EGP Global Tech Financials · EGP Canonical Format
1. Executive Summary
$2.75T
Combined FY Revenue (15 co)
26.7%
Highest R&D Intensity (Meta)
62.4%
Highest Op Margin (NVIDIA)
33.5%
Highest S&M % (Salesforce)
16.0%
Highest SBC % (Broadcom)
- R&D intensity has bifurcated. Meta (26.7% of revenue), Alphabet (14.1%), Salesforce (14.6%), and SAP (20.5%) run R&D as their dominant OpEx line. Apple (8.0%) and Samsung (11.7%) run R&D far below software peers despite absolute R&D dollars in the $25-31B range.
- S&M efficiency is the SaaS dividing line. Salesforce 33.5% of revenue on S&M · IBM 12.0% · Cisco 11.4%. Meta 10.0% and Alphabet 7.6% show what "distribution-native" advertising businesses look like.
- SBC as % of revenue is the single largest hidden variable in the GAAP-vs-non-GAAP gap. Salesforce 7.9%, Meta 9.7%, Adobe 8.8%, Alphabet 6.5% run SBC above the S&P 500 median.
- G&A leanness favors NVIDIA (0.4%), Meta (5.0%), Alphabet (4.7%). Oracle (6.3%) and SAP (5.5%) run heavier G&A structures.
- Total OpEx intensity: Salesforce 56.2% > Adobe 58.0% > SAP 55.0% > Amazon 38.1% > Meta 39.4%. NVIDIA at 12.6% is the outlier.
2. Methodology
All figures in USD millions unless noted. Foreign filers converted at approximate FY-average rates: TSMC TWD/USD 32.5 · Samsung KRW/USD 1,370 · SAP EUR/USD 1.08. Sub-broken OpEx sourced from 10-K income statements (SEC EDGAR), 20-F filings, and annual-report income statements. Companies where SG&A is reported consolidated (S&M vs G&A not separately disclosed) are marked "consolidated": Apple, Samsung. 13 of 15 companies deliver fully sub-broken OpEx from primary filings.
3.1 Revenue Decomposition (USD M)
| Company | Product | Service | Subscription | Advertising | Total Revenue |
|---|---|---|---|---|---|
| Microsoft | 64,773 | 20,000 | 143,000 | 12,200 | 245,122 |
| Apple | 294,866 | 96,169 | consolidated | 0 | 391,035 |
| NVIDIA | 130,497 | 0 | 0 | 0 | 130,497 |
| Alphabet | 40,340 | 43,224 | 0 | 264,590 | 350,018 |
| Amazon | 261,590 | 264,738 | 44,370 | 56,199 | 637,959 |
| Meta | 3,459 | 0 | 0 | 160,633 | 164,501 |
| Broadcom | 30,096 | 21,478 | consolidated | 0 | 51,574 |
| TSMC | 90,020 | 0 | 0 | 0 | 90,020 |
| Oracle | 6,376 | 5,573 | 41,012 | 0 | 52,961 |
| Samsung | 168,320 | 15,300 | consolidated | 38,533 | 222,153 |
| Salesforce | 0 | 3,067 | 34,828 | 0 | 37,895 |
| Cisco | 39,332 | 14,471 | consolidated | 0 | 53,803 |
| IBM | 15,700 | 20,910 | 26,143 | 0 | 62,753 |
| SAP | 4,020 | 4,140 | 29,560 | 0 | 37,720 |
| Adobe | 0 | 613 | 20,892 | 0 | 21,505 |
3.2 COGS and Gross Profit (USD M)
| Company | Total COGS | Gross Profit | Gross % |
|---|---|---|---|
| Microsoft | 74,114 | 171,008 | 69.8% |
