Switch Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Switch Inc (SWCH) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Switch Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 669M vs 55,485M combined for its competitors (1.2% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+4.4% annualized vs trailing 12 months), vs decelerating (-30.0%) for its tracked peer group.
- Growth: Switch Inc generated 10.4% revenue growth year over year in Q3 2022, vs 15.1% for its competitors combined.
- Profitability: Its -0.1% net margin compares with -2.9% for the peer group.
- Peer revenue share: Switch Inc accounted for 1.8% of combined revenue among its tracked peer group, down from 1.8% a year earlier.
- Peer differentiation: Revenue per employee of $0.84M compares with $0.61M for the peer group (1.4x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
SWCH Sales vs. its Competitors, Q3 2022
Switch Inc reported revenue growth of 10.35 % year on year in Q3 2022, below its competitors' combined revenue growth of 15.13 %.
With a net margin of -0.13 %, Switch Inc achieved higher profitability than its competitors (-2.91 %).
Switch Inc generated 1.77 % of the combined sales of its peer group, down from 1.84 % a year earlier.
API endpoints for this dataset
Switch Inc vs. its Competitors, Q3 2022
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Switch Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Switch Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Switch Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (4) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (8) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Switch Inc's competitor groups requires a Commercial License.
For context: the Internet Services & Social Media industry grew revenue 18.3% year over year, combined, vs 10.4% for Switch Inc. Switch Inc's share of combined industry revenue moved from 0.07% to 0.06%, a gain of 0.00 percentage points.
Switch Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Switch Inc | Yes | Yes | Yes | No |
| Competitors combined (25) | ||||
| High-Confidence Competitors (6) | ||||
| Similar Growth & Profitability (8) | 87.50 % (7 of 8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
SWCH Stock Performance relative to its Competitors
SWCH Stock Performance relative to High-Confidence Competitors
SWCH Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Freedom Acquisition I Corp | 282.9% | Outperformed |
| 2 | Palo Alto Networks Inc | 282.9% | Outperformed |
| 3 | Gan Limited | 282.9% | Outperformed |
| 4 | Five9 Inc | 282.9% | Outperformed |
| 5 | Ciena Corp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Switch Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of Switch Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Switch Inc |
5,301.15 | 668.65 |
 Palo Alto Networks Inc |
240,602.70 | 11,480.00 |
 Digital Realty Trust Inc |
64,596.71 | 6,771.12 |
 Workday Inc |
47,793.41 | 10,155.00 |
 Ubiquiti Inc |
39,371.80 | 3,095.85 |
 Ciena Corp |
37,889.84 | 5,569.15 |
| SUBTOTAL | 484,254.23 | 56,153.82 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Switch Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Switch Inc's Competitors Named by the Company
Competitive relationships identified from Switch Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Digital Realty Trust Inc | Company report | 85% |
| Core Scientific Inc | Company report | 85% |
| Edgemode Inc | Company report | 85% |
| Equinix, Inc. | Company report | 85% |
| CoreSite Realty Corporation | Company report | 85% |
| QTS Realty Trust, Inc. | Company report | 85% |
| CyrusOne Inc. | Company report | 85% |
| Five9 Inc | Company report | 85% |
| Informatica Inc | Company report | 85% |
| Palo Alto Networks Inc | Company report | 85% |
| Ubiquiti Inc | Company report | 85% |
| Ciena Corp | Company report | 85% |
| Switch Inc | Company report | 85% |
| N able Inc | Company report | 85% |
| Podcastone Inc | Company report | 85% |
| Widepoint Corporation | Company report | 85% |
| Gan Limited | Company report | 85% |
| Ideal Power Inc | Company report | 85% |
| Procore Technologies Inc | Company report | 85% |
| Workday Inc | Company report | 85% |
| Freedom Acquisition I Corp | Company report | 85% |
| Iac Inc | Company report | 85% |
| Nve Corp | Company report | 85% |
| Snap Inc | Company report | 85% |
| Yext Inc | Company report | 85% |
| Grindr Inc | Company report | 85% |
| Kvh Industries Inc | Company report | 85% |
| Phunware Inc | Company report | 85% |
| Workiva Inc | Company report | 85% |
| Cyxtera Technologies Inc | Company report | 85% |
| Applied Digital Corporation | Company report | 85% |
Company report basis, confidence, active dates and source counts for Switch Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Switch Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Ciena Corp | Networking Platforms 80.53 % |
| Snap Inc | Reportable 100.00 % |
| Applied Digital Corporation | HPC Hosting Business 76.82 % |
| Iac Inc | People Inc. 95.14 % |
