Multiples Electric Vehicles Index
Tracks key publicly traded EV manufacturers, battery manufacturers, and EV charging companies
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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
This chart shows the weighted market cap evolution over time, indexed to 0% at the beginning of the period
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Data as of October 3, 2025. Index data powered by FactSet and Morningstar, S&P 500 data sourced from Yahoo Finance.
This chart shows the weighted median evolution over time of key valuation metrics
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This chart shows the regression relationship between valuation metrics across companies in the index
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Data as of October 3, 2025. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.
This chart shows company rankings by selected metric within the index
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Data as of October 3, 2025. Companies with EV multiples above 50x are considered non-meaningful and excluded from calculation.
Compare key metrics between companies in the index
Comp 1 | Comp 2 | Comp 3 |
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Data as of October 3, 2025.
This chart shows the cumulative sum of selected metrics across all companies in the index over time
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Similar to NASDAQ 100 Index, ๐ช๐บ Multiples European B2B SaaS 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:
No companyโs weight may exceed 24%.
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.
If no companyโs 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 companyโs weight may exceed 20% of the Index.
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:
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.
Company | HQ | Stock Price | 1Y Perf. | Market Cap | EV/Revenue (LTM) | EV/Revenue (NTM) | Revenue Growth NTM/LTM | Gross Margin (NTM) | EBITDA Margin (NTM) | FCF Margin (NTM) | Rule of 40 |
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SAP | Germany | EUR 228 | +10.3% | $309386.52656150336M | 7.2x | 6.5x | 11% | 74% | 32% | 23% | 42% |
Dassault Systemes | France | EUR 28 | -20.0% | $43680.889747316614M | 5.6x | 5.3x | 6% | 84% | 35% | 24% | 41% |
Sage | United Kingdom of Great Britain and Northern Ireland | GBP 11 | +7.4% | $13924.66729653624M | 4.5x | 4.2x | 8% | 93% | 27% | 21% | 35% |
Nemetschek | Germany | EUR 108 | +17.5% | $14587.4625435M | 11.2x | 9.8x | 15% | 96% | 32% | 26% | 46% |
Sportradar | United States of America | USD 27 | +122.1% | $7866.395151M | 5.3x | 4.5x | 18% | 85% | 24% | 14% | 40% |
Vusion | France | EUR 250 | +65.6% | $4880.9223544725M | 2.7x | 2.1x | 29% | 37% | 19% | -1% | 47% |
OVH | France | EUR 12 | +80.6% | $2139.91516977204M | 2.8x | 2.5x | 10% | NaN% | 40% | 3% | 49% |
Sinch | Sweden | SEK 30 | -0.9% | $2654.543622318504M | 1.1x | 1.1x | 1% | 34% | 13% | 7% | 14% |
HBX Group | Spain | EUR 7 | NaN% | $2041.3645543622702M | 3.6x | 3.4x | 6% | 91% | 59% | 44% | 65% |
TietoEVRY | Finland | EUR 16 | -17.0% | $2142.9819859131003M | 1.3x | 1.4x | -10% | 45% | 16% | 9% | 4% |
TeamViewer | Germany | EUR 9 | -24.1% | $1583.4029868531902M | 3.1x | 2.8x | 10% | 88% | 41% | 30% | 51% |
Rezolve AI | United States of America | USD 6 | -25.8% | $2021.645213M | 66.9x | 15.2x | 341% | 67% | -3% | -5% | 278% |
