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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

$239B

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.

+15.4%

Multiples Tech Down Under Index

Data as of 18 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 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 July 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	Atlassian	REA Group
Market Cap	$26B	$24B	$15B
EV/Revenue (NTM)	6.0x	3.2x	10.7x
EV/Gross Profit (NTM)	11.6x	3.7x	17.2x
EV/EBITDA (NTM)	14.1x	11.1x	17.2x
EV/FCF (NTM)	24.5x	11.7x	28.3x
Revenue Growth	5%	14%	8%
Gross Margin (NTM)	52%	87%	62%
EBITDA Margin (NTM)	43%	29%	62%
FCF Margin (NTM)	25%	27%	38%
Rule of 40	42%	48%	60%
Rule of X	40%	76%	60%

Data as of July 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	12.6%	$43	-14%	$26B	6.0x	5%	52%	43%	25%	42%	$596K
Atlassian	11.5%	$93	-51%	$24B	3.2x	14%	87%	29%	27%	48%	$378K
REA Group	7.1%	$113	-34%	$15B	10.7x	8%	62%	62%	38%	60%	$395K
Pro Medicus	6.6%	$131	-43%	$14B	56.6x	29%	100%	78%	52%	106%	$1M
IREN	5.8%	$34	+109%	$12B	4.7x	255%	83%	72%	-388%	252%	$2M
The Lottery Corporation	4.3%	$4	+3%	$8.9B	3.5x	11%	25%	21%	3%	26%	-
Xero	4.1%	$49	-62%	$8.5B	3.8x	28%	79%	25%	13%	57%	$354K
WiseTech Global	4.0%	$24	-71%	$8.2B	6.6x	10%	79%	48%	23%	80%	$214K
Sonic Healthcare	3.7%	$15	-20%	$7.6B	1.4x	3%	84%	18%	9%	26%	$150K
Nextdc	3.4%	$9	-11%	$7B	16.3x	49%	71%	51%	-575%	83%	$1M
carsales.com	3.3%	$18	-34%	$6.8B	7.9x	10%	56%	56%	33%	64%	$332K
TechnologyOne	3.3%	$21	-29%	$6.8B	12.4x	17%	87%	45%	26%	59%	$425K
Codan	2.6%	$29	+96%	$5.3B	8.1x	12%	57%	33%	16%	51%	$473K
HUB24	2.3%	$58	-23%	$4.8B	11.7x	15%	62%	42%	30%	61%	$292K
Netwealth Group	2.0%	$16	-38%	$4B	12.5x	16%	47%	47%	32%	69%	$344K
Telix Pharmaceuticals	1.7%	$10	-30%	$3.5B	3.7x	18%	63%	7%	1%	27%	$679K
Seek	1.7%	$10	-43%	$3.5B	4.8x	8%	45%	45%	21%	53%	$233K
Megaport	1.5%	$13	+19%	$3.1B	6.7x	96%	62%	38%	-108%	106%	$455K
Zip	1.3%	$2	-9%	$2.6B	3.8x	18%	48%	19%	1%	40%	$681K
Spark New Zealand	1.0%	$1	-25%	$2B	1.5x	0%	53%	28%	11%	29%	$533K
Tabcorp	0.7%	$1	+11%	$1.4B	1.0x	3%	16%	16%	8%	18%	$802K
Droneshield	0.7%	$1	-44%	$1.4B	4.6x	37%	66%	21%	5%	73%	$342K
Imdex	0.6%	$3	+17%	$1.3B	3.2x	17%	47%	31%	12%	49%	$370K
