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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.

+15.9%

Multiples IT Services Index

Data as of 01 July 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 July 1, 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 July 1, 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	Tata Consultancy Services
Market Cap	$280B	$264B	$78B
EV/Revenue (NTM)	28.7x	4.4x	2.4x
EV/Gross Profit (NTM)	33.2x	7.3x	5.9x
EV/EBITDA (NTM)	46.9x	15.7x	8.9x
EV/FCF (NTM)	50.8x	19.4x	12.9x
Revenue Growth	55%	5%	6%
Gross Margin (NTM)	87%	60%	41%
EBITDA Margin (NTM)	61%	28%	27%
FCF Margin (NTM)	57%	23%	19%
Rule of 40	132%	34%	35%
Rule of X	241%	43%	46%

Data as of July 1, 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	16.0%	$117	-26%	$280B	28.7x	55%	87%	61%	57%	132%	$1M
IBM	15.2%	$281	+11%	$264B	4.4x	5%	60%	28%	23%	34%	$235K
Tata Consultancy Services	4.4%	$21	-35%	$78B	2.4x	6%	41%	27%	19%	35%	$47K
Accenture	4.4%	$124	-53%	$76B	1.0x	4%	32%	19%	15%	24%	$89K
Infosys	3.7%	$11	-38%	$43B	1.9x	3%	32%	24%	15%	27%	$62K
Fujitsu	3.0%	$20	-4%	$35B	1.5x	1%	38%	15%	9%	15%	$176K
NEC	2.8%	$24	-12%	$32B	1.4x	2%	33%	16%	7%	18%	$215K
HCLTech	2.6%	$11	-29%	$31B	1.8x	7%	33%	21%	14%	30%	$62K
DCI Indonesia	2.1%	$10	-51%	$24B	-	-	-	-	-	-	$875K
TD Synnex	1.8%	$267	+85%	$21B	0.3x	12%	8%	3%	1%	22%	$2M
Fidelity Information Services	1.7%	$39	-51%	$20B	2.9x	15%	39%	42%	17%	71%	$243K
Cognizant	1.6%	$39	-46%	$18B	0.8x	5%	33%	19%	12%	24%	$60K
CDW	1.6%	$141	-19%	$18B	1.0x	4%	21%	10%	5%	14%	$2M
Wipro	1.5%	$2	-33%	$18B	1.3x	5%	30%	20%	14%	27%	$43K
Capgemini	1.5%	$103	-32%	$17B	0.9x	4%	27%	16%	9%	23%	$78K
Nomura Research Institute	1.4%	$28	-25%	$16B	3.0x	4%	39%	27%	14%	29%	$237K
LTIMindtree	1.3%	$50	-	$15B	2.6x	11%	31%	18%	10%	27%	-
Elm	1.2%	$183	-25%	$14B	4.4x	16%	40%	25%	17%	43%	$976K
CGI	1.2%	$65	-34%	$14B	1.4x	3%	19%	20%	13%	24%	$125K
Tech Mahindra	1.1%	$15	-6%	$13B	1.9x	8%	32%	18%	11%	26%	$51K
Leidos	1.1%	$103	-36%	$13B	1.0x	5%	17%	14%	8%	17%	$388K
Unisplendour	1.1%	$4	+18%	$12B	0.8x	20%	13%	4%	-	25%	$826K
SCSK	1.0%	$37	+23%	$11B	-	-	-	-	-	-	-
LTM Ltd	1.0%	$37	-31%	$11B	1.9x	11%	31%	18%	10%	31%	$55K
