Multiples Internet Backbone Index
Curated by Multiples, this index tracks companies powering the core infrastructure of the internet.
Explore the Multiples Internet Backbone Index100
public companies
tracked
$15.1T
cumulative
enterprise value
4.8x
median EV/NTM revenue multiple
13%
median NTM/LTM revenue growth
Index Performance
This chart shows the weighted market cap evolution over time for the Multiples Internet Backbone Index constituents, indexed to 0% at the beginning of the period.
+114.2%
Multiples Internet Backbone Index
Key Index Metrics
This chart shows the median evolution over time of key valuation metrics for the Multiples Internet Backbone Index constituents.
Valuation Benchmarks
This chart shows the regression relationship between valuation metrics across companies in the Multiples Internet Backbone Index.
Data as of September 16, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.
Company Rankings
This chart shows company rankings by selected metric within the Multiples Internet Backbone Index.
Data as of September 16, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.
Companies Side-by-Side
Compare key metrics between companies in the Multiples Internet Backbone Index.
Metric |  Amazon | ||
|---|---|---|---|
Market Cap | $4.2T | $3.7T | $2.7T |
EV/Revenue (NTM) | 7.1x | 9.0x | 3.0x |
EV/Gross Profit (NTM) | 11.0x | 13.7x | 5.8x |
EV/EBITDA (NTM) | 14.7x | 14.5x | 10.6x |
EV/FCF (NTM) | -169.1x | 109.9x | -94.2x |
Revenue Growth | 23% | 18% | 15% |
Gross Margin (NTM) | 64% | 66% | 53% |
EBITDA Margin (NTM) | 48% | 62% | 29% |
FCF Margin (NTM) | -4% | 8% | -3% |
Rule of 40 | 71% | 71% | 42% |
Rule of X | 106% | 84% | 65% |
Data as of September 16, 2026.
Cumulative Metrics
This chart shows the cumulative sum of selected metrics across all companies in the Multiples Internet Backbone Index, over time.
Index Methodology
Similar to the NASDAQ 100 Index, the Multiples Internet Backbone Index employs a modified market capitalization weighting scheme.
The weight process uses company-level weights, which are derived using company market capitalization.
Company weights are evaluated based on two rules:
Rule 1
No company's weight may exceed 24%.
Rule 2
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.
Rule 1 adjustment
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.
Rule 2 adjustment
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:
- The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
- Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.
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.
Companies Included in the Multiples Internet Backbone Index
This index tracks cloud infrastructure, cybersecurity, data infrastructure, developer tools, and IT operations companies forming the backbone of the internet.
 | 6.6% | $345 | +42% | $4.2T | 7.1x | 23% | 64% | 48% | -4% | 71% | $2M | |
| 6.6% | $497 | -4% | $3.7T | 9.0x | 18% | 66% | 62% | 8% | 71% | $1M | |
| 7.6% | $248 | +13% | $2.7T | 3.0x | 15% | 53% | 29% | -3% | 42% | $455K | |
| 4.6% | $110 | +61% | $434B | 6.1x | 14% | 64% | 38% | 27% | 47% | $735K | |
| 4.5% | $140 | -50% | $424B | 5.4x | 38% | 56% | 56% | -37% | 74% | $416K | |
| 4.4% | $173 | -5% | $415B | 36.6x | 56% | 86% | 63% | 57% | 144% | $1M | |
| 3.6% | $544 | +283% | $346B | 1.7x | 34% | 21% | 12% | 8% | 78% | $1M | |
| 5.6% | $375 | +84% | $307B | 21.2x | 22% | 75% | 31% | 38% | 29% | $714K | |
 | 4.9% | $14 | -40% | $272B | 1.5x | 11% | 40% | 16% | -4% | 22% | $1M | |
