, builds and supplies products on contract for other brands, reporting through two segments: Flex Agility Solutions, covering communications, enterprise and cloud, lifestyle and consumer devices, and Flex Reliability Solutions, covering automotive, health solutions and industrial markets. It earns revenue from manufacturing, supply-chain and design services for customers that have included Apple, Lenovo, LG Electronics and Huawei. For the fiscal year ended March 31, 2025 Flex reported revenue of $25.81 billion and operating income of $1.17 billion, and it employed about 148,000 people across some 100 locations in more than 30 countries. It ranks as the world's third-largest EMS and ODM company by revenue. Flex bought solar-tracker maker Nextracker in 2015 for $330 million and later separated it as an independently listed company. Flex trades on Nasdaq under the ticker FLEX, is an S&P 500 component and has been led by chief executive Revathi Advaithi since February 2019.

Founded in 1935, TDK has its origin in magnetic materials, being the first company to commercialize ferrite in the world, and it used to be known as one of the major cassette-tape manufacturers. TDK is now the only external supplier for magnetic recording heads for hard disk drives, and the company intends to expand its magnetic sensor business for handsets and automobiles by leveraging its expertise. It is also one of the global top suppliers of passive components for autos and polymer rechargeable batteries for smartphones. The company acquired InvenSense in 2017, making it third largest MEMS sensor company in the world.

Suzhou Dongshan Precision Manufacturing Co Ltd is a China-based company mainly engaged in the research and development, production and sales of electronic circuit products, precision components, touch display modules, and light-emitting diode (LED) display devices. Its offerings include flexible, rigid, and rigid-flex printed circuit boards, high-precision metal parts, touch screens, LCD modules, and automotive display systems.

Accton Technology Corp develops, manufactures and sells high-quality products for computer network systems and wireless land area network (LAN) hardware and software products and renders related technical consulting and engineering design services. The products and services offered by the company is Switch, Network Application, Metro Access Switch, Other and Wireless.

Wiwynn Corp is a Taiwan-based cloud infrastructure provider. The company is a cloud-enabling service company that is engaged in research, development, design, testing, and sales of products, semi-products, peripheral equipment and parts of computer and peripheral equipment, data storage media, electric appliances and media products, information software, export business relating to the business of the company, management consult services, information software services, and data processing services. The company derives revenue from the manufacturing and sale of servers and storage in cloud infrastructure and hyperscale data centers.

Jabil Inc. is a U.S based company providing engineering, manufacturing, and supply chain solutions. It provides comprehensive electronics design, production, and product management services to companies in various industries and end markets. It operates through three segments: Regulated Industries, serving automotive, healthcare, and renewables; Intelligent Infrastructure, focused on AI, cloud, data centers, and communications, driving the majority of revenue; and Connected Living and Digital Commerce, specializing in digitalization and automation, such as robotics and warehouse automation. The company operates in the U.S., Mexico, China, Malaysia, Singapore, and several other markets.

Tokyo Electron is the fourth-largest wafer fabrication equipment provider globally by revenue, with a market share of 10% as of 2025. Founded in 1963, the company primarily manufactures etching, deposition, coaters and developers, as well as wafer cleaning equipment used in front-end semiconductor manufacturing. Tokyo Electron’s key customers include global semiconductor leaders in foundry and memory, such as TSMC, Intel, Samsung Electronics and SK Hynix. The company mainly manufactures its products across its factories in Yamanashi, Kumamoto, and Miyagi, Japan.

Cognizant Technology Solutions is a multinational IT services provider that offers a range of consulting and business process outsourcing services. Originally founded in India, the company is headquartered in the US and serves enterprise customers spanning the financial services, healthcare, and resources industries. With most of its workforce located in India, Cognizant leverages a global delivery model that helps clients outsource their IT needs to offshore labor.

BOE Technology Group Co Ltd is an investment holding company. Along with its subsidiaries, the company operates in the following business segments: Display business, Internet of Things (IoT) innovation business, Sensor business, MLED business, Smart medicine and engineering business, and Others. A majority of its revenue is generated from the Display business segment, which integrates design and manufacturing of display devices and offers TFT-LCD, AMOLED, Microdisplay, and other intelligent interface devices. This business focuses on providing high-quality smartphones, tablet PCs, laptops, monitors, TVs, vehicles, VR/AR, and other display devices for customers. Geographically, the group generates maximum revenue from Mainland China, followed by other regions.

HP (formerly Hewlett-Packard) is a behemoth in the PC and printing markets. It has focused on these markets since it exited IT infrastructure in 2015 with the split from Hewlett Packard Enterprise. HP focuses on the commercial market, but maintains sales of consumer devices and printers. The firm has a broad and global customer base, with only one third of sales coming from the US. HP completely outsources manufacturing and relies heavily on channel partners for its sales and marketing.

Chroma Ate Inc manufactures and sells automated testing systems, electronic testing instruments, signal generators, and power supplies. The reportable segments of the company are the Test Instrument Department, the Automatic Equipment Department, and Others. The company generates maximum revenue from the Test Instrument Department segment. The Corporation designs, assembles, calibrates, manufactures, sells, repairs, and maintains software/hardware for computers and peripherals, computerized automatic test systems, electronic test instruments, signal generators, power supplies, telecom power supplies, and others.

PT DCI Indonesia Tbk is a data center provider in Indonesia. It provides reliable, well networked, and well-managed cloud and carrier-neutral data center infrastructure services in Indonesia. The company operates in two segments: Colocation services and Others. The services offered by the company include Colocation, Cross Connect, Flexspace, Smarthands, CloudConnect, and DCI Internet Exchange.