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SubscribeFeatured
-
2.5x
5.0x
7.5x
10.0x
12.5x
15.0x
17.5x
20.0x
22.5x
Mar 21
Sept 21
Mar 22
Sept 22
Mar 23
Sept 23
Mar 24
Sept 24
Mar 25
Sept 25
Mar 26
Tech Insights #409
Cloud Index as at 31 March 2026
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
13 April 2026
clarecapital.co.nz/tech-insights
Subscribe and see previous reports at This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. Both indices experienced a significant decline in the March quarter. The US Cloud Index ended the quarter at 4.5x EV/NTM revenue, down 30% quarter-on-quarter, while the ANZ Cloud Index also fell 30% to 4.2x. This is the lowest level both indices have reached over the past eight years covered by the Cloud Index.
Overview
4.5x
NTM revenue multiple for cloud companies listed in the US and ANZ (EV / NTM revenue)
ANZ Cloud Index
Average
12MMA
Mar 26
4.2x
6.7x
Dec 25
6.0x
7.3x
Change
(30%)
(8%)
Mar 25
6.8x
7.0x
Change
(38%)
(4%)
US Cloud Index
Average
12MMA
Mar 26
4.5x
6.5x
Dec 25
6.5x
7.0x
Change
(30%)
(6%)
Mar 25
6.1x
6.4x
Change
(25%)
2%
Note: Indices are calculated using a simple average (equal weighting), with the ANZ index (26 companies) comprising of companies that have a minimum NZD $250m market capitalisation versus NZD $500m for the US Index (82 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average.
Key:
US
ANZ
Average
12MMA
5yr avg
4.2x
6.9x
8.4x
-
5.0x
10.0x
15.0x
20.0x
Mar 21
Mar 22
Mar 23
Mar 24
Mar 25
Mar 26
-
10.0x
20.0x
30.0x
Mar 21
Mar 22
Mar 23
Mar 24
Mar 25
Mar 26
75th percentile
Median
25th percentile
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Cloud Index as at 31 March 2026
Mergers & acquisitionsCorporate finance advisoryCapital raising
13 April 2026
Disclaimer The information provided has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
US cloud companies NTM revenue multiple
ANZ cloud companies NTM revenue multiple
5.3x
3.2x
1.9x
5.7x
2.9x
2.3x
US cloud companies
25th
75th
31 Mar 2026
Average
percentile
Median
percentile
EV ($m NZD)
37,613
3,354
8,291
22,863
EV / NTM Rev
4.5x
1.9x
3.2x
5.3x
Revenue Growth (NTM)
17%
10%
17%
23%
EV / LTM Rev
5.8x
2.3x
3.6x
6.4x
Revenue Growth (LTM)
17%
10%
16%
23%
Operating Margin
4%
(3%)
5%
15%
ANZ cloud companies
25th
75th
31 Mar 2026
Average
percentile
Median
percentile
EV ($m NZD)
4,992
402
1,142
8,686
EV / NTM Rev
4.2x
2.3x
2.9x
5.7x
Revenue Growth (NTM)
14%
2%
11%
22%
EV / LTM Rev
5.6x
2.8x
3.6x
8.8x
Revenue Growth (LTM)
12%
6%
11%
18%
Operating Margin
26%
14%
28%
37%
Note: The percentiles for each metric are calculated individually. Companies added or removed from each index take effect from the first day of the reported quarter.
EV = Enterprise Value, LTM = Last 12 months, NTM = Next 12 months.
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Global cloud companies
Mergers & acquisitionsCorporate finance advisoryCapital raising
30 March 2026
This Tech Insights report explores some of the largest cloud-based companies in the world by enterprise value (EV). The graph below takes 50 large global cloud companies and plots each company’s Rule of 40 value (sum of last twelve months (LTM) revenue growth and EBITDA margin) against its LTM revenue multiple. On the second page, we highlight the 10 companies within the 50 with the highest LTM revenue, revenue growth, EBITDA, and Rule of 40.
Overview
Palantir
Salesforce
Shopify
Palo Alto
ServiceNow
Adobe
CrowdStrike
Cloudflare
Snowflake
Autodesk
Datadog
Workday
Veeva Systems
Zscaler
MongoDB
Atlassian
Samsara
Twilio
Zoom
REA
Toast
Guidewire
HubSpot
Okta
Computershare
Wisetech
Figma
Nutanix
Dynatrace
Confluent
Rubrik
DigitalOcean
DocuSign
Unity
Dropbox
Procore
Clearwater
Xero
CAR Group
SailPoint
Paycom
Paylocity
Technology One
ServiceTitan
AppFolio
Wix.com
UiPath
Klaviyo
Elastic
RingCentral
-
5
10
15
20
(1%)
10%
20%
30%
40%
50%
60%
EV / LTM revenue
Rule of 40
While Figma and Confluent have negative Rule of 40 scores, both are experiencing significant revenue growth.
