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Multiples Cybersecurity Index

Curated by Multiples, this index tracks the largest cybersecurity companies globally.

Explore the Multiples Cybersecurity Index

100

public companies
tracked

$1.3T

cumulative
enterprise value

3.5x

median EV/NTM revenue multiple

12%

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples Cybersecurity Index constituents, indexed to 0% at the beginning of the period.

+76.4%

Multiples Cybersecurity Index

Data as of 15 August 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples Cybersecurity Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples Cybersecurity Index.

x-axis:

y-axis:

Data as of August 15, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples Cybersecurity Index.

Metric:

Data as of August 15, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples Cybersecurity Index.

Metric	Palo Alto Networks	CrowdStrike	IBM
Market Cap	$313B	$221B	$221B
EV/Revenue (NTM)	22.4x	32.7x	3.9x
EV/Gross Profit (NTM)	29.4x	41.4x	6.5x
EV/EBITDA (NTM)	73.2x	106.7x	13.7x
EV/FCF (NTM)	59.1x	103.8x	16.7x
Revenue Growth	21%	23%	4%
Gross Margin (NTM)	76%	79%	59%
EBITDA Margin (NTM)	31%	31%	28%
FCF Margin (NTM)	38%	32%	23%
Rule of 40	56%	51%	32%
Rule of X	90%	86%	38%

Data as of August 15, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples Cybersecurity Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples Cybersecurity Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

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:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
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.

Companies Included in the Multiples Cybersecurity Index

This index tracks publicly listed cybersecurity companies across endpoint, network, identity, and cloud security.


