Get the Company Revenue Rankings on a PDF suitable for printing
For detailed metrics on each company, including profits and market caps, download the Lonergan SV150 Datatable
The Lonergan SV150 is the definitive ranking of the top public companies in technology located in the Silicon Valley.
Despite good revenue and profitability growth in 2024, the companies of the Silicon Valley 150 ranking can't escape the current environment of widespread economic anxiety. Wall Street is understandably nervous about 2025 earnings and growth, and that nervousness impacts every company in the tech space.
After AI fueled a wild run up in market caps reflected in last year's report (published April 2024), growth in market caps has slowed way down. While annual market cap growth for the year ending March 31, 2025 was 10.6%, those Q1 end market cap numbers have since dropped off by 4.2% (as of April 22) in the anxiety over tariffs and the fears of a global trade war.
Ending the third full year of an LSV 150 ecosystem without its usual on-ramp of high flying tech IPOs (remember the year 2015 when Fitbit, Square and Box all debuted?), or its traditionally robust off-ramp in the form of a strong M&A market, the Silicon Valley 150 is still weathering economic storms - or at least inclement weather.
Read on for Lonergan Partners' in-depth insights and analysis of the company performance changes impacting the top 150 public companies in technology in the Silicon Valley.
Silicon Valley public tech companies report solid 2024 results
April 22, 2025
2024 Revenues: same company sales were up 13.6%, to $2.0 Trillion - a new record high - with 2024 inflation running at 2.8% according to the Department of Labor. Most of the LSV150 ranked companies (108 out of 150, or 72%) grew sales faster than the rate of inflation.
2024 Net income: the rankings saw net income grow 13.6% from last year's list, to $433 Billion. Positive 2024 net income was reported at 85 out of 150 companies.
March 2024 Market cap: up a respectable 10.6% from March 31 of last year, to $15.2 Trillion. Update: April 22. 2025 close sees the total market cap now down 4% to $14.5 Trillion. See table below for more breakdowns on market cap.
Despite the April 2025 market rout, members of the Trillion dollar market cap club enjoy continued investor support
As of the end of April 22, 2025, the largest four companies of the LSV150 were all still valued at over $1 Trillion in market capitalization.
The current top market cap rankings for April 22, 2025 are:
- Apple (LSV #1) market cap = $3.074 Trillion on April 22, 2025
- NVIDIA (LSV #4) market cap = $2.506 Trillion on April 22
- Alphabet (LSV #2) market cap = $1.906 Trillion on April 22
- Meta (LSV #3) market cap = $1.313 T on April 22
Note: the two other members of the $1 Trillion public company market cap club are Seattle based Amazon ($1.9 Trillion) and Microsoft ($2.8 Trillion) - formerly the most valuable company in the world, but this year ceding that spot back to Apple.
The Silicon Valley 150 boasts 40 companies included in the S&P 500 – an all time high
With the recent additions of Doordash (LSV#27) and Workday (LSV #32), the ranks of the Lonergan SV150 now include 40 of the companies selected for the S&P 500 - an all time high. S&P 500 companies must meet a rigorous standard, not just for size but for other criteria such as liquidity and profitability as well - before they are approved by the S&P 500 selection committee. Having an increasing number of LSV 150 companies merit inclusion in this prestigious index reflects the maturity and clout of publicly traded Silicon Valley tech.
As a point of reference, in 2015 only 21 of the LSV150 companies were included in the S&P 500.
The Apple factor
The metrics of the LSV150 are always greatly impacted by what's going on at #1 ranked Apple (representing 20% of the revenue of the current Lonergan SV150 - down in its significance from its 2018 high when it was 28% of LSV150 revenue). In 2024, Apple's overall financials remained fairly static, with the exception of slight decrease in profit margins.
Here are Apple's year-over results:
Revenues: up 2.6%, from $385,706 Million to $395,760 Million.
Net Income: down 4.7% from $100,913 Million to $96,150 Million
Market Cap: while up year-over year on March 31 by 26%, Apple just saw its worst one day stock performance (in early April) since March 2020. Currently, the stock is trading up a more modest 14.6% from its March 31, 2024 levels (on April 22).
Without Apple's drag on growth, the Lonergan SV150 would have increased revenues by 16.8%.
