How the world’s defining companies actually work. .

NVIDIA Corporation

The arms dealer of the AI build-out — and the debate over how durable that is.

$81.6B Q1 FY2027 revenue (+85% YoY); ~$5.4T market cap

Ownership · Region

Public · United States

Logistics & Transport

A.P. Møller-Maersk A/S

Denmark · Industrials

FY2025 revenue USD 54.0B · EBIT USD 3.5B · net profit ~USD 3.0B (−49% YoY) · 2026 EBITDA guided USD 4.5–7B

The Danish shipping bellwether whose profits swing violently with freight rates — now pivoting from ocean carrier to door-to-door integrator.

United States · AI · Advertising

Adobe

$23.77B FY2025 revenue (+11%); $7.13B net income; ~10.5× fwd P/E

Record $23.8B revenue, ~89% margins — priced at a decade-low multiple on AI-disruption fear.

Advanced Micro Devices (AMD)

$34.6B FY2025 revenue (+34%); ~$760B market cap; Data Center now its largest segment

The clear #2 in AI compute — and the debate over whether it can close the gap with NVIDIA.

Airbnb, Inc.

$12.2B FY2025 revenue (+10%); $91.3B gross bookings; $4.6B free cash flow (38% margin); 533M nights & experiences

The cereal-box startup that became travel's brand verb — now betting beyond stays into a profitable, slower-growing super-app.

China · Cloud Computing · AI

Alibaba Group

FY2026 revenue RMB1.02tn (+3% YoY) — first time crossing RMB1tn

Independent, source-cited case study of Alibaba's commerce, AI and cloud bet.

Alo Yoga (Color Image Apparel)

~$10B valuation sought in Oct-2023 investment process (Reuters)

Founder-owned, influencer-built activewear brand taking premium share from Lululemon.

United States · Advertising · AI · Cloud Computing

Alphabet Inc. (Google)

$350B FY2024 revenue (+14% YoY)

Independent, neutral, fully-cited case study of Alphabet/Google.

United States · Cloud Computing · Advertising

Amazon.com, Inc.

$716.9B FY2025 net sales (+12% YoY)

The profit engine behind the retailer, AWS, advertising, and the AI capex bet.

ANTA Sports (安踏体育)

China · Consumer Goods

RMB 80.2B FY2025 revenue (+13.3%) · #1 in China at ~23% share · 39.5%-owned Amer Sports added ~$6.6B

China's #1 sportswear group — a multi-brand machine (ANTA, FILA, Arc'teryx) testing whether an acquired portfolio can globalize as its home engines mature.

Anthropic

$965B post-money valuation (Series H, May 2026)

AI safety lab behind Claude, now one of the fastest-scaling AI companies

United States · Software · Internet & Media · Semiconductors

Consumer Electronics

Apple Inc.

$416.2B FY2025 revenue · $112.0B net income

The most profitable hardware company ever — and the durability debate over AI, Services, and China.

Applied Materials, Inc.

$28.37B FY2025 revenue (record); ~$398B market cap (Jun 2026); ~18% of the wafer-fab-equipment market

The broadest toolmaker behind every chip — betting that materials engineering, not just lithography, wins the AI era.

Arm Holdings plc

United Kingdom · AI

FY2026 revenue $4.92bn (+23%); ~98% gross margin; ~50% of hyperscaler CPU compute

The architecture tax on computing — inside ~99% of phones, now re-rated for AI.

ASML Holding N.V.

Netherlands

~100% of production EUV systems; €32.7B net sales, €38.8B backlog (2025)

The sole maker of EUV lithography — the indispensable, and most contested, link in the chip supply chain.

United States · Financial Services

Insurance

Berkshire Hathaway Inc.

~$373B cash & Treasuries and ~$1.05T market cap; FY2025 operating earnings $44.5B

The $1T conglomerate Buffett built — now run by Greg Abel, with a record cash pile and a 60-year record to defend.

BHP Group

Australia

FY2025 revenue US$51.3B, underlying EBITDA US$26.0B; in H1 FY2026 copper EBITDA (US$7.95B) overtook iron ore (US$7.50B) for the first time

"The Big Australian" — the world's largest miner, pivoting from Pilbara iron ore toward copper and potash while a £36bn dam-disaster judgment hangs over it.

Booking Holdings Inc.