| 4.5% | $242 | +98% | $248B | 35.6x | 23% | 79% | 32% | 32% | 53% | $411K | |
| 4.2% | $248 | -12% | $234B | 4.0x | 4% | 59% | 28% | 23% | 32% | $235K | |
| 3.9% | $142 | -23% | $147B | 8.2x | 20% | 79% | 39% | 36% | 61% | $455K | |
| 3.3% | $172 | +99% | $126B | 14.0x | 13% | 80% | 38% | 37% | 57% | $450K | |
| 3.1% | $327 | +54% | $117B | 33.6x | 29% | 73% | 26% | 14% | 57% | $509K | |
| 3.0% | $323 | +43% | $114B | 15.3x | 31% | 72% | 19% | 24% | 47% | $598K | |
 | 2.3% | $24 | -28% | $85B | 2.7x | 5% | 41% | 26% | 18% | 34% | $46K | |
| 2.2% | $230 | +63% | $83B | 15.2x | 24% | 80% | 26% | 27% | 56% | $423K | |
 | 1.5% | $207 | +87% | $56B | 6.1x | 279% | 74% | 52% | -241% | 571% | $386K | |
 | 1.3% | $190 | +20% | $48B | 6.2x | 14% | 86% | 26% | 26% | 34% | $476K | |
| 1.2% | $81 | -40% | $45B | 4.0x | 112% | 70% | 62% | -132% | 210% | $2M | |
 | 1.1% | $73 | -33% | $40B | 0.6x | 72% | 6% | 6% | 1% | 47% | $7M | |
| 1.0% | $384 | -23% | $38B | 5.5x | 7% | 70% | 39% | 32% | 48% | $407K | |
| 1.0% | $190 | +60% | $37B | 4.4x | 13% | 70% | 33% | 23% | 43% | $592K | |
| 0.9% | $13 | -16% | $35B | 2.2x | 6% | 33% | 21% | 13% | 30% | $61K | |
| 0.9% | $190 | +108% | $33B | 9.1x | 10% | 82% | 28% | 29% | 36% | $494K | |
| 0.8% | $194 | -35% | $32B | 7.5x | 17% | 80% | 29% | 24% | 35% | $423K | |
| 0.8% | $11 | -34% | $31B | 1.3x | 4% | 40% | 18% | 2% | 15% | $536K | |
| 0.8% | $378 | +22% | $30B | 8.3x | 20% | 75% | 22% | 20% | 41% | $443K | |
| 0.7% | $297 | +6% | $27B | 15.0x | 9% | 89% | 73% | 58% | 79% | $2M | |
 | 0.7% | $11 | -31% | $27B | - | - | - | - | - | - | $886K | |
| 0.6% | $431 | +34% | $24B | 6.4x | 7% | 83% | 37% | 30% | 46% | $469K | |
| 0.6% | $104 | +26% | $21B | 10.9x | 24% | 81% | 8% | 21% | 30% | $411K | |
| 0.5% | $154 | -4% | $19B | 1.0x | 5% | 21% | 9% | 5% | 17% | $2M | |
| 0.5% | $31 | +10% | $19B | 4.7x | 8% | 81% | 50% | 31% | 63% | $1M | |
| 0.5% | $68 | -9% | $18B | 5.4x | 13% | 88% | 27% | 26% | 39% | $325K | |
| 0.4% | $55 | +14% | $16B | 6.0x | 15% | 84% | 31% | 27% | 38% | $388K | |
| 0.4% | $105 | +39% | $15B | 4.3x | 11% | 56% | 40% | 2% | 46% | $383K | |
 | 0.4% | $72 | -21% | $15B | 1.4x | 3% | 19% | 20% | 13% | 24% | $127K | |
| 0.4% | $636 | +28% | $14B | 1.8x | 11% | 30% | 13% | 8% | 24% | $383K | |
 | 0.4% | $138 | -33% | $14B | 4.7x | 5% | 88% | 40% | 42% | 43% | $389K | |
| 0.4% | $118 | +247% | $14B | 9.0x | 48% | 51% | 40% | 15% | 69% | $617K | |
| 0.3% | $102 | -27% | $13B | 2.9x | 5% | 64% | 34% | 35% | 39% | $847K | |
| 0.3% | $95 | +103% | $12B | 14.8x | 19% | 83% | 21% | 25% | 43% | $295K | |
| 0.3% | $20 | -10% | $11B | 7.8x | 19% | 78% | 21% | 18% | 35% | $391K | |
| 0.2% | $1 | -16% | $9.3B | 4.7x | 5% | - | 0% | - | 3% | $217K | |
| 0.2% | $85 | +1% | $8.9B | 3.8x | 15% | 78% | 21% | 22% | 24% | $492K | |
| 0.2% | $326 | -6% | $8.4B | 10.1x | -5% | - | 59% | 43% | 56% | $2M | |
| 0.2% | $49 | +9% | $8.2B | 5.6x | 16% | 86% | 15% | 20% | 31% | $402K | |
| 0.2% | $23 | +33% | $8.2B | 5.6x | 19% | 78% | 17% | 11% | 32% | $358K | |
 | 0.2% | $60 | -37% | $7.7B | 3.5x | 11% | 43% | 33% | 28% | 45% | $169K | |
 | 0.2% | $70 | +95% | $7.4B | 0.4x | 18% | 12% | 4% | 2% | 50% | $618K | |
| 0.2% | $17 | -23% | $7.1B | 6.7x | 23% | 78% | 1% | 5% | 13% | $244K | |
 | 0.2% | $59 | -15% | $7B | 1.8x | 8% | 23% | 16% | 11% | 23% | $2M | |
| 0.2% | $23 | +2% | $6.7B | 11.5x | 64% | 55% | 50% | -454% | 71% | $2M | |
