Mega-cap tech compare
Query: US mega-cap technology stocks compared by forward P/E, revenue growth, free cash flow margin and year-to-date return · data as of 2026-10-09
Built a single comparison table of 27 US mega-cap tech and tech-platform names (market cap > $200B) with positive revenue growth, ranked cheapest-first by forward P/E. Columns include Sector/Industry, Market Cap, Forward P/E, Revenue Growth YoY, FCF Margin, YTD Return, plus 1M/6M returns and P/E (TTM). Cheap end is dominated by memory/storage (SNDK, MU) and the ORCL-IBM-Amphenol value cohort; the premium end is software/security (PANW, CRWD, PLTR). TSLA and INTC were excluded for negative revenue growth; leveraged/inverse and non-US-listed securities (e.g., the SKHY ADR with no fundamentals) were dropped. Each row carries a qualitative comment.
Mega-cap US technology and tech-platform leaders (market cap above $200B) with positive revenue growth, ranked cheapest-first by forward P/E. Data as of October 9, 2026. Includes US-listed ADRs of large-cap tech names; leveraged/inverse and non-US-listed securities excluded.
US Mega-Cap Tech — Forward P/E Leaderboard
| Symbol | Security Name | Sector / Industry | Market Cap ($B) | Forward P/E | Revenue Growth YoY | FCF Margin | YTD Return | 1M Return | 6M Return | P/E (TTM) | Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SNDK | Sandisk Corporation - Common Stock When-Issued | Information Technology / Computer Hardware | 228.6166 | 5.98 | 10.39% | -1.63% | 566.40% | -6.54% | 85.71% | 21.43 | Memory/storage spin-off of Western Digital; the cheapest multiple on the board reflects peak-cycle skepticism, not a value trap — storage pricing is the swing factor. Negative FCF margin signals the naming ramp and legacy cost load; treat the forward multiple as highly cyclical. |
| MU | Micron Technology, Inc. | Information Technology / Semiconductors | 1,162 | 6.65 | 48.85% | 4.46% | 260.50% | 5.28% | 144.69% | 23.27 | Purest leveraged play on HBM/DRAM pricing for AI accelerators; forward multiple sits at a deep discount precisely because the market is anchoring to mid-cycle earnings rather than the current upcycle. Watch contract pricing and capex discipline as the cycle matures. |
| ORCL | Oracle Corporation | Information Technology / Software - Infrastructure | 428.6542 | 12.95 | 17.35% | -35.16% | -27.50% | -7.55% | 2.75% | 24.25 | Optically the cheapest legacy software name here, but the equity has de-rated sharply as AI data-center capex turns the P&L capital-intensive — negative free cash flow at the corporate level is the crux. Great franchise, financing-heavy transformation. |
| APH | Amphenol Corporation | Information Technology / Electronic Components | 215.131 | 13.57 | 51.71% | 18.96% | 29.10% | 8.88% | 24.34% | 21.76 | Highest top-line growth among the value-end hardware names — interconnect content per AI rack keeps rising, making it a picks-and-shovels beneficiary of both copper and optical buildouts. Cyclical but genuinely secular-adjacent demand. |
| IBM | International Business Machines | Information Technology / Information Technology Services | 213.987 | 17.26 | 7.62% | 17.92% | -23.30% | -2.94% | -0.14% | 20.17 | Low-beta, dividend-supported defensiveness with a software/consulting mix increasingly anchored by AI-capable mainframe and hybrid-cloud demand. The trade-off is muted growth and a mature multiple. |
| NVDA | NVIDIA Corporation | Information Technology / Semiconductors | 5,536 | 17.86 | 65.47% | 47.50% | 22.90% | 5.00% | 21.83% | 35.11 | Still the widest-moat AI compute franchise, and its forward multiple compressing below peers is a notable shift — consensus is now extrapolating the runway rather than the current acceleration. Key risks are export-control headlines and hyperscaler procurement concentration. |