$186.1B gross bookings & $26.9B revenue in FY2025 (records); GAAP net income $5.4B (−8%)

The world's largest OTA — a record travel cash machine facing the AI-agent disintermediation question.

United States · Software · AI

Broadcom Inc.

$22.2B Q2 FY2026 revenue (+48% YoY); AI semis $10.8B (+143%); ~$1.8T market cap

An M&A roll-up turned the #2 winner of the AI build-out — and the debate over how durable that is.

China · Batteries & Energy

BYD Company Ltd (比亚迪)

4.6M NEVs sold and RMB 804bn (~$116bn) revenue in 2025

World's largest new-energy vehicle maker — from batteries to cars to ships.

China · Advertising · E-commerce · AI

ByteDance (字节跳动)

~$155B revenue in 2024 (+29%, reported estimate); private

Independent, fully-cited case study of ByteDance: Douyin/TikTok, ads, e-commerce, Doubao AI, and the TikTok divestiture.

Canva

Australia · AI

~$4B ARR · 265M monthly active users · 31M paid · $42B Aug-2025 secondary valuation

The Australian freemium-design giant betting that AI is its tailwind, not its undoing — profitable, private, and circling an IPO.

China · Electric Vehicles

Batteries & Energy

CATL — Contemporary Amperex Technology (宁德时代)

39.2% of global EV batteries and RMB 72.2bn (~$10.4bn) net profit in 2025

The world's largest EV and energy-storage battery maker — dominant, profitable, and contested.

CAVA Group, Inc.

FY2025 revenue $1,169.3M (+22.5%); same-restaurant sales +4.0%; net income $63.7M; 439 restaurants

The 'next Chipotle' of Mediterranean food — first $1B year and reaccelerating traffic, priced for perfection.

Chagee (霸王茶姬)

RMB 31.6B FY2025 GMV (+7.2%) · 7,453 stores · Nasdaq: CHA · single-store monthly GMV down ~40% from its 2023 peak

China's guofeng 'original-leaf fresh-milk-tea' chain that IPO'd on Nasdaq in 2025 — record scale and the best margins in tea, then eight straight quarters of falling single-store sales.

Chipotle Mexican Grill

$11.9B revenue (+5.4%) but −1.7% comparable sales in 2025, first annual decline since 2016

The fast-casual giant after its first same-store sales decline since 2016 — cyclical dip or structural slowdown?

United States · Software · Cloud Computing · AI

Networking

Cisco Systems, Inc.

$56.7B FY2025 revenue; ~$9B FY2026 AI-infrastructure orders target; ~$479B market cap (Jun 2026)

The 40-year networking incumbent betting an AI 'super-cycle' will finally outrun its dot-com ghost.

United States · Software · AI

Cloud Computing

Cloudflare

$2.17B FY2025 revenue (+30%); ~20% of websites; DBNRR 120%

The network in front of ~20% of the web — $2.2B revenue, ~$90B value, ~40× sales.

Coherent Corp.

FY2025 revenue $5.81B (+23%); ~$74B market cap (Jun 2026); NVIDIA took a $2B stake (Mar 2026)

A vertically integrated photonics maker riding the AI-datacenter optics boom — and a debt-laden merger still being turned around.

United States · Financial Technology

Cryptocurrency

Coinbase Global, Inc.

FY2025 revenue $7.18B (+9%); subscription & services 44% of net revenue; ~84% of US bitcoin-ETF assets in custody

The largest US crypto exchange, trying to outgrow the boom-bust cycle it rides.

Compagnie de Saint-Gobain

France · Materials

€46.5B FY2025 sales (+2.1% local ccy); €7.20B EBITDA (15.5% margin); €3,752M free cash flow; ROCE 14.0%

The 360-year-old French glassmaker reborn as the world's light & sustainable construction leader.

United States · AI · Hardware

Corning Incorporated

FY2025 core sales $16.41B (+13%); Optical Communications $6.27B (+35%) on AI demand

175-year-old glass/ceramics platform — Gorilla Glass, optical fiber, display — re-rated by the AI data-center fiber boom.

Costco Wholesale Corporation

$275.2B revenue in FY2025

Membership-only warehouse retailer with a fee-driven moat and thin-margin model.

South Korea · Retail · Financial Technology

Coupang, Inc. (쿠팡)

FY2025 revenue $34.5B (+14%); $214M net income; ~40% of Korean e-commerce

Korea's Amazon — a dominant owned-logistics platform, but concentrated in one market.