Even in the midst of April stock market swings, market caps are up from March 31, 2024
The following table breaks down the changes in market cap by category:
Category | 2025 Lonergan SV 150 | Market Cap | One Year |
|---|---|---|---|
Total SV 150* | $15.2 T/($14.5 T) | $13.7 T | 10.6% |
NASDAQ Composite | 17,295.06 /(16,300.42) | 16,379.46 | 5.6% |
Top 1 year Gainer — AppLovin (LSV #47) | $90,079 M /($85,386 M) | $22,949 M | 293% |
Top 1 year Loser — Chegg | $67 M /($64 M) | $779 M | -91% |
*Note: Table reflects year-over-year market cap changes at 147 ranked companies; three companies are recent IPOs and were not public at the end of Q1 2024. As of April 1, three ranked companies have been notified of non compliance with the NASDAQ minimum share price requirement: GoPro (LSV#96), Chegg (LSV#114) and Chargepoint (LSV#128).
What’s Happening Since the End of Q1?
Recent market volatility needs to be addressed. As shown in the table above, market caps for the April 22 SV150 are off $700 Billion since March 31, representing a decline of 4.6% of the total.
The top stock gainer since the end Q1 is thredUp (LSV #142), whose market cap is up 65%, reflecting concerns about tariffs increasing the cost of new clothing crossing borders.
The top stock loser since the end of Q1 is new February IPO SanDisk (LSV #44), whose market cap is down 36% from the end of March.
Where are all the tech IPOs?
IPO activity remains quiet compared to the glory days of 2021. Only three 2024 IPOs and one 2025 IPO made it onto the list: Rubrik (LSV#91), Astera (LSV#130), Life360 (LSV#132), and Western Digital spinoff Sandisk (LSV#44).
Candidates frequently mentioned for future LSV150 lists such as Chime (in San Francisco) and Cerebras (in Sunnyvale) have reportedly hit the pause button on 2025 IPOs.
Losing the tech IPO on-ramp lowers the overall economic excitement around the companies of the ranking. It would not be a mistake to conclude the ranking mix is currently shifted to older, more established tech companies, with fewer high flying, risky growth stocks making their debut in the public markets. As mentioned above, 40 ranked companies are considered stable enough for the S&P 500, which while flattering, represents a different model of Silicon Valley tech.
On the lower end of the ranking, the bottom five spots (146-150) are all filled by companies new to the list. None of them debuted recently, and none of them would have met the revenue cutoff used in our ranking from 2022. The revenue cutoff of the bottom ranked company has in fact declined in nominal dollars from $238 million in 2022 to $148 million today.
That doesn't mean these bottom ranked newcomers aren't good companies, with a lot to offer investors - but if the IPO spigot were open, its highly unlikely they would have made the ranking at their current size.
M&A activity still sluggish
M&A markets were sluggish in 2024. Only five Lonergan SV150 ranked public companies were fully acquired since our ranking last year and most deals were already in the works at the time of the last ranking. These finished deals include:
- (2024 LSV #98) Shockwave acquired by Johnson & Johnson
- (2024 LSV #143) Model N acquired by Vista Equity
- (2024 LSV #71) Infinera acquired by Nokia
- (2024 LSV #113) HashiCorp acquired by IBM
- (2024 LSV #128) Zuora acquired by Silver Lake
As of this posting in April 2025, the Justice Department is blocking HPE's intention to acquire LSV #45 Juniper.
Struggling companies run out of options
2024 saw the highest number of US corporate bankruptcies since 2010 - according to S&P Global Market Intelligence, 2024 was even worse than the peak business shock of the Covid-19 pandemic, with 694 bankruptcy filings in 2023 versus 638 in 2020.
Normally very few LSV150 companies leave the list due to delisting or bankruptcy, but this past year five Lonergan SV150 ranked public companies have been in Chapter 11 or sold off all operating assets. These include:
- ((2023 LSV #117) Invitae filed for Chapter 11 in February 2024
- (2024 LSV #140) ContextLogic sold its Wish operating assets and liabilities in February 2024
- (2024 LSV# 70) Sunpower filed for Chapter 11 on August 5, 2024
- (2024 LSV #150) Cutera filed for Chapter 11 on March 4, 2024
- (2024 LSV #145) 23andme filed for Chapter 11 on March 24, 2025
As of April 1, three ranked companies have been notified of non compliance with the NASDAQ minimum share price requirement: GoPro (LSV#96), Chegg (LSV#114) and Chargepoint (LSV#128).
2025 Surprises Ahead?
We at Lonergan Partners can’t wait to see what unexpected tech stories the next 12 months in the Silicon Valley will bring.
We will be sharing additional analysis on the People and Companies of the LSV 150 in the weeks to come.
Follow us on LinkedIn:
Click here for Footnotes, prior year archived LSV150 Rankings, and Media Assets.