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

$227B

cumulative
enterprise value

2.9x

median EV/NTM revenue multiple

13%

median NTM/LTM revenue growth

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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.

+30.3%

Multiples Tech Down Under Index

Data as of 23 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 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 April 23, 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 April 23, 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	Aristocrat Leisure	REA Group	IREN
Market Cap	$21B	$17B	$16B
EV/Revenue (NTM)	4.7x	11.6x	6.5x
EV/Gross Profit (NTM)	9.1x	19.0x	7.6x
EV/EBITDA (NTM)	11.0x	19.4x	9.2x
EV/FCF (NTM)	17.7x	32.2x	-5.1x
Revenue Growth	6%	12%	183%
Gross Margin (NTM)	51%	61%	85%
EBITDA Margin (NTM)	42%	60%	71%
FCF Margin (NTM)	26%	36%	-127%
Rule of 40	42%	61%	228%
Rule of X	42%	64%	469%

Data as of April 23, 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.


Aristocrat Leisure	8.5%	$34	-28%	$21B	4.7x	6%	51%	42%	26%	42%	$609K
REA Group	6.8%	$126	-29%	$17B	11.6x	12%	61%	60%	36%	61%	$404K
IREN	6.6%	$48	+692%	$16B	6.5x	183%	85%	71%	-127%	228%	$2M
Computershare	5.1%	$22	-26%	$12B	4.0x	1%	40%	39%	26%	42%	$241K
WiseTech Global	4.5%	$33	-48%	$11B	8.4x	19%	78%	46%	21%	81%	$214K
Pro Medicus	4.3%	$101	-38%	$11B	43.6x	31%	100%	81%	51%	112%	$1M
Xero	4.2%	$59	-49%	$10B	3.8x	30%	78%	25%	13%	53%	$297K
The Lottery Corporation	5.3%	$4	+8%	$9B	3.5x	10%	26%	21%	13%	27%	—
Sonic Healthcare	4.2%	$14	-22%	$7B	1.4x	7%	84%	18%	9%	26%	$153K
TechnologyOne	4.2%	$22	+1%	$7B	12.9x	19%	87%	45%	26%	59%	$434K
carsales.com	4.1%	$18	-22%	$7B	8.0x	12%	56%	56%	33%	65%	$339K
Nextdc	4.0%	$10	+22%	$7B	16.8x	46%	78%	50%	-501%	83%	$1M
HUB24	3.0%	$61	+19%	$5B	12.5x	18%	59%	42%	29%	61%	$298K
Codan	2.8%	$26	+130%	$5B	7.3x	15%	57%	31%	14%	48%	$482K
Netwealth Group	2.6%	$18	-9%	$4B	14.1x	18%	49%	49%	33%	69%	$351K
Seek	2.3%	$11	-29%	$4B	5.0x	12%	46%	46%	21%	55%	$238K
Telix Pharmaceuticals	2.1%	$10	-47%	$3B	3.7x	19%	56%	7%	2%	27%	$679K
Droneshield	1.5%	$3	+188%	$3B	8.9x	47%	—	24%	12%	81%	$344K
Spark New Zealand	1.4%	$1	+0%	$2B	1.7x	0%	53%	28%	10%	29%	$533K
Zip	1.3%	$2	+47%	$2B	3.6x	20%	47%	18%	2%	38%	$695K
Tabcorp	1.1%	$1	+96%	$2B	1.2x	4%	29%	16%	8%	18%	$819K
