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Cloud and Software

The cloud giants that rent out servers and the companies selling software by subscription: revenue that renews every month.

14 CompaniesBenchmark: SKYY

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Why These Companies

The first group rents out infrastructure: Amazon Web Services, Microsoft Azure, Google Cloud and Oracle Cloud. The second sells subscription software on top of it: Salesforce, ServiceNow, Adobe, Intuit, Workday and Shopify. Snowflake, Datadog, MongoDB and Cloudflare sell data and infrastructure software priced on usage, so their revenue grows as customers' cloud bills grow. Because subscription revenue is predictable, these companies are usually valued more on revenue growth than on current profit.

The list is an editorial selection, not investment advice. It is sorted by market cap; companies whose primary listing is outside the US are left blank because their market cap is not comparable.

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To Understand This

P/E and the Valuation RatiosYou can't tell whether a stock is cheap or expensive by looking at its price.Cash Flow: Reading Behind the ProfitProfit is an opinion, cash is a fact — and the gap between them is the earliest warning sign in the statements.