ATOSS Software | Germany | EUR 108 | -17.1% | $2007.0813637197M | 8.8x | 7.8x | 13% | 77% | 35% | 27% | 48% |
SoftwareOne | Switzerland | CHF 8 | -45.3% | $2211.8824340140613M | 1.2x | 0.9x | 31% | 97% | 20% | 9% | 51% |
Vitec Software | Sweden | SEK 341 | -37.0% | $1433.7720133150165M | 4.4x | 4.1x | 7% | 71% | 39% | 13% | 45% |
Addnode Group | Sweden | SEK 103 | -5.3% | $1481.1824579942936M | 2.4x | 2.5x | -4% | 69% | 18% | 7% | 13% |
74Software | France | EUR 37 | +54.6% | $1262.7818208777M | 2.1x | 1.8x | 12% | NaN% | 19% | 10% | 30% |
Planisware | France | EUR 20 | -29.8% | $1605.98074012449M | 6.2x | 5.6x | 11% | 74% | 36% | 28% | 47% |
Secunet | Germany | EUR 187 | +109.8% | $1412.3619497310601M | 2.8x | 2.6x | 8% | 25% | 16% | 11% | 24% |
Truecaller | Sweden | SEK 41 | +7.7% | $1475.9939420902463M | 6.4x | 5.4x | 18% | 72% | 41% | 27% | 56% |
Quadient | France | EUR 13 | -22.1% | $521.28579646332M | 1.1x | 1.1x | 0% | NaN% | 21% | 8% | 21% |
Playtech | United Kingdom of Great Britain and Northern Ireland | GBP 4 | -50.9% | $1480.3854529519201M | 1.4x | 1.4x | 4% | NaN% | 21% | 0% | 25% |
Qt Group | Finland | EUR 47 | -51.0% | $1384.01703472038M | 5.1x | 4.5x | 12% | 66% | 34% | 24% | 44% |
Nexus | Germany | EUR 71 | +28.3% | $1430.06600956815M | 4.2x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Lectra | France | EUR 24 | -19.1% | $1070.3678563589701M | 1.9x | 1.8x | 6% | NaN% | 19% | 12% | 23% |
CANCOM | Germany | EUR 26 | -9.6% | $955.5748848243M | 0.5x | 0.5x | 3% | 39% | 7% | 3% | 10% |
Mensch und Maschine | Germany | EUR 46 | -13.8% | $901.2629430353101M | 2.9x | 2.9x | 0% | 78% | 26% | 13% | 25% |
Alfa Financial Software | United Kingdom of Great Britain and Northern Ireland | GBP 2 | +16.6% | $914.00498811968M | 5.5x | 5.0x | 10% | 64% | 33% | 20% | 42% |
RaySearch Labs | Sweden | SEK 243 | +62.6% | $882.157373454507M | 6.5x | 5.7x | 14% | 91% | 45% | 18% | 58% |
GPI Group | Italy | EUR 18 | +40.6% | $605.7374336672701M | 1.4x | 1.3x | 7% | NaN% | 21% | 7% | 29% |
Verve Group | Sweden | SEK 24 | -39.6% | $507.10042766564516M | 1.5x | 1.3x | 14% | 46% | 28% | 8% | 41% |
GB Group | United Kingdom of Great Britain and Northern Ireland | GBP 2 | -27.2% | $775.2812268450401M | 2.2x | 2.2x | 3% | 70% | 25% | 16% | 26% |
Asseco Business Solutions | Poland | PLN 87 | +45.1% | $782.512578009456M | 6.3x | 5.7x | 12% | NaN% | 40% | NaN% | 51% |
Vercom | Poland | PLN 124 | +2.0% | $749.5228094642041M | 5.8x | 5.1x | 13% | 53% | 29% | NaN% | 41% |
Arqit Quantum | United States of America | USD 49 | +579.8% | $743.046394M | 1116.9x | 126.4x | 784% | NaN% | -440% | NaN% | -804% |
Equasens | France | EUR 40 | -22.5% | $698.5493143851M | 2.7x | 2.5x | 8% | NaN% | 29% | 20% | 36% |
FINEOS | Australia | AUD 3 | +100.7% | $683.74852209756M | 4.2x | 4.0x | 7% | 78% | 23% | 5% | 29% |
INIT SE | Germany | EUR 49 | +40.5% | $567.4921544825401M | 1.7x | 1.4x | 16% | 36% | 15% | 4% | 30% |
NCC Group | United Kingdom of Great Britain and Northern Ireland | GBP 1 | -17.1% | $600.7147682952M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Auction Technology Group | United Kingdom of Great Britain and Northern Ireland | GBP 3 | -23.3% | $507.19249167592M | 3.3x | 2.6x | 30% | 65% | 35% | 18% | 69% |
cBrain | Denmark | DKK 187 | -11.2% | $572.7573931158166M | 12.6x | 10.3x | 23% | 92% | 36% | 20% | 56% |
