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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

1.7x

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.

+18.5%

Multiples IT Services Index

Data as of 16 August 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 August 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 IT Services Index.

Metric:

Data as of August 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 IT Services Index.

Metric	Palantir	IBM	Accenture
Market Cap	$418B	$221B	$108B
EV/Revenue (NTM)	38.3x	3.9x	1.4x
EV/Gross Profit (NTM)	44.2x	6.5x	4.3x
EV/EBITDA (NTM)	60.8x	13.7x	7.3x
EV/FCF (NTM)	67.6x	16.7x	9.2x
Revenue Growth	58%	4%	4%
Gross Margin (NTM)	87%	59%	32%
EBITDA Margin (NTM)	63%	28%	19%
FCF Margin (NTM)	57%	23%	15%
Rule of 40	144%	32%	24%
Rule of X	268%	38%	32%

Data as of August 16, 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	20.0%	$174	+11%	$418B	38.3x	58%	87%	63%	57%	144%	$1M
IBM	14.5%	$234	-4%	$221B	3.9x	4%	59%	28%	23%	32%	$235K
Accenture	7.1%	$177	-32%	$108B	1.4x	4%	32%	19%	15%	24%	$89K
Tata Consultancy Services	5.9%	$25	-30%	$89B	2.8x	5%	41%	26%	18%	35%	$46K
Infosys	3.3%	$12	-27%	$50B	2.3x	2%	32%	24%	16%	26%	$62K
NEC	2.8%	$32	+5%	$43B	1.8x	5%	35%	16%	6%	20%	$216K
Fujitsu	2.7%	$24	-1%	$42B	1.7x	2%	38%	16%	9%	16%	$176K
HCLTech	2.5%	$14	-14%	$38B	2.4x	7%	33%	21%	13%	31%	$61K
DCI Indonesia	1.8%	$12	-44%	$28B	-	-	-	-	-	-	$880K
Cognizant	1.7%	$59	-19%	$26B	1.2x	5%	33%	19%	12%	24%	$60K
Fidelity Information Services	1.5%	$43	-39%	$22B	3.0x	12%	38%	42%	18%	70%	$243K
Capgemini	1.4%	$125	-12%	$21B	1.0x	5%	27%	15%	9%	24%	$76K
TD Synnex	1.4%	$259	+71%	$21B	0.3x	10%	8%	3%	2%	22%	$2M
Wipro	1.3%	$2	-32%	$19B	1.6x	3%	30%	20%	14%	26%	$42K
Leidos	1.2%	$144	-21%	$18B	1.3x	5%	17%	13%	9%	17%	$365K
Nomura Research Institute	1.2%	$32	-18%	$18B	3.2x	6%	38%	27%	13%	30%	$237K
CDW	1.1%	$139	-15%	$17B	0.9x	5%	21%	9%	5%	17%	$2M
Unisplendour	1.1%	$6	+51%	$17B	1.0x	27%	13%	4%	2%	34%	$832K
CGI	1.0%	$73	-24%	$15B	1.5x	3%	19%	20%	13%	24%	$127K
Tech Mahindra	1.0%	$17	+2%	$15B	2.1x	8%	31%	18%	11%	28%	$50K
LTIMindtree	1.0%	-	-	$15B	2.6x	11%	31%	18%	10%	27%	$55K
CACI International	1.0%	$671	+40%	$15B	1.8x	12%	30%	13%	8%	24%	$383K
LTM Ltd	1.0%	$49	-15%	$15B	2.5x	11%	31%	18%	10%	32%	$54K
