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

$214B

cumulative
enterprise value

2.8x

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.

+0.0%

Multiples Tech Down Under Index

Data as of 01 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 1, 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 1, 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	$20B	$15B	$15B
EV/Revenue (NTM)	4.6x	11.0x	6.3x
EV/Gross Profit (NTM)	9.1x	18.2x	7.3x
EV/EBITDA (NTM)	10.9x	18.4x	8.9x
EV/FCF (NTM)	17.6x	30.6x	-4.5x
Revenue Growth	4%	11%	174%
Gross Margin (NTM)	51%	61%	86%
EBITDA Margin (NTM)	42%	60%	71%
FCF Margin (NTM)	26%	36%	-140%
Rule of 40	43%	62%	225%
Rule of X	44%	64%	461%

Data as of April 1, 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	8.0%	$32	-32%	$20B	4.6x	4%	51%	42%	26%	43%	$583K
REA Group	6.1%	$114	-36%	$15B	11.0x	11%	61%	60%	36%	62%	$386K
IREN	5.9%	$44	+618%	$15B	6.3x	174%	86%	71%	-140%	225%	$2M
Computershare	4.9%	$21	-27%	$12B	3.9x	1%	40%	39%	26%	42%	$241K
WiseTech Global	4.2%	$31	-51%	$10B	8.0x	23%	78%	46%	21%	81%	$214K
Xero	3.8%	$55	-53%	$10B	3.6x	31%	78%	24%	13%	53%	$284K
Pro Medicus	3.6%	$86	-47%	$9B	38.6x	31%	100%	80%	56%	111%	$1M
The Lottery Corporation	3.4%	$4	+2%	$8B	3.4x	9%	26%	21%	13%	27%	—
Sonic Healthcare	5.5%	$16	-12%	$8B	1.5x	7%	84%	18%	9%	26%	$146K
carsales.com	4.5%	$17	-26%	$7B	7.9x	12%	56%	56%	33%	65%	$324K
Nextdc	4.0%	$9	+9%	$6B	16.1x	42%	78%	50%	-315%	83%	$1M
TechnologyOne	3.8%	$17	-20%	$6B	10.7x	17%	87%	44%	26%	59%	$415K
HUB24	3.7%	$66	+28%	$5B	13.9x	19%	66%	42%	29%	62%	$285K
Codan	3.2%	$25	+127%	$5B	7.6x	16%	57%	31%	14%	48%	$462K
Seek	2.7%	$11	-27%	$4B	5.3x	12%	46%	46%	21%	56%	$228K
Netwealth Group	2.6%	$15	-23%	$4B	12.5x	19%	50%	49%	33%	69%	$336K
Spark New Zealand	1.7%	$1	+7%	$2B	1.8x	0%	53%	28%	11%	29%	$533K
Droneshield	1.7%	$3	+178%	$2B	9.5x	41%	—	25%	7%	76%	$342K
Telix Pharmaceuticals	1.6%	$7	-64%	$2B	2.7x	19%	55%	6%	0%	25%	$679K
PEXA Group	1.2%	$10	+16%	$2B	6.6x	7%	83%	36%	19%	41%	$299K
Tabcorp	1.2%	$1	+84%	$2B	1.1x	4%	29%	16%	8%	18%	$783K
Zip	1.0%	$1	-3%	$2B	3.0x	21%	36%	17%	3%	38%	$665K
Imdex	1.0%	$3	+39%	$1B	3.9x	18%	46%	31%	7%	49%	$362K
Tiger Brokers	0.9%	$8	-8%	$1B	1.3x	3%	75%	41%	129%	43%	$328K
