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

$225B

cumulative
enterprise value

2.7x

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

+34.9%

Multiples Tech Down Under Index

Data as of 18 May 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 May 18, 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 May 18, 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	IREN	REA Group
Market Cap	$22B	$19B	$15B
EV/Revenue (NTM)	5.1x	7.7x	10.7x
EV/Gross Profit (NTM)	9.9x	9.2x	17.4x
EV/EBITDA (NTM)	11.9x	10.9x	17.6x
EV/FCF (NTM)	20.7x	-3.7x	29.0x
Revenue Growth	5%	260%	11%
Gross Margin (NTM)	51%	84%	61%
EBITDA Margin (NTM)	43%	70%	61%
FCF Margin (NTM)	24%	-209%	37%
Rule of 40	41%	257%	62%
Rule of X	40%	544%	64%

Data as of May 18, 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	9.1%	$37	-17%	$22B	5.1x	5%	51%	43%	24%	41%	$609K
IREN	7.8%	$53	+531%	$19B	7.7x	260%	84%	70%	-209%	257%	$2M
REA Group	6.3%	$116	-32%	$15B	10.7x	11%	61%	61%	37%	62%	$404K
Computershare	5.3%	$22	-22%	$13B	4.1x	1%	56%	40%	26%	42%	$241K
Xero	4.1%	$57	-57%	$10B	3.5x	30%	79%	25%	12%	54%	$296K
WiseTech Global	3.8%	$27	-64%	$9B	7.2x	16%	78%	47%	21%	81%	$214K
Pro Medicus	3.7%	$87	-56%	$9B	37.9x	30%	100%	80%	51%	111%	$1M
The Lottery Corporation	5.2%	$4	+6%	$9B	3.4x	10%	26%	21%	3%	27%	—
Nextdc	4.7%	$11	+14%	$8B	18.4x	47%	78%	50%	-601%	83%	$1M
carsales.com	4.3%	$19	-26%	$7B	8.1x	12%	57%	56%	33%	65%	$339K
TechnologyOne	4.0%	$20	-31%	$7B	11.9x	18%	87%	45%	26%	59%	$433K
Sonic Healthcare	4.0%	$13	-29%	$7B	1.3x	6%	84%	18%	9%	26%	$153K
Codan	3.2%	$29	+125%	$5B	8.0x	14%	57%	33%	16%	51%	$482K
HUB24	2.9%	$58	-3%	$5B	11.7x	17%	60%	42%	30%	61%	$298K
Netwealth Group	2.4%	$16	-30%	$4B	12.4x	17%	49%	49%	33%	69%	$351K
Telix Pharmaceuticals	2.2%	$11	-43%	$4B	3.8x	19%	56%	7%	1%	27%	$679K
Seek	2.1%	$10	-45%	$3B	4.5x	11%	45%	46%	21%	55%	$238K
Spark New Zealand	1.3%	$1	-10%	$2B	1.6x	0%	53%	28%	10%	29%	$533K
Droneshield	1.3%	$2	+151%	$2B	6.9x	51%	—	21%	6%	87%	$344K
Zip	1.3%	$2	+20%	$2B	3.5x	19%	47%	18%	2%	38%	$695K
Megaport	1.0%	$9	-4%	$2B	5.1x	48%	60%	29%	-24%	70%	$464K
PEXA Group	0.9%	$9	-3%	$2B	5.5x	8%	82%	36%	20%	41%	$313K
Braiin	0.9%	$7	—	$1B	—	—	—	—	—	—	—
Imdex	0.9%	$3	+41%	$1B	3.6x	18%	46%	31%	9%	49%	$378K
