🦘

Multiples Tech Down Under Index

Curated by Multiples, this index tracks publicly listed technology companies in Australia and New Zealand.

Explore the Multiples Tech Down Under Index

100

public companies
tracked

$275B

cumulative
enterprise value

3.4x

median EV/NTM revenue multiple

11%

median NTM/LTM revenue growth

Jump to Section

Index Performance

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

+13.9%

Multiples Tech Down Under 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 Tech Down Under Index constituents.

Valuation Benchmarks

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

Metric	Atlassian	Aristocrat Leisure	REA Group
Market Cap	$41B	$27B	$16B
EV/Revenue (NTM)	5.4x	6.2x	12.0x
EV/Gross Profit (NTM)	6.2x	12.0x	19.0x
EV/EBITDA (NTM)	20.2x	14.5x	18.5x
EV/FCF (NTM)	20.9x	25.0x	29.7x
Revenue Growth	14%	6%	6%
Gross Margin (NTM)	87%	52%	63%
EBITDA Margin (NTM)	27%	43%	65%
FCF Margin (NTM)	26%	25%	40%
Rule of 40	35%	42%	58%
Rule of X	63%	41%	57%

Data as of August 16, 2026.

Cumulative Metrics

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

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples Tech Down Under 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 Tech Down Under Index

This index tracks publicly listed tech companies headquartered in Australia and New Zealand.