Applied Digital	0.9%	$37	+184%	$11B	12.7x	107%	57%	40%	-512%	149%	$703K
CACI International	0.9%	$463	+1%	$10B	1.5x	12%	26%	12%	7%	23%	$345K
OBIC	0.9%	$24	-31%	$10B	9.4x	9%	79%	68%	56%	78%	$387K
Indra Sistemas	0.8%	$55	+31%	$10B	1.0x	18%	-	14%	6%	42%	$117K
Samsung SDS	0.8%	$124	+15%	$10B	0.6x	1%	15%	11%	5%	12%	$832K
Hyundai Autoever	0.8%	$344	+231%	$9B	2.7x	10%	11%	11%	5%	22%	-
Nextdc	0.6%	$10	-3%	$7B	17.3x	49%	71%	50%	-602%	83%	$1M
Persistent Systems	0.6%	$46	-18%	$7B	3.6x	18%	35%	19%	8%	41%	$64K
Coforge	0.6%	$15	-18%	$7B	2.7x	31%	34%	21%	13%	58%	$100K
Otsuka	0.6%	$17	-5%	$6B	0.6x	1%	19%	8%	5%	8%	$748K
solutions by stc	0.6%	$54	-14%	$6B	1.6x	8%	21%	15%	10%	22%	$2M
iSoftstone	0.6%	$6	-22%	$6B	1.0x	16%	10%	4%	-	21%	$57K
Ingram Micro	0.5%	$27	+39%	$6B	0.2x	5%	6%	3%	0%	10%	$2M
Computacenter	0.5%	$57	+85%	$6B	0.4x	9%	13%	4%	2%	19%	$611K
GDS Holdings	0.5%	$4	-20%	$6B	5.6x	12%	25%	45%	-39%	56%	$739K
Parsons	0.5%	$52	-29%	$6B	1.0x	6%	23%	10%	6%	14%	$600K
Shanghai Stonehill	0.5%	$1	+15%	$5B	-	-	-	-	-	-	$144K
LG CNS	0.4%	$51	+8%	$5B	0.9x	5%	16%	11%	9%	18%	$615K
Softcat	0.4%	$25	+13%	$5B	2.0x	3%	32%	13%	8%	24%	$704K
SAIC	0.4%	$110	-1%	$5B	1.0x	0%	13%	10%	8%	9%	$303K
FPT Corp.	0.4%	$3	-34%	$5B	1.7x	-1%	35%	21%	7%	7%	$49K
Odine	0.4%	$41	+1355%	$5B	-	-	-	-	-	-	$288K
Aditya Infotech	0.4%	$38	-	$5B	6.3x	44%	31%	15%	3%	62%	$350K
Bechtle	0.4%	$35	-20%	$4B	0.5x	5%	19%	8%	4%	12%	$468K
Mphasis	0.4%	$23	-24%	$4B	2.2x	13%	31%	19%	12%	33%	$68K
Digital China	0.4%	$4	-32%	$4B	0.3x	10%	5%	-	-	-	$19M
EPAM Systms	0.4%	$79	-50%	$4B	0.6x	5%	30%	17%	11%	22%	$89K
TIS	0.4%	$20	-36%	$4B	1.0x	2%	29%	16%	8%	20%	$160K
EXL Service	0.3%	$26	-40%	$4B	1.7x	11%	39%	22%	11%	33%	$32K
Reply	0.3%	$105	-34%	$4B	1.0x	7%	73%	18%	9%	26%	$179K
China National Software	0.3%	$4	-40%	$4B	-	-	-	-	-	-	$90K
NS Solutions	0.3%	$21	-6%	$4B	1.3x	6%	28%	14%	9%	24%	$371K
Insight Enterprises	0.3%	$122	+3%	$4B	0.6x	2%	24%	7%	3%	9%	$569K
Asseco Poland	0.3%	$45	-19%	$4B	0.5x	7%	-	15%	8%	32%	$138K
L&T Technology Services	0.3%	$33	-29%	$4B	2.5x	7%	31%	19%	11%	27%	$50K
Internet Initiative Japan	0.3%	$20	+13%	$4B	1.4x	8%	23%	18%	3%	28%	$418K
DHC Software	0.3%	$1	-22%	$3B	-	-	-	-	-	-	$1M
