Multiples Europe Big Tech Index
Tracks all European large cap tech companies (with market cap above $10B)
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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 November 17, 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 November 17, 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 November 17, 2025. Companies with EV multiples above 50x are considered non-meaningful and excluded from calculation.
Compare key metrics between companies in the index
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Data as of November 17, 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, 🇪🇺 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 company’s 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 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.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SAP | Germany | EUR 211 | +4.5% | $284396.91246420005M | 6.7x | 6.1x | 10% | 74% | 32% | 23% | 41% |
| Dassault Systemes | France | EUR 24 | -21.7% | $36532.5546033072M | 4.8x | 4.6x | 4% | 84% | 35% | 23% | 39% |
| Sage | United Kingdom of Great Britain and Northern Ireland | GBP 11 | +18.6% | $13703.589610106M | 4.5x | 4.1x | 9% | 93% | 27% | 20% | 35% |
| Nemetschek | Germany | EUR 91 | +0.6% | $12135.594869112001M | 9.2x | 8.1x | 14% | 96% | 32% | 25% | 46% |
| Sportradar | United States of America | USD 22 | +106.4% | $6608.600592M | 4.3x | 3.5x | 22% | 85% | 25% | 18% | 45% |
| Vusion | France | EUR 215 | +67.3% | $4171.5413813616005M | 2.2x | 1.7x | 25% | 37% | 19% | -4% | 42% |
| TietoEVRY | Finland | EUR 18 | +8.8% | $2479.1017113648M | 1.4x | 1.4x | -5% | 78% | 16% | 9% | 10% |
| Sinch | Sweden | SEK 29 | +9.1% | $2514.585168131188M | 1.1x | 1.1x | 1% | 35% | 13% | 7% | 14% |
| HBX Group | Spain | EUR 7 | NaN% | $2007.7673653344M | 3.6x | 3.4x | 6% | 91% | 59% | 45% | 64% |
| OVH | France | EUR 7 | -6.7% | $1292.6983132560001M | 2.2x | 2.0x | 7% | NaN% | 40% | 2% | 45% |
| TeamViewer | Germany | EUR 6 | -52.1% | $1066.7734293168M | 2.5x | 2.4x | 5% | 88% | 41% | 29% | 47% |
| SoftwareOne | Switzerland | CHF 9 | +6.0% | $2295.0879213793405M | 1.2x | 0.9x | 29% | 92% | 21% | 10% | 48% |
| ATOSS Software | Germany | EUR 108 | -4.1% | $1987.2405485568M | 8.7x | 7.7x | 13% | 77% | 36% | 27% | 49% |
| Addnode Group | Sweden | SEK 103 | +4.2% | $1462.956164320284M | 2.6x | 2.5x | 3% | 70% | 19% | 6% | 21% |
| Vitec Software | Sweden | SEK 319 | -28.6% | $1331.3574871132669M | 4.2x | 3.9x | 7% | 71% | 38% | 14% | 44% |
| 74Software | France | EUR 35 | +28.8% | $1191.5946965904M | 1.9x | 1.7x | 8% | NaN% | 19% | 11% | 25% |
| Planisware | France | EUR 20 | -8.6% | $1613.941239456M | 6.2x | 5.6x | 11% | 74% | 36% | 28% | 47% |
| Quadient | France | EUR 15 | -7.2% | $573.3236631456M | 1.1x | 1.1x | 0% | NaN% | 21% | 8% | 21% |
| Secunet | Germany | EUR 183 | +85.3% | $1368.060559512M | 2.7x | 2.5x | 9% | 25% | 16% | 10% | 25% |
| Nexus | Germany | EUR 71 | +48.1% | $1422.5472357695999M | 4.3x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Lectra | France | EUR 23 | -9.8% | $991.4555289888M | 1.8x | 1.7x | 5% | NaN% | 19% | 12% | 21% |
| Rezolve AI | United States of America | USD 3 | -12.4% | $953.763621M | 27.4x | 6.3x | 336% | 72% | -5% | -16% | 265% |
