By Erin Griffith
June 7, 2016

Public market valuations can feel very out of sync in the technology and telecom sector where privately held, venture-backed money-losing startup “unicorns” are worth $1 billion or more and refuse to go public. Meanwhile, in the public markets, shrinking old-line businesses like Xerox (XRX) still outrank buzzy software companies like Facebook (FB) or Salesforce (CRM).

Investors value growth in all sectors, but in the technology sector, it is king. That’s why the market currently values Facebook, No. 85 on the Fortune 500 list, at $332 billion, despite its mere $18 billion in revenue. Compare that to HP Inc., which brought in $103 billion in revenue last year but carries a market capitalization of just $20 billion.

In addition to HP, Facebook is more valuable than telecoms like AT&T and Verizon, as well as IBM, Cisco, Oracle, Danaher, the former Time Warner Cable, and Xerox—all of which earn more revenue than Facebook and rank higher on the Fortune 500 list. But investors value growth, which Facebook has consistently delivered, and they value profits, about which Facebook has also been consistent. The company jumped 85 spots on the list this year.

With that context in mind, here are the top 20 technology companies of the 2016 Fortune 500, in order of their rankings:

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