May 2026
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Largest DeepTech Public Companies in Belgium
Benchmark revenue and EBITDA valuation multiples for public comps like
Melexis, X-FAB, IBA Group, Materialise and Agfa-Gevaert.
 | Melexis designs analog/mixed-signal automotive semiconductors for the automobile industry. Its chips measure position, temperature, electrical current, and pressure and convert real-world signals into digital signals to control car functionalities like the powertrain, rotation, safety systems, and pumps and fans, among others. | $95 | +39% | $4B | $4B | 4.0x | 17.2x | ||
| X-FAB Silicon Foundries SE is a specialty foundry for analog and mixed-signal technologies with a strategic focus on the automotive, industrial, and medical markets. It provides manufacturing and design support services to its customers designing analog and mixed-signal integrated circuits and other semiconductor devices. Its geographies are Europe, Asia, the United States of America, and the Rest of the world. Geographically, the company receives maximum revenue from Europe. | $9 | +58% | $1B | $2B | 1.7x | 7.7x | ||
| Ion Beam Applications SA develops and manufactures medical devices and software solutions. The firm operates in two segments: proton therapy and other accelerators and dosimetry. Proton therapy and other accelerators business contribute to the majority of sales. It offers solutions for precision cancer treatment through the use of proton beams, as well as cyclotrons used for the production of radioisotopes and industrial accelerators for sterilization and ionization. The dosimetry business sells measurement and quality assurance instruments for radiotherapy and medical imaging. The firm operates in three geographical areas: Belgium, the United States, and the Rest of the World. | $18 | +28% | $522M | $582M | 0.8x | 11.2x | ||
| Materialise NV is a provider of 3D printing services. The products and services of the group are organized in three segments: Medical segment, which develops and delivers medical software solutions, medical devices, and other related products and services; Software segment, which develops and delivers additive manufacturing software solutions and related services; and Manufacturing segment, which delivers 3D printed products and related services. Its geographical segments are the United States, the Americas (excluding the USA), Belgium, Germany, France, Switzerland, the United Kingdom, Italy, the Netherlands, Other Europe, and the Asia Pacific. | $6 | +10% | $346M | $261M | 0.8x | 6.8x | ||
| Agfa-Gevaert NV develops, produces, and distributes a range of analog and digital imaging systems and information technology solutions, for the printing sector, healthcare sector, and specific industrial applications. The company's operating segment includes CONOPS; Digital Print and Chemicals; Radiology Solutions and Healthcare IT. It generates maximum revenue from the Digital Print and Chemicals segment. The company operates in Europe, NAFTA, Latin America and Asia/Oceania/Africa. | $1 | -51% | $83M | $213M | 0.2x | 3.1x | ||
| Median | $9 | +28% | $522M | $582M | 0.8x | 7.7x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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