TVS Holdings Valuation Multiples

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 a midsize sedan and crossover SUV in the entry-level luxury category, a luxury light truck, and a semitruck. Tesla also runs a robotaxi service in four US metropolitan areas. Global deliveries in 2025 were nearly 1.64 million vehicles. Additionally, the company sells batteries for stationary storage for residential and commercial properties, including utilities, solar panels, and solar roofs for energy generation. Tesla also owns a fast-charging network and a US auto insurance business.

Berkshire Hathaway is a holding company with a wide array of subsidiaries engaged in diverse activities. The firm's core business segment is insurance, run primarily through Geico, Berkshire Hathaway Reinsurance Group, and Berkshire Hathaway Primary Group. Berkshire has used the excess cash thrown off from its operations to acquire Burlington Northern Santa Fe (railroad), Berkshire Hathaway Energy (utilities and energy distributors), and the companies that make up its manufacturing, service, and retailing operations (which include Precision Castparts, Lubrizol, Clayton Homes, Marmon, and IMC/ISCAR). The conglomerate is unique in that it is run on a completely decentralized basis. Berkshire is expected to generate close to $375 billion in revenue in 2025.

Founded in 1937, Toyota is one of the world's largest automakers, with 11.3 million units sold at retail in fiscal 2026, including 10.5 million across the Toyota and Lexus brands. Brands include Toyota, Lexus, Daihatsu, and truck maker Hino; market share in Japan is about 50% excluding mini-vehicles, while US share is around 14%. The firm also owns stakes in Denso, a parts supplier, about 20% of Subaru, and holds investments in many other firms, including shares of Uber Technologies, Joby Aviation, Aurora Innovation, Isuzu Motors, and about 5% in each of Mazda and Suzuki. Fiscal 2026 sales excluding financial services were JPY 46.1 trillion. Toyota also has a financing arm and manufactures homes and boats.

Siemens is a German industrial technology group headquartered in Munich that supplies automation, electrification, rail and healthcare equipment, software and services. It was founded in Berlin on October 1, 1847 by Werner von Siemens and Johann Georg Halske as Telegraphen-Bauanstalt von Siemens & Halske. The group reports through Digital Industries (factory automation and industrial software), Smart Infrastructure (buildings and electrical distribution), Siemens Mobility (rolling stock, signalling and rail systems) and Siemens Financial Services, and holds about 75% of separately listed Siemens Healthineers. It sells mainly to manufacturers, utilities, infrastructure owners, transit operators and hospitals, and in fiscal 2025 generated revenue of €78.9 billion and net income of €10.4 billion with about 327,000 employees. In 2020 it spun off Siemens Energy, keeping a 17.1% stake, and bought Varian Medical Systems for US$16.4 billion; in 2025 it added Altair Engineering for about US$10 billion, its largest acquisition, and Dotmatics for US$5.1 billion. Roland Busch has been chief executive since February 2021, and the shares trade on the Frankfurt Stock Exchange as a DAX member.

IHC is an Abu Dhabi-listed diversified operating and investment holding company founded in 1998. Its subsidiaries and equity interests span real estate, healthcare, food, utilities, technology, financial services, marine activities and other industrial sectors. The group serves consumers, businesses and government counterparties through its operating companies. Revenue is generated from consolidated services, product sales, development activity and returns on investment holdings. IHC Capital acted as the group vehicle participating alongside ADQ in the transaction that formed the enlarged Modon Holding. Because IHC Capital carries the parent brand and is not a separately managed external investment house, it is resolved to the existing IHC record under the one-house rule. The listed parent allocates capital centrally while operating through separately managed subsidiaries and associates.

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.

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 electric vehicle 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 subsidiary Brunp, it works with customers to create a closed-loop battery life cycle from production, application, to recycling.

