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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

2.6x

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.

+84.6%

Multiples Polish Tech Index

Data as of 04 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 4, 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 4, 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	$4.6B
EV/Revenue (NTM)	3.6x	18.3x	1.1x
EV/Gross Profit (NTM)	12.8x	20.0x	4.7x
EV/EBITDA (NTM)	12.1x	32.1x	6.9x
EV/FCF (NTM)	23.3x	-304.1x	12.2x
Revenue Growth	13%	52%	3%
Gross Margin (NTM)	28%	92%	23%
EBITDA Margin (NTM)	30%	57%	16%
FCF Margin (NTM)	15%	-6%	9%
Rule of 40	47%	59%	31%
Rule of X	75%	59%	54%

Data as of October 4, 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	7.4%	$13	+38%	$13B	3.6x	13%	28%	30%	15%	47%	$493K
CD Projekt	5.5%	$65	-4%	$6.5B	18.3x	52%	92%	57%	-6%	59%	$277K
Asseco Poland	3.9%	$57	-3%	$4.6B	1.1x	3%	23%	16%	9%	31%	$128K
Benefit Systems	3.7%	$1,313	+54%	$4.3B	3.0x	20%	36%	31%	8%	58%	$921K
XTB	3.6%	$36	+89%	$4.2B	3.5x	15%	-	-	-	-	$352K
Modivo	4.2%	$23	-44%	$1.8B	0.9x	8%	50%	14%	3%	17%	$179K
Diagnostyka	5.1%	$41	-19%	$1.4B	2.2x	10%	16%	24%	9%	37%	$89K
Grupa Pracuj	4.0%	$14	-7%	$993M	4.1x	5%	-	45%	36%	51%	$183K
Asseco SEE	4.0%	$19	+6%	$991M	1.9x	2%	30%	22%	13%	29%	$288K
cyber_Folks	3.8%	$52	+11%	$956M	3.6x	18%	-	35%	22%	55%	$877K
Asseco Business Solutions	4.6%	$23	-5%	$746M	5.1x	8%	49%	44%	32%	55%	$137K
Vercom	4.5%	$33	-1%	$730M	4.7x	12%	58%	32%	23%	46%	-
AB S.A	3.8%	$39	+47%	$612M	0.2x	-1%	-1%	2%	2%	11%	$3M
Sygnity	3.2%	$23	-16%	$513M	-	-	-	-	-	-	$91K
Comp	3.0%	$25	+56%	$480M	1.6x	24%	35%	17%	10%	36%	$192K
Wirtualna Polska	2.7%	$15	-2%	$439M	1.2x	6%	94%	23%	9%	31%	$190K
PlayWay	2.5%	$61	-16%	$408M	3.7x	8%	61%	72%	50%	87%	-
Voxel	2.4%	$36	-12%	$383M	2.6x	0%	33%	34%	12%	36%	$380K
Oponeo	1.9%	$27	+3%	$308M	0.4x	13%	25%	7%	2%	28%	$1M
Creotech Quantum	1.8%	$62	-	$289M	34.0x	75%	-	-24%	-100%	-81%	-
Text SA	1.7%	$11	-19%	$274M	2.8x	3%	65%	46%	34%	45%	$647K
Datawalk	1.3%	$31	+23%	$219M	10.1x	40%	-36%	-15%	-15%	11%	$184K
Euvic	1.2%	$6	-29%	$196M	-	-	-	-	-	-	$17K
Ten Square Games	1.0%	$25	+5%	$158M	1.3x	9%	84%	22%	17%	28%	$493K
Action S.A.	0.9%	$12	+38%	$149M	0.1x	7%	-	2%	1%	13%	$1M
VIGO Photonics	0.9%	$147	+5%	$148M	4.0x	27%	50%	21%	-27%	58%	$299K
Scanway	0.9%	$85	+81%	$142M	6.4x	124%	47%	22%	7%	106%	-
Cloud Technologies S.A.	0.9%	$31	+99%	$141M	-	-	-	-	-	-	$225K
CI Games	0.9%	$1	-18%	$140M	2.7x	46%	55%	67%	9%	185%	$132K
Agora S.A.	0.8%	$3	+15%	$134M	0.8x	2%	40%	16%	5%	18%	$146K
Bloober Team	0.7%	$6	-17%	$112M	2.8x	3%	15%	49%	20%	57%	$1M
Answear.com	0.7%	$6	-29%	$107M	0.3x	10%	41%	5%	1%	17%	-
Scope Fluidics	0.6%	$31	-25%	$98M	92.5x	132%	-3557%	-	5566%	-3299%	$1K
Spyrosoft	0.6%	$84	-42%	$92M	0.5x	-	32%	12%	5%	25%	-
Creepyjar	0.5%	$114	-4%	$80M	2.8x	13%	48%	72%	52%	222%	$349K
11 bit studios	0.5%	$31	-36%	$75M	2.7x	-19%	-9%	32%	-15%	11%	$343K
NTT System	0.4%	$5	+104%	$70M	-	-	-	-	-	-	$3M
