Multiples MENA Tech Index

Curated by Multiples, this index tracks publicly listed technology companies across the Middle East and North Africa.

Explore the Multiples MENA Tech Index

100

public companies
tracked

$167B

cumulative
enterprise value

2.7x

median EV/NTM revenue multiple

13%

median NTM/LTM revenue growth

Jump to Section

Index Performance

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

+65.6%

Multiples MENA Tech Index

Data as of 01 April 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 MENA Tech Index constituents.

Valuation Benchmarks

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

x-axis:

y-axis:

Data as of April 1, 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 MENA Tech Index.

Metric:

Data as of April 1, 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 MENA Tech Index.

Metric	CyberArk Software	Tower Semiconductor	Check Point Software
Market Cap	$21B	$19B	$17B
EV/Revenue (NTM)	12.9x	9.0x	5.4x
EV/Gross Profit (NTM)	16.4x	30.3x	6.2x
EV/EBITDA (NTM)	—	25.2x	13.0x
EV/FCF (NTM)	—	545.7x	13.0x
Revenue Growth	12%	21%	6%
Gross Margin (NTM)	79%	30%	88%
EBITDA Margin (NTM)	—	36%	42%
FCF Margin (NTM)	—	2%	42%
Rule of 40	—	54%	48%
Rule of X	—	82%	57%

Data as of April 1, 2026.

Cumulative Metrics

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

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples MENA Tech 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 MENA Tech Index

This index tracks publicly listed tech companies in the MENA region.


