All the ones you've heard of and many more you haven't.
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:
With $233 billion in revenue last year, a 28% increase over the prior year, Apple AAPL continues to dominate the U.S. technology industry, climbing two spots to the No. 3 position on the overall Fortune 500 list.
13. Verizon Communications
As Verizon VZ invests in content to move beyond its role as a “dumb pipe” telecom company, it jumped two spots on the overall Fortune 500 list to number 13.
The notoriously unprofitable e-commerce player turned a profit last year. More importantly, Amazon AMZN learned from its disastrous foray into smartphones and proved it can do hardware with the successful Alexa smart home unit. It is now the 18th largest company in the United States.
The computer giant HPQ fell one spot to number 20 this year. Next year, the company will appear as two entities: HP Inc. and HP Enterprise, due to its split.
Revenue at Microsoft MSFT grew by 8% last year, causing the Redmond, Wash.-based software giant to jump six spots to No. 25 on the Fortune 500 list.
Shrinking revenue caused IBM IBM to slip seven spots this year.
The company formerly known as Google GOOGL underwent bold restructuring last year, but it didn’t change much from investors’ perspectives: The company is worth nearly $500 billion, and its revenue grew by 16%.
Despite a slight dip in revenue, Comcast CMCSA managed to jump six spots on the Fortune 500 list.
Intel’s INTC business also shrank in 2015, but the chip maker still managed to climb one spot to No. 51.
54. Cisco Systems
The 32-year-old networking company experienced modest revenue and profit growth in its 20th year on the Fortune 500 list.
Oracle ORCL had a year of flat sales, shrinking profits, and mediocre stock performance.
The networking equipment company saw sales drop by 5% and profits drop by 34%. It’s stock price has suffered accordingly, though the semiconductor maker managed to jump three spots on the Fortune 500 list.
EMC EMC managed to squeeze a 28% growth in profits out of a 1% growth in revenue.
116. Time Warner Cable
The Time Warner Cable brand that customers love to hate is now owned by Charter Communications. The deal closed after the Fortune 500 deadline, so the company remains on the 2016 list for the last time.
The medical technology company grew revenue by 5% and profits by 29%, jumping 14 spots on the Fortune 500 list.
A 21% decline in revenue and a 51% decline in earnings per share hurt Xerox this year, causing the copy and print giant to drop seven spots on the Fortune 500 list.
As previously mentioned, Facebook’s investors have rewarded the social network’s revenue growth and healthy profit margins by trading its stock sky-high, with an overall market valuation of $332 billion.
158. Jabil Circuit
With a market cap of just $3.57 billion, some investors have called the semiconductor’s stock “undervalued and unloved.”
Here are the rest of the technology companies on the Fortune 500 list, with their rankings:
164. Thermo Fischer Scientific.
173. Micron Technology
187. DISH Network
194. Western Digital
219. Texas Instruments
230. Cognizant Technology Solutions
233. Computer Sciences
284. Liberty Interactive
292. Charter Communications
295. Applied Materials
308. Priceline Group
333. Level 3 Communications
399. Cablevision Systems
443. Windstream Holdings
451. Motorola Solutions
461. Frontier Communications
487. Booz Allen Hamilton Holding
491. Lam Research
496. Telephone & Data Systems
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