{
"asOf": "2026-10-06",
"marketCapDate": "2026-10-06, before US market open",
"units": "USD billions unless stated",
"methodology": {
"annual": "Company fiscal years; Microsoft ends June, Apple September, NVIDIA January. Alphabet and Amazon use calendar years.",
"quarter": "Latest four company fiscal quarters, not identical calendar windows. Fourth quarters and standalone cash flows derived from annual/YTD differences where required.",
"ttm": "Sum of latest four quarters. Financial dates are stated per company.",
"fcf": "Apple, Alphabet and Microsoft: operating cash flow less cash PPE purchases. Amazon: operating cash flow less PPE purchases net of sale proceeds and incentives, excluding finance-lease principal. NVIDIA: its published FCF also deducts purchases and principal payments for PPE and intangibles. Definitions differ; FCF is not GAAP profit or cash after all investing/financing.",
"valuation": "Provider-rounded company-wide market caps, one company per share-class group. Market cap / trailing GAAP common net income is an approximate P/E, not a quote-based diluted EPS calculation. No enterprise values or target prices.",
"source": "SEC companyfacts, annual and quarterly filings and earnings releases; source links travel with each company.",
"precision": "USD billions from reported USD millions. Source statements occasionally have immaterial rounding/reconciliation differences; NVIDIA published FCF is used directly. Figures are historical snapshots, not live feeds."
},
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{
"name": "NVIDIA",
"ticker": "NVDA",
"rank": 1,
"marketCap": 5768,
"color": "#39764c",
"releaseDate": "2026-08-26",
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48.71
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[
"AI clouds, industrial & enterprise",
40.313
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[
"Edge",
7.198
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{
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"end": "2024-01-28",
"revenue": 60.922,
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{
"label": "FY2025",
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"revenue": 130.497,
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"net": 72.88,
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{
"label": "FY2026",
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"end": "2026-01-25",
"revenue": 215.938,
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{
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"revenue": 57.006,
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{
"label": "Q4 FY2026",
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"end": "2026-01-25",
"revenue": 68.127,
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{
"label": "Q1 FY2027",
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"end": "2026-04-26",
"revenue": 81.615,
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"revenue": 96.221,
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{
"title": "Q2 FY2027 earnings release",
"url": "https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx"
},
{
"title": "FY2026 earnings release",
"url": "https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2026/default.aspx"
},
{
"title": "NVIDIA deep research",
"url": "https://stuff.ac/file/6a021800-966c-4d09-af6a-56c9c32c6d75"
},
{
"title": "SEC financial facts (filings through cutoff)",
"url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001045810.json"
},
{
"title": "FY2024 earnings and free cash flow",
"url": "https://investor.nvidia.com/news/press-release-details/2024/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2024/default.aspx"
}
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"upside": "Accelerated computing demand and a broad hardware/software platform support growth.",
"risk": "Receivables, customer financing exposure, competing chips and product-transition margins.",
"watch": [
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"Gross margin through the product transition",
"Customer funding and capacity utilization"
],
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"quality": "Q2 FCF was $21.3B versus $59.7B GAAP net income. Receivables used $22.35B of operating cash in the quarter.",
"scenarios": [
{
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"revenueGrowth": 15,
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"revenue": 348.414,
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{
"name": "Middle",
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{
"name": "Higher",
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{
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[
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6.191
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"revenue": 94.036,
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{
"title": "Annual",
"url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm"
},
{
"title": "Quarter",
"url": "https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/aapl-20260627.htm"
},
{
"title": "Call",
"url": "https://www.marketbeat.com/earnings/reports/2026-7-30-apple-inc-stock/"
},
{
"title": "SEC financial facts (filings through cutoff)",