Silex Systems	0.9%	$5	+116%	$1B	407.1x	-30%	—	-355%	-478%	-376%	$208K
Macquarie Technology Group	0.8%	$46	+10%	$1B	4.5x	7%	—	30%	-34%	35%	$564K
Nine Entertainment	0.8%	$1	-30%	$1B	0.7x	8%	19%	19%	9%	15%	$437K
Megaport	0.7%	$6	-30%	$1B	3.5x	40%	60%	27%	-4%	64%	$444K
Braiin	0.7%	$15	—	$1B	—	—	—	—	—	—	—
IRESS	0.6%	$5	-12%	$933M	2.8x	-7%	66%	29%	17%	23%	$346K
Objective Corp.	0.6%	$10	-14%	$913M	8.6x	12%	74%	39%	23%	50%	$183K
Chrysos Corp.	0.5%	$7	+147%	$785M	10.3x	36%	78%	35%	-29%	70%	$219K
RPMGlobal	0.5%	$4	—	$780M	—	—	—	—	—	—	—
McMillan Shakespeare	0.5%	$11	+1%	$766M	3.0x	6%	94%	30%	16%	48%	$270K
Catapult	0.5%	$2	-16%	$748M	4.6x	18%	80%	18%	13%	35%	$259K
Web Travel Group	0.5%	$2	-33%	$747M	1.9x	15%	100%	42%	23%	57%	$117K
Pepper Money	0.5%	$2	+59%	$727M	43.3x	5%	—	—	—	—	$337K
Hansen Technologies	0.5%	$4	-8%	$723M	2.6x	7%	91%	31%	18%	36%	$166K
Data#3	0.5%	$5	-10%	$719M	0.3x	9%	11%	2%	2%	67%	$1M
Elsight	0.5%	$3	+915%	$712M	11.6x	89%	—	42%	39%	164%	—
SiteMinder	0.5%	$2	-12%	$695M	3.0x	25%	66%	14%	8%	37%	$141K
Weebit Nano	0.5%	$3	+157%	$676M	32.9x	165%	—	-110%	-18%	18%	—
Temple & Webster	0.5%	$5	-57%	$656M	1.0x	20%	35%	4%	5%	23%	—
Bravura Solutions	0.4%	$1	-10%	$626M	3.0x	5%	47%	29%	21%	35%	$175K
Integral Diagnostics	0.4%	$2	-3%	$623M	1.8x	12%	97%	21%	7%	37%	$142K
Cuscal	0.4%	$3	+54%	$523M	(5.0x)	13%	38%	24%	8%	26%	$358K
Gentrack Group	0.3%	$4	-47%	$461M	2.7x	14%	—	14%	14%	25%	$153K
Nuix	0.3%	$1	-27%	$420M	2.1x	15%	89%	30%	10%	43%	$337K
Healius	0.2%	$0	-56%	$333M	0.9x	6%	85%	20%	16%	24%	$103K
Energy One	0.2%	$10	+17%	$329M	6.0x	18%	66%	32%	16%	49%	$327K
Artrya	0.2%	$2	+380%	$325M	30.4x	103%	—	-69%	-59%	80%	—
Appen	0.2%	$1	+113%	$318M	0.9x	20%	35%	9%	2%	28%	$195K
SKS Technologies	0.2%	$3	+109%	$310M	1.1x	18%	54%	11%	9%	32%	$224K
Tyro Payments	0.2%	$1	0%	$300M	0.7x	4%	47%	14%	6%	18%	$574K
Qoria	0.2%	$0	-24%	$292M	2.9x	19%	72%	23%	3%	40%	$161K
Australian Clinical Labs	0.2%	$2	-33%	$290M	0.9x	4%	54%	27%	17%	29%	$107K
Echo IQ	0.2%	$0	+84%	$283M	34.4x	911%	—	-26%	—	876%	$12K
Cogstate	0.2%	$2	+64%	$269M	3.6x	12%	59%	32%	20%	45%	$151K
NZX	0.2%	$1	-9%	$269M	3.6x	3%	—	41%	22%	48%	$225K
Kogan.com	0.2%	$3	-15%	$268M	0.6x	9%	40%	8%	6%	16%	—
Sky Network Television	0.2%	$2	+33%	$264M	0.5x	1%	24%	19%	7%	23%	$694K