Macquarie Technology Group	0.9%	$54	+27%	$1B	4.9x	7%	—	30%	-34%	35%	$589K
Weebit Nano	0.7%	$5	+277%	$1B	49.3x	186%	—	-100%	-20%	17%	—
Tabcorp	0.7%	$0	-3%	$1B	0.8x	4%	29%	16%	8%	18%	$818K
Silex Systems	0.7%	$4	+56%	$1B	319.9x	-16%	—	-356%	-470%	-376%	$208K
Tiger Brokers	0.7%	$6	-24%	$1B	0.6x	5%	75%	41%	121%	44%	$513K
Nine Entertainment	0.7%	$1	-41%	$1B	0.7x	12%	19%	20%	11%	15%	$457K
Elsight	0.6%	$4	+720%	$986M	13.5x	95%	—	45%	49%	188%	—
Data#3	0.6%	$6	+11%	$908M	0.3x	9%	11%	2%	2%	67%	$1M
McMillan Shakespeare	0.5%	$13	+13%	$876M	3.2x	6%	94%	30%	18%	48%	$270K
RPMGlobal	0.5%	$4	—	$780M	—	—	—	—	—	—	—
IRESS	0.5%	$4	-32%	$780M	2.3x	-3%	66%	29%	17%	22%	$346K
Objective Corp.	0.4%	$7	-45%	$719M	6.3x	12%	79%	40%	23%	50%	$191K
Bravura Solutions	0.4%	$2	-12%	$712M	3.3x	4%	47%	29%	21%	35%	$183K
Hansen Technologies	0.4%	$3	-5%	$702M	2.4x	7%	91%	31%	18%	35%	$174K
SKS Technologies	0.4%	$6	+373%	$685M	1.9x	47%	53%	12%	11%	51%	$234K
Catapult	0.4%	$2	-49%	$646M	3.9x	18%	80%	19%	14%	35%	$259K
Web Travel Group	0.4%	$2	-51%	$632M	1.4x	11%	100%	42%	24%	53%	$123K
Cuscal	0.4%	$3	+55%	$625M	(5.9x)	21%	38%	25%	10%	31%	$374K
SiteMinder	0.4%	$2	-34%	$585M	2.4x	24%	66%	15%	9%	36%	$147K
Artrya	0.4%	$4	+569%	$579M	58.0x	226%	94%	-108%	-92%	130%	—
Integral Diagnostics	0.3%	$2	-12%	$563M	1.6x	9%	97%	21%	7%	37%	$148K
Echo IQ	0.3%	$1	+418%	$544M	120.7x	534%	—	-58%	—	451%	$12K
Pepper Money	0.3%	$1	+3%	$533M	40.4x	11%	—	—	—	—	$351K
Chrysos Corp.	0.3%	$4	+18%	$503M	6.6x	30%	79%	35%	-30%	65%	$228K
Temple & Webster	0.3%	$3	-78%	$419M	0.6x	9%	38%	5%	5%	14%	—
Nuix	0.2%	$1	-42%	$347M	1.6x	15%	89%	30%	10%	44%	$352K
Ainsworth Game Technology	0.2%	$1	+57%	$337M	1.7x	0%	18%	15%	9%	38%	$382K
Seeing Machines	0.2%	$0	+104%	$324M	3.9x	17%	71%	20%	15%	40%	$171K
Energy One	0.2%	$10	-4%	$317M	5.5x	18%	66%	33%	17%	49%	$342K
Cogstate	0.2%	$2	+88%	$305M	4.1x	13%	59%	32%	21%	46%	$151K
Vista Group	0.2%	$1	-44%	$290M	2.7x	9%	58%	19%	-1%	28%	$139K
Tyro Payments	0.2%	$1	-15%	$283M	0.6x	4%	47%	14%	7%	18%	$600K
Gentrack Group	0.2%	$2	-69%	$271M	1.6x	8%	7%	10%	6%	11%	$157K
BrainChip	0.2%	$0	-24%	$264M	41.2x	101%	66%	—	-316%	—	$30K
Qoria	0.2%	$0	-36%	$260M	2.5x	17%	72%	23%	1%	39%	$168K
NZX	0.2%	$1	-12%	$260M	3.3x	5%	—	41%	22%	48%	$225K
