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Multiples Polish Tech Index

Curated by Multiples, this index tracks publicly listed technology companies in Poland.

Explore the Multiples Polish Tech Index

100

public companies
tracked

$53B

cumulative
enterprise value

2.5x

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 Polish Tech Index constituents, indexed to 0% at the beginning of the period.

+59.4%

Multiples Polish Tech Index

Data as of 16 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 Polish Tech Index constituents.

Valuation Benchmarks

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

x-axis:

y-axis:

Data as of August 16, 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 Polish Tech Index.

Metric:

Data as of August 16, 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 Polish Tech Index.

Metric	Allegro	CD Projekt	XTB
Market Cap	$13B	$7B	$5.6B
EV/Revenue (NTM)	3.5x	13.9x	4.7x
EV/Gross Profit (NTM)	12.1x	15.8x	-
EV/EBITDA (NTM)	11.8x	21.6x	-
EV/FCF (NTM)	22.9x	97.9x	-
Revenue Growth	13%	117%	22%
Gross Margin (NTM)	29%	88%	-
EBITDA Margin (NTM)	29%	64%	-
FCF Margin (NTM)	15%	14%	-
Rule of 40	47%	48%	-
Rule of X	74%	37%	-

Data as of August 16, 2026.

Cumulative Metrics

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

Index Methodology

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

This index tracks publicly listed technology companies headquartered in Poland.