| PSI Software | Germany | EUR 44 | +111.7% | $799.2497339616M | 2.6x | 2.4x | 10% | 86% | 9% | 3% | 12% |
| GPI Group | Italy | EUR 15 | +41.7% | $508.6257524928M | 1.4x | 1.3x | 6% | NaN% | 21% | 6% | 27% |
| Alfa Financial Software | United Kingdom of Great Britain and Northern Ireland | GBP 2 | +6.6% | $874.6559780890001M | 5.3x | 4.8x | 10% | 64% | 33% | 20% | 43% |
| Qt Group | Finland | EUR 32 | -49.1% | $947.5585550688M | 3.4x | 2.9x | 19% | 62% | 27% | 14% | 44% |
| RaySearch Labs | Sweden | SEK 229 | +47.4% | $825.9998533379527M | 6.1x | 5.5x | 12% | 92% | 45% | 17% | 55% |
| CANCOM | Germany | EUR 26 | +0.4% | $951.5264230272M | 0.4x | 0.4x | 5% | 40% | 7% | 4% | 11% |
| Verve Group | Sweden | SEK 22 | -48.4% | $463.44743567131746M | 1.4x | 1.2x | 16% | 45% | 28% | 10% | 43% |
| GB Group | United Kingdom of Great Britain and Northern Ireland | GBP 2 | -30.8% | $744.7575570118M | 2.2x | 2.1x | 3% | 70% | 25% | 16% | 27% |
| Truecaller | Sweden | SEK 25 | -40.3% | $902.9281915530221M | 4.0x | 3.6x | 12% | 71% | 37% | 26% | 47% |
| Mensch und Maschine | Germany | EUR 41 | -22.1% | $780.7428889536001M | 2.8x | 2.7x | 4% | 77% | 27% | 14% | 29% |
| Asseco Business Solutions | Poland | PLN 85 | +53.8% | $766.1182009938925M | 6.1x | 5.4x | 13% | NaN% | 40% | NaN% | 52% |
| Equasens | France | EUR 42 | -21.8% | $725.96250696M | 2.7x | 2.5x | 8% | NaN% | 29% | 20% | 35% |
| Playtech | United Kingdom of Great Britain and Northern Ireland | GBP 2 | -63.7% | $889.5540215248001M | 0.8x | 0.8x | 4% | NaN% | 22% | 3% | 25% |
| Vercom | Poland | PLN 119 | +6.5% | $715.1054790746629M | 5.4x | 4.8x | 13% | NaN% | 29% | NaN% | 40% |
| FINEOS | Australia | AUD 3 | +114.0% | $708.9294690575999M | 4.4x | 4.1x | 7% | 77% | 23% | 4% | 28% |
| NCC Group | United Kingdom of Great Britain and Northern Ireland | GBP 1 | -3.2% | $579.8734355405M | 1.5x | 1.5x | 2% | 44% | 15% | 10% | 16% |
| INIT SE | Germany | EUR 45 | +22.6% | $511.2257958384M | 1.5x | 1.3x | 13% | 36% | 15% | 5% | 27% |
| Auction Technology Group | United Kingdom of Great Britain and Northern Ireland | GBP 3 | -31.3% | $430.6918356018M | 2.8x | 2.2x | 26% | 65% | 35% | 20% | 65% |
| Cerillion | United Kingdom of Great Britain and Northern Ireland | GBP 15 | -20.6% | $574.5409086985001M | 8.7x | 7.5x | 16% | 79% | 45% | 27% | 63% |
| Pexip | Norway | NOK 57 | +45.7% | $575.7712972109088M | 4.4x | 4.0x | 10% | 91% | 28% | 26% | 36% |
| F-Secure | Finland | EUR 2 | -9.0% | $336.7004961504M | 3.0x | 2.9x | 2% | 72% | 34% | 20% | 37% |
| Lime Technologies | Sweden | SEK 331 | +9.0% | $463.0295696723463M | 6.2x | 5.5x | 12% | NaN% | 32% | 20% | 43% |
| TomTom | Netherlands | EUR 5 | +4.2% | $741.3772105296M | 0.7x | 0.7x | 1% | NaN% | 8% | 5% | 3% |
| IDOX | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +17.3% | $424.8228110662M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| cBrain | Denmark | DKK 136 | -13.5% | $411.42135144580095M | 9.7x | 8.2x | 19% | 92% | 35% | 20% | 52% |
| Shoper | Poland | PLN 52 | +26.2% | $399.56439101729893M | 6.5x | 5.6x | 18% | NaN% | 36% | NaN% | 53% |
| Arqit Quantum | United States of America | USD 27 | +706.5% | $419.769984M | 315.1x | 65.9x | 378% | NaN% | -411% | NaN% | -1183% |