United States · Cloud Computing · Software

Databricks

$5.4B revenue run-rate, >65% YoY (Feb 2026); $134B valuation

The lakehouse pioneer turned AI platform — $5.4B run-rate, $134B private, still pre-IPO.

DeepSeek (深度求索)

Nvidia lost ~$600B in a day (27 Jan 2025) as DeepSeek's app hit #1

The High-Flyer-backed lab whose low-cost open models triggered AI's 'Sputnik moment'.

United States · Robotics · Software

Deere & Company (John Deere)

$45.7B FY2025 net sales & revenues (−12%); $5.03B net income (FY ended Nov 2, 2025)

The 1837 plow-maker now betting its future on autonomy and per-acre software revenue.

United States · Gaming · Software

Discord Inc.

200M+ monthly active users; ~$725M estimated 2024 ARR

The voice-and-community platform for 200M+ users, racing to monetize ahead of a 2026 IPO.

United States · Internet & Media · Advertising

DoorDash, Inc.

$103.0B FY2025 Marketplace GOV; $13.7B revenue; first $935M GAAP profit; ~60.7% US share

The US delivery leader that lost money for a decade, finally turned a profit, and is buying its way global.

Logistics & Transport

DSV A/S

Denmark

FY2025 revenue DKK 247.3B (+51%) · EBIT before special items DKK 19.6B · now the world's largest freight forwarder by revenue

The Danish roll-up that bought its way to world No. 1 — and just swallowed DB Schenker.

Duolingo, Inc.

$1.04B FY2025 revenue (+38.7%); ~85% of language-app DAUs; stock ~80% off its May-2025 peak

The gamified language app that won its category — now testing whether AI is its moat or its disruptor.

United States · Software · Internet & Media

Gaming

Epic Games, Inc.

~$5.7B 2024 revenue (est.) · $22.5B valuation · 650M+ Fortnite accounts · 1,000+ March 2026 layoffs

The Fortnite maker that owns the engine, runs a store and is fighting Apple — now cutting costs as Fortnite engagement cools.

Figma

$1.06B FY2025 revenue (+41%); ~$11.5B market cap, down ~85% from IPO-week high

The collaborative-design standard — a 2025 IPO darling now priced for AI disruption.

Fishwife Tinned Seafood Co.

~$6M revenue in 2023, up ~180% YoY (vs ~1% for the category)

Design-led premium tinned-seafood brand reviving a commodity category.

United States / Indonesia

Freeport-McMoRan Inc.

FY2025 revenue $25.9B; net income $2.2B; 3.4B lbs copper; ~$91B market cap (Jun 2026); Grasberg mudflow cut 2025 copper ~10%

The leading US-listed copper producer, levered to an electrification-and-AI demand thesis — and to the single Indonesian mine that just suffered a fatal collapse.

GEA Group AG

Germany · Robotics

FY2025 revenue €5.50B; EBITDA margin 16.5% (from ~10% in 2019); ROCE 36.2%; net income €414M

The quiet German engineer that turned seven profit warnings into a DAX seat — now betting Mission 30 isn't a cyclical peak.

Switzerland · Industrials

Building Materials

Geberit AG

FY2025 net sales CHF 3,163M (+4.8% cc); 29.4% EBITDA margin

Europe's behind-the-wall plumbing near-monopoly — testing pricing power against a weak building cycle.

Switzerland · Commodities Trading · Energy

Glencore plc

FY2025 revenue $247.5B; Adjusted EBITDA $13.5B (−6%)

The world's largest integrated miner-and-trader, caught between coal cash and a copper future.

United States / United Kingdom · Industrials · Robotics

Logistics & Transport

GXO Logistics, Inc.

$13.2B FY2025 revenue (+12.5%); $881M adj. EBITDA; net income $36M (−74%); 1,043 sites, 221M sq ft

The world's largest pure-play contract logistics provider — blue-chip warehouses, robots, and thin margins.

United Kingdom · Healthcare · Semiconductors

Halma plc

FY2025 revenue £2.25B (+11%); 46th straight year of ≥5% dividend growth; ~£17.6B market cap (Jun 2026)

A FTSE 100 serial acquirer of niche safety, health and environmental instrument businesses — 46 years of dividend growth, now re-rated on AI-photonics.