PEXA Group	0.9%	$9	+4%	$2B	5.6x	8%	83%	36%	20%	41%	$313K
Imdex	0.9%	$3	+38%	$1B	3.7x	18%	46%	31%	9%	49%	$378K
Braiin	0.9%	$22	—	$1B	—	—	—	—	—	—	—
Macquarie Technology Group	0.8%	$52	+22%	$1B	4.7x	7%	—	30%	-34%	35%	$589K
Tiger Brokers	0.7%	$7	-15%	$1B	0.8x	5%	75%	41%	125%	44%	$328K
Silex Systems	0.7%	$4	+102%	$1B	358.8x	-23%	—	-356%	-474%	-376%	$208K
Megaport	0.7%	$6	-23%	$1B	3.6x	40%	60%	27%	-4%	63%	$464K
Nine Entertainment	0.7%	$1	-32%	$1B	0.7x	11%	20%	19%	10%	15%	$457K
Elsight	0.6%	$5	+1453%	$1B	15.5x	101%	—	44%	50%	188%	—
IRESS	0.6%	$5	-9%	$957M	2.7x	-3%	66%	29%	17%	23%	$346K
Data#3	0.5%	$5	+3%	$823M	0.3x	9%	11%	2%	2%	67%	$1M
Objective Corp.	0.5%	$9	-23%	$821M	7.3x	13%	74%	39%	23%	50%	$191K
McMillan Shakespeare	0.5%	$11	+4%	$786M	3.0x	7%	94%	30%	17%	48%	$270K
RPMGlobal	0.5%	$4	—	$780M	—	—	—	—	—	—	—
Hansen Technologies	0.4%	$4	-6%	$737M	2.6x	8%	91%	31%	18%	35%	$174K
Web Travel Group	0.4%	$2	-35%	$725M	1.7x	13%	100%	42%	24%	55%	$123K
Bravura Solutions	0.4%	$2	+3%	$715M	3.3x	5%	47%	29%	21%	35%	$183K
Catapult	0.4%	$2	-23%	$690M	4.2x	18%	80%	19%	13%	36%	$259K
Weebit Nano	0.4%	$3	+136%	$686M	30.0x	171%	—	-107%	-17%	13%	—
Cuscal	0.4%	$3	+84%	$651M	(6.4x)	17%	37%	27%	9%	28%	$374K
SiteMinder	0.4%	$2	-19%	$644M	2.7x	25%	66%	15%	8%	36%	$147K
Chrysos Corp.	0.4%	$5	+101%	$639M	8.0x	36%	78%	36%	-28%	70%	$229K
Integral Diagnostics	0.4%	$2	-7%	$593M	1.7x	11%	97%	21%	7%	37%	$148K
Temple & Webster	0.3%	$5	-63%	$568M	0.8x	20%	35%	4%	5%	23%	—
Pepper Money	0.3%	$1	+21%	$563M	42.5x	8%	—	—	—	—	$351K
Echo IQ	0.3%	$1	+260%	$558M	83.9x	751%	—	-36%	—	700%	$12K
SKS Technologies	0.3%	$5	+266%	$544M	1.7x	32%	54%	12%	10%	42%	$234K
Artrya	0.3%	$3	+565%	$477M	37.9x	196%	90%	-79%	-75%	147%	—
Gentrack Group	0.2%	$4	-53%	$411M	2.3x	15%	—	14%	14%	25%	$158K
Qoria	0.2%	$0	-12%	$339M	3.1x	19%	72%	23%	3%	40%	$168K
Energy One	0.2%	$10	+17%	$329M	5.7x	19%	66%	33%	17%	49%	$342K
Appen	0.2%	$1	+109%	$314M	0.9x	19%	35%	9%	2%	28%	$195K
Nuix	0.2%	$1	-46%	$312M	1.4x	15%	89%	29%	10%	43%	$352K
Tyro Payments	0.2%	$1	0%	$300M	0.7x	5%	47%	14%	6%	18%	$600K
Cogstate	0.2%	$2	+82%	$297M	4.0x	13%	59%	32%	21%	46%	$151K
Healius	0.2%	$0	-63%	$278M	0.9x	6%	85%	20%	16%	24%	$107K
Australian Clinical Labs	0.2%	$1	-35%	$272M	0.9x	5%	54%	27%	17%	29%	$112K
NZX	0.2%	$1	-8%	$271M	3.5x	6%	—	41%	22%	48%	$225K