Pexip | Norway | NOK 61 | +59.3% | $621.633658096552M | 4.8x | 4.3x | 10% | 91% | 27% | 25% | 36% |
Cerillion | United Kingdom of Great Britain and Northern Ireland | GBP 15 | -16.1% | $596.00310342112M | 8.6x | 7.7x | 11% | 78% | 45% | 27% | 56% |
F-Secure | Finland | EUR 2 | -21.3% | $343.10091730395004M | 3.0x | 3.0x | 3% | 72% | 35% | 21% | 37% |
TomTom | Netherlands | EUR 5 | +4.0% | $758.8714484109M | 0.8x | 0.7x | 2% | NaN% | 9% | 4% | 5% |
PSI Software | Germany | EUR 26 | +17.5% | $471.41676102111M | 1.5x | 1.4x | 10% | 86% | 10% | 3% | 17% |
Lime Technologies | Sweden | SEK 321 | -7.0% | $451.29865169607945M | 6.1x | 5.4x | 12% | NaN% | 31% | 20% | 43% |
SmartCraft | Norway | NOK 27 | -15.0% | $437.036404090712M | 8.0x | 7.0x | 13% | 92% | 40% | 27% | 51% |
Linedata Services | France | EUR 58 | -27.0% | $332.4708097374M | 2.0x | 1.9x | 1% | NaN% | 28% | 14% | 27% |
Shoper | Poland | PLN 50 | +9.5% | $387.35459968010923M | 6.5x | 5.5x | 18% | NaN% | 37% | NaN% | 53% |
Kneat | Canada | CAD 6 | +26.6% | $400.7191265798M | 8.6x | 6.6x | 30% | 75% | 16% | -8% | 43% |
Sidetrade | France | EUR 239 | +5.4% | $393.45341896827M | 5.4x | 4.9x | 10% | NaN% | 16% | 18% | 27% |
IVU Traffic Technologies | Germany | EUR 20 | +43.5% | $393.20734704732M | 2.1x | 2.0x | 8% | 83% | 16% | 7% | 24% |
Text SA | Poland | PLN 53 | -27.8% | $373.1648036699497M | 3.7x | 3.8x | -2% | 78% | 50% | 33% | 51% |
IDOX | United Kingdom of Great Britain and Northern Ireland | GBP 1 | -7.9% | $342.34155044144M | 2.8x | 2.6x | 6% | NaN% | 29% | 11% | 35% |
WithSecure | Finland | EUR 2 | +61.2% | $347.8010186919M | 2.3x | 2.3x | 1% | 82% | 7% | 6% | 5% |
Team Internet | United Kingdom of Great Britain and Northern Ireland | GBP 1 | -52.4% | $206.80813975336002M | 0.4x | 0.5x | -6% | 34% | 11% | 4% | 4% |
Admicom | Finland | EUR 49 | -2.0% | $288.15389642952005M | 6.5x | 5.9x | 10% | 77% | 35% | 27% | 42% |
Squirrel Media | Spain | EUR 2 | +50.7% | $232.56254391819002M | 0.9x | 0.7x | 27% | 31% | 14% | -1% | 40% |
Nordhealth | Norway | NOK 36 | -3.2% | $282.61800829526396M | 4.5x | 3.8x | 16% | 86% | 7% | 0% | 18% |
MotorK | Netherlands | EUR 4 | -22.6% | $232.84066973748M | 4.0x | 3.4x | 16% | NaN% | -11% | -21% | 6% |
Netcall | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +39.5% | $277.98874097592M | 3.8x | 3.5x | 10% | NaN% | 22% | 17% | 31% |
CM.com | Netherlands | EUR 4 | -33.0% | $164.56755141783M | 0.8x | 0.8x | 3% | 31% | 8% | 6% | 11% |
SSH Communications Security | Finland | EUR 5 | +315.3% | $238.88254035945002M | 9.2x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Streamwide | France | EUR 81 | +149.8% | $250.57508433408M | 8.2x | 7.1x | 15% | NaN% | 59% | 32% | 74% |
AdvancedAdvT | United Kingdom of Great Britain and Northern Ireland | GBP 2 | +43.1% | $336.56410437888M | 3.6x | 3.3x | 11% | 68% | 24% | 20% | 34% |
eVISO | Italy | EUR 9 | +50.9% | $241.39001445843002M | 0.6x | 0.5x | 22% | NaN% | 4% | 2% | 26% |
IAR Systems | Sweden | SEK 177 | +8.3% | $238.281260593892M | 4.6x | 4.6x | 0% | NaN% | NaN% | NaN% | n/a |
dotDigital Group | United Kingdom of Great Britain and Northern Ireland | GBP 1 | -24.2% | $280.75011418072M | 1.9x | 1.8x | 9% | 81% | 32% | 14% | 41% |
Aptitude Software Group | United Kingdom of Great Britain and Northern Ireland | GBP 3 | -11.5% | $223.77905934952M | 2.3x | 2.2x | 5% | NaN% | 17% | 14% | 22% |