CyberArk Software	11.7%	$409	—	$21B	12.9x	12%	79%	—	—	—	—
Tower Semiconductor	10.7%	$168	+364%	$19B	9.0x	21%	30%	36%	2%	54%	$268K
Check Point Software	9.6%	$158	-28%	$17B	5.4x	6%	88%	42%	42%	48%	$389K
Elm	6.4%	$145	-48%	$11B	3.5x	16%	40%	25%	18%	42%	$978K
Next Vision Stabilized	5.1%	$99	+222%	$9B	28.5x	53%	—	62%	—	126%	$4M
Mobileye	4.0%	$8	-42%	$7B	2.6x	6%	49%	15%	10%	17%	$459K
NICE	3.6%	$108	-31%	$6B	1.9x	9%	68%	30%	19%	38%	$338K
solutions by stc	3.4%	$51	-33%	$6B	1.6x	7%	23%	15%	10%	23%	$2M
Presight AI	3.1%	$1	+87%	$6B	4.6x	24%	40%	27%	21%	51%	$2M
Cash Plus	2.7%	$32	—	$5B	—	—	—	—	—	—	—
Tadawul Group	2.5%	$37	-23%	$4B	10.2x	12%	—	39%	—	49%	$643K
Talabat	2.5%	$0	-51%	$4B	0.8x	15%	55%	12%	10%	28%	$196K
Plus500	2.1%	$53	+31%	$4B	3.8x	-1%	100%	46%	42%	54%	$1M
Cellebrite	1.9%	$14	-32%	$3B	4.9x	19%	84%	27%	31%	46%	$408K
Rasan	1.6%	$36	+57%	$3B	10.0x	35%	—	43%	—	87%	$306K
eToro	1.5%	$33	—	$3B	1.6x	9%	—	36%	35%	-58%	$9M
Matrix IT	1.4%	$27	-6%	$3B	—	—	—	—	—	—	—
MBC Group	1.4%	$7	-34%	$2B	1.4x	12%	—	13%	—	26%	$160M
Nayax	1.2%	$55	+11%	$2B	3.8x	26%	50%	18%	8%	45%	$354K
Space42	1.1%	$0	-6%	$2B	—	—	—	—	—	—	$2M
Formula Systems	1.0%	$120	+16%	$2B	—	—	—	—	—	—	$116K
Alef Education	1.0%	$0	+2%	$2B	7.5x	6%	88%	70%	60%	78%	$519K
Odine	0.9%	$14	+603%	$2B	—	—	—	—	—	—	$303K
Aryt Industries	0.9%	$15	+98%	$2B	—	—	—	—	—	—	$742K
Isracard	0.9%	$5	-16%	$2B	—	—	—	—	—	—	$1M
Optasia	0.9%	$1	—	$2B	—	—	—	—	—	—	—
Phoenix Group	0.8%	$0	-1%	$1B	13.1x	-2%	21%	—	—	—	$633K
Hilan	0.8%	$61	-19%	$1B	—	—	—	—	—	—	$241K
ONE Technologies	0.8%	$18	-18%	$1B	—	—	—	—	—	—	—
Al Moammar Information	0.7%	$43	+22%	$1B	—	—	—	—	—	—	$450K
eFinance	0.7%	$0	+44%	$1B	—	—	—	—	—	—	$169K
Yalla Group	0.6%	$7	-7%	$1B	1.0x	7%	68%	37%	—	44%	$417K
Fawry	0.6%	$0	+59%	$1B	4.2x	28%	73%	50%	28%	86%	—
Playtika	0.6%	$3	-47%	$1B	1.1x	1%	74%	28%	4%	28%	$787K
Hepsiburada	0.6%	$3	+8%	$1B	0.3x	25%	—	3%	—	31%	$343K
Ituran Location & Control	0.5%	$46	+27%	$909M	2.1x	9%	52%	27%	17%	36%	$116K
weSure	0.5%	$6	+289%	$868M	—	—	—	—	—	—	—
United International Holding	0.5%	$33	-26%	$831M	3.5x	23%	—	—	—	—	—
Telsys	0.4%	$85	+53%	$765M	—	—	—	—	—	—	$4M
Afcon Holdings	0.4%	$136	+127%	$756M	—	—	—	—	—	—	$423K
Jahez	0.4%	$3	-55%	$659M	0.5x	24%	25%	9%	6%	40%	$513K
Perfect Presentation	0.3%	$2	-45%	$610M	—	—	—	—	—	—	$78K
Meeza QSTP	0.3%	$1	+8%	$582M	4.1x	24%	—	33%	—	57%	—
Cognyte Software	0.3%	$8	-23%	$548M	1.1x	11%	73%	16%	8%	26%	$246K
Malam Team	0.3%	$25	+3%	$539M	—	—	—	—	—	—	—
Edarat Group	0.3%	$94	+35%	$471M	—	—	—	—	—	—	$583K
Mia Teknoloji	0.2%	$1	+12%	$434M	—	—	—	—	—	—	$3M
