Multiples IT Services Index

Curated by Multiples, this index tracks publicly listed IT consulting and services companies globally.

Explore the Multiples IT Services Index

100

public companies
tracked

$1.7T

cumulative
enterprise value

1.4x

median EV/NTM revenue multiple

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples IT Services Index constituents, indexed to 0% at the beginning of the period.

+31.8%

Multiples IT Services Index

Data as of 18 May 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples IT Services Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples IT Services Index.

x-axis:

y-axis:

Data as of May 18, 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 IT Services Index.

Metric:

Data as of May 18, 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 IT Services Index.

Metric	Palantir	IBM	Accenture
Market Cap	$321B	$206B	$104B
EV/Revenue (NTM)	34.9x	3.6x	1.3x
EV/Gross Profit (NTM)	40.5x	6.0x	4.2x
EV/EBITDA (NTM)	57.2x	12.9x	7.0x
EV/FCF (NTM)	62.1x	16.1x	8.8x
Revenue Growth	58%	5%	6%
Gross Margin (NTM)	86%	60%	32%
EBITDA Margin (NTM)	61%	28%	19%
FCF Margin (NTM)	56%	23%	15%
Rule of 40	132%	34%	25%
Rule of X	239%	42%	34%

Data as of May 18, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples IT Services Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples IT Services 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 IT Services Index

This index tracks publicly listed IT consulting companies worldwide.