"url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json"
},
{
"title": "Release",
"url": "https://www.apple.com/newsroom/2026/07/apple-reports-third-quarter-results/"
},
{
"title": "Siri",
"url": "https://www.apple.com/newsroom/2026/09/siri-ai-a-profoundly-more-capable-and-personal-assistant-is-here/"
},
{
"title": "Leadership",
"url": "https://www.apple.com/ie/newsroom/2026/04/tim-cook-to-become-apple-executive-chairman-john-ternus-to-become-apple-ceo/"
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{
"title": "Leaders",
"url": "https://www.apple.com/leadership/"
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{
"title": "News",
"url": "https://www.axios.com/2026/07/30/apple-earnings-beat-estimates-boosted-by-tariff-refunds"
},
{
"title": "Market",
"url": "https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/"
}
],
"tagline": "Devices monetize a durable customer base",
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"upside": "Device upgrades, customer retention and paid services can reinforce one another.",
"risk": "Supply constraints, component costs, platform economics and the cost of AI usage.",
"watch": [
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"Siri usage costs and device upgrades"
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"report": "https://stuff.ac/file/5e22c801-c453-4737-b403-e5b4796df3b4",
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{
"name": "Middle",
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{
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{
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24.768
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[
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0.488
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{
"title": "Annual",
"url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm"
},
{
"title": "Quarter",
"url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm"
},
{
"title": "Release",
"url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm"
},
{
"title": "Call",
"url": "https://stockanalysis.com/stocks/googl/transcripts/657320-q2-2026/"
},
{
"title": "SEC financial facts (filings through cutoff)",
"url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001652044.json"
},
{
"title": "Product",
"url": "https://blog.google/products-and-platforms/products/google-one/fall-2026-ai-plan-updates/"
},
{
"title": "News",
"url": "https://www.axios.com/2026/09/02/google-ad-tech-antitrust-remedies"
},
{
"title": "Market",
"url": "https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/"
}
],
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"tagline": "Search cash meets a huge cloud buildout",
"thesis": "Search and Cloud show strong operating growth, but investment gains distort net income and capex consumes cash.",
"upside": "AI can improve commercial search and help Cloud gain profitable workloads.",
"risk": "Search monetization, capacity returns, financing dilution and regulatory constraints.",
"watch": [
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],
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"quality": "Q2 net income was $112.2B alongside $98.0B other income, mostly investment gains. Q2 FCF was negative $5.9B.",
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{
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"title": "Annual",
"url": "https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm"
},
{
"title": "Release",
"url": "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast"
},
{
"title": "Call",
"url": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4"
},
{
"title": "SEC financial facts (filings through cutoff)",
"url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000789019.json"
},
{
"title": "Product",
"url": "https://blogs.microsoft.com/blog/2026/09/25/introducing-the-new-copilot-with-home-code-and-autopilot/"
},
{
"title": "News",
"url": "https://apnews.com/article/f7dff4fb9d51a2bdec56a13e5da1053d"
},
{
"title": "Market",
"url": "https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/"
}
],
"tagline": "Enterprise reach, growing infrastructure costs",
"thesis": "Azure and paid AI adoption extend enterprise distribution. Cash returns must catch up with infrastructure spending.",
"upside": "Existing enterprise relationships make new paid products easier to distribute.",
"risk": "Capital intensity, utilization, partner exposure and weak incremental AI returns.",
"watch": [
"Azure growth and capacity",
"Copilot renewals and monetization",
"Cash capex plus lease obligations"
],
"cashNote": "FCF excludes finance-lease principal. Broader capex guidance uses a different definition.",
"quality": "FY2026 operating income rose 20.8%, while FCF fell 6.5%. Future lease classification changes complicate capex comparisons.",
"report": "https://stuff.ac/file/7c715e7d-226f-4ee8-a582-9827bd9a8b21",
"scenarios": [
{
"name": "Lower",
"revenueGrowth": 10,
"operatingMargin": 42,
"revenue": 365.023,
"operating": 153.31
},
{
"name": "Middle",
"revenueGrowth": 16,
"operatingMargin": 46,
"revenue": 384.933,
"operating": 177.069
},
{
"name": "Higher",
"revenueGrowth": 22,
"operatingMargin": 49,
"revenue": 404.844,
"operating": 198.373