China · Semiconductors · Cloud Computing · AI

Networking

Huawei (华为)

¥880.9B (≈$119B) revenue in 2025; world's #1 telecom-equipment maker

Independent, fully-cited case study of Huawei: sanctions, self-reliance, chips, HarmonyOS, telecom, devices and the recovery.

United States · Advertising · Retail

Instacart (Maplebear Inc.)

$37.2B FY2025 GTV; $3.74B revenue; $447M GAAP net income; >$1B advertising revenue

The company that built U.S. online grocery — now a profitable ad business defending its app from AI.

Intel Corporation

FY2025 revenue $52.9B (flat; ~breakeven vs a $19B loss in 2024); ~$498B market cap (+396% YoY)

The fallen x86 giant betting its turnaround on 18A, a foundry, and Washington's backing.

United States · Cloud Computing · AI

International Business Machines (IBM)

$67.5B FY2025 revenue (+8%); $14.7B free cash flow; $12.5B generative-AI book of business

The 114-year-old incumbent, re-accelerating on Red Hat, the mainframe and a $12.5B AI book.

Robotics

Intuitive Surgical, Inc.

$10.06B FY2025 revenue (+21%); ~86% recurring; ~11,400 da Vinci systems installed; stock −~26% in 2026

The company that created robotic surgery — defending a razor-and-blade franchise as the first real rivals and a softening growth story arrive at once.

Democratic Republic of the Congo / Canada

Ivanhoe Mines Ltd.

Kamoa-Kakula 2025: $3.28B revenue, $1.45B EBITDA (100% basis); Ivanhoe equity-accounts its ~39.6% stake; group cash $885M; ~US$11.6B market cap

A Robert Friedland–founded copper miner with a world-class DRC orebody, an equity-accounted flagship, and a 2025 disruption that reset its growth path.

Judges Scientific (JDG)

United Kingdom

FY2025 revenue £145.8m (+9.1%) · ~25 acquisitions since 2005 · ~25% p.a. 20-year shareholder return · shares ~−65% from their May-2024 peak

A disciplined UK micro-cap 'buy-and-build' compounder of niche scientific-instrument firms — testing whether the small-acquisition model keeps compounding as it scales and organic growth softens.

KONE Oyj

Finland

FY2025 sales €11.25B; adjusted EBIT 12.2%; ~1.8M units under maintenance

A high-quality elevator oligopolist with a resilient service annuity, weighed against its China-property overhang.

Kweichow Moutai (贵州茅台)

China · Retail

¥172.05B FY2025 revenue · ¥82.32B net profit · first dual decline since 2001 listing

The world's most valuable liquor maker posts its first revenue and profit decline since listing, as China's baijiu boom breaks.

Lasertec Corporation (レーザーテック)

Japan · AI

¥251.5B FY2025 revenue (+17.8%, record); 48.8% operating margin; sole supplier of actinic EUV mask inspection

The quiet monopoly on inspecting EUV photomasks — record profits, an order cliff, and a short-seller's fraud claim it survived.

Li Auto Inc. (理想汽车)

FY2025 RMB 112.3bn (~$16.1bn) revenue, −22.3%, on 406,343 deliveries (−18.8%)

China's range-extender EV pioneer — first new-force to profit, now stalling as the moat erodes.

United States · Automotive · Robotics

Lucid Group

FY2025 revenue $1.35B (+68%); 15,841 delivered; Q1 2026 gross margin −110%; PIF owns ~57%

The most efficient EV on the road — built by a company that loses money on every one it sells.

Luckin Coffee (瑞幸咖啡)

China · Internet & Media

RMB 49.3B FY2025 revenue (+43%) · 31,048 stores · RMB 3.6B net income · 450M+ cumulative customers

The chain that faked $310M in sales and was delisted, then came back to out-store and out-sell Starbucks in China — now squeezed by its own price war.

lululemon athletica inc.

$11.1B FY2025 revenue (+5%) · diluted EPS $13.26, down from $14.64

The brand that defined premium athleisure — now testing whether its moat survives a stalling core market.

Lumentum Holdings Inc.

Q3 FY2026 revenue a record $808.4M (+90% YoY); ~$67B market cap; NVIDIA took a $2B stake (Mar 2026)

An AI-datacenter optics chip leader re-rated 11x — riding the EML boom while a lumpy telecom legacy fades.