ABB is a Swiss-Swedish electrification and automation group headquartered in Zurich and incorporated in Switzerland as ABB Ltd. It was formed in 1988 by the merger of Sweden's ASEA, founded in 1883, and Switzerland's Brown, Boveri & Cie, founded in 1891, creating a group with about $15 billion of revenue and 160,000 employees at the time. Its roughly 20 divisions sit in four business areas: Electrification, Motion, Process Automation, and Robotics & Discrete Automation. It sells electrical distribution products such as circuit breakers, motors and drives, industrial robots and automation systems to industrial, utility, building and infrastructure customers. ABB sold its power grids business to Hitachi in 2020, spun off its turbocharging business in 2022, and in October 2025 agreed to sell its industrial robotics unit, with about 7,000 employees and $2.3 billion of 2024 revenue, to SoftBank Group for $5.4 billion. Major 21st-century acquisitions include Baldor Electric, Thomas & Betts and GE Industrial Solutions. The shares are listed on the SIX Swiss Exchange and Nasdaq Stockholm, and Morten Wierod has been chief executive since August 2024.

Schneider Electric is a French energy technology company headquartered in Rueil-Malmaison, near Paris, whose products cover electrification, automation and digitalisation for buildings, homes, data centers, infrastructure and industry. It sells electrical distribution equipment, switches and sockets, building and home automation, industrial control and process safety systems, grid automation, critical power and cooling for data centers, and energy management and industrial software, under brands including Square D, APC, AVEVA, Clipsal, Merlin Gerin, Telemecanique and Modicon. The company earns most of its revenue from product and system sales to distributors, panel builders, contractors, utilities, data-center operators and industrial customers. It reported revenue of 40.15 billion euros and net income of 4.35 billion euros for 2025 and employed about 177,000 people in 2024. Schneider Electric is registered as a Societas Europaea, trades on Euronext Paris as part of the CAC 40 and Euro Stoxx 50 indices, and is led by chief executive Olivier Blum and chairman Jean-Pascal Tricoire. Its history begins in 1836, when brothers Adolphe and Eugène Schneider took over an iron foundry in Le Creusot and founded Schneider-Creusot, a maker of steel, heavy machinery and transport equipment that later refocused on electrical equipment.

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.

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

Parker Hannifin started out in 1917 as Parker Appliance, selling pneumatic brakes. Through the acquisition of branded components, the firm has expanded into aerospace engines, agricultural and construction machinery, freight and passenger vehicles, and industrial automation equipment. Within these larger systems, Parker sells a wide array of small, critical pieces such as hydraulic, electromechanical, climate control, and filtration components. Many of its products are designed to work together, resulting in a high rate of cross-selling.

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.

Itochu is a general trading house, or sogo shosha, a conglomerate type unique to Japan. The primary driver for sogo shoshas is trading and intermediation between businesses and leveraging their wide domestic and global information and contact networks to extract value. Itochu has historical roots as a textile trader, but over the years has expanded its portfolio from upstream minerals production, to midstream industrial machinery, food processing, and information and communication technology, and all the way to downstream textiles, convenience stores (Family Mart), and realty. Among the Big Five sogo shoshas, Itochu has the highest exposure to nonresource businesses and to domestic business. It continues to skew its future investments toward the downstream and consumer businesses.

Founded in 1995, BYD is a leading Chinese manufacturer in the design, development, and production of new energy vehicles, or NEVs. In March 2022, the firm discontinued production of internal combustion engine, or ICE, vehicles. Its products primarily target the growing midpriced mass-market segment in China’s passenger vehicle market. The company sold about 4.6 million passenger NEVs in 2025, accounting for 30% of the Chinese passenger NEV market. Besides automobile production, the company is also engaged in handset components and assembly services, as well as the rechargeable battery and photovoltaics business.

Atlas Copco is a 140-year-old Swedish company that pioneered air compression technology and remains a leading air compressor manufacturer. Atlas Copco is also a leading manufacturer of vacuum pump equipment, industrial power tools, and portable power and air compression equipment. The company's operations match the geographic breadth of its customers, with a presence in 180 countries. Atlas Copco's revenue is derived from three sources: initial equipment sales, spare parts, and maintenance.