Palantir	17.9%	$134	+2%	$321B	34.9x	58%	86%	61%	56%	132%	$1M
IBM	11.5%	$219	-15%	$206B	3.6x	5%	60%	28%	23%	34%	$235K
Accenture	5.8%	$169	-47%	$104B	1.3x	6%	32%	19%	15%	25%	$89K
Tata Consultancy Services	4.8%	$24	-37%	$85B	2.7x	5%	40%	27%	19%	34%	$47K
Infosys	3.9%	$12	-36%	$47B	2.2x	1%	32%	24%	15%	26%	$62K
Fujitsu	2.9%	$20	-3%	$35B	1.4x	4%	38%	15%	9%	18%	$179K
NEC	2.8%	$25	+6%	$34B	1.4x	5%	34%	16%	8%	20%	$207K
HCLTech	2.6%	$12	-33%	$32B	2.0x	6%	33%	21%	13%	30%	$62K
DCI Indonesia	2.3%	$12	+25%	$28B	—	—	—	—	—	—	$892K
Cognizant	1.8%	$47	-42%	$22B	1.0x	5%	33%	18%	12%	24%	$60K
Fidelity Information Services	1.8%	$42	-47%	$22B	3.0x	19%	40%	42%	17%	71%	$243K
Wipro	1.7%	$2	-27%	$21B	1.7x	4%	29%	20%	14%	24%	$40K
Capgemini	1.6%	$116	-31%	$19B	0.9x	5%	28%	16%	8%	23%	$78K
TD Synnex	1.5%	$230	+90%	$19B	0.3x	7%	8%	3%	2%	12%	$2M
Nomura Research Institute	1.3%	$27	-22%	$16B	2.9x	5%	39%	27%	13%	30%	$223K
Leidos	1.3%	$124	-17%	$16B	1.2x	6%	17%	14%	8%	17%	$388K
LTIMindtree	1.2%	$50	—	$15B	2.7x	10%	31%	18%	11%	25%	—
Elm	1.2%	$183	-33%	$14B	4.5x	16%	39%	25%	17%	43%	$976K
Unisplendour	1.1%	$5	+35%	$13B	1.0x	19%	13%	4%	—	23%	$827K
CGI	1.1%	$63	-41%	$13B	1.3x	4%	19%	20%	13%	24%	$128K
CDW	1.1%	$102	-43%	$13B	0.8x	4%	21%	9%	5%	14%	$2M
Tech Mahindra	1.0%	$14	-16%	$13B	1.8x	7%	31%	18%	11%	26%	$51K
LTM Ltd	1.0%	$41	-23%	$12B	2.2x	10%	31%	18%	11%	30%	$55K
Applied Digital	1.0%	$43	+523%	$12B	19.0x	75%	52%	41%	-378%	132%	$703K
Hyundai Autoever	1.0%	$433	+348%	$12B	3.4x	11%	11%	10%	5%	22%	—
SCSK	0.9%	$37	+32%	$11B	—	—	—	—	—	—	—
OBIC	0.9%	$25	-23%	$11B	10.2x	10%	79%	68%	55%	78%	$349K
CACI International	0.9%	$487	+14%	$11B	1.5x	12%	25%	12%	7%	23%	$345K
Indra Sistemas	0.8%	$58	+38%	$10B	1.1x	19%	68%	14%	6%	39%	$117K
Samsung SDS	0.8%	$126	+44%	$10B	0.6x	2%	15%	11%	4%	12%	$832K
GDS Holdings	0.7%	$5	+78%	$9B	7.0x	12%	25%	46%	-28%	55%	$740K
Nextdc	0.6%	$11	+14%	$8B	18.4x	47%	78%	50%	-601%	83%	$1M
Persistent Systems	0.6%	$49	-20%	$8B	4.0x	16%	35%	19%	11%	40%	$64K
Shanghai Stonehill	0.6%	$1	+56%	$7B	—	—	—	—	—	—	$144K
solutions by stc	0.6%	$59	-16%	$7B	1.7x	8%	22%	15%	10%	22%	$2M
Otsuka	0.6%	$18	-2%	$7B	0.6x	0%	20%	8%	5%	7%	$748K
iSoftstone	0.5%	$6	-23%	$6B	1.0x	13%	11%	—	—	—	$57K
Ingram Micro	0.5%	$25	+32%	$6B	0.2x	6%	6%	3%	0%	10%	$2M
Coforge	0.5%	$13	-28%	$6B	2.4x	32%	33%	21%	-3%	57%	$100K
Computacenter	0.5%	$54	+56%	$6B	0.4x	10%	13%	4%	1%	18%	$611K
LG CNS	0.5%	$58	+71%	$6B	1.1x	5%	16%	11%	11%	18%	$615K
China National Software	0.5%	$6	-8%	$6B	—	—	—	—	—	—	$90K
Parsons	0.4%	$50	-22%	$5B	1.0x	5%	22%	10%	6%	14%	$600K
EPAM Systms	0.4%	$93	-47%	$5B	0.7x	5%	30%	17%	11%	22%	$89K
FPT Corp.	0.4%	$3	-28%	$5B	1.7x	1%	29%	22%	18%	14%	$49K
TIS	0.4%	$22	-27%	$5B	1.1x	3%	29%	16%	8%	19%	$152K
Digital China	0.4%	$6	+11%	$4B	0.3x	10%	5%	—	—	—	$19M
Bechtle	0.4%	$34	-23%	$4B	0.6x	6%	19%	8%	4%	13%	$464K
Reply	0.3%	$114	-34%	$4B	1.2x	7%	71%	18%	9%	26%	$179K