Kogan.com	0.2%	$3	-12%	$271M	0.6x	10%	40%	8%	6%	16%	—
Ainsworth Game Technology	0.2%	$1	+15%	$265M	1.4x	0%	18%	15%	18%	13%	$266K
Praemium	0.2%	$1	+2%	$263M	2.8x	10%	44%	32%	17%	39%	$201K
BrainChip	0.2%	$0	-42%	$263M	42.6x	105%	66%	—	-329%	—	$30K
Vista Group	0.2%	$1	-48%	$261M	2.4x	9%	59%	19%	-1%	28%	$139K
Sky Network Television	0.2%	$2	+27%	$253M	0.5x	1%	24%	19%	7%	24%	$694K
Humm Group	0.1%	$0	+24%	$226M	8.8x	1%	—	14%	—	3%	$878K
Seeing Machines	0.1%	$0	+95%	$215M	2.8x	17%	70%	19%	9%	39%	$171K
Solvar	0.1%	$1	-3%	$209M	3.9x	3%	—	50%	-12%	50%	$415K
Rakon	0.1%	$1	+171%	$204M	—	—	—	—	—	—	$82K
DUG Technology	0.1%	$1	+104%	$202M	2.3x	19%	34%	36%	8%	60%	—
Acusensus	0.1%	$1	+54%	$194M	2.5x	21%	42%	9%	-8%	36%	$163K
Fortifai	0.1%	$1	+3086%	$165M	—	—	—	—	—	—	—
wrkr	0.1%	$0	+84%	$164M	7.3x	123%	88%	23%	6%	127%	$105K
Cash Converters	0.1%	$0	+36%	$163M	0.8x	14%	—	15%	6%	27%	$109K
Webjet	0.1%	$0	-9%	$162M	0.6x	6%	20%	23%	12%	26%	—
Audinate Group	0.1%	$2	-57%	$160M	2.1x	15%	83%	0%	-14%	9%	$189K
Audio Pixels	0.1%	$5	—	$149M	—	—	—	—	—	—	$1K
BetMakers	0.1%	$0	+69%	$148M	1.7x	13%	56%	14%	7%	24%	$107K
Decidr AI	0.1%	$0	+49%	$136M	11.6x	192%	—	-143%	-173%	5%	—
BlueBet Holdings	0.1%	$0	-40%	$130M	1.1x	19%	69%	7%	4%	14%	$3M
Seven West Media	0.1%	—	—	$130M	—	—	—	—	—	—	—
Serko	0.1%	$1	-52%	$125M	1.1x	11%	90%	9%	-5%	23%	$124K
Frontier Digital Ventures	0.1%	$0	+33%	$123M	2.9x	3%	—	21%	12%	15%	—
ReadyTech	0.1%	$1	-33%	$123M	1.7x	8%	—	29%	9%	34%	—
Plenti Group	0.1%	$1	+7%	$119M	7.9x	17%	—	9%	8%	29%	—
Atturra	0.1%	$0	-48%	$119M	0.4x	13%	33%	10%	4%	26%	$177K
Scott Tech	0.1%	$1	+31%	$118M	—	—	—	—	—	—	$266K
Apiam Animal Health	0.1%	$1	—	$116M	—	—	—	—	—	—	—
Viva Leisure	0.1%	$1	+26%	$112M	2.0x	12%	22%	31%	9%	43%	$301K
EML Payments	0.1%	$0	-59%	$111M	(7.8x)	8%	—	25%	8%	43%	$313K
EROAD	0.1%	$1	-3%	$108M	1.0x	3%	—	29%	4%	34%	$274K
PlaySide Studios	0.1%	$0	+92%	$106M	2.0x	30%	—	32%	4%	51%	$97K
Alcidion Group	0.1%	$0	+23%	$101M	2.5x	5%	85%	15%	10%	36%	$196K
Airtasker	0.1%	$0	-23%	$89M	1.5x	16%	95%	-1%	11%	-2%	—
OFX Group	0.1%	$0	-55%	$85M	(0.8x)	3%	96%	12%	-1%	12%	$230K
Vinyl Group	0.0%	$0	-9%	$83M	—	—	—	—	—	—	$368K
Optiscan Imaging	0.0%	$0	-17%	$82M	—	—	—	—	—	—	$21K
AML3D	0.0%	$0	+34%	$79M	2.8x	107%	—	15%	-1%	117%	—
Credit Clear	0.0%	$0	-9%	$78M	1.2x	30%	—	19%	14%	45%	—
IODM	0.0%	$0	+19%	$77M	17.2x	—	—	-4%	-6%	44%	$132K