Macquarie Technology Group	0.6%	$45	-9%	$1.2B	4.1x	7%	-	30%	-105%	36%	$577K
Braiin	0.5%	$5	-	$1.1B	10.2x	31%	38%	18%	12%	38%	-
Nine Entertainment	0.5%	$1	-44%	$1.1B	0.7x	15%	21%	21%	11%	16%	$447K
Elsight	0.5%	$5	+347%	$1B	13.2x	80%	75%	45%	40%	186%	-
Data#3	0.5%	$7	+24%	$1B	0.4x	7%	-	2%	2%	66%	$1M
Weebit Nano	0.5%	$4	+138%	$982M	38.6x	171%	-	-82%	-18%	17%	-
PEXA Group	0.5%	$6	-51%	$973M	3.8x	3%	83%	35%	16%	38%	$307K
McMillan Shakespeare	0.5%	$14	+10%	$969M	3.3x	4%	94%	29%	16%	48%	$270K
Silex Systems	0.4%	$3	+4%	$877M	1049.9x	0%	-	-2330%	-3021%	-2367%	$208K
IRESS	0.4%	$5	-18%	$864M	2.5x	-2%	51%	30%	17%	21%	$346K
Tiger Brokers	0.4%	$5	-53%	$826M	0.2x	-1%	83%	33%	33%	25%	$513K
Bravura Solutions	0.4%	$2	+20%	$819M	3.8x	2%	47%	31%	23%	36%	$179K
RPMGlobal	0.4%	-	-	$780M	-	-	-	-	-	-	-
Echo IQ	0.4%	$1	+556%	$775M	153.3x	405%	99%	-130%	-173%	186%	$12K
Judo Bank	0.4%	$1	-39%	$738M	7.0x	15%	57%	-	-	-	$516K
Catapult	0.3%	$2	-49%	$709M	3.8x	17%	80%	21%	15%	36%	$313K
SiteMinder	0.3%	$2	-35%	$686M	2.8x	22%	68%	16%	9%	35%	$144K
Cuscal	0.3%	$3	+62%	$685M	(5.1x)	27%	42%	24%	39%	35%	$366K
SKS Technologies	0.3%	$6	+271%	$675M	1.8x	47%	54%	12%	11%	53%	$229K
Web Travel Group	0.3%	$2	-46%	$618M	1.6x	5%	100%	39%	27%	43%	$147K
Artrya	0.3%	$4	+538%	$614M	55.4x	199%	93%	-87%	-73%	121%	-
Hansen Technologies	0.3%	$3	-32%	$593M	2.2x	5%	-	31%	17%	34%	$170K
Integral Diagnostics	0.3%	$1	-23%	$548M	1.6x	7%	96%	21%	7%	37%	$145K
Pepper Money	0.2%	$1	-18%	$503M	38.7x	9%	-	-	-	-	$344K
Objective Corp.	0.2%	$5	-63%	$477M	4.4x	3%	100%	36%	17%	43%	$187K
Chrysos Corp.	0.2%	$4	+4%	$436M	5.6x	28%	79%	36%	-28%	64%	$224K
Temple & Webster	0.2%	$4	-79%	$421M	0.7x	3%	35%	5%	5%	11%	-
Vista Group	0.2%	$1	-30%	$342M	3.1x	9%	57%	19%	-3%	27%	$139K
Cogstate	0.2%	$2	+56%	$325M	3.9x	-17%	57%	32%	20%	41%	$151K
Ainsworth Game Technology	0.2%	$1	+34%	$319M	1.7x	-2%	14%	14%	10%	28%	$382K
Tyro Payments	0.1%	$1	-14%	$309M	0.7x	6%	44%	14%	-	20%	$588K
Australian Clinical Labs	0.1%	$2	-16%	$308M	1.0x	3%	83%	27%	20%	28%	$110K
NZX	0.1%	$1	-2%	$290M	-	-	-	-	-	-	$225K
Seeing Machines	0.1%	$0	+62%	$290M	3.4x	14%	75%	22%	17%	39%	$171K
Nuix	0.1%	$1	-50%	$288M	1.3x	15%	90%	30%	8%	45%	$345K
Kogan.com	0.1%	$3	+7%	$278M	0.6x	9%	39%	8%	6%	15%	-