Hexaware Technologies	0.3%	$5	-29%	$3B	1.9x	9%	37%	16%	9%	30%	$46K
Sopra Steria	0.3%	$164	-25%	$3B	0.6x	1%	-	13%	6%	15%	$119K
Also Holding	0.3%	$238	-24%	$3B	0.2x	4%	9%	2%	1%	11%	$4M
TravelSky	0.3%	$1	-36%	$3B	0.8x	7%	57%	38%	18%	44%	$192K
Tata Technologies	0.3%	$7	-5%	$3B	4.0x	17%	40%	17%	9%	33%	$46K
Guangdong Aofei Data	0.3%	$3	-2%	$3B	7.8x	22%	34%	52%	-	83%	$940K
Vistance Networks	0.2%	$13	+56%	$3B	0.2x	-2%	42%	18%	-6%	17%	$97K
OBIC Business Consultants	0.2%	$38	-32%	$3B	5.8x	10%	85%	48%	38%	59%	$327K
Netweb Technologies India	0.2%	$48	+118%	$3B	6.2x	55%	27%	13%	3%	102%	$522K
Dentsu Soken	0.2%	$13	-5%	$3B	2.2x	6%	38%	17%	10%	27%	$318K
Beijing Teamsun Tech	0.2%	$2	+47%	$3B	-	-	-	-	-	-	$450K
Biprogy	0.2%	$26	-31%	$3B	0.9x	5%	29%	14%	6%	22%	$331K
Tata Elxsi	0.2%	$40	-39%	$3B	5.1x	11%	37%	25%	17%	35%	$32K
Kyndryl Holdings	0.2%	$11	-70%	$2B	0.3x	-1%	23%	18%	3%	15%	$207K
Tieto	0.2%	$21	+20%	$2B	1.4x	-3%	79%	18%	12%	13%	$155K
Matrix IT	0.2%	$25	-37%	$2B	-	-	-	-	-	-	-
Redington	0.2%	$3	+8%	$2B	0.2x	13%	3%	2%	0%	15%	$7M
ePlus	0.2%	$83	+28%	$2B	0.7x	5%	25%	8%	7%	16%	$1M
Posco DX	0.2%	$14	-13%	$2B	-	-	-	-	-	-	-
Alten	0.2%	$62	-25%	$2B	0.4x	1%	-	11%	6%	12%	$115K
Netcompany	0.2%	$47	+26%	$2B	1.8x	12%	30%	18%	9%	37%	$140K
ArcSoft	0.2%	$5	-27%	$2B	10.5x	18%	88%	33%	-	47%	-
SoftwareOne	0.2%	$10	+14%	$2B	0.8x	17%	96%	23%	8%	52%	$163K
Rakus Co	0.2%	$6	-21%	$2B	5.0x	5%	79%	37%	31%	41%	$373K
Atea	0.2%	$17	+17%	$2B	0.3x	4%	50%	4%	3%	58%	$706K
Fengzhushou	0.2%	$7	+38%	$2B	-	-	-	-	-	-	$855K
Al Moammar Information	0.2%	$62	+79%	$2B	-	-	-	-	-	-	$471K
Black Box	0.2%	$10	+80%	$2B	2.0x	27%	25%	9%	10%	33%	$2M
BigBear.ai	0.2%	$4	-42%	$2B	9.6x	10%	33%	-18%	-23%	-6%	$203K
4iG	0.1%	$6	+8%	$2B	-	-	-	-	-	-	$287K
Kontron	0.1%	$27	-19%	$2B	1.0x	6%	44%	13%	5%	17%	$255K
Formula Systems	0.1%	$104	-21%	$2B	-	-	-	-	-	-	$116K
Sinosoft	0.1%	$2	-35%	$2B	1.2x	4%	25%	-	-	-	-
Sesa	0.1%	$101	+32%	$2B	0.3x	5%	-	7%	3%	15%	$595K
Digital China Information	0.1%	$2	-19%	$1B	0.6x	6%	11%	-	-	-	$194M
MyEG	0.1%	$0	-17%	$1B	4.7x	6%	84%	83%	76%	99%	$166K
Datatec	0.1%	$6	+69%	$1B	-	-	-	-	-	8%	$1M
DXC Technology	0.1%	$9	-35%	$1B	0.3x	-3%	25%	13%	5%	10%	$105K
ONE Technologies	0.1%	$19	-33%	$1B	-	-	-	-	-	-	-