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:

3. Apple

Apple Watches are placed on a drawer at an Apple Store in Beijing April 10, 2015. Apple Inc expects tremendous interest for its new smartwatch and demand to outstrip supply as consumers get an up-close look on Friday at CEO Tim Cook’s first major product. REUTERS/Kim Kyung-Hoon

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.

10. AT&T

An AT&T Inc. employee, left, assists a customer inside the company’s store in New York, U.S., on Monday, Jan. 25, 2016. AT&T is scheduled to report fourth-quarter earnings on January 26. Photographer: Michael Nagle/Bloomberg via Getty Images

The telecom giant edged out competitor Verizon with $146.8 billion in revenue last year.

13. Verizon Communications

A pedestrian checks his mobile phone while walking past a Verizon Wireless store in San Francisco, California, U.S., on Wednesday, April 15, 2015.

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.

18. Amazon.com

MADRID, SPAIN – DECEMBER 03: An employee works at the Amazon fulfillment centre on December 3, 2015 in San Fernando de Henares, Madrid, Spain. Amazon recruited 600 extra employees for the Christmas campaign. The company is planning to build a new warehouse in Barcelona and double the size of its fulfillment centre in Madrid. It expects to create a thousand new jobs within the next three years. (Photo by Pablo Blazquez Dominguez/Getty Images)

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 18^th largest company in the United States.

20. HP

Attendees look at servers on display during the HP Discover 2015 conference in Las Vegas, Nevada, U.S., on Tuesday, June 2, 2015. Photographer: David Paul Morris/Bloomberg via Getty Images

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.

25. Microsoft

SYDNEY, AUSTRALIA – NOVEMBER 12: People try on the new Microsoft Band 2 at Microsoft’s first Australian store at Westfield Sydney on November 12, 2015 in Sydney, Australia. It is the first flagship store outside of North America. (Photo by Christopher Pearce/Getty Images)

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.

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31. IBM

Shrinking revenue caused IBM (IBM) to slip seven spots this year.

36. Alphabet

Breakout areas are scattered across each floor of the seven floor building of Google Head Office on March 19, 2015 in Gurgaon, India.

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%.

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37. Comcast

A look at Xfinitys X1 Entertainment Operating System and the Voice Remote, demoed in Comcast Labs at the Comcast Center as seen Monday, Oct. 19, 2015 in Philadelphia, Pennsylvania. Comcast Cable is one of the nations largest video, high-speed Internet and phone providers to residential customers under the Xfinity brand as well as to businesses. (Jeff Fusco/AP Images for Comcast)

Despite a slight dip in revenue, Comcast (CMCSA) managed to jump six spots on the Fortune 500 list.

51. Intel

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 20^th year on the Fortune 500 list.

77. Oracle

Larry Ellison, chief executive officer at Oracle Corp., speaks during an event at the company’s headquarters in Redwood City, California, U.S., on Tuesday, June 10, 2014.

Oracle (ORCL) had a year of flat sales, shrinking profits, and mediocre stock performance.

110. Qualcomm

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.

113. EMC

EMC (EMC) managed to squeeze a 28% growth in profits out of a 1% growth in revenue.

116. Time Warner Cable

TWC doesn’t know yet how the passwords were obtained.

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.

133. Danaher

The medical technology company grew revenue by 5% and profits by 29%, jumping 14 spots on the Fortune 500 list.

150. Xerox

Xerox’s iGen assembly plant in Webster, NY. IGen is a high capacity printer used by the photo and print-on-demand industry. (Photo by James Leynse/Corbis via Getty Images)

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.

157. Facebook

Palmer Luckey, founder and inventor of Oculus VR, demonstrates the Oculus Rift virtual reality headset and the Oculus Touch hand controllers during an event in San Francisco, California on Wednesday, June 11, 2015. (Photo by Ramin Talaie/Corbis via Getty Images)

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.”

159. CenturyLink

The telecom company jumped nine spots this year despite shrinking revenue.

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
220. CDW
230. Cognizant Technology Solutions
233. Computer Sciences
284. Liberty Interactive
292. Charter Communications
295. Applied Materials
300. eBay
308. Priceline Group
313. Corning
331. Broadcom
333. Level 3 Communications
385. Expedia
386. salesforce.com
399. Cablevision Systems
400. Symantec
408. Sanmina
409. NCR
422. NetApp
443. Windstream Holdings
451. Motorola Solutions
461. Frontier Communications
462. Amphenol
464. SanDisk
487. Booz Allen Hamilton Holding
491. Lam Research
496. Telephone & Data Systems

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