| Sidetrade | France | EUR 247 | +3.1% | $403.34933265120003M | 5.4x | 4.5x | 20% | NaN% | 15% | 16% | 36% |
| IVU Traffic Technologies | Germany | EUR 20 | +58.3% | $398.0421424752M | 2.2x | 2.0x | 8% | 83% | 16% | 6% | 24% |
| WithSecure | Finland | EUR 2 | +124.6% | $346.2210943392M | 2.4x | 2.3x | 4% | 81% | 8% | 10% | 8% |
| SmartCraft | Norway | NOK 21 | -14.4% | $344.8165095003292M | 6.1x | 5.5x | 11% | 92% | 38% | 26% | 47% |
| Squirrel Media | Spain | EUR 3 | +101.5% | $288.9083545248M | 1.1x | 0.9x | 32% | 33% | 13% | -1% | 45% |
| Linedata Services | France | EUR 44 | -44.4% | $251.33328913440002M | 1.6x | 1.6x | 1% | NaN% | 25% | 12% | 26% |
| Text SA | Poland | PLN 48 | -18.0% | $335.8805513990995M | 3.3x | 3.3x | 0% | NaN% | 51% | 33% | 53% |
| Kneat | Canada | CAD 4 | +14.7% | $280.1807364873941M | 5.9x | 4.6x | 27% | 76% | 17% | -1% | 41% |
| Nordhealth | Norway | NOK 36 | -2.7% | $279.1878445767516M | 4.3x | 3.8x | 13% | 83% | 7% | -1% | 16% |
| CM.com | Netherlands | EUR 5 | -35.5% | $173.84022306239999M | 0.8x | 0.9x | -2% | NaN% | 7% | 2% | 5% |
| MotorK | Netherlands | EUR 4 | -16.7% | $229.8607686912M | 3.8x | 3.4x | 13% | NaN% | -11% | -21% | 3% |
| Admicom | Finland | EUR 44 | -0.2% | $255.0739500048M | 5.7x | 5.2x | 9% | 77% | 35% | 27% | 41% |
| Netcall | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +26.0% | $269.9265837707M | 3.7x | 3.4x | 8% | 82% | 23% | 18% | 30% |
| Team Internet | United Kingdom of Great Britain and Northern Ireland | GBP 0 | -65.1% | $156.67735979280002M | 0.5x | 0.5x | -7% | 21% | 10% | 1% | 2% |
| RM plc | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +40.1% | $139.7995763886M | 1.0x | 1.0x | 4% | NaN% | 10% | -1% | 13% |
| dotDigital Group | United Kingdom of Great Britain and Northern Ireland | GBP 1 | -23.3% | $274.6103403311M | 2.0x | 1.8x | 9% | 82% | 32% | 14% | 41% |
| AdvancedAdvT | United Kingdom of Great Britain and Northern Ireland | GBP 2 | +47.3% | $332.1170323296M | 3.5x | 3.2x | 9% | 68% | 26% | 22% | 35% |
| Streamwide | France | EUR 70 | +161.8% | $214.26187711200004M | 7.1x | 6.2x | 14% | NaN% | 59% | 33% | 73% |
| ActiveOps | United Kingdom of Great Britain and Northern Ireland | GBP 2 | +72.0% | $230.2136534279M | 4.0x | 3.3x | 21% | 79% | 12% | 10% | 31% |
| SSH Communications Security | Finland | EUR 3 | +242.6% | $200.3824588368M | 7.9x | 6.9x | 14% | NaN% | 12% | NaN% | 23% |
| Cy4gate | Italy | EUR 6 | +60.1% | $168.5052673728M | 1.9x | 1.8x | 7% | NaN% | 20% | 3% | 25% |
| Profile Software | Greece | EUR 7 | +39.2% | $207.8829452832M | 3.5x | 3.0x | 17% | NaN% | 28% | NaN% | 44% |
| Carasent | Sweden | SEK 28 | +42.0% | $204.12376114138138M | 5.4x | 4.6x | 17% | 85% | 28% | 13% | 39% |
| Expert.ai | Italy | EUR 1 | +7.7% | $182.99471024640002M | 4.2x | 3.5x | 22% | NaN% | 13% | -1% | 32% |
| Tribal Group | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +32.2% | $180.43822527470002M | 1.6x | 1.6x | 1% | NaN% | 17% | 9% | 19% |
| Aptitude Software Group | United Kingdom of Great Britain and Northern Ireland | GBP 3 | -14.9% | $202.5318362453M | 2.0x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Microlise | United Kingdom of Great Britain and Northern Ireland | GBP 1 | -10.7% | $195.29380198570001M | 1.6x | 1.4x | 8% | 64% | 15% | 7% | 22% |
