Band 2 of 5

Defensible for now

Real protection, with named pressure against it. 1,520 of the 10,525 companies assessed, 14.4%.

Where they are, by sector

Sector	In this band	Share of sector
Manufacturing companies	89	27.1%
Payments companies	65	18.2%
Logistics and supply chain companies	65	19.9%
Pharma and healthcare groups	63	34.1%
Consumer brands	62	18.8%
Rail and transport infrastructure	52	24.3%
Real estate developers	51	23.5%
Retail and consumer conglomerates	48	23.3%
Telecom operators	47	30.9%
Financial data and information services	44	16.5%
Gaming companies	43	15.6%
Cybersecurity companies	43	14.3%
Semiconductor companies	39	24.4%
Telecom infrastructure	39	31.0%
Accounting, tax and business software	39	22.3%
Space, defense and state enterprises	38	20.7%
Medical technology and health companies	37	18.2%
Vertical and industry software	37	16.2%
Job boards and HR platforms	36	12.9%
IT services and system integrators	33	13.5%
Insurance companies	32	16.9%
Cloud and infrastructure providers	27	18.0%
Banks and financial groups	25	14.5%
Consumer platforms	25	15.2%
AI companies and labs	24	9.1%
E-commerce and marketplaces	22	8.2%
Education companies	22	7.7%
Broadcast and traditional media	21	13.8%
Advertising and professional services	21	14.7%
Food tech and alternative protein	21	18.1%
Insurance technology companies	20	12.3%
Design and creative software	18	9.9%
Crypto and digital asset companies	18	5.3%
Automotive companies	16	17.0%
Robotics and industrial automation	16	15.2%
Government and public sector tech	15	30.6%
Enterprise and productivity software	14	8.5%
Biotech tools companies	14	14.3%
Staffing and recruitment firms	14	13.6%
Universities and education institutions	13	11.8%
Industrial materials and energy	13	14.8%
Data and analytics companies	11	10.9%
Oil and gas companies	11	19.3%
Creator economy and media tech	7	5.3%
BPO and customer operations firms	6	3.5%
Consumer internet and adtech companies	5	4.6%
Nonprofits and NGOs	3	9.7%

Notable names

Complete lists live on each sector league, where every company in the band is ranked in context. Every company also appears in the A to Z index.

Adjacent bands

Hard to displace 1,867 companies, one step more protectedProtection under test 1,529 companies, one step less protected

Manufacturing companies: 89 companies defensible for now →