Hightech Payment Systems	0.2%	$57	-7%	$420M	2.3x	14%	—	21%	—	35%	$182K
Rapac	0.2%	$27	+98%	$410M	—	—	—	—	—	—	—
BiNBiN	0.2%	$4	-36%	$404M	—	—	—	—	—	—	$31K
Perion Network	0.2%	$10	+8%	$401M	0.2x	9%	89%	11%	9%	19%	$833K
Nice One	0.2%	$3	-66%	$376M	—	—	—	—	—	—	—
Hiper Global	0.2%	$7	+44%	$375M	—	—	—	—	—	—	—
Altınay Savunma	0.2%	$0	-9%	$367M	—	—	—	—	—	—	$114K
Nexxen	0.2%	$6	-35%	$367M	0.7x	8%	87%	34%	22%	38%	$427K
Arad	0.2%	$15	-12%	$361M	—	—	—	—	—	—	—
Orbit Technologies	0.2%	$14	+20%	$349M	—	—	—	—	—	—	—
Saudi AZM	0.2%	$6	-25%	$343M	3.4x	—	32%	17%	—	37%	$37K
Computer Direct Group	0.2%	$94	-25%	$323M	—	—	—	—	—	—	—
Netcad	0.2%	$2	—	$321M	—	—	—	—	—	—	—
Logo Yazılım	0.2%	$3	+9%	$320M	1.6x	32%	—	45%	—	85%	$101K
Automated Bank Services	0.2%	$8	+8%	$315M	—	—	—	—	—	—	$522K
Allot	0.2%	$6	+5%	$303M	1.9x	13%	71%	12%	15%	25%	$206K
Saudi Cable	0.2%	$44	+22%	$295M	—	—	—	—	—	—	$10K
Hitit	0.2%	$1	+4%	$291M	5.3x	16%	—	46%	—	92%	$97K
Patek	0.2%	$0	+23%	$290M	—	—	—	—	—	—	$172K
ARD Grup	0.2%	$1	+58%	$286M	—	—	—	—	—	—	—
Nilesat	0.2%	$8	+9%	$280M	—	—	—	—	—	—	—
Terminal X	0.2%	$2	+46%	$280M	—	—	—	—	—	—	—
AudioCodes	0.1%	$8	-10%	$243M	0.8x	2%	66%	8%	—	11%	$260K
MBME Group	0.1%	$0	—	$240M	—	—	—	—	—	—	—
Türk Prysmian Kablo	0.1%	$1	+81%	$228M	—	—	—	—	—	—	$713K
Karel	0.1%	$0	+22%	$181M	—	—	—	—	—	—	$212K
Elad Software	0.1%	$3	+33%	$160M	—	—	—	—	—	—	—
Martı	0.1%	$2	-15%	$160M	2.7x	106%	60%	11%	—	106%	$42K
Reeder	0.1%	$0	-41%	$144M	—	—	—	—	—	—	$84K
İndeks Bilgisayar	0.1%	$0	+27%	$143M	0.0x	24%	—	3%	—	30%	$5M
Abra IT	0.1%	$1	+19%	$140M	—	—	—	—	—	—	$978K
Forte	0.1%	$2	+40%	$140M	—	—	—	—	—	—	—
Payton Planar Magnetics	0.1%	$8	-8%	$134M	—	—	—	—	—	—	$281K
Electro Cable Egypt	0.1%	—	—	$132M	—	—	—	—	—	—	—
Link Bilgisayar	0.1%	$5	-54%	$117M	—	—	—	—	—	—	$712K
Maytronics	0.1%	$1	-22%	$113M	—	—	—	—	—	—	$698K
E-Data	0.1%	$0	+183%	$106M	—	—	—	—	—	—	—
Arab Sea	0.1%	$1	-39%	$96M	—	—	—	—	—	—	$74K
Purity Tech	0.1%	$6	+16%	$93M	—	—	—	—	—	—	—
Revium Recovery	0.1%	$2	+200%	$91M	—	—	—	—	—	—	—
Netaş	0.0%	$1	+20%	$88M	—	—	—	—	—	—	$114K
AtaTP	0.0%	$3	+90%	$87M	—	—	—	—	—	—	—
Razor Labs	0.0%	$2	+35%	$86M	—	—	—	—	—	—	—
Sure Global Technology	0.0%	$11	-51%	$84M	—	—	—	—	—	—	$416K
Mackolik	0.0%	$1	+4%	$81M	—	—	—	—	—	—	—
iFOREX	0.0%	$3	—	$60M	—	—	—	—	—	—	—
Propdo	0.0%	$7	+9%	$51M	—	—	—	—	—	—	—
Matriks	0.0%	$1	+11%	$50M	—	—	—	—	—	—	—
Alarum Group	0.0%	$1	-29%	$42M	—	—	—	—	—	—	$599K
Fonet	0.0%	$0	-33%	$33M	—	—	—	—	—	—	$38K
Better Online Solutions	0.0%	$5	+35%	$31M	—	—	—	—	—	—	$499K
MIND C.T.I.	0.0%	$1	-28%	$24M	—	—	—	—	—	—	$143K
ViewBix	0.0%	$2	-58%	$18M	—	—	—	—	—	—	$75K