Microlise | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +17.0% | $212.59734479528M | 1.7x | 1.6x | 9% | 64% | 15% | 6% | 23% |
RM plc | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +16.1% | $102.14190719864001M | 0.9x | 0.8x | 5% | NaN% | 9% | 2% | 13% |
WALLIX | France | EUR 26 | +190.2% | $199.04242754451M | 4.2x | 3.4x | 24% | NaN% | 13% | 10% | 27% |
Expert.ai | Italy | EUR 2 | +21.2% | $208.64441500992M | 4.4x | 3.5x | 26% | NaN% | 14% | 0% | 38% |
Profile Software | Greece | EUR 7 | +28.0% | $203.80502971932M | 3.4x | 2.9x | 17% | NaN% | 28% | NaN% | 44% |
Tribal Group | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +43.8% | $176.84305322848M | 1.5x | 1.5x | 1% | NaN% | 17% | 8% | 18% |
Fabasoft | Germany | EUR 16 | +12.7% | $206.10369400023M | 1.7x | 1.5x | 9% | NaN% | 26% | 0% | 34% |
Cy4gate | Italy | EUR 5 | +3.3% | $141.56088512643M | 1.7x | 1.6x | 9% | NaN% | 20% | 3% | 26% |
Carasent | Sweden | SEK 25 | +52.7% | $194.12970907745958M | 4.9x | 4.2x | 18% | 85% | 27% | 12% | 39% |
Datawalk | Poland | PLN 99 | +148.2% | $173.0060552573586M | 15.0x | 9.4x | 59% | NaN% | -18% | -32% | 29% |
Formpipe Software | Sweden | SEK 27 | +2.3% | $156.530350100391M | 4.7x | 5.7x | -18% | 77% | 14% | NaN% | -9% |
Lemonsoft | Finland | EUR 7 | +20.3% | $146.42794410573M | 4.4x | 4.2x | 4% | 30% | 29% | 21% | 34% |
Dekuple | France | EUR 25 | -35.1% | $114.4168367754M | 0.6x | 0.5x | 10% | NaN% | 11% | 7% | 20% |
HYBRID Software Group | Belgium | EUR 4 | +12.2% | $156.62821153113M | 2.2x | 2.0x | 12% | NaN% | 29% | NaN% | 39% |
Eleco | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +11.7% | $163.90664771856M | 3.1x | 2.7x | 15% | 90% | 24% | 13% | 39% |
Omda | Norway | NOK 51 | +56.4% | $103.362001103176M | 3.4x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Ascom | Switzerland | CHF 4 | -36.9% | $163.38633979962515M | 0.4x | 0.4x | 2% | NaN% | 10% | NaN% | 11% |
ActiveOps | United Kingdom of Great Britain and Northern Ireland | GBP 2 | +51.1% | $168.95411293144M | 3.0x | 2.5x | 21% | 79% | 11% | 9% | 30% |
Easy Software | Germany | EUR 18 | +28.0% | $135.97880940195M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Tracsis | United Kingdom of Great Britain and Northern Ireland | GBP 4 | -24.1% | $156.65163082504M | 1.2x | 1.2x | 2% | 60% | 16% | 10% | 17% |
Msg Life | Germany | EUR 3 | +10.8% | $174.70527374115M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Software Circle | United Kingdom of Great Britain and Northern Ireland | GBP 0 | +10.0% | $116.00100720104001M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Intercede Group | United Kingdom of Great Britain and Northern Ireland | GBP 2 | -14.0% | $138.81078812336M | 4.7x | 4.3x | 9% | NaN% | 24% | NaN% | 35% |
Bango | United Kingdom of Great Britain and Northern Ireland | GBP 1 | -13.6% | $98.53859080496M | 2.1x | 1.9x | 8% | NaN% | 34% | 4% | 40% |
Micro Systemation | Sweden | SEK 60 | +27.8% | $116.31796237979499M | 2.5x | 2.2x | 11% | 94% | 17% | 11% | 25% |
Expensify | United States of America | USD 2 | -5.6% | $163.991525M | 0.8x | 0.7x | 3% | 59% | 25% | 14% | 21% |
Brave Bison Group | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +76.9% | $111.15096562360002M | 2.8x | 2.0x | 43% | NaN% | 21% | 13% | 63% |