Emerson Electric is an American industrial technology company headquartered in St. Louis, Missouri, that makes automation and control systems, measurement and analytical instruments, test equipment, industrial software and professional tools. Its products serve process and discrete industries such as oil and gas, power generation, chemicals, pharmaceuticals, water treatment and heating and air conditioning in more than 150 countries, and it also makes radar and avionics equipment for aerospace and defence. The company was founded on September 24, 1890 by John Wesley Emerson as Emerson Electric Manufacturing Co. to build electric motors, and in 1892 became the first to sell electric fans in the United States. Over the past decade it has reshaped itself around automation: it sold its Network Power business, now Vertiv, to Platinum Equity in 2016, sold its climate technologies business to Blackstone in stages between 2022 and 2024, and bought National Instruments for $8.2 billion in 2023; Aspen Technology is also a subsidiary. Emerson earns its revenue mainly by selling equipment, systems and software to industrial customers. In 2025 it reported revenue of $18.02 billion, operating income of $2.475 billion and net income of $2.293 billion, with about 71,000 employees. It is listed on the New York Stock Exchange and is led by chief executive Lal Karsanbhai and chairman Jim Turley.

3M is a Minnesota-based diversified technology and manufacturing company, founded on 13 June 1902 as the Minnesota Mining and Manufacturing Company in Two Harbors, Minnesota, and headquartered in Maplewood, a suburb of Saint Paul, since 1962. It makes roughly 60,000 products including adhesives, abrasives, laminates, passive fire protection and personal protective equipment, and consumer brands such as Scotch Tape, Post-it notes and Nexcare bandages. It reported revenue of $24.9 billion and net income of $3.25 billion in 2025 and employed about 60,500 people. In July 2022 it announced the separation of its health care business, which became the independent public company Solventum on 1 April 2024, with 3M initially keeping a 19.9% stake. In 2019 it bought wound care company Acelity for about $6.7 billion.

Mitsui is a 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 nonresources businesses, both industrial ones like machinery and nonindustrial ones like food, healthcare, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Mitsui participates in upstream production businesses and downstream distribution businesses. Among Japan’s large trading houses, Mitsui has the highest exposure to resources businesses.

Founded in 1912, Illinois Tool Works has become a diversified industrial manufacturer through acquisitions and innovations that follow customer needs. ITW operates through seven business segments, with no segment representing more than one-fifth of revenue. ITW’s automotive OEM segment sells vehicle components; its food equipment segment sells commercial kitchen appliances; its test and measurement and electronics segment sells inspection and analysis equipment; its welding segment sells welding equipment and consumables; its polymers and fluids segment sells industrial and consumer adhesives, solvents, and coatings; its construction products segment sells building fasteners and tools; and its specialty products segment sells medical, packaging, HVAC, and airport ground equipment.

LG Energy Solution is the third-largest battery maker for electric vehicles with about 11% global share in 2024, according to SNE Research. The EV battery segment is the largest revenue contributor, which accounted for more than 60% of total revenue in 2024. LGES also manufactures batteries for mobility, mobile phones, laptops, electrical devices, and energy storage systems. The company was spun off from LG Chem’s battery division in December 2020 and listed on the Korea Exchange in January 2022. It has global manufacturing facilities in Korea, China, Poland, and the United States. Key customers include General Motors, Tesla, Volkswagen, Hyundai, and Stellantis.

Ferrari is an Italian manufacturer of high-performance luxury sports cars, headquartered in Maranello in the province of Modena. The company traces its origins to Auto Avio Costruzioni and to Enzo Ferrari's 1947 car company, and it also runs the Scuderia Ferrari Formula One team. Its shares trade on Borsa Italiana and on the New York Stock Exchange, and it is a component of the FTSE MIB and Euro Stoxx 50 indices. Fiat acquired 50% of Ferrari in 1969, and Mubadala held a 5% stake between 2005 and 2010 before Fiat repurchased it. Ferrari separated from Fiat Chrysler after a 2015 initial public offering. The company reported 2025 EBITDA of about USD 3.1 billion. Its range includes road cars sold through a dealer network, limited series and special cars, and brand licensing.

Honeywell traces its roots to 1885 with Albert Butz’s firm, Butz Thermo-Electric Regulator, which produced a predecessor to the modern thermostat. Other inventions by Honeywell include biodegradable detergent and autopilot. Today, Honeywell is a global multi-industry behemoth with one of the largest installed bases of equipment. It operates through four business segments: aerospace technologies, industrial automation, energy and sustainability solutions, and building automation. Recently, Honeywell has made several portfolio changes to focus on fewer end markets and align with a set of secular growth trends. The firm is working diligently to expand its installed base, deriving around one third of its revenue from recurring aftermarket services.