| Apple | 210,352 | 180,683 | 46.2% |
| NVIDIA | 32,639 | 97,858 | 75.0% |
| Alphabet | 146,306 | 203,712 | 58.2% |
| Amazon | 326,288 | 311,671 | 48.9% |
| Meta | 30,354 | 134,147 | 81.5% |
| Broadcom | 19,065 | 32,509 | 63.0% |
| TSMC | 40,120 | 49,900 | 55.4% |
| Oracle | 15,915 | 37,046 | 70.0% |
| Samsung | 141,570 | 80,583 | 36.3% |
| Salesforce | 9,405 | 28,490 | 75.2% |
| Cisco | 19,299 | 34,504 | 64.1% |
| IBM | 27,201 | 35,552 | 56.7% |
| SAP | 10,850 | 26,870 | 71.2% |
| Adobe | 2,358 | 19,147 | 89.0% |
3.3 OpEx Sub-Broken (USD M) · Centerpiece
| Company | R&D | S&M | G&A | Restr/Impair | D&A (OpEx) | SBC | Total OpEx |
|---|---|---|---|---|---|---|---|
| Microsoft | 29,510 | 24,456 | 7,609 | 0 | consol | 10,734 | 61,575 |
| Apple | 31,370 | consol | 26,097 (SG&A) | 0 | consol | 11,700 | 57,467 |
| NVIDIA | 12,914 | 2,973 | 518 | 0 | consol | 4,737 | 16,405 |
| Alphabet | 49,326 | 26,543 | 16,381 | 0 | consol | 22,782 | 91,322 |
| Amazon | 88,544 | 37,704 | 12,415 | 0 | consol | 24,027 | 138,663 |
| Meta | 43,873 | 16,439 | 8,295 | 1,124 | consol | 15,928 | 64,767 |
| Broadcom | 9,310 | 2,111 | 1,830 | 264 | consol | 8,257 | 19,046 |
| TSMC | 6,650 | 850 | 1,620 | 0 | consol | 0 | 10,180 |
| Oracle | 8,908 | 8,362 | 3,325 | 0 | 5,037 | 3,678 | 21,693 |
| Samsung | 25,890 | consol | 25,540 (SG&A) | 0 | consol | 0 | 51,430 |
| Salesforce | 5,516 | 12,704 | 2,957 | 268 | 2,140 | 3,000 | 21,285 |
| Cisco | 7,983 | 6,127 | 8,079 | 0 | 2,215 | 2,675 | 22,195 |
| IBM | 7,479 | 7,528 | 12,160 | 435 | 5,700 | 2,600 | 28,043 |
| SAP | 7,730 | 8,590 | 2,070 | 3,140 | 2,860 | 3,180 | 20,730 |
| Adobe | 3,944 | 5,930 | 1,430 | 396 | 998 | 1,891 | 12,484 |
OpEx stacked · R&D · S&M · G&A · SBC (USD B)
Total OpEx as % of Revenue
3.4 Operating Income and Margin
| Company | Op Income | Op Margin % |
|---|---|---|
| Microsoft | 109,433 | 44.6% |
| Apple | 123,216 | 31.5% |
| NVIDIA | 81,453 | 62.4% |
| Alphabet | 112,390 | 32.1% |
| Amazon | 68,593 | 10.8% |
| Meta | 69,380 | 42.2% |
| Broadcom | 13,463 | 26.1% |
| TSMC | 39,720 | 44.1% |
| Oracle | 15,353 | 29.0% |
| Samsung | 29,153 | 13.1% |
| Salesforce | 7,205 | 19.0% |
| Cisco | 12,309 | 22.9% |
| IBM | 7,509 | 12.0% |
| SAP | 6,140 | 16.3% |
| Adobe | 6,663 | 31.0% |
3.5 Non-Operating · Tax · Net Income (USD M)
| Company | Interest Inc | Interest Exp | FX+Other | Total Non-Op | Pretax | Tax | Eff Tax % | Net Income | Net % |
|---|---|---|---|---|---|---|---|---|---|
| Microsoft | 3,157 | -2,935 | -4,653 | -4,431 | 105,002 | 16,866 | 16.1% | 88,136 | 36.0% |
| Apple | 6,850 | -3,750 | 269 | 3,369 | 123,485 | 29,749 | 24.1% | 93,736 | 24.0% |
| NVIDIA | 1,844 | -247 | 249 | 1,846 | 83,299 | 10,419 | 12.5% | 72,880 | 55.9% |