}
],
"valuation": {
"priceSales": 11.749673787589765,
"priceEarnings": 29.151619825194956,
"priceFCF": 58.20532342096228,
"fcfYield": 1.7180559117722494
}
},
{
"name": "Amazon",
"ticker": "AMZN",
"rank": 5,
"marketCap": 2711,
"color": "#bb6042",
"releaseDate": "2026-07-30",
"mix": [
[
"North America",
116.177
],
[
"International",
42.197
],
[
"AWS",
42.232
]
],
"id": "amazon",
"annual": [
{
"label": "FY2023",
"start": "2023-01-01",
"end": "2023-12-31",
"revenue": 574.785,
"operating": 36.852,
"net": 30.425,
"cfo": 84.946,
"capex": 48.133,
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},
{
"label": "FY2024",
"start": "2024-01-01",
"end": "2024-12-31",
"revenue": 637.959,
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"cfo": 115.877,
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},
{
"label": "FY2025",
"start": "2025-01-01",
"end": "2025-12-31",
"revenue": 716.924,
"operating": 79.975,
"net": 77.67,
"cfo": 139.514,
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"fcf": 11.194,
"operatingMargin": 11.155297
}
],
"quarters": [
{
"label": "Q3 2025",
"start": "2025-07-01",
"end": "2025-09-30",
"revenue": 180.169,
"operating": 17.422,
"net": 21.187,
"cfo": 35.525,
"capex": 34.228,
"fcf": 1.297,
"operatingMargin": 9.66981
},
{
"label": "Q4 2025",
"start": "2025-10-01",
"end": "2025-12-31",
"revenue": 213.386,
"operating": 24.977,
"net": 21.192,
"cfo": 54.459,
"capex": 38.469,
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},
{
"label": "Q1 2026",
"start": "2026-01-01",
"end": "2026-03-31",
"revenue": 181.519,
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"net": 30.255,
"cfo": 26.032,
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},
{
"label": "Q2 2026",
"start": "2026-04-01",
"end": "2026-06-30",
"revenue": 200.606,
"operating": 27.461,
"net": 62.647,
"cfo": 45.387,
"capex": 53.076,
"fcf": -7.689,
"operatingMargin": 13.689022
}
],
"prior": {
"label": "Q2 2025",
"start": "2025-04-01",
"end": "2025-06-30",
"revenue": 167.702,
"operating": 19.171,
"net": 18.164,
"cfo": 32.515,
"capex": 32.183
},
"ttm": {
"revenue": 775.68,
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"net": 135.281,
"cfo": 161.403,
"capex": 169.007,
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"operatingMargin": 12.081270627062707
},
"growth": {
"revenue": 19.620517346245126,
"operating": 43.24239737102915,
"net": 244.89649856859722
},
"sources": [
{
"title": "Annual",
"url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm"
},
{
"title": "Quarter",
"url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm"
},
{
"title": "Release",
"url": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx"
},
{
"title": "Call",
"url": "https://stockanalysis.com/stocks/amzn/transcripts/657334-q2-2026/"
},
{
"title": "SEC financial facts (filings through cutoff)",
"url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001018724.json"
},
{
"title": "Q3 2025 earnings release",
"url": "https://ir.aboutamazon.com/news-release/news-release-details/2025/Amazon-com-Announces-Third-Quarter-Results/default.aspx"
},
{
"title": "Product",
"url": "https://www.aboutamazon.com/news/aws/claude-fable-5-anthropic-available-amazon-bedrock"
},
{
"title": "Gpu",
"url": "https://press.aboutamazon.com/aws/2026/8/aws-and-nvidia-to-deliver-2-million-additional-gpus-and-next-generation-infrastructure-for-agentic-and-physical-ai"
},
{
"title": "Community",
"url": "https://www.aboutamazon.com/news/company-news/amazon-data-centers-built-together"
},
{
"title": "News",
"url": "https://apnews.com/article/91b65ba1729540c1c0d92e35deef35d8"
},
{
"title": "Market",
"url": "https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/"
}
],
"tagline": "AWS profits, retail scale, heavy reinvestment",
"thesis": "AWS supplies most operating profit. Infrastructure spending exceeds trailing operating cash generation.",
"upside": "Cloud demand, advertising and delivery efficiency can improve group profitability.",
"risk": "Overbuilding, input-cost inflation, delivery constraints and financing needs.",
"watch": [
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"Net cash capex and lease payments",
"Retail unit economics and cash conversion"
],
"cashNote": "FCF nets PPE proceeds/incentives and excludes finance-lease principal.",
"quality": "TTM operating cash flow of $161.4B was below $169.0B net capex. Investment gains also inflate GAAP earnings.",
"report": "https://stuff.ac/file/2e833ab4-2596-4c1c-a09c-751e4b88b9b9",
"scenarios": [
{
"name": "Lower",
"revenueGrowth": 8,
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"revenue": 837.734,
"operating": 83.773
},
{
"name": "Middle",
"revenueGrowth": 13,
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},
{
"name": "Higher",
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}
],
"valuation": {
"priceSales": 3.4949979372937294,
"priceEarnings": 20.03976907326232,
"priceFCF": null,
"fcfYield": -0.28048690520103287
}
}
],
"sources": [
{
"title": "Dated coverage ranking",
"url": "https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/"
},
{
"title": "Research standard and ten-company list",
"url": "https://stuff.ac/file/0bfe9dc5-1dfb-4e97-9c11-5baa15166417"
}
]
}
Read or download the original file