General Motors Co. emerged from the bankruptcy of General Motors Corp. (old GM) in July 2009. GM has eight brands and operates under three segments: GM North America, GM International, and GM Financial. The United States now has four brands instead of eight under old GM. The company regained its US market share leadership in 2022, after losing it to Toyota due to the chip shortage in 2021. 2025 US share was 17.4%, up 60 basis points from 2024. The Cruise autonomous vehicle arm, which GM now owns outright, previously operated driverless geofenced AV robotaxi services in San Francisco and other cities, but after a 2023 accident, GM decided that it will focus on personal AVs. GM Financial became the company's captive finance arm in 2010 via the purchase of AmeriCredit.

The Volvo Group is one of the largest global original equipment manufacturers of trucks, buses, construction equipment, and engines and power systems, operating under the Volvo, Renault Truck, Mack Trucks, Volvo Penta, and Nova Bus brands. Among the four largest Western global brands—Volvo, Daimler, Paccar, and Traton—Volvo ranks third in terms of annual deliveries. Its truck, construction equipment, bus, and engines and power system segments contributed 71%, 18%, 5%, and 5%, respectively, to industrial operations' revenue in 2025. An in-house financial services division supports these businesses. In its key regions of Europe, North America, Brazil, and Australia, the truck business holds large market shares of 29%, 17%, 23%, and 21%, respectively.

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

Paccar is a leading manufacturer of medium- and heavy-duty trucks under the premium nameplates Kenworth and Peterbilt, which are primarily sold in the Americas and Australia, and DAF, which primarily services Europe and South America. The trucks segment (74% sales) goes to market through a network of 2,200 independent dealers. Paccar maintains an internal finance subsidiary that provides retail and wholesale financing for customers and dealers (6% sales). In recent years, Paccar has aggressively expanded its parts business (20% of sales), including engines, axles, and transmissions for its own truck brands as well as independent producers. The company commands 30% of the Class 8 market share in North America and 15% of the heavy-duty market share in Europe.

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.

Hyundai Motor Company is a South Korean multinational automaker headquartered in Seoul that was founded by Chung Ju-yung on 29 December 1967. It is the core vehicle maker of Hyundai Motor Group, whose executive chair is Chung Eui-sun, and it sells cars, sport utility vehicles and commercial vehicles together with electric and hydrogen models around the world. Its latest sustainability report puts production at about 4.1 million vehicles. The company also has finance and other businesses that support the vehicle operations. It invests in mobility and sharing businesses and put more than A$8 million into the Australian car-sharing platform Car Next Door between 2018 and 2019, listing Ioniq electric vehicles on its platform.

Sumitomo Corp. is a 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 resource businesses such as energy and metals as well as nonresource businesses, both industrial ones like machinery and nonindustrial ones like food, media, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Sumitomo also participates in upstream production businesses and downstream distribution businesses.

Marubeni is a 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 such as energy and metals as well as nonresources businesses, both industrial ones like machinery and nonindustrial ones like food, real estate, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Marubeni also participates in upstream production businesses and downstream distribution businesses.

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

With roots tracing back to the early 1900s, Rockwell Automation is the successor to Rockwell International, which spun off its avionics segment in 2001. It is a pure-play industrial automation company that operates through three segments. Its largest segment by revenue, intelligent devices, sells factory floor-level devices such as motors, drives, sensors, relays, and actuators. Its software and control segment sells visualization, simulation, and human-machine interface software and control products such as programmable controllers, computers, and operator terminals. Its smallest segment, lifecycle services, offers digital consulting, engineered-to-order services, and other outsourced services such as remote monitoring, cybersecurity, and asset and plant maintenance and optimization.

Ford Motor Co. manufactures automobiles under its Ford and Lincoln brands. In March 2022, the company announced that it will run its combustion engine business, Ford Blue, and its BEV business, Ford Model e, as separate businesses but still all under Ford Motor. The company has over 13% market share in the United States, about 10% share in the UK, and just over 1% share in China including Taiwan and unconsolidated affiliates. Sales in the US made up about 65% of 2025 total company revenue. Ford has about 169,000 employees, including about 56,300 UAW employees, and is based in Dearborn, Michigan.