LVMH (Moët Hennessy Louis Vuitton)

France

€80.8B FY2025 revenue (-1% organic); €17.8B recurring operating profit

The world's largest luxury group — 75+ maisons, family-controlled, through a two-year luxury slowdown.

Lyft, Inc.

$18.5B gross bookings, 51.3M annual active riders in FY2025; ~24% US rideshare share vs Uber's ~76%

North America's #2 rideshare app — now profitable, going global, and racing the robotaxi clock.

Mars, Incorporated

United States · Retail

~$54.6B 2024 sales (est.); pet care >half of revenue; closed $36B Kellanova deal Dec 2025

The M&M's company that mostly sells pet food — a $55B family empire making its biggest-ever bet.

Mastercard

$32.8B net revenue (+16%) and $10.6T gross dollar volume in 2025

The world's #2 card network — high-margin rails under pressure from regulators and new payment systems.

China · Internet & Media · Retail

Meituan (美团)

FY2025 revenue RMB 364.9B (+8%); net loss RMB 23.4B amid the delivery price war

China's dominant local-services super-app — and the target of 2025's food-delivery price war.

Argentina / Brazil / Mexico · Financial Technology · Advertising

MercadoLibre

$28.9B FY2025 revenue (+39%); $2.0B net income; $12.5B credit portfolio (+90% YoY)

Latin America's e-commerce + fintech flywheel — record revenue, compressing margins, a fast-growing loan book.

United States · Advertising · AI

Meta Platforms, Inc.

$201B revenue (FY2025)

An ad business funding a large bet on AI and hardware.

Micron Technology

FQ2-26 revenue $23.9bn at 74.4% gross margin; FY2025 $37.4bn

Independent, fully-cited teardown of the only US-based memory maker, riding the AI/HBM supercycle.

United States · AI · Software · Gaming

Cloud Computing

Microsoft Corporation

$281.7B FY2025 revenue; ~$37B AI run-rate (Q3 FY2026)

The world's most diversified tech giant, betting the franchise on AI.

MiniMax (稀宇科技)

China · Software

$53.4M revenue / $512M net loss (9M 2025, IPO prospectus)

How a Chinese AI 'six tiger' raced to a Hong Kong IPO on overseas consumer apps and low-cost open models.

Mistral AI

France

€11.7B (~$14B) valuation (Sept 2025, ASML-led); ~$400M ARR est. early 2026; >$1B 2026 revenue target

Europe's frontier-AI champion — open-weight roots, sovereign ambitions, and a €11.7B valuation on a fraction of US rivals' revenue.

United States · Cloud Computing · AI

MongoDB Inc.

FY2026 revenue $2.46B (+23%); Atlas 73% of revenue

The developer-favorite document database, betting its cloud-and-AI future against a surging PostgreSQL.

Moonshot AI (Kimi / 月之暗面)

~$20B reported post-money valuation (Meituan-led round, May 2026)

Maker of the Kimi assistant and open-weight K2 models, one of China's AI 'tigers'.

Nemetschek SE

Germany · AI

FY2025 revenue €1.19B (+19.7%); 92.2% recurring; EBITDA margin 31.2%

The 'AEC Adobe' — a sticky, family-controlled BIM-software compounder versus a contested premium.

United States · Advertising · Gaming

Netflix, Inc.

$45.2B FY2025 revenue · 29.5% operating margin · 325M+ members

The profit leader in streaming — now facing maturing growth, an ads bet, and the Warner Bros. it walked away from.

Robotics

Neuralink Corp.

21 trial participants implanted across 4 countries (Jan 2026); ~$9B reported valuation

Elon Musk's brain-implant company: real first patients vs. a years-away, hype-laden roadmap.

Nickelodeon

Linear audience down ~86% from its 2016 peak; SpongeBob franchise $16B+ lifetime merch

The slime-green empire of owned kids' IP, past its linear peak and inside Paramount Skydance.

NIKE, Inc.

$46.3B FY2025 revenue (−10%) · net income $3.2B (−44%) · gross margin 42.7%

The world's #1 sportswear brand, mid-turnaround — testing whether scale and a back-to-sport reset can outrun lost cool, China, and tariffs.

NIO (蔚来)

China · Automotive

RMB 87.5B revenue & 326,028 deliveries in 2025; first-ever quarterly profit in Q4

China's premium EV maker reached its first-ever quarterly profit in 2025 — after a decade of >RMB 100B losses.

