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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

$237B

cumulative
enterprise value

3.1x

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

+15.5%

Multiples Tech Down Under Index

Data as of 01 July 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 July 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 July 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	Atlassian	IREN
Market Cap	$25B	$20B	$16B
EV/Revenue (NTM)	6.0x	2.7x	6.2x
EV/Gross Profit (NTM)	11.6x	3.1x	7.5x
EV/EBITDA (NTM)	14.0x	9.3x	8.8x
EV/FCF (NTM)	24.4x	9.7x	-1.6x
Revenue Growth	4%	14%	293%
Gross Margin (NTM)	52%	87%	84%
EBITDA Margin (NTM)	43%	29%	71%
FCF Margin (NTM)	25%	28%	-397%
Rule of 40	42%	48%	259%
Rule of X	41%	76%	549%

Data as of July 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	12.4%	$42	-16%	$25B	6.0x	4%	52%	43%	25%	42%	$586K
Atlassian	9.6%	$78	-59%	$20B	2.7x	14%	87%	29%	28%	48%	$378K
IREN	8.0%	$46	+184%	$16B	6.2x	293%	84%	71%	-397%	259%	$2M
Pro Medicus	7.1%	$140	-39%	$15B	62.1x	29%	100%	79%	52%	111%	$1M
REA Group	6.1%	$96	-44%	$13B	9.1x	9%	61%	61%	37%	61%	$388K
The Lottery Corporation	4.3%	$4	+3%	$9B	3.5x	11%	25%	21%	6%	27%	-
Xero	4.2%	$50	-61%	$9B	4.0x	26%	79%	25%	13%	56%	$354K
WiseTech Global	3.7%	$23	-73%	$8B	6.2x	11%	79%	46%	23%	79%	$214K
Nextdc	3.5%	$10	-3%	$7B	17.3x	49%	71%	50%	-602%	83%	$1M
Sonic Healthcare	3.5%	$14	-25%	$7B	1.4x	3%	84%	18%	10%	26%	$147K
carsales.com	3.3%	$18	-35%	$7B	7.8x	10%	57%	56%	34%	65%	$326K
TechnologyOne	3.2%	$20	-31%	$7B	12.3x	17%	87%	45%	26%	60%	$417K
Codan	2.7%	$30	+104%	$6B	8.5x	12%	57%	33%	16%	51%	$464K
HUB24	2.0%	$50	-34%	$4B	10.3x	15%	62%	42%	30%	62%	$286K
Telix Pharmaceuticals	1.9%	$11	-24%	$4B	4.0x	19%	61%	7%	1%	27%	$679K
Netwealth Group	1.7%	$14	-47%	$3B	11.2x	14%	50%	49%	34%	69%	$338K
Seek	1.6%	$9	-46%	$3B	4.6x	9%	46%	45%	21%	54%	$229K
Megaport	1.6%	$15	+39%	$3B	7.4x	100%	62%	37%	-119%	106%	$446K
Zip	1.4%	$2	-3%	$3B	4.1x	18%	48%	19%	1%	39%	$669K
Spark New Zealand	1.0%	$1	-26%	$2B	1.6x	0%	53%	28%	10%	29%	$533K
Droneshield	0.7%	$2	-38%	$2B	5.2x	37%	66%	21%	5%	74%	$342K
Imdex	0.7%	$3	+31%	$1B	3.6x	17%	47%	31%	12%	50%	$364K
Tabcorp	0.6%	$1	+4%	$1B	0.9x	3%	16%	16%	8%	18%	$788K