Sky Network Television	0.1%	$2	+7%	$268M	0.5x	-1%	-	19%	6%	25%	$694K
Energy One	0.1%	$8	-17%	$246M	4.5x	13%	44%	31%	17%	43%	$335K
Praemium	0.1%	$0	-1%	$242M	2.6x	9%	50%	33%	20%	40%	$197K
Gentrack Group	0.1%	$2	-69%	$241M	1.4x	10%	10%	10%	5%	13%	$156K
BrainChip	0.1%	$0	-33%	$237M	-	-	-	-	-	-	$30K
Qoria	0.1%	$0	-61%	$232M	2.2x	15%	63%	24%	2%	39%	$164K
Solvar	0.1%	$1	-3%	$209M	3.7x	7%	-	47%	-41%	50%	$407K
Rakon	0.1%	$1	+93%	$208M	-	-	-	-	-	-	-
DUG Technology	0.1%	$1	+54%	$198M	2.1x	18%	-	36%	9%	61%	-
Healius	0.1%	$0	-52%	$191M	0.8x	3%	85%	19%	17%	22%	$105K
Appen	0.1%	$1	-4%	$165M	0.4x	21%	-	9%	5%	27%	$195K
Humm Group	0.1%	$0	-20%	$164M	9.4x	0%	-	10%	-	-6%	$859K
Cash Converters	0.1%	$0	0%	$159M	0.8x	10%	-	15%	9%	27%	$107K
Fortifai	0.1%	$0	+365%	$154M	-	-	-	-	-	-	-
BetMakers	0.1%	$0	+38%	$141M	1.7x	10%	50%	17%	6%	26%	$105K
ReadyTech	0.1%	$1	-30%	$139M	1.8x	7%	-	29%	10%	34%	-
Adisyn	0.1%	$0	+132%	$132M	-	-	-	-	-	-	-
Acusensus	0.1%	$1	+18%	$132M	1.5x	19%	41%	9%	-	38%	$159K
Seven West Media	0.1%	-	-	$130M	-	-	-	-	-	-	-
BlueBet Holdings	0.1%	$0	-44%	$128M	1.1x	15%	46%	9%	5%	10%	$3M
Scott Tech	0.1%	$2	+23%	$126M	-	-	-	-	-	-	$263K
Apiam Animal Health	0.1%	-	-	$116M	-	-	-	-	-	-	-
Optiscan Imaging	0.1%	$0	+46%	$113M	-	-	-	-	-	-	$20K
wrkr	0.1%	$0	-20%	$112M	4.3x	105%	86%	23%	4%	111%	$105K
Atturra	0.1%	$0	-51%	$111M	0.4x	8%	30%	10%	5%	24%	$173K
Audinate Group	0.1%	$1	-70%	$110M	1.2x	12%	83%	1%	-10%	6%	$185K
Webjet	0.1%	$0	-56%	$110M	0.4x	-7%	16%	16%	6%	6%	-
EROAD	0.1%	$1	-44%	$106M	1.1x	-2%	83%	23%	0%	4%	$269K
Frontier Digital Ventures	0.1%	$0	+7%	$105M	-	-	-	-	-	-	-
Decidr AI	0.0%	$0	+3%	$101M	7.4x	180%	-	-124%	-150%	5%	-
Viva Leisure	0.0%	$1	+9%	$101M	-	-	-	-	-	-	$295K
Serko	0.0%	$1	-53%	$100M	0.9x	10%	89%	7%	0%	19%	$166K
Alcidion Group	0.0%	$0	-16%	$92M	2.4x	6%	84%	17%	14%	38%	$196K
EML Payments	0.0%	$0	-72%	$88M	(7.7x)	10%	-	25%	11%	43%	$313K
Plenti Group	0.0%	$0	-38%	$88M	7.7x	16%	-	9%	3%	33%	-
OFX Group	0.0%	$0	-36%	$88M	(1.4x)	7%	-	13%	-	13%	$209K
Audio Pixels	0.0%	$3	-12%	$88M	-	-	-	-	-	-	$1K
Carma	0.0%	$1	-	$87M	0.4x	67%	14%	-11%	-17%	47%	-
Airtasker	0.0%	$0	-40%	$75M	1.2x	15%	95%	7%	15%	-2%	-
Yojee	0.0%	$0	-25%	$71M	-	-	-	-	-	-	-
hipages Group	0.0%	$1	-26%	$70M	0.8x	9%	-	26%	13%	35%	$264K