CITIC Limited is a Hong Kong-listed diversified group whose activities include financial services, resources and energy, manufacturing, real estate, infrastructure and engineering contracting. Its businesses operate principally in China, alongside activities in Hong Kong and other overseas markets. The group serves commercial, industrial, institutional and consumer customers through its operating subsidiaries. Revenue comes from financial services, manufactured products, resource-related activities, infrastructure and contracted services across those businesses. In 2015, CITIC Environment, within the group’s wholly owned corporate chain, invested alongside KKR in United Envirotech as part of an expansion into environmental services. The acquired platform combined wastewater-treatment engineering, water-plant investments and membrane manufacturing. CITIC’s 2015 transaction disclosures described environmental protection and stewardship of natural resources as a strategic development area. At June 2015, the broader group reported approximately HK$6.5 trillion of total assets and employed more than 120,000 people across its businesses.

Sandvik is a manufacturer of specialized tools and mining equipment used predominantly by global mining, engineering, and automotive customers. The group is composed of three segments: mining and rock solutions, rock processing, and machining. Sandvik was founded in 1862 and listed on the Nordic Exchange in Stockholm in 1901.

Toyota Tsusho Corp is a Japan-based company involved in trading diverse products, along with the manufacturing, processing, sales, investment, and related service activities. The company operates through segments including Africa, Circular Economy, Digital Solutions, Green Infrastructure, Lifestyle, Metal Plus, Mobility, Supply Chain, and Others. It generates the majority of its revenue from the Metal Plus segment, which processes, manufactures, treats, and sells steel products and nonferrous metal ingots, among others.

Incorporated in 1948, Honda Motor was originally a motorcycle manufacturer. Today, the firm makes automobiles, motorcycles, and power products such as boat engines, generators, and lawnmowers. Including joint ventures, Honda sold 3.7 million light vehicles and 20.6 million motorcycles in fiscal 2025, and consolidated sales were JPY 21.7 trillion. Automobiles constitute 65% of revenue and motorcycles 17%, with the rest split between power products and financial services. Honda also makes robots and private jets.

Mercedes-Benz Group is a premium automotive original equipment manufacturer, selling around 2 million passenger cars, including its Chinese joint venture, and just under 400,000 vans per year. The company's financial profile improved significantly following the spinoff of Daimler Truck in 2021. Unlike most automotive OEMs, Mercedes operates under its brand alone. In 2024, 14% of its passenger cars sold were top end (G Class, Maybach, AMG, S Class), 59% were core (C and E Class), and 27% entry (A and B Class). In volume terms, Asia and Europe are Mercedes' largest markets, each at just under 40% of 2024 vehicle sales, followed by North America at 16%.

Porsche designs, engineers, and manufactures premium cars synonymous with its racing heritage, engineering mastery, sporty design, and driving experience. Porsche is uniquely positioned in that its brand is associated with luxury, but it produces cars on a much larger scale than its superluxury peers. Porsche sold 279,000 vehicles in 2025 at an average price of EUR 130,000. Europe, North America, mainland China including Hong Kong, and the rest of the world accounted for 34%, 31%, 15%, and 20% of volume in 2025, respectively. Ninety-two percent of revenue is generated from the sale of cars and related services, with the remainder from the captive finance arm. Porsche’s equity is tightly held, with Volkswagen owning 75.4% and Porsche SE (the Porsche/Piëch family) owning 12.5%.

Mexico-based Femsa is a beverage and retail conglomerate in Central and South America. The holding company owns controlling stakes in bottler Coca-Cola Femsa (47% economic stake, 56% voting rights), in addition to operating 100%-owned retail assets, including convenience stores under the Oxxo banner, drugstores, and gas stations. The firm divested its 15% stake in Heineken and its distribution business in 2023. Coca-Cola Femsa and the Oxxo chain made up 75% of total company revenue and over 90% of profits in 2024.