Allegro	9.0%	$12	+21%	$13B	3.5x	13%	29%	29%	15%	47%	$515K
CD Projekt	6.6%	$70	+2%	$7B	13.9x	117%	88%	64%	14%	48%	$369K
XTB	5.2%	$47	+127%	$5.6B	4.7x	22%	-	-	-	-	$457K
Benefit Systems	4.7%	$1,522	+71%	$5B	3.3x	22%	36%	30%	8%	57%	$962K
Asseco Poland	4.6%	$61	+18%	$4.9B	0.8x	5%	23%	16%	8%	31%	$134K
Modivo	5.5%	$25	-45%	$1.9B	0.9x	9%	52%	14%	3%	24%	$187K
Diagnostyka	4.4%	$45	-18%	$1.5B	2.3x	11%	16%	24%	9%	37%	$93K
Asseco SEE	5.3%	$21	+17%	$1.1B	2.0x	3%	30%	22%	13%	29%	$300K
Grupa Pracuj	5.0%	$15	-16%	$1B	4.2x	5%	-	45%	34%	50%	$208K
cyber_Folks	3.9%	$52	+11%	$799M	2.9x	20%	-	34%	23%	54%	$916K
Vercom	3.9%	$36	+15%	$799M	4.9x	15%	56%	31%	23%	48%	-
Asseco Business Solutions	3.8%	$24	+7%	$791M	5.1x	10%	48%	43%	32%	55%	$143K
AB S.A	3.0%	$40	+47%	$627M	0.2x	0%	-3%	2%	2%	10%	$3M
Comp	2.5%	$27	+84%	$521M	1.7x	27%	37%	17%	10%	35%	$201K
Wirtualna Polska	2.5%	$17	-3%	$518M	1.3x	7%	94%	23%	10%	31%	$291K
PlayWay	2.1%	$66	-9%	$441M	3.8x	10%	61%	72%	50%	87%	-
Sygnity	2.1%	$19	-34%	$438M	-	-	-	-	-	-	$95K
Text SA	1.8%	$14	+4%	$373M	3.7x	7%	68%	49%	37%	52%	$675K
Voxel	1.8%	$35	-25%	$363M	2.5x	2%	34%	33%	10%	34%	$396K
Shoper	1.5%	$11	-15%	$318M	4.5x	12%	-	39%	24%	51%	-
Oponeo	1.5%	$28	+13%	$314M	0.4x	15%	24%	7%	4%	28%	$1M
Datawalk	1.2%	$35	+29%	$248M	11.6x	40%	-46%	-17%	-16%	11%	$192K
Euvic	1.1%	$7	-7%	$229M	-	-	-	-	-	-	$124K
Ten Square Games	0.9%	$28	+27%	$176M	1.3x	10%	84%	22%	18%	26%	$2M
Action S.A.	0.8%	$12	+72%	$158M	0.2x	6%	-	2%	1%	10%	$2M
CI Games	0.8%	$1	-14%	$156M	2.9x	34%	60%	67%	-7%	252%	$138K
Scanway	0.6%	$76	+116%	$126M	5.9x	118%	46%	21%	5%	104%	-
Bloober Team	0.6%	$6	-12%	$124M	2.9x	5%	15%	48%	20%	57%	$1M
Spyrosoft	0.6%	$112	-30%	$123M	0.6x	-	32%	12%	5%	25%	-
VIGO Photonics	0.6%	$134	+6%	$117M	3.2x	29%	52%	20%	-27%	57%	$313K
Scope Fluidics	0.6%	$37	-14%	$116M	121.5x	160%	-3711%	4412%	4811%	-3299%	$1K
Answear.com	0.6%	$6	-22%	$115M	0.4x	12%	41%	5%	2%	17%	-
Cloud Technologies S.A.	0.5%	$25	+88%	$111M	-	-	-	-	-	-	$235K
Agora S.A.	0.5%	$2	-5%	$109M	0.7x	3%	39%	10%	5%	14%	$152K
Creepyjar	0.5%	$140	+11%	$98M	3.6x	26%	50%	73%	53%	222%	$365K
11 bit studios	0.4%	$36	-28%	$88M	2.8x	-18%	-8%	37%	-12%	10%	$358K
Grodno	0.4%	$5	+53%	$73M	-	-	-	-	-	4%	$737K
Software Mansion	0.3%	$6	-48%	$68M	-	-	-	-	-	-	-
Artifex Mundi	0.3%	$6	+35%	$66M	1.8x	30%	80%	34%	8%	27%	$177K
Aplisens	0.3%	$5	+8%	$61M	1.3x	7%	-	24%	-	25%	$81K
XPlus	0.3%	$1	-10%	$58M	-	-	-	-	-	-	$413K
Introl	0.3%	$2	+7%	$58M	-	-	-	-	-	-	$100K
XTPL	0.3%	$19	-11%	$57M	5.1x	123%	42%	8%	-7%	34%	$167K
Passus	0.3%	$35	+78%	$57M	-	-	-	-	-	-	-
NTT System	0.3%	$4	+42%	$56M	-	-	-	-	-	-	$3M
