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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

$51B

cumulative
enterprise value

2.4x

median EV/NTM revenue multiple

10%

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.

+84.7%

Multiples Polish Tech Index

Data as of 12 October 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 October 12, 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 October 12, 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	Asseco Poland
Market Cap	$13B	$6.5B	$4.5B
EV/Revenue (NTM)	3.6x	18.2x	1.1x
EV/Gross Profit (NTM)	12.8x	19.9x	4.7x
EV/EBITDA (NTM)	12.1x	31.9x	6.9x
EV/FCF (NTM)	23.1x	-318.1x	12.1x
Revenue Growth	13%	54%	3%
Gross Margin (NTM)	28%	91%	23%
EBITDA Margin (NTM)	30%	57%	16%
FCF Margin (NTM)	16%	-6%	9%
Rule of 40	47%	59%	30%
Rule of X	74%	58%	53%

Data as of October 12, 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	7.3%	$13	+37%	$13B	3.6x	13%	28%	30%	16%	47%	$490K
CD Projekt	5.5%	$65	-5%	$6.5B	18.2x	54%	91%	57%	-6%	59%	$275K
Asseco Poland	3.9%	$56	-4%	$4.5B	1.1x	3%	23%	16%	9%	30%	$127K
Benefit Systems	3.7%	$1,304	+53%	$4.3B	3.0x	20%	36%	31%	8%	57%	$915K
XTB	3.6%	$35	+88%	$4.2B	3.5x	14%	-	-	-	-	$350K
Modivo	4.2%	$23	-45%	$1.7B	0.9x	8%	50%	14%	3%	16%	$177K
Diagnostyka	5.1%	$41	-19%	$1.4B	2.2x	10%	16%	24%	9%	37%	$88K
Grupa Pracuj	4.0%	$14	-7%	$987M	4.1x	5%	-	45%	36%	50%	$182K
Asseco SEE	4.0%	$19	+5%	$985M	1.9x	2%	30%	22%	13%	29%	$286K
cyber_Folks	3.8%	$51	+10%	$950M	3.6x	17%	-	35%	22%	55%	$871K
Asseco Business Solutions	4.6%	$23	-5%	$741M	5.1x	8%	49%	44%	32%	55%	$136K
Vercom	4.5%	$33	-1%	$725M	4.7x	12%	58%	32%	23%	46%	-
AB S.A	3.8%	$39	+46%	$608M	0.2x	-1%	-1%	2%	2%	11%	$3M
Sygnity	3.2%	$22	-17%	$509M	-	-	-	-	-	-	$91K
Comp	3.0%	$24	+55%	$477M	1.6x	24%	35%	17%	10%	35%	$191K
Wirtualna Polska	2.7%	$15	-2%	$436M	1.2x	6%	94%	23%	9%	30%	$189K
PlayWay	2.5%	$61	-17%	$405M	3.7x	8%	61%	72%	50%	87%	-
Voxel	2.4%	$36	-12%	$380M	2.6x	0%	33%	34%	12%	36%	$377K
Oponeo	1.9%	$27	+2%	$306M	0.4x	13%	25%	7%	2%	28%	$1M
Creotech Quantum	1.8%	$61	-	$288M	33.7x	77%	-	-24%	-100%	-82%	-
Text SA	1.7%	$11	-20%	$273M	2.8x	3%	65%	46%	34%	44%	$642K
Datawalk	1.4%	$30	+23%	$217M	10.1x	40%	-34%	-15%	-15%	10%	$182K
Euvic	1.2%	$6	-29%	$195M	-	-	-	-	-	-	$17K
Scanway	1.0%	$84	+79%	$162M	7.3x	125%	47%	22%	8%	105%	-
Ten Square Games	1.0%	$25	+6%	$159M	1.3x	9%	84%	22%	17%	27%	$490K
Action S.A.	0.9%	$11	+37%	$148M	0.1x	6%	-	2%	1%	13%	$1M
VIGO Photonics	0.9%	$146	+5%	$147M	4.0x	27%	50%	21%	-27%	58%	$297K
Cloud Technologies S.A.	0.9%	$31	+98%	$140M	-	-	-	-	-	-	$224K
CI Games	0.9%	$1	-19%	$139M	2.2x	126%	56%	67%	9%	134%	$131K
Agora S.A.	0.8%	$3	+15%	$133M	0.8x	2%	40%	16%	5%	18%	$145K
Bloober Team	0.7%	$6	-18%	$111M	2.8x	3%	15%	49%	20%	57%	$1M
Answear.com	0.7%	$6	-29%	$107M	0.3x	9%	41%	5%	1%	17%	-
Scope Fluidics	0.6%	$31	-25%	$97M	98.9x	129%	-3537%	-	5664%	-3003%	$1K
Spyrosoft	0.6%	$83	-42%	$91M	0.5x	-	32%	12%	5%	25%	-
Creepyjar	0.5%	$113	-5%	$79M	2.8x	12%	47%	72%	52%	221%	$347K
11 bit studios	0.5%	$31	-36%	$74M	2.6x	-17%	-7%	32%	-15%	11%	$340K