Volkswagen is the second-largest automotive original equipment manufacturer by vehicle sales globally, selling 9 million vehicles in 2025. It has four vehicle segments: core (Volkswagen, Seat, Skoda, and VW commercial), progressive (Audi, Lamborghini, and Bentley), sports luxury (Porsche), and Traton commercial vehicles (Traton, Scania, Navistar, MAN, and VW truck and bus), which contribute 45%, 20%, 10%, and 13% to group revenue, respectively. It also has a vehicle software business (Cariad), batteries (PowerCo), power engineering production, and financial services.

Roper Technologies is a holding company focused on acquiring, managing, and developing niche market-leading technology businesses. The company operates a decentralized business model whereby each portfolio company operates independently from the others. Roper positions itself as a free cash flow compounder, whereby excess free cash flow generated by its portfolio businesses is repatriated to the parent company, which is then utilized to acquire additional businesses. Presently, the company operates 30 distinct businesses with over three-fourths of the revenue coming from software products and over two-thirds of revenue coming from recurring and reoccurring sources.

Sumitomo Electric Industries Ltd manufactures and sells electric wires and cables, and other products. The company operates through five segments. The Automotive related business covers wire harnesses, anti-vibration rubber, hoses, electrical parts, and traffic control systems. The Electronics related business provides electronic wires, flexible printed circuits, fluoropolymer products, and metal components. The Environment and Energy related business handles power transmission equipment, substation systems, vacuum and beam equipment, and conductive products. The Industrial Materials business includes steel wire, tools, optical components, and sintered parts. The Information and Communication business offers fiber optic cables, communication equipment, and optical devices.

BMW is a German manufacturer of premium cars and motorcycles headquartered in Munich, trading as BMW Group. It sells cars under the BMW brand, including its i, M and X lines, as well as Mini and Rolls-Royce, and motorcycles under BMW Motorrad, and it also offers financing, leasing, insurance and car-sharing services. The company dates its founding to 7 March 1916; Rapp Motorenwerke became Bayerische Motoren Werke in 1917, and in 1922 the name and assets passed to aircraft maker Bayerische Flugzeugwerke, which became today's BMW AG. In 2025 BMW produced 2,463,681 cars and 202,563 motorcycles and reported revenue of €133.5 billion, operating income of €10.2 billion, net income of €7.5 billion and 154,540 employees; in 2024 automotive sales made up about 73% of revenue and financial services about 25%. In 2023 it was the world's ninth-largest vehicle producer and sixth-largest automaker by revenue. BMW is listed in Frankfurt and belongs to the DAX index, while Stefan Quandt holds 27.7% and Susanne Klatten 22.5% of the shares. Milan Nedeljković chairs the management board.

WEG SA is a Brazilian electrical engineering and automation company listed on the B3 exchange and headquartered in Jaragua do Sul, Santa Catarina. It was founded on 16 September 1961 by Werner Ricardo Voigt, Eggon Joao da Silva and Geraldo Werninghaus, and its name is an acronym of their initials. The company makes electric motors, generators, transformers, drives, industrial automation and control products, gearboxes, switchgear, wind turbines, battery storage systems and coatings and varnishes. In 2025 its net revenue reached R$40.8 billion, of which 59 percent came from markets outside Brazil. It has grown through acquisitions across Europe, Asia, Africa and the Americas, the largest being the 2023 purchase of the industrial motors and generators business of Regal Rexnord for USD 400 million. Alberto Kuba serves as chief executive and Decio da Silva as chairman, and the company keeps a United States base in Duluth, Georgia.

Maruti Suzuki India Ltd, a subsidiary of Suzuki Motor Corp. The company is engaged in the manufacturing, purchase, and sale of motor vehicles, components, and spare parts. Its other activities include the facilitation of pre-owned car sales, fleet management, and car financing. The company manufactures various types of passenger vehicles and light commercial vehicles for its customers belonging to different income categories. Some of the vehicles manufactured by it are: WagonR, Dzire, Ertiga, Fronx (SUV), and others. Geographically, the company generates a majority of its revenue from its business in India and also engages in exports of its products to countries like Chile, Saudi Arabia, South Africa, Japan, Mexico, and others.

Adani Enterprises Ltd is a holding company. The company's segment includes Integrated Resources Management, Mining, Commercial Mining, New Energy Ecosystem, Road, Airport, and others. The company generates maximum revenue from the Integrated Resources Management segment.