Samsung SDS	0.9%	$172	+62%	$13B	0.9x	7%	15%	11%	6%	13%	$864K
Indra Sistemas	0.9%	$75	+85%	$13B	1.4x	16%	-	14%	7%	41%	$115K
OBIC	0.8%	$29	-17%	$13B	11.7x	11%	79%	68%	57%	80%	$388K
Elm	0.8%	$160	-30%	$12B	3.7x	15%	41%	25%	17%	40%	$1M
Hyundai Autoever	0.6%	$346	+174%	$9.5B	2.5x	14%	11%	10%	5%	24%	$522K
Persistent Systems	0.6%	$58	-3%	$9.1B	4.4x	19%	35%	19%	10%	43%	$63K
Applied Digital	0.6%	$31	+101%	$9B	11.6x	65%	43%	44%	-560%	106%	$703K
Coforge	0.6%	$19	-3%	$8.4B	3.1x	33%	34%	20%	7%	67%	$99K
Otsuka	0.6%	$22	+8%	$8.4B	0.8x	3%	19%	7%	5%	11%	$731K
Nextdc	0.5%	$11	-1%	$8B	17.4x	50%	70%	51%	-521%	83%	$1M
Odine	0.5%	$68	+1828%	$7.5B	-	-	-	-	-	-	$281K
Computacenter	0.5%	$68	+119%	$7.1B	0.4x	15%	15%	4%	2%	30%	$620K
GDS Holdings	0.5%	$4	+1%	$7B	6.1x	11%	28%	45%	-45%	57%	$745K
solutions by stc	0.4%	$57	-11%	$6.8B	1.7x	8%	22%	16%	11%	20%	$2M
Ingram Micro	0.4%	$29	+46%	$6.6B	0.2x	6%	7%	3%	0%	13%	$2M
iSoftstone	0.4%	$6	-31%	$6B	0.9x	18%	7%	4%	-	23%	$57K
Shanghai Stonehill	0.4%	$1	-16%	$5.7B	44.4x	7%	32%	-	-	-	$145K
LG CNS	0.4%	$56	+15%	$5.5B	0.9x	9%	16%	11%	5%	17%	$628K
Softcat	0.4%	$28	+28%	$5.5B	2.1x	3%	33%	13%	8%	25%	$713K
SAIC	0.4%	$127	+6%	$5.4B	1.1x	0%	13%	10%	8%	9%	$303K
EXL Service	0.3%	$35	-20%	$5.3B	2.1x	13%	39%	21%	12%	37%	$32K
EPAM Systms	0.3%	$100	-43%	$5.2B	0.8x	4%	30%	17%	10%	20%	$89K
Mphasis	0.3%	$27	-15%	$5.1B	2.5x	13%	30%	19%	10%	34%	$68K
Parsons	0.3%	$48	-40%	$5.1B	1.0x	4%	22%	9%	7%	8%	$600K
Reply	0.3%	$140	-3%	$5.1B	1.4x	9%	73%	18%	9%	29%	$177K
Bechtle	0.3%	$40	-12%	$5B	0.6x	7%	19%	8%	3%	15%	$469K
Asseco Poland	0.3%	$61	+18%	$4.9B	0.8x	5%	23%	16%	8%	31%	$134K
Insight Enterprises	0.3%	$154	+19%	$4.5B	0.7x	5%	24%	7%	4%	14%	$569K
TIS	0.3%	$21	-31%	$4.5B	1.0x	4%	29%	16%	8%	19%	$160K
FPT Corp.	0.3%	$3	-34%	$4.5B	1.7x	1%	32%	22%	7%	4%	$49K
NS Solutions	0.3%	$24	+1%	$4.4B	1.4x	7%	28%	14%	7%	25%	$372K
Aditya Infotech	0.3%	$37	+156%	$4.4B	5.7x	42%	30%	15%	4%	65%	$346K
China National Software	0.3%	$5	-38%	$4.3B	4.3x	-	43%	7%	-	28%	$91K
Sopra Steria	0.3%	$214	+15%	$4.1B	0.8x	3%	-	13%	6%	17%	$117K
Internet Initiative Japan	0.3%	$22	+16%	$3.9B	1.6x	10%	23%	17%	3%	29%	$415K
OBIC Business Consultants	0.3%	$52	-11%	$3.9B	8.3x	13%	85%	49%	38%	60%	$328K
L&T Technology Services	0.3%	$36	-24%	$3.9B	2.7x	8%	32%	19%	11%	27%	$47K
Digital China	0.2%	$4	-17%	$3.8B	0.2x	13%	4%	1%	-	15%	$19M