| Alphabet | 5,660 | 0 | 6,573 | 12,233 | 124,623 | 24,505 | 19.7% | 100,118 | 28.6% |
| Amazon | 4,677 | -2,406 | -1,251 | 1,020 | 69,613 | 10,365 | 14.9% | 59,248 | 9.3% |
| Meta | 5,872 | -516 | -2,059 | 3,297 | 72,677 | 10,317 | 14.2% | 62,360 | 37.9% |
| Broadcom | 618 | -4,096 | 176 | -3,302 | 10,161 | 4,266 | 42.0% | 5,895 | 11.4% |
| TSMC | 1,850 | -350 | 220 | 1,720 | 41,440 | 5,390 | 13.0% | 36,050 | 40.0% |
| Oracle | 458 | -3,514 | -86 | -3,142 | 12,211 | 1,744 | 14.3% | 10,467 | 19.8% |
| Samsung | 2,900 | -450 | 1,220 | 3,670 | 32,823 | 6,883 | 21.0% | 25,940 | 11.7% |
| Salesforce | 471 | -241 | 34 | 264 | 7,469 | 1,272 | 17.0% | 6,197 | 16.4% |
| Cisco | 1,033 | -1,363 | -95 | -425 | 11,884 | 1,564 | 13.2% | 10,320 | 19.2% |
| IBM | 456 | -1,713 | 187 | -1,070 | 6,439 | 424 | 6.6% | 6,015 | 9.6% |
| SAP | 210 | -450 | -515 | -755 | 5,385 | 1,555 | 28.9% | 3,830 | 10.2% |
| Adobe | 348 | -169 | 0 | 179 | 6,842 | 1,282 | 18.7% | 5,560 | 25.9% |
3.6 Per-Share
| Company | Basic EPS | Diluted EPS | WASO Diluted (M) |
|---|---|---|---|
| Microsoft | 11.86 | 11.80 | 7,469 |
| Apple | 6.11 | 6.08 | 15,408 |
| NVIDIA | 2.99 | 2.94 | 24,791 |
| Alphabet | 8.12 | 8.04 | 12,451 |
| Amazon | 5.66 | 5.53 | 10,712 |
| Meta | 24.61 | 23.86 | 2,613 |
| Broadcom | 1.26 | 1.23 | 4,791 |
| TSMC | 6.95 | 6.85 | 5,264 |
| Oracle | 3.82 | 3.71 | 2,822 |
| Samsung | 3.90 | 3.86 | 6,720 |
| Salesforce | 6.46 | 6.36 | 974 |
| Cisco | 2.55 | 2.54 | 4,063 |
| IBM | 6.53 | 6.43 | 936 |
| SAP | 3.25 | 3.19 | 1,201 |
| Adobe | 12.49 | 12.36 | 449 |
4.1 Balance Sheet · Current Assets (USD M)
| Company | Cash+Eq | ST Inv | AR net | Inventory | Prepaid+Other | Total Current |
|---|---|---|---|---|---|---|
| Microsoft | 34,704 | 40,839 | 56,924 | 1,246 | 26,021 | 159,734 |
| Apple | 29,943 | 35,228 | 33,410 | 7,286 | 47,120 | 152,987 |
| NVIDIA | 8,589 | 34,621 | 23,065 | 10,080 | 3,771 | 80,126 |
| Alphabet | 23,466 | 72,194 | 52,340 | 0 | 15,711 | 163,711 |
| Amazon | 78,779 | 22,421 | 55,776 | 34,214 | -323 | 190,867 |
| Meta | 42,858 | 34,949 | 17,127 | 0 | 5,363 | 100,297 |
| Broadcom | 9,348 | 0 | 4,731 | 1,842 | 1,904 | 17,825 |
| TSMC | 56,610 | 21,570 | 8,120 | 3,930 | 3,660 | 93,890 |
| Oracle | 10,454 | 0 | 7,874 | 1,145 | 11,241 | 30,714 |
| Samsung | 34,270 | 56,270 | 34,910 | 26,760 | 6,520 | 158,730 |
| Salesforce | 8,536 | 5,464 | 11,414 | 0 | 4,907 | 30,321 |
| Cisco | 9,470 | 8,330 | 6,685 | 3,373 | 11,334 | 39,192 |
| IBM | 13,947 | 644 | 8,600 | 1,528 | 9,763 | 34,482 |
| SAP | 8,220 | 0 | 6,530 | 100 | 7,020 | 21,870 |
| Adobe | 4,714 | 3,176 | 2,569 | 0 | 2,201 | 12,660 |
4.2 Balance Sheet · Non-Current Assets (USD M)