| WALLIX | France | EUR 24 | +147.9% | $183.47621089440003M | 3.9x | 3.2x | 23% | NaN% | 16% | 12% | 29% |
| eVISO | Italy | EUR 7 | +35.9% | $191.40233496000002M | 0.5x | 0.4x | 18% | 46% | 4% | 1% | 21% |
| Fabasoft | Germany | EUR 16 | +1.0% | $194.9895729168M | 1.6x | 1.5x | 9% | 94% | 25% | 3% | 34% |
| Bilendi | France | EUR 19 | +26.0% | $100.5722220768M | 1.6x | 1.4x | 10% | NaN% | 23% | 8% | 33% |
| Briox | Sweden | SEK 20 | +704.9% | $160.14011894638492M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Eleco | United Kingdom of Great Britain and Northern Ireland | GBP 2 | +16.9% | $165.0084187535M | 3.1x | 2.7x | 16% | 90% | 24% | 13% | 39% |
| Dekuple | France | EUR 23 | -41.6% | $106.1436288432M | 0.5x | 0.5x | 10% | NaN% | 12% | 7% | 20% |
| HYBRID Software Group | Belgium | EUR 4 | +5.4% | $147.70504438560002M | 2.1x | 1.9x | 11% | 80% | 29% | -7% | 38% |
| Datawalk | Poland | PLN 91 | +126.9% | $158.20272784472976M | 12.9x | 8.1x | 58% | NaN% | NaN% | NaN% | n/a |
| Ascom | Switzerland | CHF 4 | -25.6% | $159.70709246477514M | 0.4x | 0.4x | 2% | NaN% | 10% | NaN% | 12% |
| Omda | Norway | NOK 47 | +41.9% | $94.84292176559664M | 2.9x | 2.7x | 6% | 94% | 29% | 9% | 31% |
| Lemonsoft | Finland | EUR 6 | +21.7% | $125.54620722720001M | 3.9x | 3.8x | 2% | 29% | 31% | 20% | 33% |
| Formpipe Software | Sweden | SEK 24 | -0.8% | $134.43058538838673M | 3.6x | 4.6x | -22% | 89% | 15% | 41% | -10% |
| Easy Software | Germany | EUR 18 | +20.0% | $133.39349768640002M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Software Circle | United Kingdom of Great Britain and Northern Ireland | GBP 0 | -6.9% | $125.7611012031M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Msg Life | Germany | EUR 3 | +12.1% | $173.298571128M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Micro Systemation | Sweden | SEK 62 | +39.6% | $120.2104970972043M | 2.7x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Bango | United Kingdom of Great Britain and Northern Ireland | GBP 1 | -10.5% | $90.1585134685M | 1.9x | 1.8x | 9% | NaN% | 34% | 8% | 41% |
| Brave Bison Group | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +105.1% | $107.6636179843M | 2.6x | 1.8x | 43% | NaN% | 21% | 13% | 62% |
| Tecnotree | Finland | EUR 5 | +40.1% | $93.01109617440001M | 1.2x | 1.1x | 11% | NaN% | 43% | NaN% | 53% |
| Coheris | France | EUR 14 | +91.3% | $94.70985350400001M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Aiforia | Finland | EUR 3 | -35.5% | $96.5250508512M | 22.0x | 14.4x | 53% | NaN% | -101% | -212% | -101% |
| Tracsis | United Kingdom of Great Britain and Northern Ireland | GBP 3 | -44.8% | $117.43094889750002M | 0.8x | 0.8x | 2% | 60% | 16% | 10% | 17% |
| Facephi Biometria | Spain | EUR 3 | +77.2% | $79.3281222048M | 2.1x | 1.7x | 23% | 87% | 16% | 1% | 33% |
| Intercede Group | United Kingdom of Great Britain and Northern Ireland | GBP 1 | -21.3% | $111.2203654102M | 3.6x | 3.3x | 10% | NaN% | 24% | 13% | 36% |
| Expensify | United States of America | USD 2 | -13.8% | $141.419152M | 0.6x | 0.6x | 1% | 57% | 23% | 14% | 16% |
| Oneflow | Sweden | SEK 28 | -19.7% | $81.96900832519711M | 4.5x | 3.8x | 21% | 92% | 8% | -12% | 18% |
| Seresco | Spain | EUR 7 | +39.1% | $70.52515877760001M | 1.1x | 1.0x | 1% | 85% | 14% | 7% | 16% |