Braiin	0.6%	$6	-	$1B	11.6x	30%	38%	18%	12%	38%	-
PEXA Group	0.6%	$7	-38%	$1B	4.7x	5%	82%	35%	16%	40%	$301K
Macquarie Technology Group	0.6%	$48	-3%	$1B	4.5x	7%	-	30%	-81%	36%	$567K
Weebit Nano	0.6%	$5	+193%	$1B	50.2x	184%	-	-87%	-18%	18%	-
Elsight	0.5%	$5	+369%	$1B	14.4x	83%	75%	45%	40%	183%	-
Data#3	0.5%	$7	+26%	$1B	0.4x	7%	-	2%	2%	66%	$1M
Silex Systems	0.5%	$4	+21%	$1B	169.8x	0%	-	-93%	-	-87%	$208K
Nine Entertainment	0.5%	$1	-50%	$966M	0.6x	16%	21%	21%	11%	16%	$439K
McMillan Shakespeare	0.5%	$13	+6%	$934M	3.3x	4%	94%	29%	16%	48%	$270K
SiteMinder	0.4%	$3	-24%	$795M	3.3x	23%	68%	15%	9%	36%	$141K
IRESS	0.4%	$4	-25%	$794M	2.4x	-3%	51%	30%	18%	22%	$346K
Tiger Brokers	0.4%	$4	-55%	$786M	0.1x	0%	83%	32%	36%	26%	$513K
RPMGlobal	0.4%	$4	-	$780M	-	-	-	-	-	-	-
Web Travel Group	0.4%	$2	-36%	$737M	2.0x	4%	100%	39%	27%	44%	$147K
Judo Bank	0.4%	$1	-40%	$725M	7.0x	16%	57%	-	-	-	$507K
Echo IQ	0.4%	$1	+584%	$723M	165.8x	421%	99%	-106%	-159%	255%	$12K
SKS Technologies	0.4%	$6	+296%	$720M	2.0x	47%	53%	12%	11%	52%	$225K
Cuscal	0.3%	$3	+64%	$692M	(5.1x)	27%	42%	24%	39%	35%	$359K
Artrya	0.3%	$4	+614%	$686M	67.5x	206%	93%	-96%	-80%	121%	-
Objective Corp.	0.3%	$7	-48%	$680M	6.0x	14%	108%	40%	25%	51%	$184K
Catapult	0.3%	$2	-52%	$668M	3.6x	17%	81%	20%	14%	37%	$259K
Hansen Technologies	0.3%	$3	-28%	$624M	2.3x	5%	-	31%	17%	35%	$167K
Bravura Solutions	0.3%	$1	-9%	$623M	2.9x	2%	45%	27%	20%	34%	$176K
Integral Diagnostics	0.3%	$1	-27%	$514M	1.5x	7%	96%	22%	7%	37%	$143K
Temple & Webster	0.2%	$4	-75%	$497M	0.9x	3%	35%	5%	5%	12%	-
Pepper Money	0.2%	$1	-24%	$467M	38.5x	9%	-	-	-	-	$338K
Chrysos Corp.	0.2%	$4	+11%	$466M	6.1x	28%	79%	35%	-29%	65%	$220K
Cogstate	0.2%	$2	+54%	$319M	4.2x	14%	58%	31%	19%	45%	$151K
Vista Group	0.2%	$1	-35%	$318M	3.0x	7%	57%	19%	-3%	28%	$139K
Australian Clinical Labs	0.1%	$2	-19%	$296M	0.9x	3%	-	26%	-	28%	$108K
Kogan.com	0.1%	$3	+11%	$290M	0.7x	9%	39%	8%	6%	16%	-
Tyro Payments	0.1%	$1	-20%	$285M	0.7x	0%	53%	15%	8%	17%	$577K
Nuix	0.1%	$1	-50%	$283M	1.3x	15%	90%	30%	8%	45%	$339K
Energy One	0.1%	$9	-5%	$282M	5.2x	13%	44%	30%	17%	44%	$329K
Ainsworth Game Technology	0.1%	$1	+18%	$280M	1.6x	-3%	14%	14%	10%	29%	$382K
Seeing Machines	0.1%	$0	+54%	$275M	3.4x	2%	79%	22%	12%	37%	$171K