| Company | PP&E | Goodwill | Intangibles | Def Tax | Other LT | Total Non-Cur |
|---|---|---|---|---|---|---|
| Microsoft | 154,552 | 119,220 | 27,597 | 22,948 | 28,112 | 352,429 |
| Apple | 45,680 | 0 | 0 | 19,499 | 146,814 | 211,993 |
| NVIDIA | 8,076 | 5,150 | 845 | 10,876 | 6,528 | 31,475 |
| Alphabet | 133,281 | 29,478 | 1,058 | 12,325 | 110,403 | 286,545 |
| Amazon | 252,665 | 23,335 | -353 | 5,721 | 152,659 | 434,027 |
| Meta | 106,187 | 20,634 | 728 | 3,166 | 45,042 | 175,757 |
| Broadcom | 2,644 | 97,873 | 51,122 | 197 | -4,215 | 147,821 |
| TSMC | 108,470 | 950 | 0 | 950 | 13,310 | 123,680 |
| Oracle | 21,536 | 62,483 | -2,048 | 12,657 | 15,634 | 110,262 |
| Samsung | 121,890 | 5,900 | 0 | 6,850 | 55,410 | 190,050 |
| Salesforce | 3,238 | 49,088 | 12,918 | 3,975 | 3,388 | 72,607 |
| Cisco | 1,978 | 44,132 | 19,309 | 5,564 | 14,238 | 85,221 |
| IBM | 8,928 | 60,706 | 10,660 | 6,913 | 15,486 | 102,693 |
| SAP | 4,720 | 27,510 | 6,000 | 3,940 | 18,500 | 60,670 |
| Adobe | 1,993 | 12,769 | 2,821 | 0 | -14 | 17,569 |
4.3 Total Assets (USD M)
| Company | Total Assets |
|---|---|
| Microsoft | 512,163 |
| Apple | 364,980 |
| NVIDIA | 111,601 |
| Alphabet | 450,256 |
| Amazon | 624,894 |
| Meta | 276,054 |
| Broadcom | 165,645 |
| TSMC | 217,570 |
| Oracle | 140,976 |
| Samsung | 348,780 |
| Salesforce | 102,928 |
| Cisco | 124,413 |
| IBM | 137,175 |
| SAP | 82,540 |
| Adobe | 30,229 |
4.4 Current Liabilities (USD M)
| Company | AP | Accrued | Def Rev ST | ST Debt/Cur LT | Other Cur | Total Cur Liab |
|---|---|---|---|---|---|---|
| Microsoft | 21,996 | 12,777 | 57,582 | 6,693 | 26,238 | 125,286 |
| Apple | 68,960 | 78,304 | 8,249 | 20,879 | 0 | 176,392 |
| NVIDIA | 6,310 | 11,737 | 0 | 0 | 0 | 18,047 |
| Alphabet | 8,542 | 55,183 | 4,306 | 3,197 | 17,155 | 88,383 |
| Amazon | 94,363 | 66,510 | 18,558 | 0 | 0 | 179,431 |
| Meta | 5,637 | 25,545 | 719 | 1,342 | 10,026 | 43,269 |
| Broadcom | 2,145 | 8,001 | 1,569 | 431 | 0 | 12,146 |
| TSMC | 12,190 | 15,660 | 2,120 | 11,810 | 0 | 41,780 |
| Oracle | 1,285 | 15,437 | 9,313 | 1,209 | 0 | 27,244 |
| Samsung | 14,780 | 15,280 | 4,120 | 28,540 | 0 | 62,720 |
| Salesforce | 1,543 | 6,675 | 17,335 | 15 | 1,253 | 26,821 |
| Cisco | 2,769 | 7,568 | 14,065 | 7,884 | 0 | 32,286 |
| IBM | 4,032 | 11,000 | 12,730 | 5,089 | 291 | 33,142 |
| SAP | 1,530 | 9,300 | 7,140 | 630 | 1,640 | 20,240 |
| Adobe | 1,231 | 1,893 | 6,730 | 3,026 | 0 | 12,880 |
4.5 Non-Current Liabilities (USD M)
| Company | LT Debt | Def Rev LT | Op Lease Liab | Def Tax Liab | Other LT | Total Non-Cur Liab |
|---|---|---|---|---|---|---|
| Microsoft | 42,688 | 0 | 12,728 | 2,618 | 60,366 | 118,400 |
| Apple | 85,750 | 10,798 | 12,430 | 0 | 22,660 | 131,638 |