Palo Alto Networks		6.8%	$384	+102%	$313B	22.4x	21%	76%	31%	38%	56%	$574K
CrowdStrike		6.3%	$217	+105%	$221B	32.7x	23%	79%	31%	32%	51%	$476K
IBM		6.3%	$234	-4%	$221B	3.9x	4%	59%	28%	23%	32%	$235K
Fortinet		3.4%	$160	+103%	$117B	13.1x	14%	80%	38%	37%	57%	$450K
Cloudflare		3.2%	$316	+51%	$112B	33.1x	30%	73%	26%	14%	57%	$509K
Zscaler		4.2%	$184	-33%	$30B	7.1x	17%	80%	27%	24%	48%	$337K
Okta		3.6%	$147	+59%	$26B	7.0x	10%	82%	28%	28%	36%	$494K
F5		3.2%	$403	+29%	$23B	6.0x	8%	83%	37%	30%	46%	$469K
Rubrik		3.0%	$102	+31%	$21B	11.1x	23%	82%	5%	20%	28%	$411K
Gen Digital		5.8%	$28	-6%	$17B	4.4x	8%	81%	50%	31%	63%	$1M
CACI International		5.0%	$671	+40%	$15B	1.8x	12%	30%	13%	8%	24%	$383K
Check Point Software		4.6%	$132	-32%	$13B	4.5x	5%	88%	40%	42%	43%	$389K
SailPoint		3.8%	$20	-5%	$11B	7.7x	19%	78%	21%	18%	37%	$391K
Qihoo 360		3.3%	$1	-14%	$9.8B	5.1x	3%	-	1%	-	2%	$216K
SentinelOne		2.7%	$23	+23%	$7.9B	5.6x	19%	78%	16%	11%	32%	$358K
Glory View Technology		2.4%	$33	+312%	$7.1B	3.7x	163%	23%	39%	-	612%	$370K
Qualys		2.2%	$186	+37%	$6.4B	7.8x	9%	85%	46%	42%	55%	$255K
Netskope		2.2%	$16	-	$6.4B	6.1x	23%	78%	0%	6%	14%	$244K
CommVault Systems		2.1%	$147	-21%	$6.1B	4.5x	11%	82%	22%	20%	31%	$359K
BlackBerry		1.8%	$9	+130%	$5.2B	7.7x	12%	77%	23%	17%	33%	$302K
Varonis Systems		1.8%	$45	-24%	$5.2B	6.1x	19%	78%	7%	17%	22%	$235K
Trend Micro		1.6%	$37	-31%	$4.8B	1.7x	5%	77%	27%	21%	36%	$252K
Clear Secure		1.6%	$46	+25%	$4.7B	3.2x	17%	86%	35%	43%	57%	$273K
Tenable		1.4%	$38	+24%	$4.2B	3.9x	7%	82%	26%	26%	34%	$534K
NetScout Systems		1.0%	$40	+59%	$2.9B	2.5x	5%	82%	28%	25%	31%	$405K
AvePoint		1.0%	$13	-18%	$2.9B	4.3x	21%	75%	20%	21%	40%	$143K
Cellebrite		0.9%	$11	-32%	$2.8B	3.9x	16%	83%	28%	32%	45%	$408K
QiAnXin		0.9%	$4	-29%	$2.7B	3.9x	10%	52%	-7%	-	-2%	-
Venustech Group		0.8%	$2	-14%	$2.5B	5.3x	17%	59%	11%	-	27%	-
A10 Networks		0.7%	$27	+55%	$2B	5.3x	12%	80%	31%	25%	44%	$588K
Progress Software		0.6%	$44	-6%	$1.8B	3.0x	1%	84%	40%	28%	42%	$349K
CETC Cyberspace Security		0.6%	$2	-22%	$1.8B	-	-	-	-	-	-	$489K
Jamf	-	0.6%	-	-	$1.7B	-	-	-	-	-	-	-
CloudWalk		0.6%	$2	-34%	$1.7B	14.8x	29%	34%	-	-	-	$93K
DPtech		0.5%	$2	-8%	$1.6B	5.4x	11%	62%	-	-	-	$115K
Secunet		0.5%	$227	+1%	$1.5B	2.2x	10%	24%	17%	8%	26%	$500K
Radware		0.4%	$29	+16%	$1.2B	2.9x	9%	82%	-	14%	-	$672K
Eastcompeace Tech		0.4%	$2	-49%	$1.2B	-	-	-	-	-	-	$100K
Red Violet		0.4%	$70	+39%	$1.1B	9.3x	15%	86%	39%	20%	57%	$420K
NSFOCUS		0.3%	$1	-1%	$937M	2.2x	11%	53%	16%	-	27%	-
Mitek Systems		0.3%	$19	+91%	$877M	3.9x	9%	80%	33%	26%	43%	$302K
Rapid7		0.3%	$13	-37%	$876M	1.4x	-2%	72%	20%	16%	16%	$329K
BeiJing Certificate		0.3%	$3	-38%	$876M	-	-	-	-	-	-	-
Riskified		0.3%	$7	+37%	$875M	1.6x	13%	50%	11%	12%	27%	$497K
Yubico		0.3%	$10	-31%	$857M	3.0x	5%	79%	16%	9%	12%	$509K
Tinexta		0.3%	$17	+2%	$794M	1.9x	5%	-	24%	-	28%	$163K
Asiainfo Security		0.3%	$2	-40%	$743M	0.5x	-	44%	4%	-	14%	-
GB Group		0.2%	$3	+5%	$716M	2.0x	5%	70%	23%	14%	17%	$342K
CANCOM		0.2%	$25	-7%	$713M	0.3x	2%	40%	7%	3%	6%	$362K