Tata Technologies	0.2%	$9	+21%	$3.7B	4.8x	19%	32%	17%	19%	38%	$46K
Hexaware Technologies	0.2%	$6	-31%	$3.6B	2.1x	9%	38%	16%	9%	31%	$43K
DHC Software	0.2%	$1	-31%	$3.5B	1.7x	-	20%	-	-	-	$1M
Guangdong Aofei Data	0.2%	$4	+7%	$3.5B	8.9x	23%	35%	56%	-	82%	$947K
Dentsu Soken	0.2%	$17	+13%	$3.3B	2.7x	8%	38%	17%	10%	28%	$305K
TravelSky	0.2%	$1	-23%	$3.2B	1.0x	5%	-	39%	-	41%	$193K
Also Holding	0.2%	$239	-25%	$3B	0.1x	5%	6%	2%	2%	12%	$4M
Netweb Technologies India	0.2%	$52	+109%	$3B	6.7x	49%	28%	14%	2%	94%	$518K
Alten	0.2%	$86	+11%	$2.9B	0.6x	3%	-	11%	6%	14%	$113K
Kyndryl Holdings	0.2%	$13	-59%	$2.9B	0.4x	-1%	23%	18%	3%	15%	$207K
Biprogy	0.2%	$29	-33%	$2.8B	1.0x	6%	27%	14%	7%	23%	$326K
Redington	0.2%	$3	+27%	$2.7B	0.2x	17%	6%	2%	1%	24%	$7M
Matrix IT	0.2%	$29	-16%	$2.7B	-	-	-	-	-	-	$164K
Vistance Networks	0.2%	$12	-28%	$2.7B	1.8x	-11%	37%	15%	8%	-10%	$97K
Rakus Co	0.2%	$7	-17%	$2.6B	6.1x	7%	79%	38%	30%	43%	$468K
Al Moammar Information	0.2%	$84	+139%	$2.5B	-	-	-	-	-	-	$486K
Beijing Teamsun Tech	0.2%	$2	-31%	$2.5B	-	-	-	-	-	-	$453K
Tieto	0.2%	$22	+18%	$2.5B	1.4x	-3%	78%	18%	12%	12%	$150K
Tata Elxsi	0.2%	$39	-34%	$2.5B	5.1x	9%	35%	23%	15%	32%	$32K
SoftwareOne	0.2%	$11	+30%	$2.4B	1.0x	13%	98%	24%	9%	53%	$161K
Posco DX	0.2%	$15	-5%	$2.3B	2.8x	5%	12%	6%	4%	-1%	$361K
Netcompany	0.2%	$52	+37%	$2.3B	1.9x	12%	30%	17%	8%	38%	$137K
ePlus	0.2%	$89	+22%	$2.3B	0.8x	5%	25%	8%	6%	16%	$1M
Trident Digital	0.1%	$2	+225%	$2.1B	-	-	-	-	-	-	-
Atea	0.1%	$19	+36%	$2.1B	0.4x	9%	-	4%	3%	68%	$496K
ArcSoft	0.1%	$5	-37%	$2B	9.3x	21%	88%	-	-	-	-
Fengzhushou	0.1%	$7	+27%	$1.9B	-	-	-	-	-	-	$861K
DXC Technology	0.1%	$11	-25%	$1.7B	0.3x	-3%	23%	13%	6%	10%	$105K
4iG	0.1%	$6	+1%	$1.7B	-	-	-	-	-	-	$283K
Formula Systems	0.1%	$109	-14%	$1.7B	-	-	-	-	-	-	$116K
Sinosoft	0.1%	$2	-34%	$1.7B	1.3x	4%	25%	-	-	-	-
Sesa	0.1%	$109	+26%	$1.7B	0.3x	7%	-	7%	3%	16%	$631K
Globant	0.1%	$37	-44%	$1.6B	0.8x	2%	36%	19%	10%	18%	$78K
Kontron	0.1%	$26	-10%	$1.6B	1.0x	5%	42%	14%	5%	13%	$256K
BigBear.ai	0.1%	$3	-36%	$1.6B	8.2x	12%	34%	-25%	-30%	-16%	$203K
Digital China Information	0.1%	$2	-26%	$1.6B	0.7x	5%	-	-	-	-	$195M
ONE Technologies	0.1%	$21	-12%	$1.5B	-	-	-	-	-	-	-
Shift	0.1%	$6	-42%	$1.5B	1.3x	19%	32%	14%	8%	35%	$451K
Kainos Group	0.1%	$13	+38%	$1.5B	2.0x	14%	46%	16%	10%	33%	$204K