| NFLX | Netflix, Inc. | Communication Services / Entertainment | 292.725 | 18.39 | 15.85% | 20.94% | -25.00% | -7.51% | -31.75% | 22.11 | Advertising-led streaming economics have inflected to real free cash flow, but the stock's de-rating reflects growing competition and content-cost risk. A rare large-cap where the cash conversion now exceeds the headline growth. |
| AVGO | Broadcom Inc. | Information Technology / Semiconductors | 1,726 | 18.51 | 23.87% | 42.13% | 4.50% | 0.38% | -2.36% | 60.26 | Custom AI silicon plus infrastructure software is a differentiated bundle; the trailing multiple is distorted by acquisition amortization, making the forward number far more representative. Watch customer concentration in ASIC programs. |
| META | Meta Platforms, Inc. | Communication Services / Internet Content & Information | 1,831 | 20.71 | 22.17% | 22.94% | 8.90% | 11.62% | 14.30% | 27.09 | Best-in-class operating leverage in the group — extremely high gross margins with disciplined cost growth — funds a serious AI capex program without denting free cash flow. Regulatory overhang keeps a lid on the multiple relative to quality. |
| TSM | Taiwan Semiconductor Manufactur | Information Technology / Semiconductors | 2,351 | 20.81 | 25.03% | — | 49.20% | 6.19% | 22.93% | 33.96 | US-listed ADR of the dominant leading-edge foundry (Information Technology / Semiconductors); pricing power at the leading node is the structural story, with geographic/geopolitical risk as the permanent discount factor. |
| CSCO | Cisco Systems, Inc. | Information Technology / Communication Equipment | 466.7629 | 21.36 | 5.30% | 23.45% | 53.70% | 10.62% | 45.09% | 35.55 | AI networking orders and security software are finally bending revenue growth upward after a long digestion period, while the dividend and buyback offer cushion. The multiple still reflects a mature-tech ceiling. |
| MSFT | Microsoft Corporation | Information Technology / Software - Infrastructure | 3,973 | 22.7 | 17.79% | 20.19% | 10.60% | 8.66% | 44.86% | 29.79 | Azure plus Copilot monetization is the cleanest enterprise AI revenue mix; the balanced multiple reflects both the durable cloud franchise and the heavy AI infrastructure spend that depresses near-term free cash flow. |
| GOOGL | Alphabet Inc. | Communication Services / Internet Content & Information | 4,301 | 23.8 | 15.09% | 18.19% | 12.40% | 5.73% | 10.99% | 17.64 | Cheapest trailing earnings multiple among the mega-cap platforms despite a genuine cloud and model-leadership position — the market is discounting search disruption risk and heavy capital spending. Search monetization durability is the debate. |
| AMZN | Amazon.com, Inc. | Consumer Discretionary / Internet Retail | 2,831 | 25.23 | 12.38% | 18.52% | 13.70% | 4.18% | 10.09% | 21.11 | Retail margin recovery plus the cloud reacceleration story; AWS cash generation underwrites the enormous AI and logistics capex. The forward multiple sits above the platform cohort because earnings are earlier in the recovery arc. |
| DELL | Dell Technologies Inc. | Information Technology / Computer Hardware | 372.6244 | 26.21 | 18.80% | 7.53% | 365.60% | 15.68% | 231.18% | 46.66 | AI server and enterprise hardware demand has re-rated this name dramatically; the forward multiple is cheap relative to the earnings trajectory, but hardware is a low-margin, share-sensitive cycle — durability of AI-server backlog is the question. |
| TXN | Texas Instruments Incorporated | Information Technology / Semiconductors | 259.1249 | 27.27 | 13.05% | 14.72% | 63.50% | 9.63% | 33.49% | 43.06 | Analog bellwether with a fat dividend and a long history of cycle discipline; the multiple reflects a still-fragmented recovery in auto and industrial end-markets, which is where the upside optionality sits. |