| Five9 Inc | Reportable 100.00 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Switch Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Switch Inc | 5,301 | 835,808 | 482,478 |
| Palo Alto Networks Inc | 240,603 | 523,699 | 14,005 |
| Digital Realty Trust Inc | 64,597 | 1,848,013 | 215,043 |
| Workday Inc | 47,793 | 483,571 | 59,571 |
| Ubiquiti Inc | 39,372 | 1,702,887 | 518,209 |
| Ciena Corp | 37,890 | 613,343 | 48,271 |
| PEERS TOTAL | 478,953 | 614,658 | 19,890 |
Switch Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Palo Alto Networks Inc | United States 61.76 % |
| Digital Realty Trust Inc | US 51.02 % |
| Workday Inc | United States 74.47 % |
| Ubiquiti Inc | North America 52.20 % |
| Ciena Corp | Americas 78.36 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Switch Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Internet Services & Social Media industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (145 companies). See the full Internet Services & Social Media industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 37.79 % | 46.59 % (avg) | -8.8 pp |
| Operating Margin | 6.75 % | industry median | +19.0 pp |
| EBITDA Margin | 91.66 % | 6.50 % (avg) | +85.2 pp |
| Capital Intensity (Capex / Revenue) | 84.11 % | 7.18 % (avg) | +76.9 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Switch Inc's Valuation vs Competitive Position
Valuation multiples vs the Internet Services & Social Media industry average (145 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Internet Services & Social Media industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 38.5x | - |
| EV / EBITDA | 11.4x | 19.4x | -8.1x |
| P/B | 6.4x | 4.8x | +1.6x |
| Return on Equity | 47.23 % | industry aggregate | 24.95 % |
| Return on Invested Capital | 1.07 % | -1.89 % (avg) | 2.96 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Switch Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2019 | 2020 | 2021 |
|---|---|---|---|
| Revenue Growth | 13.71 % | 10.84 % | 15.74 % |
| Operating Margin | 17.50 % | 18.65 % | 9.46 % |
| Return on Invested Capital | 2.94 % | 3.37 % | 1.54 % |
| P/E | - | 260.5x | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Switch Inc's Strategic Group Map
Switch Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Switch Inc's trailing-12-month revenue growth of 19.7% and operating margin of 6.8% compares with an average of 18.3% growth and 6.4% margin across its 8 closest peers by combined growth, margin and ROIC -- Switch Inc sits above that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Switch Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 84.11 % vs industry average 7.18 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Switch Inc's dedicated Suppliers and Customers pages, not here.
Switch Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Switch Inc falls in the Low attractiveness / High strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Switch Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 19.0 points above the industry median.
- Return on equity 25.0 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+4.4% annualized vs trailing 12 months).
Weaknesses
No rule matched.
Opportunities
No rule matched.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-30.0% annualized).
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
Switch Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Switch Inc | 0.19 | 0.40 | 2.14 |
| Palo Alto Networks Inc | 0.30 | 0.91 | 0.04 |
| Digital Realty Trust Inc | 1.04 | 1.62 | 0.24 |
| Workday Inc | 0.22 | 1.23 | 0.43 |
| Ubiquiti Inc | 0.35 | 2.07 | 0.19 |
| Ciena Corp | 0.85 | 2.85 | 0.55 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Switch Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Switch Inc | Q3 2022 | +10.3 % | - |
| Palo Alto Networks Inc | Q2 2026 | +34.4 % | - |
| Digital Realty Trust Inc | Q2 2026 | +28.9 % | -56.7 % |
| Workday Inc | Q2 2026 | +12.8 % | +177.2 % |
| Ubiquiti Inc | Q1 2026 | +18.7 % | +29.6 % |
| Ciena Corp | Q1 2026 | +39.5 % | +2,333.0 % |
| PEERS TOTAL | +23.9 % | - |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Switch Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Switch Inc | Q3 2022 | +29.9 % | +12.2 % |
| Palo Alto Networks Inc | Q2 2026 | +62.9 % | +19.4 % |
| Digital Realty Trust Inc | Q2 2026 | - | +29.8 % |
| Workday Inc | Q2 2026 | +76.2 % | +110.7 % |
| Ubiquiti Inc | Q1 2026 | +13.3 % | - |
| Ciena Corp | Q1 2026 | +30.6 % | - |
Switch Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Switch Inc | 12.52% | 11.38% | 47.23% |
| Palo Alto Networks Inc | 0.87% | 0.81% | 1.71% |
| Digital Realty Trust Inc | 1.56% | 1.17% | 3.20% |
| Workday Inc | 7.38% | 11.45% | 16.78% |
| Ubiquiti Inc | 61.39% | 95.83% | 111.92% |
| Ciena Corp | 7.45% | 9.42% | 15.74% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Switch Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Switch Inc | 155.68 | 7.93 |
| Palo Alto Networks Inc | 642.70 | 20.96 |
| Digital Realty Trust Inc | 86.73 | 9.54 |
| Workday Inc | 39.44 | 4.71 |
| Ubiquiti Inc | 41.77 | 12.72 |
| Ciena Corp | 86.19 | 6.80 |
| PEERS AVERAGE | 221.99 | 8.62 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.