Applico Platform Index


Applico Platform Index (PLAT) is a market-cap-weighted index of all publicly listed mid- and large-cap Platform Businesses that are listed on a US exchange (NYSE or NASDAQ). We regularly update the index to include new platform business who have completed an initial public offering (IPO) or to remove companies who fall below the $2 billion market cap threshold

This index is the leading benchmark for tracking public platform companies and their market performance.


As outlined in Applico’s bestselling book, Modern Monopolies, platform businesses are the dominant business model of the 21st century.

Over the last 20 years, platforms as an asset class have historically outperformed their competition. These modern monopolies have higher growth, better unit economics and better margins than their linear business competitors, including other tech businesses.

The dominance of platforms has only grown over the last 5 years. Today, the top four companies by market cap are platforms (Apple, Alphabet, Microsoft and Amazon), as are seven of the top ten.

Platform businesses like the Big 4 have grown to dominate their markets and our economy. As connected technology expands into nearly every corner of the economy, platforms are now starting to take over even old-school industries like B2B distribution, auto and freight transport. Over the next few years and beyond, platforms as an asset class will continue to significantly outperform the market.

Other indexes lump platforms into the broader and less-valuable category of “tech” or “Internet” businesses. The Applico Platform Index is the only source for you to track the performance of this highly valuable class of businesses.


Applico Platform Index (PLAT) includes historical data going back to April 2nd, 1984 with two platform companies, Apple and American Express The index’s historical data adds public platform businesses in the month of their IPO. Today, the index includes 27 platform companies that each have greater than $2 Billion Market Cap.

The Index is calculated using the below formula:

applico platform index divisor

P is the price of each stock in the index and Q is the number of publicly traded shared outstanding. The Index is float adjusted, excluding closely held shares from the index calculation because these shares are not available to investors.

With each addition of a new platform company or other structural change (stock issuance, spin off, stock splits, special dividends, acquisitions and other similar changes) PLAT’s divisor is updated to ensure that such events do not in themselves alter the numerical value of the Index. PLAT started in 1984 at an Index value of 100 and a divisor of 82.07 million.  PLAT’s current divisor is 121.03 million.

Current Index Holdings (alphabetical)

  • Activision Blizzard
  • Alibaba
  • Alphabet Inc.
  • Amazon
  • American Express
  • Angie’s List
  • Apple Inc.
  • Baidu
  • Copart
  • CoStar Group
  • Ctrip
  • eBay Inc.
  • Facebook Inc.
  • GrubHub Inc.
  • LendingClub
  • MercadoLibre Inc.
  • Microsoft Corp.
  • PayPal Holdings Inc.
  • Red Hat Inc.
  • Redfin
  • Ritchie Bros
  • Snap
  • Square
  • TripAdvisor
  • Twitter Inc.
  • Yelp Inc. Class A
  • Zillow Group Inc.
  • Zynga

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