| LRCX | Lam Research Corporation | Information Technology / Semiconductor Equipment & Materials | 399.0041 | 27.59 | 23.68% | — | 86.30% | 7.10% | 21.14% | 55.26 | Deposition/etch tools are levered directly to leading-edge and HBM capacity additions — a structural beneficiary even as the cycle is lumpy. Pristine balance sheet funds buybacks through the troughs. |
| AMAT | Applied Materials, Inc. | Information Technology / Semiconductor Equipment & Materials | 402.3777 | 27.64 | 4.39% | 20.09% | 97.30% | 11.68% | 27.21% | 43.82 | Broadest wafer-fab equipment exposure; growth is steady rather than explosive and the multiple prices a mature-capex normalization, with China revenue mix a persistent swing factor. |
| KLAC | KLA Corporation | Information Technology / Semiconductor Equipment & Materials | 255.2201 | 29.61 | 11.71% | 27.74% | 61.00% | 10.38% | 12.84% | 53.43 | Process-control inspection monopolistic-ish position gives the highest margins in the equipment group; the multiple already prices a high-quality, less-cyclical earnings stream, leaving less margin for error. |
| AAPL | Apple Inc. | Information Technology / Consumer Electronics | 4,913 | 35.29 | 6.43% | 23.73% | 23.80% | 3.08% | 29.47% | 38.65 | Premium multiple on modest growth — the market is capitalizing services cash flow and a hardware refresh optionality rather than top-line expansion. Margin trajectory and services attach rate are the swing variables. |
| AMD | Advanced Micro Devices, Inc. | Information Technology / Semiconductors | 992.708 | 39.31 | 34.34% | 19.44% | 183.90% | 20.75% | 148.16% | 155.13 | High multiple on a still-recovering earnings base; the MI accelerator ramp is the entire thesis, so execution against the primary incumbent is the risk as much as the opportunity. |
| ANET | Arista Networks, Inc. | Information Technology / Computer Hardware | 273.3578 | 42.01 | 28.60% | 48.37% | 65.40% | 14.68% | 47.09% | 68.37 | Ethernet switching for AI back-ends gives a rare combination of very high margins and network-effect moat; premium multiple reflects hyper-concentrated hyperscaler customer demand rather than broad-based growth. |
| MRVL | Marvell Technology, Inc. | Information Technology / Semiconductors | 247.3954 | 44.05 | 42.09% | 17.04% | 223.90% | 21.29% | 114.30% | 94.27 | Custom silicon and optical DSP content per AI cluster keeps expanding; the multiple prices a durable ramp, with program timing and customer wins the key catalysts. |
| ARM | Arm Holdings plc | Information Technology / Semiconductors | 284.3867 | 87.07 | 22.79% | 19.90% | 143.60% | 4.76% | 78.80% | 268.97 | US-listed UK semiconductor IP licensor; extreme licensing margins and an architecture royalty stream justify a scarcity premium, but tiny growth in royalties versus the multiple leaves little valuation cushion. |
| PLTR | Palantir Technologies Inc. | Information Technology / Software - Infrastructure | 502.3594 | 90.33 | 56.18% | 46.94% | 17.60% | 26.04% | 63.24% | 178.68 | Fastest-growing software name here with an unusually high free cash flow margin; the multiple is a pure optionality bet on government and commercial AI adoption — least valuation-supported if growth decelerates. |
| PANW | Palo Alto Networks, Inc. | Information Technology / Software - Infrastructure | 342.562 | 101.72 | 14.87% | — | 127.40% | 23.72% | 168.91% | — | Cybersecurity platform consolidation plus a subscription mix shift is driving margin expansion; the multiple reflects a premium quality franchise where growth durability is already fully priced in. |
| CRWD | CrowdStrike Holdings, Inc. | Information Technology / Software - Infrastructure | 281.623 | 175.48 | 21.71% | 27.23% | 134.70% | 31.69% | 190.26% | — | Richest multiple in the screen, justified only by platform-expansion optionality; current operating margins are still below target, so the valuation rests on the future consolidated-state earnings power rather than today's cash flow. |
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