Notion Labs, Inc.

100M registered users (Aug 2024, Notion blog)

How Notion repositioned from all-in-one workspace to AI company, 2020–2026.

Pharmaceuticals

Novo Nordisk A/S

Denmark · Healthcare

DKK 309.1B FY2025 sales (+10% CER) · net profit DKK 102.4B · shares down ~50% from the 2024 peak

The company that built the obesity-drug era on Ozempic and Wegovy — now fighting to keep the lead it created.

Financial Technology

Nubank (Nu Holdings Ltd.)

Brazil · Software

FY2025 revenue $16.3B (+45%); net income $2.9B; 131M customers; ROE 33% — yet shares fell ~30% in 2026 on credit-cycle fears

Latin America's largest neobank, scaling fast into its first real credit-cycle test.

OLIPOP PBC

United States · Retail

$1.85B valuation (Series C, Feb 2025) on >$400M FY2024 revenue; company says profitable since early 2024

The prebiotic-soda upstart that built a category — now defending it against Coke and PepsiCo.

On Holding AG (On)

Switzerland · E-commerce

CHF 3.01B FY2025 net sales (+30% / +36% cc); 62.8% gross margin; stock −36% in a year

The Federer-backed Swiss running brand the market can't decide how to price.

OpenAI

$852B post-money valuation ($122B round, Mar 2026)

Maker of ChatGPT — the world's most valuable private company, and its defining tension.

United States · Software · AI

Cloud Computing

Oracle Corporation

$553B RPO backlog (Q3 FY2026, +325%); FY2025 revenue $57.4B; FCF −$24.7B (TTM)

A 49-year-old database giant betting the balance sheet on an AI-cloud boom.

Palantir Technologies

$4.475B FY2025 revenue (+56%), $1.625B GAAP net income; ~$341B market cap (~70× sales)

The most expensive stock in software, and one of the most contested — ~$4.5B revenue, ~70× sales.

Financial Technology

PayPal Holdings, Inc.

$33.2B FY2025 revenue (+4%); $5.2B net income; ~438M accounts; ~$38B market cap / ~8.7× earnings (Jun 2026)

The original fintech, deeply out of favor — a profit machine on its third CEO in three years.

PDD Holdings

FY2024 revenue US$54.0B (+59% YoY)

Parent of Pinduoduo and cross-border discount app Temu.

Perplexity AI

~$20B reported valuation on ARR approaching $200M (Sep 2025)

The best-known independent AI 'answer engine', racing the model-owning giants it rents from.

United States · Healthcare

Pharmaceuticals

Pfizer Inc.

FY2025 revenue $62.6B (−2% operational); ~6.5% dividend yield; ~$148B market cap

Life after the COVID windfall — a deep-value dividend giant racing a patent cliff.

poppi (prebiotic soda)

$1.95B PepsiCo acquisition (May 2025) on ~$500M 2024 revenue

A kitchen experiment turned $1.95B PepsiCo brand — and the debate over the science behind it.

Ramp

$44B valuation (Jun 2026) on ~$1.5B run-rate revenue and positive free cash flow

A corporate card turned AI-first finance platform, valued at $44B on a thin-margin interchange core.

Rational AG

Germany

FY2025 revenue €1.26B; EBIT margin 26.4%; ~50% global combi-steamer share

The ~50%-share German 'hidden champion' of combi-ovens — niche dominance vs. its ceiling.

United States · Advertising · AI

Reddit, Inc.

$2.2B FY2025 revenue (+69%); $530M net income — its first profitable year; 126.8M daily active uniques

The 20-year community forum that turned into a profitable ad engine and the most-cited source in AI answers.

Rio Tinto Group

Australia

FY2025 underlying EBITDA $25.4B (+9%); $6.5B dividend at 60% payout; net debt up 162% to $14.4B after the $6.7B Arcadium lithium deal

The world's #2 miner — a low-cost Pilbara iron-ore engine diversifying into copper and lithium, while social-licence scars and a softening China shadow the story.

United States · Automotive · Software

Rivian Automotive

FY2025 revenue $5.4B; first-ever gross profit $144M (auto still −$432M); ~$21B market cap

First gross profit, but it came from software — can the R2 finally make the cars pay?