Fortifai	0.1%	$1	+724%	$272M	-	-	-	-	-	-	-
NZX	0.1%	$1	-11%	$262M	-	-	-	-	-	-	$225K
Sky Network Television	0.1%	$2	+2%	$254M	-	-	-	-	-	-	$694K
BrainChip	0.1%	$0	-29%	$250M	-	-	-	-	-	-	$30K
Gentrack Group	0.1%	$2	-68%	$246M	1.5x	9%	10%	10%	5%	13%	$151K
Qoria	0.1%	$0	-60%	$232M	2.2x	15%	63%	24%	2%	39%	$161K
Praemium	0.1%	$0	-7%	$226M	2.4x	9%	50%	33%	20%	40%	$194K
DUG Technology	0.1%	$2	+73%	$224M	2.4x	18%	-	36%	9%	61%	-
Rakon	0.1%	$1	+93%	$208M	-	-	-	-	-	-	-
Healius	0.1%	$0	-51%	$195M	0.8x	4%	85%	19%	17%	22%	$103K
Solvar	0.1%	$1	-12%	$192M	3.6x	7%	-	47%	-	51%	$400K
Appen	0.1%	$1	+1%	$174M	0.4x	21%	-	9%	5%	27%	$195K
Humm Group	0.1%	$0	-21%	$163M	13.1x	4%	-	-	-	-	$844K
Cash Converters	0.1%	$0	-8%	$147M	0.8x	10%	-	15%	9%	27%	$105K
Acusensus	0.1%	$1	+29%	$145M	-	-	-	-	-	-	$157K
Adisyn	0.1%	$0	+149%	$142M	-	-	-	-	-	-	-
ReadyTech	0.1%	$1	-29%	$142M	1.9x	7%	-	29%	10%	34%	-
Audinate Group	0.1%	$2	-61%	$141M	1.8x	9%	82%	-1%	-11%	5%	$182K
Seven West Media	0.1%	-	-	$130M	-	-	-	-	-	-	-
Scott Tech	0.1%	$1	+20%	$123M	-	-	-	-	-	-	$255K
BlueBet Holdings	0.1%	$0	-48%	$119M	1.0x	15%	46%	9%	5%	11%	$3M
wrkr	0.1%	$0	-15%	$118M	4.7x	110%	86%	22%	3%	112%	$105K
Atturra	0.1%	$0	-48%	$118M	0.4x	8%	30%	10%	5%	24%	$170K
Apiam Animal Health	0.1%	$1	-	$116M	-	-	-	-	-	-	-
BetMakers	0.1%	$0	+13%	$116M	1.3x	10%	50%	13%	5%	23%	$103K
Decidr AI	0.1%	$0	+14%	$112M	8.6x	193%	-	-128%	-155%	6%	-
Webjet	0.1%	$0	-56%	$111M	0.4x	-9%	16%	16%	6%	7%	-
EROAD	0.1%	$1	-42%	$109M	1.1x	-4%	83%	23%	0%	4%	$269K
Viva Leisure	0.1%	$1	+17%	$108M	-	-	-	-	-	-	$289K
Serko	0.1%	$1	-51%	$103M	1.0x	8%	89%	7%	0%	19%	$166K
Plenti Group	0.0%	$1	-29%	$100M	7.7x	15%	-	8%	3%	34%	-
Alcidion Group	0.0%	$0	-12%	$97M	2.5x	5%	84%	17%	14%	38%	$196K
Frontier Digital Ventures	0.0%	$0	-6%	$93M	-	-	-	-	-	-	-
OFX Group	0.0%	$0	-35%	$89M	(1.4x)	6%	-	13%	-	13%	$205K
Audio Pixels	0.0%	$3	-12%	$88M	-	-	-	-	-	-	$1K
Optiscan Imaging	0.0%	$0	+11%	$86M	-	-	-	-	-	-	$20K
Klevo Rewards	0.0%	$0	-	$84M	-	-	-	-	-	-	-
Carma	0.0%	$1	-	$82M	0.4x	76%	3%	-11%	-17%	57%	-
EML Payments	0.0%	$0	-74%	$82M	(7.8x)	10%	-	25%	11%	43%	$313K
Airtasker	0.0%	$0	-41%	$74M	1.2x	15%	95%	7%	15%	-2%	-
hipages Group	0.0%	$0	-29%	$67M	0.8x	9%	-	26%	12%	35%	$259K