Briox | Sweden | SEK 14 | +554.2% | $104.25439015111488M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Bilendi | France | EUR 20 | +24.2% | $105.15368231592M | 1.0x | 0.9x | 14% | NaN% | 23% | 8% | 37% |
Tecnotree | Finland | EUR 5 | +28.5% | $86.78626095351M | 1.1x | 1.0x | 9% | NaN% | 46% | NaN% | 54% |
Aiforia | Finland | EUR 3 | -29.6% | $103.57464822783M | 23.9x | 16.9x | 41% | NaN% | -119% | NaN% | -108% |
Cyberoo | Italy | EUR 2 | -36.9% | $84.56494189197001M | 3.0x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Seresco | Spain | EUR 7 | +58.8% | $79.08801918741M | 1.4x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Advenica | Sweden | SEK 20 | +72.1% | $94.59082996935433M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Facephi Biometria | Spain | EUR 3 | +59.4% | $80.12593411836M | 1.9x | 1.5x | 30% | 86% | 20% | 9% | 42% |
Pulsar Group | United Kingdom of Great Britain and Northern Ireland | GBP 0 | -36.9% | $69.61439531776M | 1.0x | 0.9x | 4% | 70% | 19% | 8% | 21% |
Oneflow | Sweden | SEK 28 | -29.5% | $82.50865423227307M | 4.6x | 3.8x | 21% | 92% | 6% | -13% | 18% |
Corero Network Security | United Kingdom of Great Britain and Northern Ireland | GBP 0 | -40.3% | $78.5429811448M | 3.1x | 2.9x | 9% | 90% | 3% | -3% | 4% |
BIMobject | Sweden | SEK 6 | +44.5% | $92.73431026101659M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Seco/Warwick | Poland | PLN 28 | -7.3% | $55.38460393168285M | 0.3x | 0.3x | 1% | NaN% | 7% | NaN% | 8% |
Coheris | France | EUR 10 | +38.5% | $67.29917590734M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Cloud Technologies S.A. | Poland | PLN 50 | -27.9% | $61.52735464321462M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Yoc | Germany | EUR 14 | -13.3% | $57.367408568970006M | 1.3x | 1.2x | 15% | 47% | 16% | 8% | 29% |
Generic Sweden | Sweden | SEK 48 | +5.8% | $62.47978040790448M | 3.0x | 2.7x | 11% | 45% | 24% | 18% | 33% |
Skillcast | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +31.2% | $72.7705464504M | 2.9x | 2.5x | 16% | 75% | 12% | 15% | 26% |
Made Tech | United Kingdom of Great Britain and Northern Ireland | GBP 0 | +129.5% | $69.6770467544M | 0.9x | 0.8x | 9% | 32% | 8% | 5% | 12% |
Growens | Italy | EUR 3 | -45.3% | $49.50663373638M | 0.6x | 0.6x | 5% | NaN% | 1% | -11% | 5% |
Upsales | Sweden | SEK 31 | -2.3% | $56.05080967980556M | 3.5x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Opter | Sweden | SEK 87 | -20.6% | $55.16221071541795M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Done.ai Group | Sweden | SEK 8 | -59.8% | $67.39974500686887M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
ad pepper media | Germany | EUR 3 | +78.3% | $78.89932731303M | 0.9x | 0.6x | 60% | 49% | 10% | 8% | 69% |
FLOWSPARKS | Belgium | EUR 22 | -0.9% | $54.78778695945001M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Maps | Italy | EUR 3 | +34.1% | $49.57670309634M | 1.3x | 1.1x | 13% | NaN% | 25% | 5% | 36% |
Lighton | France | EUR 8 | NaN% | $61.88628519711M | 19.1x | 7.1x | 170% | NaN% | -71% | -164% | 2% |
Sleep Cycle | Sweden | SEK 27 | -35.8% | $56.892031808094686M | 1.7x | 1.6x | 6% | 77% | 30% | 22% | 36% |
Stock prices as of October 3, 2025. Rule of 40 and revenue per FTE data is based on the last fiscal year. Financial data powered by Morningstar and FactSet.
Tracks key publicly traded EV manufacturers, battery manufacturers, and EV charging companies
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