Atlassian	17.0%	$162	-9%	$41B	5.4x	14%	87%	27%	26%	35%	$476K
Aristocrat Leisure	11.3%	$46	-4%	$27B	6.2x	6%	52%	43%	25%	42%	$602K
REA Group	6.8%	$125	-24%	$16B	12.0x	6%	63%	65%	40%	58%	$417K
IREN	6.5%	$44	+66%	$16B	5.5x	224%	84%	74%	-387%	259%	$2M
Pro Medicus	5.5%	$127	-35%	$13B	52.9x	29%	100%	79%	53%	106%	$1M
WiseTech Global	4.3%	$31	-54%	$10B	7.9x	10%	80%	48%	24%	79%	$214K
Xero	4.2%	$58	-46%	$10B	4.4x	28%	78%	25%	13%	56%	$353K
The Lottery Corporation	3.5%	$4	-1%	$8.5B	3.3x	11%	26%	21%	1%	26%	-
carsales.com	3.3%	$21	-19%	$8.1B	9.0x	11%	66%	56%	34%	64%	$355K
Nextdc	3.3%	$11	-1%	$8B	17.4x	50%	70%	51%	-521%	83%	$1M
TechnologyOne	3.2%	$24	-8%	$7.8B	14.0x	16%	87%	46%	26%	59%	$429K
Sonic Healthcare	3.2%	$16	+1%	$7.8B	1.5x	3%	67%	18%	9%	25%	$151K
Codan	2.4%	$32	+58%	$5.8B	8.5x	13%	-	34%	16%	52%	$477K
HUB24	2.1%	$62	-13%	$5B	12.0x	18%	61%	42%	30%	61%	$295K
Netwealth Group	1.7%	$17	-24%	$4.2B	12.6x	16%	47%	47%	32%	69%	$348K
Telix Pharmaceuticals	1.7%	$12	+24%	$4B	4.0x	18%	57%	7%	1%	29%	$679K
Seek	1.6%	$11	-41%	$3.8B	5.2x	6%	45%	45%	21%	25%	$276K
Megaport	1.5%	$15	+47%	$3.7B	7.6x	91%	64%	39%	-93%	105%	$459K
Zip	1.0%	$2	-30%	$2.4B	3.6x	18%	48%	19%	1%	40%	$688K
Spark New Zealand	0.9%	$1	-25%	$2.2B	1.6x	0%	53%	28%	14%	29%	$528K
Tabcorp	0.6%	$1	+1%	$1.5B	1.0x	3%	29%	16%	8%	18%	$810K
Imdex	0.6%	$3	+38%	$1.4B	3.4x	16%	39%	31%	16%	49%	$374K
Droneshield	0.5%	$1	-36%	$1.3B	5.4x	22%	43%	13%	-1%	30%	$341K
Macquarie Technology Group	0.5%	$45	+13%	$1.2B	4.0x	7%	-	30%	-100%	36%	$583K
Bravura Solutions	0.5%	$3	+74%	$1.1B	5.4x	3%	48%	33%	24%	39%	$200K
Braiin	0.5%	$6	-	$1.1B	10.0x	32%	38%	19%	12%	38%	-
Data#3	0.5%	$7	+18%	$1.1B	0.4x	7%	-	2%	1%	66%	$417K
Nine Entertainment	0.5%	$1	-37%	$1.1B	0.7x	13%	20%	22%	11%	16%	$452K
IRESS	0.4%	$6	-2%	$1B	3.0x	-1%	-	29%	16%	22%	$342K
Elsight	0.4%	$5	+320%	$1B	12.5x	79%	75%	47%	40%	188%	-
Silex Systems	0.4%	$4	+35%	$1B	102.7x	-34%	-533%	-363%	-513%	-244%	$127K
McMillan Shakespeare	0.4%	$14	+13%	$1B	3.5x	3%	-	29%	-	46%	$235K
PEXA Group	0.4%	$6	-44%	$979M	3.8x	2%	82%	34%	16%	38%	$310K
Web Travel Group	0.4%	$2	-14%	$900M	2.4x	8%	100%	39%	28%	43%	$146K
Catapult	0.3%	$3	-35%	$834M	4.5x	17%	80%	21%	11%	36%	$313K
Echo IQ	0.3%	$1	+721%	$834M	131.5x	386%	99%	-89%	-134%	186%	$12K
Tiger Brokers	0.3%	$5	-63%	$822M	0.1x	-1%	83%	33%	28%	25%	$513K
RPMGlobal	0.3%	-	-	$780M	-	-	-	-	-	-	$187K
SKS Technologies	0.3%	$7	+258%	$776M	2.0x	43%	54%	13%	12%	54%	$231K
SiteMinder	0.3%	$3	-40%	$770M	3.1x	22%	67%	16%	10%	35%	$145K
Cuscal	0.3%	$4	+60%	$770M	(4.5x)	28%	65%	23%	40%	39%	$370K
Weebit Nano	0.3%	$3	+70%	$756M	30.5x	102%	-	128%	-	337%	-
Judo Bank	0.3%	$1	-41%	$734M	6.9x	15%	57%	-	-	-	$521K
Hansen Technologies	0.3%	$3	-21%	$631M	2.2x	7%	91%	31%	20%	35%	$172K
Chrysos Corp.	0.3%	$5	+26%	$627M	8.0x	27%	76%	35%	-30%	63%	$301K
Integral Diagnostics	0.2%	$2	-16%	$592M	1.7x	6%	100%	21%	7%	36%	$147K
Pepper Money	0.2%	$1	-8%	$579M	35.3x	13%	-	-	-	-	$348K
Artrya	0.2%	$3	+145%	$557M	60.1x	176%	92%	-110%	-101%	-19%	-