Ailleron	0.3%	$4	-17%	$52M	0.5x	3%	30%	14%	8%	17%	$561K
Noctiluca	0.2%	$26	-6%	$51M	18.1x	91%	2%	8%	-15%	63%	-
Sonel	0.2%	$4	-24%	$50M	-	-	-	-	-	-	$187K
Yanosik	0.2%	$5	+26%	$46M	-	-	-	-	-	-	$254K
PCF Group	0.2%	$1	-32%	$45M	0.9x	1%	32%	19%	15%	21%	-
Proacta	0.2%	$0	+23%	$44M	-	-	-	-	-	-	-
IFIRMA	0.2%	$7	-25%	$42M	-	-	-	-	-	-	$141K
One More Level	0.2%	$1	-1%	$40M	-	-	-	-	-	-	$196K
Atende	0.2%	$1	+21%	$40M	-	-	-	-	-	-	$198K
LSI Software	0.2%	$15	+99%	$39M	1.7x	-	-	27%	-	32%	$138K
BTCS	0.2%	$1	-25%	$33M	-	-	-	-	-	-	$10K
Polski Holding Rozwoju	0.2%	$1	-20%	$33M	-	-	-	-	-	-	-
Sevenet	0.2%	$3	+405%	$32M	-	-	-	-	-	-	$337K
SFD	0.2%	$1	-9%	$32M	-	-	-	-	-	-	$835K
Proguns Group	0.1%	$1	-17%	$30M	-	-	-	-	-	-	-
QNA Technology	0.1%	$10	+14%	$28M	-	-	-	-	-	-	-
LM Pay	0.1%	-	-	$28M	2.2x	15%	-	40%	-6%	55%	$195K
P.N. Promise	0.1%	$2	+3%	$26M	-	-	-	-	-	-	$3M
S4E	0.1%	$15	+50%	$25M	-	-	-	-	-	-	$3M
President Studio	0.1%	$23	-14%	$24M	-	-	-	-	-	-	-
M4B S.A.	0.1%	$3	+0%	$24M	-	-	-	-	-	-	$2M
Gremi Media	0.1%	$13	-35%	$23M	-	-	-	-	-	-	$80K
Render Cube	0.1%	$20	+2%	$21M	-	-	-	-	-	-	-
Boombit	0.1%	$2	-15%	$21M	-	-	-	-	-	-	$2M
Tech Robotics	0.1%	$3	-16%	$21M	-	-	-	-	-	-	-
Ultimate Games	0.1%	$4	+24%	$20M	-	-	-	-	-	-	-
Fabrity	0.1%	$7	-4%	$20M	0.8x	8%	27%	13%	8%	22%	$45K
Arts Alliance	0.1%	$1	-77%	$19M	-	-	-	-	-	-	-
Forever Entertainment	0.1%	$1	-22%	$19M	-	-	-	-	-	-	$425K
MERLIN GROUP	0.1%	$0	-	$19M	-	-	-	-	-	-	-
Games Operators	0.1%	$3	-31%	$17M	-	-	-	-	-	-	$7K
MakoLab	0.1%	$2	+74%	$17M	-	-	-	-	-	-	$148K
Komputronik	0.1%	$2	+3%	$17M	-	-	-	-	-	3%	$433K
Moliera2	0.1%	$0	-39%	$16M	-	-	-	-	-	-	-
All In Games	0.1%	$0	-37%	$16M	-	-	-	-	-	-	-
3R Games	0.1%	$0	-13%	$16M	-	-	-	-	-	-	$90K
7FIT	0.1%	$9	+232%	$16M	-	-	-	-	-	-	$1M
Talex	0.1%	$5	-19%	$14M	-	-	-	-	-	-	$101K
KBJ S.A.	0.1%	$7	+9%	$13M	-	-	-	-	-	-	$112K
Legimi	0.1%	$8	-22%	$13M	-	-	-	-	-	-	-
CStore	0.1%	$1	-	$13M	-	-	-	-	-	-	-
Farm Innovations	0.1%	$9	-	$13M	-	-	-	-	-	-	-
MedApp	0.1%	$0	+5%	$13M	-	-	-	-	-	-	$54K
Garin AI	0.1%	$1	-9%	$13M	-	-	-	-	-	-	-
OPTeam	0.1%	$2	+56%	$13M	-	-	-	-	-	-	$188K
Bridge Solutions Hub	0.1%	$8	+32%	$12M	-	-	-	-	-	-	-
Yarrl	0.1%	$2	-25%	$12M	-	-	-	-	-	-	$289K
Quantum Software	0.1%	$9	+18%	$12M	-	-	-	-	-	-	$102K
PZ CORMAY	0.1%	$0	+1%	$12M	-	-	-	-	-	-	$119K
Biomaxima	0.1%	$3	-23%	$12M	0.7x	15%	-	15%	5%	39%	$141K
Sonka	0.1%	$3	+22%	$11M	-	-	-	-	-	-	-
Suntech	0.1%	$1	+69%	$11M	-	-	-	-	-	-	$232K
Sunway Network	0.1%	$1	+3%	$11M	-	-	-	-	-	-	-
Genomed	0.1%	$8	+11%	$11M	-	-	-	-	-	-	$224K
Sygnis	0.1%	$0	-23%	$10M	-	-	-	-	-	-	$147K