Sky Network Television	0.2%	$2	+18%	$256M	0.5x	1%	24%	19%	6%	24%	$694K
Australian Clinical Labs	0.2%	$1	-34%	$254M	0.9x	4%	54%	27%	17%	29%	$112K
Kogan.com	0.1%	$3	-8%	$245M	0.5x	10%	40%	8%	6%	16%	—
Praemium	0.1%	$0	-4%	$242M	2.6x	10%	44%	32%	18%	39%	$201K
Appen	0.1%	$1	+4%	$235M	0.6x	19%	35%	9%	3%	28%	$195K
Humm Group	0.1%	$0	+43%	$233M	8.8x	3%	—	14%	—	3%	$877K
DUG Technology	0.1%	$2	+114%	$231M	2.5x	19%	35%	36%	7%	61%	—
Rakon	0.1%	$1	+171%	$208M	—	—	—	—	—	—	$81K
Solvar	0.1%	$1	-9%	$202M	3.8x	3%	—	50%	-15%	50%	$415K
Healius	0.1%	$0	-60%	$179M	0.8x	5%	85%	19%	16%	22%	$107K
Fortifai	0.1%	$1	+2119%	$176M	—	—	—	—	—	—	—
Acusensus	0.1%	$1	+46%	$170M	2.1x	19%	42%	9%	-7%	36%	$163K
Decidr AI	0.1%	$1	+120%	$168M	13.9x	193%	—	-137%	-165%	5%	—
Adisyn	0.1%	$0	—	$164M	—	—	—	—	—	—	—
wrkr	0.1%	$0	+91%	$157M	6.5x	114%	87%	20%	-3%	117%	$105K
Cash Converters	0.1%	$0	+13%	$155M	0.8x	13%	—	15%	6%	27%	$109K
BetMakers	0.1%	$0	+74%	$152M	1.8x	12%	56%	15%	7%	24%	$107K
Webjet	0.1%	$0	-43%	$142M	0.4x	4%	19%	22%	12%	24%	—
Seven West Media	0.1%	—	—	$130M	—	—	—	—	—	—	—
Audinate Group	0.1%	$2	-73%	$129M	1.5x	13%	83%	0%	-14%	8%	$189K
BlueBet Holdings	0.1%	$0	-11%	$127M	1.1x	16%	45%	8%	2%	10%	$3M
Atturra	0.1%	$0	-47%	$120M	0.4x	12%	33%	10%	4%	26%	$177K
Scott Tech	0.1%	$1	+42%	$120M	—	—	—	—	—	—	$264K
ReadyTech	0.1%	$1	-43%	$119M	1.6x	7%	—	29%	9%	34%	—
Frontier Digital Ventures	0.1%	$0	+42%	$117M	2.8x	4%	—	21%	12%	15%	—
Apiam Animal Health	0.1%	$1	—	$116M	—	—	—	—	—	—	—
Plenti Group	0.1%	$1	-3%	$110M	7.8x	17%	—	9%	8%	29%	—
EML Payments	0.1%	$0	-65%	$108M	(7.7x)	9%	—	25%	9%	43%	$313K
EROAD	0.1%	$1	-42%	$107M	0.9x	4%	—	31%	2%	35%	$274K
Serko	0.1%	$1	-52%	$106M	0.9x	10%	90%	9%	-5%	23%	$124K
Viva Leisure	0.1%	$1	+12%	$105M	1.9x	11%	23%	32%	9%	43%	$301K
OFX Group	0.1%	$0	-20%	$95M	(0.7x)	3%	96%	12%	0%	12%	$229K
Alcidion Group	0.1%	$0	+16%	$95M	2.6x	2%	83%	16%	10%	33%	$196K
Audio Pixels	0.1%	$3	—	$88M	—	—	—	—	—	—	—
PlaySide Studios	0.1%	$0	+77%	$83M	1.5x	24%	—	29%	4%	47%	$97K
Yojee	0.1%	$0	+41%	$83M	—	—	—	—	—	—	—
Credit Clear	0.0%	$0	-3%	$80M	1.2x	30%	—	19%	14%	45%	—
Vinyl Group	0.0%	$0	-36%	$80M	—	—	—	—	—	—	$368K
Optiscan Imaging	0.0%	$0	-29%	$78M	—	—	—	—	—	—	$21K
Airtasker	0.0%	$0	-29%	$75M	1.2x	16%	95%	2%	13%	-2%	—