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Multiples Defense Tech Index

Curated by Multiples, this index tracks the performance of key publicly traded defense technology companies, across all verticals (cybersecurity, weapons systems, autonomous tech, space technologies, etc.)

Explore the 🛡️ Multiples Defense Tech Index

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companies tracked

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cumulative enterprise value

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median EV/NTM revenue multiple

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median NTM/LTM revenue growth

Index Performance

This chart shows the weighted market cap evolution over time, indexed to 0% at the beginning of the period

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Defense Tech Index

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Data as of November 21, 2025. Index data powered by FactSet and Morningstar, S&P 500 data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the weighted median evolution over time of key valuation metrics

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the index

Data as of November 21, 2025. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the index

Data as of November 21, 2025. Companies with EV multiples above 50x are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the index

Comp 1 Comp 2 Comp 3

Data as of November 21, 2025.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the index over time

Index Methodology

Similar to NASDAQ 100 Index, 🛡️ Multiples Defense Tech Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weightss, which are derived using company enterprise value.

Company weights are evaluated based on two rules:

Rule 1

No company’s weight may exceed 24%.

Rule 2

The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.


If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.

Rule 1 adjustment

If no company’s initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company’s weight may exceed 20% of the Index.

Rule 2 adjustment

If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:

  1. The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
  2. Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.

What companies are included in the 🛡️ Multiples Defense Tech Index?

This index tracks key publicly traded defense technology companies, across all verticals (cybersecurity, weapons systems, autonomous tech, space technologies, etc.)

Stock prices as of November 21, 2025. Rule of 40 and revenue per FTE data is based on the last fiscal year. Financial data powered by Morningstar and FactSet.

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