Vista Group	0.2%	$1	-48%	$258M	2.5x	6%	60%	19%	-2%	28%	$139K
Praemium	0.2%	$1	-3%	$250M	2.8x	11%	44%	32%	17%	40%	$193K
Ainsworth Game Technology	0.2%	$1	+5%	$242M	1.3x	-4%	18%	15%	18%	9%	$254K
Humm Group	0.2%	$0	+31%	$238M	8.9x	-2%	—	14%	—	3%	$839K
Solvar	0.2%	$1	+5%	$228M	4.1x	2%	—	50%	-10%	50%	$397K
BrainChip	0.2%	$0	-50%	$226M	37.4x	109%	66%	—	-342%	—	$30K
Seeing Machines	0.1%	$0	+82%	$201M	2.4x	18%	70%	18%	9%	39%	$171K
Acusensus	0.1%	$1	+64%	$199M	2.9x	22%	42%	9%	-9%	36%	$156K
DUG Technology	0.1%	$1	+97%	$195M	2.2x	19%	34%	36%	8%	60%	—
Rakon	0.1%	$1	+157%	$194M	—	—	—	—	—	—	$79K
wrkr	0.1%	$0	+106%	$184M	9.0x	116%	88%	23%	4%	128%	$105K
Audinate Group	0.1%	$2	-52%	$176M	2.5x	14%	83%	-1%	-15%	9%	$181K
BlueBet Holdings	0.1%	$0	-19%	$175M	1.5x	18%	69%	6%	3%	14%	$3M
EML Payments	0.1%	$0	-39%	$165M	(7.0x)	8%	—	28%	9%	49%	$313K
Cash Converters	0.1%	$0	+34%	$160M	0.8x	13%	—	15%	7%	27%	$104K
Atturra	0.1%	$0	-34%	$151M	0.4x	14%	33%	10%	4%	26%	$169K
Audio Pixels	0.1%	$5	—	$149M	—	—	—	—	—	—	$1K
Webjet	0.1%	$0	-17%	$148M	0.5x	6%	20%	23%	12%	26%	—
BetMakers	0.1%	$0	+67%	$146M	1.8x	13%	56%	13%	6%	24%	$103K
ReadyTech	0.1%	$1	-21%	$145M	1.9x	7%	—	29%	9%	34%	—
Serko	0.1%	$1	-45%	$144M	1.4x	11%	90%	9%	-6%	24%	$124K
Carma	0.1%	$1	—	$133M	0.7x	70%	6%	-12%	-20%	57%	—
Scott Tech	0.1%	$2	+47%	$131M	—	—	—	—	—	—	$258K
Seven West Media	0.1%	—	—	$130M	—	—	—	—	—	—	—
Plenti Group	0.1%	$1	+10%	$122M	7.9x	18%	—	11%	9%	30%	—
Apiam Animal Health	0.1%	$1	—	$116M	—	—	—	—	—	—	—
Viva Leisure	0.1%	$1	+29%	$115M	2.0x	12%	22%	31%	9%	43%	$288K
Fortifai	0.1%	$0	+2017%	$110M	—	—	—	—	—	—	—
OFX Group	0.1%	$0	-47%	$98M	(0.7x)	2%	96%	11%	-1%	12%	$220K
EROAD	0.1%	$1	-14%	$96M	0.9x	3%	—	29%	4%	34%	$274K
PlaySide Studios	0.1%	$0	+70%	$93M	1.8x	27%	—	36%	5%	58%	$93K
Alcidion Group	0.1%	$0	+12%	$92M	2.3x	6%	85%	15%	10%	36%	$196K
Decidr AI	0.1%	$0	+0%	$91M	9.5x	191%	—	-148%	-180%	5%	—
3P Learning	0.1%	$0	-29%	$90M	—	—	—	—	—	—	$213K
Vinyl Group	0.1%	$0	-4%	$85M	—	—	—	—	—	—	$352K
Credit Clear	0.1%	$0	-5%	$82M	1.4x	29%	—	19%	13%	45%	—
Airtasker	0.1%	$0	-31%	$80M	1.4x	16%	95%	1%	10%	4%	—
IODM	0.1%	$0	+20%	$78M	19.8x	—	—	-2%	-7%	40%	$126K
hipages Group	0.1%	$1	-16%	$76M	1.0x	10%	—	26%	12%	35%	$258K