Objective Corp.	0.2%	$5	-62%	$492M	4.4x	4%	100%	36%	17%	43%	$189K
Temple & Webster	0.2%	$4	-76%	$428M	0.7x	4%	35%	5%	5%	11%	-
Vista Group	0.2%	$2	-10%	$379M	3.4x	10%	58%	21%	-3%	30%	$136K
Nuix	0.1%	$1	-40%	$356M	1.6x	11%	90%	29%	14%	41%	$348K
Cogstate	0.1%	$2	+78%	$337M	4.1x	-14%	58%	33%	20%	41%	$144K
Tyro Payments	0.1%	$1	-22%	$336M	0.7x	14%	46%	14%	-	21%	$594K
Energy One	0.1%	$11	+14%	$334M	5.9x	13%	45%	32%	18%	45%	$338K
Australian Clinical Labs	0.1%	$2	-11%	$310M	0.9x	4%	83%	27%	20%	29%	$111K
Kogan.com	0.1%	$3	+23%	$307M	0.6x	14%	41%	8%	6%	15%	-
Seeing Machines	0.1%	$0	+60%	$301M	3.4x	25%	77%	21%	26%	41%	$171K
NZX	0.1%	$1	+7%	$289M	3.7x	8%	-	41%	22%	48%	$221K
Appen	0.1%	$1	+82%	$276M	0.7x	27%	-	11%	6%	30%	$195K
Sky Network Television	0.1%	$2	+4%	$269M	0.5x	-1%	-	19%	7%	25%	$694K
Praemium	0.1%	$1	+5%	$267M	2.8x	9%	49%	34%	22%	40%	$199K
Ainsworth Game Technology	0.1%	$1	+20%	$267M	1.5x	-2%	16%	14%	13%	29%	$302K
Gentrack Group	0.1%	$2	-62%	$254M	1.5x	11%	10%	11%	6%	13%	$158K
BrainChip	0.1%	$0	-29%	$232M	35.3x	201%	66%	-	-315%	-	$30K
Qoria	0.1%	$0	-65%	$231M	2.1x	18%	-	24%	-	44%	$201K
Solvar	0.1%	$1	-3%	$209M	3.7x	7%	-	47%	-42%	50%	$411K
Rakon	0.1%	$1	+86%	$208M	-	-	-	-	-	-	-
Healius	0.1%	$0	-50%	$206M	0.8x	3%	85%	19%	17%	22%	$106K
Fortifai	0.1%	$1	+400%	$185M	-	-	-	-	-	-	-
DUG Technology	0.1%	$1	+27%	$182M	2.0x	17%	-	36%	8%	61%	-
BetMakers	0.1%	$0	+54%	$174M	2.1x	11%	56%	17%	6%	26%	$106K
Cash Converters	0.1%	$0	+2%	$159M	0.8x	10%	-	15%	9%	27%	$108K
Adisyn	0.1%	$0	+183%	$154M	-	-	-	-	-	-	-
Humm Group	0.1%	$0	-28%	$150M	9.3x	1%	-	11%	-	-6%	$868K
BlueBet Holdings	0.1%	$0	-28%	$148M	1.2x	13%	43%	10%	5%	10%	$3M
ReadyTech	0.1%	$1	-22%	$147M	1.9x	7%	-	29%	9%	34%	-
Acusensus	0.1%	$1	+24%	$142M	1.6x	17%	41%	9%	-6%	37%	$161K
Scott Tech	0.1%	$2	+39%	$138M	0.8x	-	-	13%	10%	23%	$266K
OFX Group	0.1%	$1	+10%	$135M	(1.1x)	8%	-	13%	-	13%	$211K
Seven West Media	0.1%	-	-	$130M	-	-	-	-	-	-	-
Optiscan Imaging	0.1%	$0	+111%	$126M	-	-	-	-	-	-	$20K
Audinate Group	0.1%	$1	-52%	$125M	1.4x	13%	83%	1%	-10%	8%	$187K
Serko	0.1%	$1	-34%	$123M	1.2x	11%	89%	8%	-5%	19%	$167K
wrkr	0.0%	$0	-22%	$119M	5.2x	61%	-	10%	-11%	66%	$86K
Apiam Animal Health	0.0%	-	-	$116M	-	-	-	-	-	-	$624K
Webjet	0.0%	$0	-52%	$111M	0.4x	-6%	16%	16%	7%	5%	-
Plenti Group	0.0%	$1	-26%	$110M	7.9x	14%	-	10%	5%	31%	-
EROAD	0.0%	$1	-61%	$105M	1.0x	-1%	83%	23%	1%	4%	$258K
Atturra	0.0%	$0	-46%	$103M	0.4x	6%	28%	10%	5%	23%	$175K
Viva Leisure	0.0%	$1	+4%	$101M	1.8x	10%	-	47%	-	59%	$298K
Frontier Digital Ventures	0.0%	$0	+22%	$100M	2.7x	-2%	-	19%	-	6%	-
Klevo Rewards	0.0%	$0	-	$100M	-	-	-	-	-	-	-
EML Payments	0.0%	$0	-67%	$95M	-	-	-	-	-	36%	$244K
Audio Pixels	0.0%	$3	-12%	$88M	-	-	-	-	-	-	$1K
Alcidion Group	0.0%	$0	+3%	$86M	2.0x	5%	86%	15%	10%	39%	$168K
Decidr AI	0.0%	$0	-46%	$82M	5.5x	160%	-	-118%	-141%	5%	-
Carma	0.0%	$1	-	$80M	0.4x	67%	13%	-10%	-15%	48%	-
hipages Group	0.0%	$1	-33%	$78M	0.9x	9%	-	26%	13%	34%	$266K
Sparc AI	0.0%	$3	+1135%	$76M	-	-	-	-	-	-	-