Rogo

$2B reported valuation (Series D, Apr 2026); 35,000+ users at 250+ institutions

Agentic AI for investment banks, PE and hedge funds — a $2B vertical-AI bet on Wall Street's grunt work.

United States · Cloud Computing · AI

Salesforce, Inc.

$41.5B FY26 revenue (+10%), 34.1% non-GAAP op margin; CRM was 2026's worst Dow stock

The CRM leader betting its growth on AI agents — as investors ask if those same agents kill per-seat SaaS.

France · Energy · Software

Schneider Electric SE

€40.2B FY2025 revenue (+8.9% organic); €7.5B adj. EBITA (18.7% margin); ~€144B market cap (Mar 2026)

The 189-year-old French electrification champion riding the AI data-center power boom.

Singapore · Gaming · Financial Technology

Sea Limited

$22.9B FY2025 revenue (+36%); $1.6B net income; Shopee #1 in SE Asia at $127.4B GMV

Southeast Asia's three-engine internet group — now profitable, but priced for a fight with TikTok Shop.

ServiceNow, Inc.

$13.28B FY2025 revenue (+21%); ~42% ITSM share; stock −~45% from its 2025 high

The dominant enterprise-workflow platform betting its next decade on agentic AI — as the market debates whether AI lifts or erodes per-seat SaaS.

Singapore / China · Retail

Shein (希音)

~US$37B 2024 revenue (Singapore filing); profit −40%

China-born, Singapore-based ultra-fast-fashion giant shipping cheap apparel direct to 150+ countries.

Materials

Shin-Etsu Chemical (信越化学工業)

Japan · Semiconductors

FY3/2026 revenue ¥2.574T; operating margin 24.7%; net income ¥474B (−11%)

The quiet Japanese giant that is world No.1 in both PVC and semiconductor silicon.

Shopify Inc.

Canada · E-commerce

$378B GMV / $11.6B revenue (+30%) in FY2025; first $100B+ GMV quarter

The merchant's arms dealer against Amazon — and the debate over its ~100× multiple.

Siemens AG

Germany · Software · AI

FY2025 revenue €78.9B; record net income €10.4B (+16%)

A 178-year-old industrial giant remaking itself into a software-and-AI 'ONE Tech Company'.

SMIC (中芯国际)

China · AI

FY2025 revenue US$9.33bn (+16.2%); ~5.3% global foundry share, #1 in mainland China

Independent, fully-cited teardown of China's flagship chip foundry — record revenue, an EUV-less frontier, and a sanctions-shadowed future.

Southern Copper Corporation

Peru / Mexico

FY2025 record net sales $13.4B (+17%) and net income $4.3B (+28%); copper cash cost just $0.58/lb net of by-products; ~$160B market cap (Jun 2026)

The lowest-cost major in copper, holder of the industry's largest reserves — controlled ~89% by Grupo México, with its growth pipeline gated by political and social risk in Peru and Mexico.

United States · Telecommunications · Defense

Space & Satellites

SpaceX

165 orbital launches in 2025 (~85% of US total); $18.7B revenue; ~$800B last private mark

The reusable-rocket monopoly that became a satellite-internet giant — and is chasing a ~$1.75T IPO.

United Kingdom · Software

Spectris plc

Acquired by KKR at £41.75/share — a 96.3% premium — completed 4 Dec 2025

UK precision-instruments group (Malvern Panalytical, HBK) taken private by KKR after a PE bidding war.

Sweden · Advertising · Software

Spotify Technology S.A.

€17.2B FY2025 revenue · 751M MAU · 290M Premium subscribers · €2.2B operating income

The world's largest music streamer — finally, durably profitable, yet still renting its catalogue from the labels and feuding with its artists.

United States · Consumer Goods

Starbucks Corporation

FY2025 revenue $37.2B (record); GAAP net income $1.86B (−51%); operating margin 7.9% (from ~15%)

Record revenue, halved profit: inside the 'Back to Starbucks' turnaround, the China sale, and the longest barista strike in its history.

Stripe

$1.9T total payment volume in 2025 (+34%), ~1.6% of global GDP

The developer-first payments platform processing ~1.6% of global GDP — and still private.

Substack Inc.

$1.1B valuation on ~$45M revenue (Series C, July 2025)

How Substack turned paid newsletters into a $1.1B network — and the gap between that price and ~$45M of revenue.

Sweetgreen, Inc.