Feitian Technologies		0.2%	$2	-41%	$689M	-	-	-	-	-	-	-
OneSpan		0.2%	$16	+8%	$602M	2.2x	3%	73%	28%	18%	30%	$426K
DBAPPSecurity		0.2%	$6	-29%	$601M	1.5x	13%	-	12%	-	15%	-
BTQ Technologies		0.2%	$4	+28%	$596M	143.8x	214%	86%	-424%	-	-222%	$8K
Sansec		0.2%	$3	-29%	$590M	4.3x	20%	71%	-	-	-	-
Baudroie		0.2%	$18	-15%	$556M	3.1x	35%	34%	21%	12%	59%	$49K
Beijing Huaru Technology		0.2%	$4	-4%	$546M	-	-	-	-	-	-	-
NCC Group		0.2%	$2	-3%	$528M	1.7x	-11%	40%	11%	3%	21%	$151K
Beijing VRV Software		0.2%	$0	-61%	$522M	-	-	-	-	-	-	-
Hillstone Networks		0.2%	$3	-12%	$469M	-	-	-	-	-	-	$78K
Guangdong Tecsun Science		0.2%	$1	-34%	$457M	-	-	-	-	-	-	$64K
Global Security Experts		0.2%	$30	+30%	$448M	4.6x	25%	37%	-	13%	44%	-
eMudhra		0.2%	$5	-33%	$447M	4.6x	21%	-	26%	5%	48%	$86K
Hunan Kylinsec Tech		0.1%	$4	-46%	$427M	-	-	-	-	-	-	-
Arqit Quantum		0.1%	$24	-19%	$424M	87.9x	753%	100%	-508%	-	-347%	$7K
Itsec Asia		0.1%	$0	+8%	$423M	6.7x	104%	50%	31%	-	106%	$101K
Digital Arts		0.1%	$29	-44%	$393M	3.0x	11%	69%	54%	32%	67%	$288K
F-Secure		0.1%	$2	+15%	$388M	3.0x	5%	70%	32%	17%	39%	$318K
AHNLAB		0.1%	$42	-4%	$376M	-	-	-	-	-	-	-
WebRAY Tech Group		0.1%	$3	-17%	$351M	-	-	-	-	-	-	-
WithSecure		0.1%	-	-	$350M	1.9x	4%	-	-	-	-	$187K
Mia Teknoloji		0.1%	$1	-32%	$340M	-	-	-	-	-	-	$3M
Telos		0.1%	$5	-27%	$339M	1.5x	7%	34%	16%	18%	30%	$318K
Hennge		0.1%	$10	-23%	$299M	-	-	-	-	-	-	$162K
Axgate		0.1%	$9	+77%	$259M	-	-	-	-	-	-	$238K
Cy4gate		0.1%	$11	+94%	$259M	1.7x	7%	-	23%	9%	38%	$199K
FFRI Security		0.1%	$30	-36%	$235M	-	-	-	-	-	43%	$137K
Qoria		0.1%	$0	-65%	$231M	2.1x	18%	-	24%	-	44%	$201K
Clavister Holding		0.1%	$1	-1%	$190M	4.8x	34%	84%	31%	17%	75%	$215K
WALLIX		0.1%	$27	+5%	$184M	2.9x	19%	-	11%	10%	29%	$224K
Micro Systemation		0.1%	$9	+40%	$173M	2.7x	12%	93%	22%	14%	38%	$267K
Digimarc		0.1%	$8	-12%	$170M	5.7x	-4%	69%	-	-	-	$158K
Ivalue Infosolutions		0.1%	$3	-	$160M	1.0x	15%	29%	14%	3%	27%	$263K
Acer Cyber Security		0.1%	$5	-15%	$155M	1.2x	13%	40%	45%	-	63%	$222K
Elements		0.0%	$5	-30%	$147M	-	-	-	-	-	-	-
Gogolook		0.0%	$4	+50%	$146M	3.2x	19%	89%	24%	-	46%	$135K
Enea		0.0%	$7	-15%	$126M	1.5x	3%	78%	31%	15%	32%	$203K
Cyber Security Cloud		0.0%	$12	0%	$125M	2.7x	14%	-	-	-	-	-
SSH Communications Security		0.0%	$2	-24%	$113M	3.5x	13%	100%	8%	10%	12%	$186K
Spectra Systems		0.0%	$2	-17%	$110M	2.7x	-41%	55%	34%	-	-7%	$2M
TAC Infosec		0.0%	$5	-20%	$102M	-	-	-	-	-	67%	$82K
Intercede Group		0.0%	$2	-33%	$94M	2.3x	21%	96%	25%	15%	40%	$205K
CyCraft Technology		0.0%	$3	-	$87M	-	-	-	-	-	-	-
Quick Heal Technologies		0.0%	$2	-52%	$86M	-	-	-	-	-	-4%	$28K
Aton Inc		0.0%	$3	-38%	$84M	-	-	-	-	-	-	$430K
Loihde		0.0%	$14	+11%	$83M	0.5x	-	-	10%	3%	9%	$203K
Rank One Computing		0.0%	$4	-	$83M	2.0x	81%	83%	-	-6%	-	$221K
CSP Inc.		0.0%	$8	-33%	$81M	-	-	-	-	-	-	$477K
Wins Technet		0.0%	$8	-15%	$81M	-	-	-	-	-	-	-
Advenica		0.0%	$2	-19%	$80M	2.9x	12%	55%	7%	-	6%	$387K
WISeKey		0.0%	$6	+14%	$76M	(9.3x)	96%	50%	-61%	-	-4%	$177K