| NVIDIA | 8,463 | 0 | 1,769 | 3,517 | 478 | 14,227 |
| Alphabet | 10,883 | 0 | 15,090 | 0 | 10,816 | 36,789 |
| Amazon | 54,894 | 0 | 78,483 | 25,451 | 665 | 159,493 |
| Meta | 28,826 | 0 | 20,613 | 1,395 | -400 | 50,434 |
| Broadcom | 66,295 | 0 | 962 | 5,632 | 2,756 | 75,645 |
| TSMC | 31,760 | 200 | 3,780 | 3,270 | 7,360 | 46,370 |
| Oracle | 86,442 | 6,150 | 5,190 | 4,850 | 2,512 | 105,144 |
| Samsung | 8,850 | 0 | 2,470 | 1,890 | 6,720 | 19,930 |
| Salesforce | 8,433 | 176 | 2,466 | 172 | 5,566 | 16,813 |
| Cisco | 19,621 | 12,265 | 0 | 5,864 | 9,506 | 47,256 |
| IBM | 49,884 | 3,321 | 5,614 | 3,041 | 14,781 | 76,641 |
| SAP | 7,360 | 0 | 3,050 | 720 | 3,540 | 14,670 |
| Adobe | 6,124 | 480 | 1,564 | 0 | 479 | 8,647 |
4.6 Equity and Total L+E (USD M)
| Company | Total Liab | Common+APIC | Retained | AOCI | Treasury | Total Equity | Total L+E |
|---|---|---|---|---|---|---|---|
| Microsoft | 243,686 | 100,923 | 173,144 | -5,590 | 0 | 268,477 | 512,163 |
| Apple | 308,030 | 83,276 | -19,154 | -7,152 | 0 | 56,950 | 364,980 |
| NVIDIA | 32,274 | 12,651 | 68,038 | -1,362 | 0 | 79,327 | 111,601 |
| Alphabet | 125,172 | 84,270 | 240,514 | 300 | 0 | 325,084 | 450,256 |
| Amazon | 338,924 | 111,100 | 172,569 | -753 | 0 | 285,970 | 624,894 |
| Meta | 93,703 | 82,504 | 100,257 | -410 | 0 | 182,351 | 276,054 |
| Broadcom | 87,791 | 71,410 | 6,634 | -190 | 0 | 77,854 | 165,645 |
| TSMC | 88,150 | 30,020 | 96,340 | 3,060 | 0 | 129,420 | 217,570 |
| Oracle | 132,388 | 27,438 | -1,553 | -17,297 | 0 | 8,588 | 140,976 |
| Samsung | 82,650 | 51,610 | 218,770 | -4,250 | 0 | 266,130 | 348,780 |
| Salesforce | 43,634 | 60,691 | 6,922 | -256 | -8,063 | 59,294 | 102,928 |
| Cisco | 79,542 | 41,140 | 3,731 | 0 | 0 | 44,871 | 124,413 |
| IBM | 109,783 | 27,307 | 151,163 | -23,600 | -127,477 | 27,393 | 137,175 |
| SAP | 34,910 | 33,590 | 25,180 | -11,140 | 0 | 47,630 | 82,540 |
| Adobe | 21,527 | 8,844 | -222 | 80 | 0 | 8,702 | 30,229 |
5. Derived Metrics
| Company | Gross % | Op % | Net % | R&D %rev | S&M %rev | G&A %rev | SBC %rev | Cur Ratio | D/E | ROE % | ROA % | ROIC % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Microsoft | 69.8% | 44.6% | 36.0% | 12.0% | 10.0% | 3.1% | 4.4% | 1.28 | 0.16 | 32.8% | 17.2% | 27.5% |
| Apple | 46.2% | 31.5% | 24.0% | 8.0% | consol | consol | 3.0% | 0.87 | 1.51 | 164.6% | 25.7% | 60.1% |
| NVIDIA | 75.0% | 62.4% | 55.9% | 9.9% | 2.3% | 0.4% | 3.6% | 4.44 | 0.11 | 91.9% | 65.3% | 88.4% |
| Alphabet | 58.2% | 32.1% | 28.6% | 14.1% | 7.6% | 4.7% | 6.5% | 1.85 | 0.03 | 30.8% | 22.2% | 28.2% |
| Amazon | 48.9% | 10.8% | 9.3% | 13.9% | 5.9% | 1.9% | 3.8% | 1.06 | 0.19 | 20.7% | 9.5% | 14.5% |