FY2025 revenue $679.5M (+0.4%); same-store sales −7.9%; net loss $134.1M

The premium-salad chain betting automation can fix a traffic collapse — comps down double digits, stock off ~85%.

Tencent Holdings

China · Gaming · AI

WeChat/Weixin combined MAU 1.42bn (Dec 2025)

Independent, fully-cited case study of Tencent: WeChat moat, games, fintech, AI.

United States · Energy · AI · Robotics

Automotive

Tesla, Inc.

1,636,129 deliveries in 2025 (−9%, 2nd straight decline); ~$1.56T market cap (Jun 2026)

EV pioneer turned AI/robotics bet — two years of falling deliveries against a ~$1.5T valuation priced on autonomy.

Aerospace & Defense

The Boeing Company

FY2025 revenue $89.5B; record $682B backlog

Aerospace duopolist rebuilding from the 737 MAX safety and financial crisis.

The Boring Company

~$5.7B private mark in 2025, down from $8.6B in 2023 (Sacra)

Elon Musk's tunnelling venture — tunnel disruption, or transportation vaporware?

The Hershey Company

United States · Retail

$11.69B FY2025 net sales (record) but net income −60% to $0.88B on record cocoa costs; ~44–46% of US chocolate

America's chocolate giant — record sales, a cocoa-crushed bottom line, and a charity trust that won't let anyone buy it.

The Walt Disney Company

FY2025 revenue $94.4B; record $10.0B parks operating income; streaming #2 at ~196M subs

A century-old IP empire pivoting from cable to streaming while parks quietly carry the profit.

United States · Financial Technology

Toast, Inc.

$6.15B FY2025 revenue (+24%); ~164,000 locations; first full GAAP-profit year ($342M)

Cloud restaurant OS that bundles POS, software and payments — profitable, but priced like it must keep sprinting.

Automotive

Toyota Motor Corporation

Japan · Industrials

FY2026 revenue ¥50.7T (first Japanese company past ¥50T); 10.8M vehicles, #1 worldwide

The world's #1 automaker betting that 'multi-pathway' beats going all-in on EVs.

Trader Joe's

~$2,100 sales per sq ft (≈2× Whole Foods); ~80% private label; no online sales

The 'anti-grocer': ~4,000 mostly private-label items, no e-commerce, and the highest sales per square foot in US grocery.

TSMC (台積電)

Taiwan · AI

FY2025 revenue US$122.4bn; ~66–70% foundry share, >90% at the leading edge

Independent, fully-cited teardown of the foundry that makes the AI era's chips — and its three open questions.

United States · Advertising

Mobility & Delivery

Uber Technologies, Inc.

$193.5B FY2025 gross bookings; $9.8B free cash flow; ~$150B market cap (Jun 2026)

The global mobility-and-delivery platform that finally turned a profit — now staring down the robotaxi.

Robotics

Unitree Robotics (宇树科技)

China · AI

FY2025 revenue ¥1.708B, +335% YoY (STAR Market prospectus)

China's volume leader in low-cost quadruped and humanoid robots.

Visa Inc.

$40.0B FY2025 net revenue (+11%); ~$20.1B net income; 257.5B transactions

The toll road on global consumption — a wide-moat network now fighting antitrust and the rise of account-to-account rails.

United States · E-commerce · Advertising

Walmart Inc.

$713.2B FY2026 revenue (+4.7%); ~$21.9B net income; ads + membership ≈ ⅓ of operating income

The world's largest retailer remaking itself into an ads-and-membership platform — now priced like one.

Warner Bros. Discovery, Inc.

FY2025 revenue $37.3bn; agreed sale to Paramount Skydance at $31/share (~$110.9bn)

A century of IP — HBO, DC, Warner Bros. — sold into the streaming wars.

Waymo

450K+ weekly paid rides · $126B valuation (Feb 2026) · 200M+ autonomous miles · ~$350M revenue run-rate

Alphabet's robotaxi unit — the clear leader in driverless ride-hailing at 450K+ weekly rides, valued at $126B, and still deeply unprofitable.

Workday, Inc.

$9.55B FY2026 revenue (+13%) · 11,500+ customers · 65%+ of the Fortune 500 · 97% gross retention

The cloud-HR & finance leader for big enterprises — profitable and sticky, now testing whether AI agents are its growth engine or the thing that compresses its seat-based model.