Passus	0.4%	$46	+89%	$67M	-	-	-	-	-	-	-
Artifex Mundi	0.4%	$5	+41%	$63M	1.7x	42%	75%	33%	11%	24%	$169K
Grodno	0.4%	$4	+31%	$59M	-	-	-	-	-	4%	$706K
XTPL	0.4%	$20	0%	$58M	4.2x	131%	54%	21%	-4%	75%	$160K
Introl	0.3%	$2	+15%	$56M	-	-	-	-	-	-	$96K
Aplisens	0.3%	$5	+0%	$55M	1.1x	6%	-	24%	-	29%	$77K
XPlus	0.3%	$1	+2%	$54M	-	-	-	-	-	-	$395K
Atende	0.3%	$1	+50%	$51M	-	-	-	-	-	-	$189K
Ailleron	0.3%	$4	-5%	$49M	0.8x	1%	28%	14%	8%	15%	$537K
Software Mansion	0.3%	$5	-62%	$49M	-	-	-	-	-	-	-
Proacta	0.3%	$0	+10%	$47M	-	-	-	-	-	-	-
Sonel	0.3%	$3	-29%	$46M	-	-	-	-	-	-	$179K
Noctiluca	0.3%	$23	-10%	$46M	17.2x	117%	5%	9%	-44%	54%	-
Yanosik	0.3%	$4	+11%	$44M	-	-	-	-	-	-	$243K
One More Level	0.3%	$1	+21%	$42M	-	-	-	-	-	-	$187K
BTCS	0.3%	$1	+72%	$41M	-	-	-	-	-	-	$10K
PCF Group	0.2%	$1	-23%	$38M	0.7x	0%	32%	19%	15%	21%	-
IFIRMA	0.2%	$6	-29%	$38M	-	-	-	-	-	-	$135K
S4E	0.2%	$20	+88%	$35M	-	-	-	-	-	-	$3M
LSI Software	0.2%	$13	+67%	$34M	1.5x	-	-	28%	-	37%	$132K
SFD	0.2%	$1	-8%	$32M	-	-	-	-	-	-	$799K
LM Pay	0.2%	-	-	$28M	2.2x	14%	94%	41%	-5%	52%	$187K
Sevenet	0.2%	$3	+320%	$28M	-	-	-	-	-	-	$457K
Proguns Group	0.2%	$1	-19%	$27M	-	-	-	-	-	-	-
QNA Technology	0.2%	$9	+13%	$26M	26.8x	-	97%	-205%	-361%	-1387%	-
P.N. Promise	0.1%	$2	-10%	$24M	-	-	-	-	-	-	$3M
Tech Robotics	0.1%	$4	-3%	$24M	-	-	-	-	-	-	-
Polski Holding Rozwoju	0.1%	$0	-43%	$24M	-	-	-	-	-	-	-
President Studio	0.1%	$21	-26%	$22M	-	-	-	-	-	-	-
Render Cube	0.1%	$19	-9%	$21M	-	-	-	-	-	-	-
Boombit	0.1%	$1	-16%	$21M	-	-	-	-	-	-	$2M
M4B S.A.	0.1%	$3	-20%	$20M	-	-	-	-	-	-	$2M
Gremi Media	0.1%	$11	-50%	$19M	-	-	-	-	-	-	$77K
Fabrity	0.1%	$7	-10%	$18M	0.9x	7%	27%	13%	9%	22%	$43K
Sigma Defence	0.1%	$0	+2%	$18M	-	-	-	-	-	-	$68K
Komputronik	0.1%	$2	0%	$17M	-	-	-	-	-	3%	$414K
Ultimate Games	0.1%	$3	-11%	$17M	-	-	-	-	-	-	-
Games Operators	0.1%	$3	-27%	$16M	-	-	-	-	-	-	$6K
Quantum Software	0.1%	$11	+63%	$16M	-	-	-	-	-	-	$98K
Forever Entertainment	0.1%	$1	-33%	$15M	-	-	-	-	-	-	$407K
3R Games	0.1%	$0	-21%	$15M	-	-	-	-	-	-	$86K
All In Games	0.1%	$0	-31%	$14M	-	-	-	-	-	-	-
CStore	0.1%	$1	-	$14M	-	-	-	-	-	-	-
Talex	0.1%	$4	-14%	$13M	-	-	-	-	-	-	$97K
KBJ S.A.	0.1%	$6	+10%	$13M	-	-	-	-	-	-	$107K
Genomed	0.1%	$10	+27%	$13M	-	-	-	-	-	-	$214K
MakoLab	0.1%	$2	+25%	$13M	-	-	-	-	-	-	$141K
Moliera2	0.1%	$0	-41%	$12M	-	-	-	-	-	-	-
Farm Innovations	0.1%	$8	-	$12M	-	-	-	-	-	-	-
Thorium Space	0.1%	$5	-	$12M	-	-	-	-	-	-	-
OPTeam	0.1%	$1	+66%	$12M	-	-	-	-	-	-	$180K
MedApp	0.1%	$0	+4%	$12M	-	-	-	-	-	-	$52K
PZ CORMAY	0.1%	$0	+19%	$11M	-	-	-	-	-	-	$120K
Legimi	0.1%	$7	-32%	$11M	-	-	-	-	-	-	-
Biomaxima	0.1%	$3	-27%	$11M	0.7x	27%	-	15%	4%	43%	$135K
Bridge Solutions Hub	0.1%	$7	+22%	$11M	-	-	-	-	-	-	-
Sygnis	0.1%	$0	-51%	$11M	-	-	-	-	-	-	$140K
Garin AI	0.1%	$0	-4%	$10M	-	-	-	-	-	-	-
Sunway Network	0.1%	$1	-	$10M	-	-	-	-	-	-	-
Outdoorzy	0.1%	$0	+110%	$10M	-	-	-	-	-	-	$270K
Yarrl	0.1%	$1	-35%	$10M	-	-	-	-	-	-	$277K
7FIT	0.1%	$6	+106%	$10M	-	-	-	-	-	-	$1M
Binary Helix	0.1%	$1	-	$10M	-	-	-	-	-	-	-