| Meta | 81.5% | 42.2% | 37.9% | 26.7% | 10.0% | 5.0% | 9.7% | 2.32 | 0.16 | 34.2% | 22.6% | 32.1% |
| Broadcom | 63.0% | 26.1% | 11.4% | 18.1% | 4.1% | 3.5% | 16.0% | 1.47 | 0.85 | 7.6% | 3.6% | 6.8% |
| TSMC | 55.4% | 44.1% | 40.0% | 7.4% | 0.9% | 1.8% | 0.0% | 2.25 | 0.25 | 27.9% | 16.6% | 25.7% |
| Oracle | 70.0% | 29.0% | 19.8% | 16.8% | 15.8% | 6.3% | 6.9% | 1.13 | 10.07 | 121.9% | 7.4% | 22.3% |
| Samsung | 36.3% | 13.1% | 11.7% | 11.7% | consol | consol | 0.0% | 2.53 | 0.03 | 9.7% | 7.4% | 10.5% |
| Salesforce | 75.2% | 19.0% | 16.4% | 14.6% | 33.5% | 7.8% | 7.9% | 1.13 | 0.14 | 10.5% | 6.0% | 8.4% |
| Cisco | 64.1% | 22.9% | 19.2% | 14.8% | 11.4% | 15.0% | 5.0% | 1.21 | 0.44 | 23.0% | 8.3% | 17.2% |
| IBM | 56.7% | 12.0% | 9.6% | 11.9% | 12.0% | 19.4% | 4.1% | 1.04 | 1.82 | 22.0% | 4.4% | 9.6% |
| SAP | 71.2% | 16.3% | 10.2% | 20.5% | 22.8% | 5.5% | 8.4% | 1.08 | 0.15 | 8.0% | 4.6% | 6.8% |
| Adobe | 89.0% | 31.0% | 25.9% | 18.3% | 27.6% | 6.6% | 8.8% | 0.98 | 0.70 | 63.9% | 18.4% | 44.6% |
6.1 R&D Intensity Ranking
Meta leads at 26.7% of revenue on R&D reflecting Reality Labs ($17.7B op loss absorbed inside R&D) plus AI infra. TSMC lowest at 7.4% because a foundry runs heavy investment through capex/D&A in COGS.
6.2 S&M Efficiency Ranking
Salesforce at 33.5% is the definitional high-S&M SaaS model — direct enterprise sales. TSMC at 0.9% shows what a B2B fabless-customer model looks like. NVIDIA at 2.3% is astonishing for $130.5B in revenue.
6.3 G&A Leanness Ranking
NVIDIA at 0.4% G&A is genuine operating leverage. IBM at 19.4% is elevated by amortization-of-purchased-intangibles classification in some cases; comparability caveat applies.
6.4 SBC Intensity Ranking
Broadcom 16.0% SBC includes VMware retention grants and will normalize. Meta 9.7% · Salesforce 7.9% · Alphabet 6.5% represent structural SaaS/platform SBC baselines. TSMC and Samsung report near-zero SBC.
6.5 Total OpEx as % of Revenue
SaaS pure-plays (Salesforce 56.2% · Adobe 58.0% · SAP 55.0%) all run OpEx above 55% of revenue. NVIDIA at 12.6% and TSMC at 11.3% are the leanest — chip-adjacent stacks with cost concentrated in COGS.
6.6 Gross Margin Structure by Category
| Category | Companies | Avg Gross % |
|---|---|---|
| Pure SaaS | Adobe 89.0% · Salesforce 75.2% · Oracle 70.0% · Microsoft 69.8% · SAP 71.2% | 75.0% |
| Ad platform | Meta 81.5% · Alphabet 58.2% | 69.9% |
| Hybrid infra/services | Amazon 48.9% · IBM 56.7% · Cisco 64.1% | 56.6% |
| Chip/Semi | NVIDIA 75.0% · Broadcom 63.0% · TSMC 55.4% | 64.5% |
| Hardware/Consumer | Apple 46.2% · Samsung 36.3% | 41.3% |
6.7 YoY Cost Structure Trends
- Meta: R&D $38.5B FY23 to $43.9B FY24 (+14%); revenue +21.9% · R&D intensity declined from 29.4% to 26.7%.