EXL Service	0.3%	$27	-40%	$4B	1.8x	11%	39%	22%	11%	33%	$32K
Mphasis	0.3%	$22	-22%	$4B	2.1x	12%	31%	19%	12%	32%	$60K
Asseco Poland	0.3%	$50	+1%	$4B	0.6x	9%	27%	16%	8%	30%	$138K
NS Solutions	0.3%	$22	-10%	$4B	1.3x	8%	27%	15%	8%	24%	$331K
SAIC	0.3%	$93	-20%	$4B	0.9x	-1%	12%	10%	8%	8%	$303K
Guangdong Aofei Data	0.3%	$4	+40%	$4B	10.0x	24%	34%	52%	—	82%	$941K
DHC Software	0.3%	$1	-8%	$4B	—	—	—	—	—	—	$1M
L&T Technology Services	0.3%	$36	-23%	$4B	2.8x	6%	31%	19%	11%	27%	$50K
Beijing Teamsun Tech	0.3%	$3	+150%	$4B	—	—	—	—	—	—	$450K
TravelSky	0.3%	$1	-13%	$4B	1.3x	8%	55%	38%	18%	44%	$192K
Softcat	0.3%	$18	-23%	$4B	1.5x	4%	33%	13%	8%	21%	$704K
Posco DX	0.3%	$23	+51%	$3B	—	—	—	—	—	—	—
Internet Initiative Japan	0.3%	$19	+9%	$3B	1.4x	9%	22%	18%	4%	28%	$418K
Hexaware Technologies	0.3%	$5	-46%	$3B	1.8x	8%	38%	16%	9%	29%	$46K
Odine	0.3%	$27	+1551%	$3B	—	—	—	—	—	—	$296K
Aditya Infotech	0.2%	$26	—	$3B	5.2x	29%	28%	12%	3%	43%	$254K
Sopra Steria	0.2%	$156	-29%	$3B	0.6x	2%	—	13%	5%	15%	$119K
OBIC Business Consultants	0.2%	$38	-26%	$3B	5.8x	12%	85%	49%	43%	59%	$301K
Also Holding	0.2%	$221	-33%	$3B	0.1x	5%	8%	2%	1%	9%	$4M
Biprogy	0.2%	$29	-21%	$3B	1.0x	5%	27%	14%	6%	20%	$304K
Matrix IT	0.2%	$29	-13%	$3B	—	—	—	—	—	—	—
Insight Enterprises	0.2%	$89	-32%	$3B	0.5x	2%	23%	7%	4%	9%	$569K
Tata Elxsi	0.2%	$43	-38%	$3B	5.7x	10%	37%	25%	16%	34%	$32K
Tieto	0.2%	$23	+23%	$3B	1.5x	-3%	78%	18%	11%	14%	$155K
Tata Technologies	0.2%	$6	-23%	$3B	3.7x	17%	41%	17%	9%	33%	$46K
Dentsu Soken	0.2%	$13	-7%	$3B	2.2x	8%	38%	16%	9%	27%	$318K
Vistance Networks	0.2%	$11	+88%	$3B	0.0x	-1%	42%	18%	-11%	17%	$97K
Kyndryl Holdings	0.2%	$11	-71%	$3B	0.3x	-1%	22%	18%	3%	17%	$206K
ArcSoft	0.2%	$6	+1%	$3B	13.7x	16%	89%	33%	—	45%	—
Alten	0.2%	$71	-16%	$2B	0.5x	1%	—	11%	6%	12%	$115K
Netweb Technologies India	0.2%	$40	+85%	$2B	5.2x	70%	25%	13%	5%	106%	$521K
Netcompany	0.2%	$50	+7%	$2B	1.9x	14%	27%	18%	8%	37%	$140K
SoftwareOne	0.2%	$11	+10%	$2B	0.9x	21%	98%	23%	9%	52%	$167K
ePlus	0.2%	$83	+16%	$2B	0.8x	5%	26%	8%	5%	16%	$941K
Formula Systems	0.2%	$136	+12%	$2B	—	—	—	—	—	—	$116K
Fengzhushou	0.2%	$7	+81%	$2B	—	—	—	—	—	—	$856K
Sinosoft	0.2%	$2	-14%	$2B	1.7x	4%	25%	—	—	—	—
Digital China Information	0.2%	$2	+16%	$2B	0.9x	7%	13%	—	—	—	$194M
BigBear.ai	0.2%	$4	-2%	$2B	10.9x	12%	30%	-21%	-25%	-11%	$203K
Atea	0.2%	$17	+11%	$2B	0.3x	8%	50%	4%	3%	57%	$706K
Rakus Co	0.1%	$5	-27%	$2B	4.2x	6%	82%	36%	33%	42%	$381K
Redington	0.1%	$2	-18%	$2B	0.1x	11%	—	2%	0%	15%	$7M
MyEG	0.1%	$0	-8%	$2B	5.3x	7%	84%	83%	79%	94%	$166K
Globant	0.1%	$39	-60%	$2B	0.8x	3%	36%	19%	10%	20%	$78K
Kontron	0.1%	$27	+1%	$2B	1.0x	8%	45%	13%	5%	19%	$257K
4iG	0.1%	$6	+11%	$2B	—	—	—	—	—	—	$285K
Black Box	0.1%	$9	+64%	$2B	2.0x	20%	30%	9%	6%	27%	$2M
Beijing Topnew Info	0.1%	$11	+91%	$2B	—	—	—	—	—	—	$115K
GuoChuang Software	0.1%	$5	+52%	$2B	—	—	—	—	—	—	$48K
Sesa	0.1%	$104	+10%	$2B	0.3x	5%	—	7%	3%	15%	$595K
Neusoft	0.1%	$1	-8%	$2B	0.7x	15%	24%	5%	—	17%	$113K