NTT System	0.4%	$5	+103%	$70M	-	-	-	-	-	-	$3M
Passus	0.4%	$45	+88%	$66M	-	-	-	-	-	-	-
Artifex Mundi	0.4%	$5	+40%	$63M	1.7x	44%	74%	33%	11%	23%	$168K
Grodno	0.4%	$4	+30%	$58M	-	-	-	-	-	4%	$701K
XTPL	0.4%	$20	-1%	$58M	4.2x	132%	55%	21%	-3%	74%	$159K
Introl	0.3%	$2	+15%	$55M	-	-	-	-	-	-	$95K
Aplisens	0.3%	$5	0%	$55M	1.1x	5%	-	24%	-	28%	$77K
Atende	0.3%	$1	+49%	$50M	-	-	-	-	-	-	$188K
Ailleron	0.3%	$4	-6%	$49M	0.8x	1%	28%	14%	8%	14%	$533K
Software Mansion	0.3%	$4	-62%	$48M	-	-	-	-	-	-	-
Proacta	0.3%	$0	+10%	$47M	-	-	-	-	-	-	-
Sonel	0.3%	$3	-30%	$46M	-	-	-	-	-	-	$178K
Noctiluca	0.3%	$23	-11%	$45M	17.0x	119%	6%	10%	-44%	53%	-
Yanosik	0.3%	$4	+11%	$43M	-	-	-	-	-	-	$242K
One More Level	0.3%	$1	+20%	$41M	-	-	-	-	-	-	$186K
BTCS	0.3%	$1	+71%	$40M	-	-	-	-	-	-	$10K
PCF Group	0.2%	$1	-24%	$38M	0.7x	0%	32%	19%	16%	21%	-
IFIRMA	0.2%	$6	-29%	$37M	-	-	-	-	-	-	$134K
S4E	0.2%	$20	+87%	$34M	-	-	-	-	-	-	$3M
LSI Software	0.2%	$13	+66%	$34M	1.5x	-	-	28%	-	37%	$131K
LM Pay	0.2%	-	-	$28M	2.2x	14%	94%	41%	-5%	51%	$186K
Sevenet	0.2%	$3	+317%	$27M	-	-	-	-	-	-	$454K
Proguns Group	0.2%	$1	-20%	$27M	-	-	-	-	-	-	-
QNA Technology	0.2%	$9	+12%	$26M	26.4x	-	97%	-199%	-354%	-1388%	-
P.N. Promise	0.1%	$2	-10%	$24M	-	-	-	-	-	-	$3M
Tech Robotics	0.1%	$4	-4%	$24M	-	-	-	-	-	-	-
Polski Holding Rozwoju	0.1%	$0	-44%	$23M	-	-	-	-	-	-	-
President Studio	0.1%	$21	-27%	$22M	-	-	-	-	-	-	-
Render Cube	0.1%	$19	-10%	$20M	-	-	-	-	-	-	-
Boombit	0.1%	$1	-16%	$20M	-	-	-	-	-	-	$2M
M4B S.A.	0.1%	$3	-20%	$20M	-	-	-	-	-	-	$2M
Gremi Media	0.1%	$11	-50%	$19M	-	-	-	-	-	-	$76K
Fabrity	0.1%	$7	-11%	$18M	0.9x	7%	27%	13%	9%	22%	$43K
Sigma Defence	0.1%	$0	+2%	$18M	-	-	-	-	-	-	$67K
Komputronik	0.1%	$2	-1%	$17M	-	-	-	-	-	3%	$412K
Ultimate Games	0.1%	$3	-11%	$17M	-	-	-	-	-	-	-
Games Operators	0.1%	$3	-27%	$16M	-	-	-	-	-	-	$6K
Quantum Software	0.1%	$11	+62%	$15M	-	-	-	-	-	-	$97K
Forever Entertainment	0.1%	$1	-34%	$15M	-	-	-	-	-	-	$405K
3R Games	0.1%	$0	-22%	$15M	-	-	-	-	-	-	$85K
All In Games	0.1%	$0	-32%	$14M	-	-	-	-	-	-	-
CStore	0.1%	$1	-	$13M	-	-	-	-	-	-	-
Talex	0.1%	$4	-15%	$13M	-	-	-	-	-	-	$96K
KBJ S.A.	0.1%	$6	+9%	$13M	-	-	-	-	-	-	$106K
Genomed	0.1%	$10	+27%	$13M	-	-	-	-	-	-	$213K
MakoLab	0.1%	$2	+24%	$13M	-	-	-	-	-	-	$140K
Farm Innovations	0.1%	$8	-	$12M	-	-	-	-	-	-	-
Thorium Space	0.1%	$5	-	$12M	-	-	-	-	-	-	-
OPTeam	0.1%	$1	+65%	$12M	-	-	-	-	-	-	$179K
MedApp	0.1%	$0	+3%	$11M	-	-	-	-	-	-	$51K
Legimi	0.1%	$7	-33%	$11M	-	-	-	-	-	-	-
Biomaxima	0.1%	$3	-28%	$11M	0.7x	26%	-	15%	4%	43%	$134K
Bridge Solutions Hub	0.1%	$7	+22%	$11M	-	-	-	-	-	-	-
Sygnis	0.1%	$0	-52%	$11M	-	-	-	-	-	-	$139K
Garin AI	0.1%	$0	-5%	$10M	-	-	-	-	-	-	-
Sunway Network	0.1%	$1	-	$10M	-	-	-	-	-	-	-
Outdoorzy	0.1%	$0	+108%	$10M	-	-	-	-	-	-	$268K
Yarrl	0.1%	$1	-35%	$10M	-	-	-	-	-	-	$275K
7FIT	0.1%	$6	+105%	$10M	-	-	-	-	-	-	$1M
Binary Helix	0.1%	$1	-	$10M	-	-	-	-	-	-	-
Lichthund	0.1%	$17	+23%	$10M	-	-	-	-	-	-	-
Sonka	0.1%	$3	+5%	$10M	-	-	-	-	-	-	-
Analizy Online	0.1%	$7	+12%	$9M	-	-	-	-	-	-	$75K
Vivid Games	0.1%	$0	-30%	$9M	-	-	-	-	-	-	$27K