| Cyberoo | Italy | EUR 1 | -34.2% | $70.5766537296M | 2.3x | 2.1x | 9% | NaN% | 38% | 5% | 47% |
| Pulsar Group | United Kingdom of Great Britain and Northern Ireland | GBP 0 | -42.3% | $61.55747170910001M | 0.9x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Seco/Warwick | Poland | PLN 28 | -2.1% | $55.76804022939494M | 0.3x | 0.3x | 1% | NaN% | 7% | NaN% | 7% |
| Cloud Technologies S.A. | Poland | PLN 57 | -10.8% | $70.12588367996494M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Corero Network Security | United Kingdom of Great Britain and Northern Ireland | GBP 0 | -64.3% | $67.39580945670001M | 2.7x | 2.4x | 12% | 90% | 5% | -2% | 9% |
| Advenica | Sweden | SEK 15 | +32.2% | $69.26694907247015M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| BIMobject | Sweden | SEK 5 | +26.4% | $82.16483617313891M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| FLOWSPARKS | Belgium | EUR 25 | +8.7% | $62.324132760000005M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Skillcast | United Kingdom of Great Britain and Northern Ireland | GBP 1 | +31.2% | $71.80901829300001M | 2.9x | 2.5x | 16% | 75% | 12% | 15% | 26% |
| Generic Sweden | Sweden | SEK 48 | +8.2% | $61.49042581336021M | 3.0x | 2.7x | 10% | 44% | 21% | 17% | 31% |
| Opter | Sweden | SEK 86 | -14.0% | $54.171522156782466M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Upsales | Sweden | SEK 31 | +1.2% | $54.09323328399106M | 3.3x | 3.0x | 10% | NaN% | 27% | NaN% | 34% |
| Maps | Italy | EUR 3 | +21.3% | $48.51042072480001M | 1.3x | 1.2x | 14% | NaN% | 26% | 7% | 36% |
| Yoc | Germany | EUR 12 | -20.5% | $47.856917798400005M | 1.1x | 1.0x | 15% | 47% | 16% | 8% | 27% |
| ad pepper media | Germany | EUR 3 | +70.4% | $75.72300012M | 0.8x | 0.5x | 54% | 52% | 10% | 8% | 62% |
| Growens | Italy | EUR 2 | -56.2% | $39.41564177280001M | 0.5x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Made Tech | United Kingdom of Great Britain and Northern Ireland | GBP 0 | +79.2% | $55.9873485949M | 0.7x | 0.6x | 9% | 32% | 8% | 6% | 16% |
| Done.ai Group | Sweden | SEK 6 | -71.5% | $54.02168624610249M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Sleep Cycle | Sweden | SEK 23 | -43.6% | $48.43044922469634M | 1.4x | 1.3x | 6% | 80% | 30% | 34% | 35% |
| Lighton | France | EUR 6 | NaN% | $44.566633872000004M | 13.3x | 4.7x | 179% | NaN% | -80% | -160% | -87% |
Stock prices as of November 17, 2025. Rule of 40 and revenue per FTE data is based on the last fiscal year. Financial data powered by Morningstar and FactSet.
Tracks all European large cap tech companies (with market cap above $10B)
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Explore indexTracks all publicly traded online marketplaces across verticals (delivery, ridesharing etc.) and business models (classifieds, B2B, C2C etc.)
Explore indexTracks key publicly traded semiconductor manufacturers and chipmakers
Explore indexTracks publicly listed online classifieds companies across horizontal and vertical platforms (real estate, automotive, jobs, etc.)
Explore indexTracks medical device manufacturers with market cap above $1B, across all device categories
Explore indexGet access to always up-to-date, precisely categorized 70K+ public and private valuation multiples, across tech and beyond.