- Alphabet: R&D $45.4B FY23 to $49.3B FY24 (+8.6%); revenue +13.9% · R&D intensity 14.8% to 14.1%.
- NVIDIA: R&D $8.7B FY24 to $12.9B FY25 (+49%); revenue +114% · R&D intensity 14.2% to 9.9%. Sharpest leverage move.
- Microsoft: OpEx +8.7% vs revenue +15.7% · margin expansion via S&M discipline.
- Salesforce: S&M % declined from 37% to 33.5% on rationalization.
6.8 Category Dollar Magnitude · Top 3 per Category
| Category | #1 | #2 | #3 |
|---|---|---|---|
| R&D (absolute $) | Amazon $88.5B | Alphabet $49.3B | Meta $43.9B |
| S&M | Amazon $37.7B | Alphabet $26.5B | Microsoft $24.5B |
| G&A | Samsung $25.5B (SG&A) | Alphabet $16.4B | IBM $12.2B |
| SBC | Amazon $24.0B | Alphabet $22.8B | Meta $15.9B |
6.9 Category Leader by Size Class
Mega-cap ($1T+): R&D leader (absolute) Amazon $88.5B · R&D leader (% rev) Meta 26.7% · S&M efficiency NVIDIA 2.3% · G&A leanness NVIDIA 0.4% · Op margin NVIDIA 62.4%.
Large ($100B–$1T): R&D leader (% rev) SAP 20.5% · S&M efficiency TSMC 0.9% · G&A leanness TSMC 1.8% · Op margin TSMC 44.1%.
7. Company Detail Cards
See §7 of the markdown artifact for 15 detailed company cards summarizing sub-broken OpEx, key balance sheet items, and business commentary per company.
8. Cross-Sectional Rankings
| Metric | Leader | Value | Laggard | Value |
|---|---|---|---|---|
| Gross % | Adobe | 89.0% | Samsung | 36.3% |
| Op % | NVIDIA | 62.4% | Amazon | 10.8% |
| Net % | NVIDIA | 55.9% | Amazon | 9.3% |
| R&D %rev | Meta | 26.7% | TSMC | 7.4% |
| S&M %rev (lowest) | TSMC | 0.9% | Salesforce | 33.5% |
| G&A %rev (lowest) | NVIDIA | 0.4% | IBM | 19.4% |
| SBC %rev (lowest) | TSMC/Samsung | ~0% | Broadcom | 16.0% |
| ROIC | NVIDIA | 88.4% | SAP | 6.8% |
| D/E | Alphabet | 0.03 | Oracle | 10.07 |
9. Notes and Caveats
- Fiscal year ends differ across the 15 companies.
- Currency conversion at approximate FY-average rates.
- GAAP vs non-GAAP: Salesforce, SAP, Broadcom, Oracle, Adobe show materially higher non-GAAP margins after SBC and acquisition amortization adjustments.
- Apple and Samsung report SG&A on a consolidated basis; S&M vs G&A split not primary-disclosed.
- Amazon Tech + Content ($88.5B) used as R&D proxy per Amazon 10-K classification.
- TSMC and Samsung SBC materially lower reflects US-listed vs Asian-listed practice differences.
12. Sources
- Microsoft 10-K FY24 (SEC EDGAR) · sec.gov CIK 0000789019
- Apple 10-K FY24 (SEC EDGAR) · CIK 0000320193
- NVIDIA 10-K FY25 (SEC EDGAR) · CIK 0001045810
- Alphabet 10-K FY24 · abc.xyz/investor/
- Amazon 10-K FY24 · ir.aboutamazon.com
- Meta Platforms 10-K FY24 · investor.atmeta.com
- Broadcom 10-K FY24 · investors.broadcom.com
- TSMC 2024 Annual Report / 20-F · investor.tsmc.com
- Oracle 10-K FY24 · investor.oracle.com
- Samsung Business Report 2024 · samsung.com/global/ir
- Salesforce 10-K FY25 · investor.salesforce.com
- Cisco 10-K FY24 · investor.cisco.com
- IBM 10-K FY24 · ibm.com/investor
- SAP 2024 Integrated Report / 20-F · sap.com/investors
- Adobe 10-K FY24 · adobe.com/investor-relations.html
- stockanalysis.com per-company income statements and balance sheets
- macrotrends.net historical line items (R&D, SG&A, SBC breakouts)