| 0.2% | $185 | +39% | $6.4B | 7.8x | 9% | 85% | 46% | 42% | 55% | $255K | |
| 0.2% | $4 | -26% | $6.1B | 5.6x | 11% | 27% | 44% | -35% | 57% | $749K | |
| 0.2% | $8 | -27% | $6.1B | 12.0x | 63% | 80% | 52% | -518% | 85% | $1M | |
| 0.2% | $143 | -25% | $5.9B | 4.3x | 11% | 82% | 22% | 20% | 31% | $359K | |
| 0.2% | $24 | -37% | $5.7B | 2.1x | 0% | 76% | 33% | 14% | 34% | $245K | |
| 0.1% | $2 | +36% | $5.5B | 5.3x | 13% | 37% | 21% | - | 30% | $244K | |
 | 0.1% | $32 | +1% | $5.5B | 1.4x | 3% | 34% | 24% | 8% | 26% | $644K | |
| 0.1% | $47 | -13% | $5.5B | 6.3x | 19% | 78% | 8% | 17% | 22% | $235K | |
| 0.1% | $40 | -14% | $5.4B | 3.6x | 9% | 60% | 38% | 23% | 44% | $364K | |
| 0.1% | $41 | -25% | $5.3B | 1.9x | 7% | 77% | 24% | 19% | 32% | $260K | |
| 0.1% | $25 | +213% | $5.3B | 5.4x | 601% | 23% | 60% | - | 422% | $372K | |
| 0.1% | $35 | +8% | $4.8B | 3.9x | 9% | 81% | 32% | 30% | 39% | $419K | |
| 0.1% | $8 | +60% | $4.6B | 6.8x | 11% | 77% | 23% | 17% | 32% | $302K | |
| 0.1% | $42 | +27% | $4.3B | 2.8x | 17% | 86% | 35% | 43% | 58% | $273K | |
| 0.1% | $38 | +29% | $4.2B | 3.8x | 7% | 82% | 26% | 26% | 34% | $534K | |
| 0.1% | $12 | - | $4.1B | 7.9x | 67% | 65% | 12% | 3% | 90% | $427K | |
| 0.1% | $22 | +25% | $3.9B | 1.5x | 13% | 21% | 17% | 4% | 34% | $428K | |
| 0.1% | $24 | +188% | $3.9B | 4.9x | 14% | 65% | 20% | 8% | 37% | $547K | |
| 0.1% | $3 | -23% | $3.5B | 0.2x | 13% | 3% | 1% | - | 14% | $20M | |
| 0.1% | $31 | -17% | $3.5B | 10.0x | 29% | 95% | 45% | - | 77% | - | |
 | 0.1% | $5 | +49% | $3.4B | 1.4x | 2% | 35% | 14% | 7% | 15% | $680K | |
| 0.1% | $13 | +12% | $3.3B | 2.5x | 14% | 86% | 27% | 28% | 41% | $191K | |
| 0.1% | $31 | -23% | $3B | 1.0x | 7% | 27% | 14% | 7% | 26% | $335K | |
| 0.1% | $2 | -23% | $2.9B | 3.4x | 4% | 13% | 22% | - | 16% | - | |
| 0.1% | $4 | -16% | $2.9B | 4.3x | 8% | 51% | -2% | - | -3% | - | |
| 0.1% | $12 | +19% | $2.9B | 4.8x | 100% | 75% | 43% | -96% | 110% | $636K | |
| 0.1% | $14 | -9% | $2.9B | 4.2x | 21% | 75% | 20% | 21% | 40% | $143K | |
| 0.1% | $48 | +17% | $2.9B | 6.3x | 44% | 27% | 14% | 2% | 93% | $517K | |
| 0.1% | $11 | -39% | $2.8B | 3.9x | 16% | 83% | 29% | 32% | 45% | $408K | |
| 0.1% | $1 | -40% | $2.8B | 1.4x | 31% | 19% | 36% | -12% | 67% | $116K | |
| 0.1% | $38 | +49% | $2.8B | 2.4x | 4% | 82% | 28% | 25% | 30% | $405K | |
| 0.1% | $25 | +48% | $2.7B | 6.8x | 4% | - | 59% | - | 50% | $3M | |
| 0.1% | $29 | +35% | $2.7B | 1.5x | 1% | 62% | 28% | 26% | 27% | $292K | |
 | 0.1% | $18 | +22% | $2.7B | 2.9x | 9% | - | 41% | 3% | 47% | $430K | |
| 0.1% | $18 | - | $2.6B | 132.6x | - | 57% | - | - | 14% | - | |
| 0.1% | $2 | -6% | $2.5B | 5.3x | 16% | 60% | 9% | -4% | 20% | - | |
 | 0.1% | $11 | +10% | $2.4B | 1.4x | 12% | 98% | 24% | 10% | 54% | $161K | |
| 0.1% | $1 | -40% | $2.4B | 1.8x | 13% | 60% | 19% | - | 33% | $388K | |
| 0.1% | $36 | -41% | $2.2B | 1.6x | 17% | 54% | 15% | 10% | 32% | $521K | |
| 0.1% | $2 | +16% | $2B | 4.7x | 26% | 31% | - | - | - | - | |
| 0.1% | $27 | +46% | $1.9B | 5.1x | 12% | 80% | 31% | 25% | 44% | $588K | |
| 0.1% | $4 | +10% | $1.9B | - | - | - | - | - | - | - | |
| 0.0% | $15 | +80% | $1.8B | 22.4x | 24% | 57% | - | - | - | - | |
| 0.0% | $2 | -12% | $1.8B | - | - | - | - | - | - | $491K | |
| 0.0% | $28 | -13% | $1.8B | - | - | - | - | - | 53% | $734K | |
| 0.0% | $44 | -1% | $1.8B | 3.0x | 1% | 84% | 40% | 28% | 42% | $349K |
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