Palantir is a significant outlier, with a revenue multiple of 84x and a Rule of 40 score of 88%.
Global
AU / NZ
>
93%
77%
36x
21x
>
<
<0%
Bubble scale = relative EV
(6%)
(80%)
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Global cloud companies
Mergers & acquisitionsCorporate finance advisoryCapital raising
30 March 2026
Disclaimer The information provided in this report has been sourced from FactSet. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Revenue growth – top 10
EBITDA – top 10 (USD $bn)
Revenue – top 10 (USD $bn)
Rule of 40 – top 10
Note: revenue growth figures do not address whether a company’s revenue growth is organic or acquisition-driven.
-
10
20
30
40
50
LTM (1-year prior)
LTM
Median (top 50)
-
3
6
9
12
15
LTM (1-year prior)
LTM
Median (top 50)
-
20%
40%
60%
80%
100%
LTM (1-year prior)
LTM
Median (top 50)
-
20%
40%
60%
80%
100%
LTM (1-year prior)
LTM
Median (top 50)
Tech Insights #407
Margin movements
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
23 March 2026
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Overview
This Tech Insights report explores changes in EBITDA margins from five years ago to now for select global and Aus/NZ based software companies. Page 1 shows the majority of companies improving their EBITDA margins from 2021. Page 2 shows that despite improving margins, share price performance has been varied for the sector.
Select global software EBITDA margins (2021 - 2026)
Change in EBITDA margin (2021 - 2026)
(50%)
(25%)
-
25%
50%
75%
2021
2026
(10%)
-
10%
20%
30%
<
>
Negative margins (in 2021)
Positive margins (in 2021)
SaaS companies have improved margins almost across the board (acknowledging the survivorship bias here).
Companies with previously negative margins have seen the largest shift.
138%
124%
61%
42%
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Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.
z
HUB24
Wisetech
Salesforce
Computershare
Seek
Workday
Palo Alto
ServiceNow
Shopify
Autodesk
Technology One
Xero
Datadog
Adobe
CAR
EROAD
Zoom
Atlassian
REA
Palantir
Serko
Snowflake
Vista
MongoDB
Life360
CrowdStrike
Cloudflare
(100%)
(50%)
-
50%
100%
150%
200%
(10%)
-
10%
20%
30%
40%
50%
Change in share price
Change in EBITDA margin
Mergers & acquisitionsCorporate finance advisoryCapital raising
23 March 2026
Tech Insights #407
Margin movements
Change in EBITDA margin vs change in share price (2021 - 2026)
>
>
Palantir has been a stand-out performer (margin change: +138%, share price change: +500%).
Despite meaningful margin improvements, some companies have seen large declines in their stock price coinciding with market re-rating since 2021.
Some have grown in value through revenue growth, even with contractions in margins.
+350%
+230%
+61%
+124%
2021 is an interesting reference period for some, given both lofty market valuations and difficult operating conditions for business models impacted by Covid-19.
-
20%
40%
60%
80%
100%
2017
2018
2019
2020
2021
2022
2023
2024
2025
Cash
Stock
Other
-
20%
40%
60%
80%
100%
-
20%
40%
60%
80%
100%
Stock % of consideration
Percentile
> $200m
<= $200m
-
100
200
300
400
500
600
2017
2018
2019
2020
2021
2022
2023
2024
2025
Deal size (USD $m)
25th
Median
75th
-
200
400
600
800
2017
2018
2019
2020
2021
2022
2023
2024
2025
North America
Europe
UK
Asia
Other
AU/NZ
Tech Insights #406
Software deal structures
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
16 March 2026
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Overview
This Tech Insights report explores software deals over the past 10 years as available from FactSet. Page 1 highlights aspects of deal consideration, flow, and value through time for transactions (mergers and acquisitions) over USD $10m. Page 2 compares transactions in the software industry against other industries for transactions over USD $100m. FactSet’s Packaged Software industry is used here to categorise software deals.
Deal consideration by year (unweighted average)
Stock as a % of consideration by deal size
# of deals by year (> USD $10m)
Deal value percentiles by year
Percentile
Deal sizes have increased in recent years.
Deal flow peaked in 2021 and has since returned to more ‘normal’ levels.
Large scale deals more commonly use more stock as consideration.
*
*Includes deferred consideration and financial instruments.
Target region
The majority of deals included no stock consideration at all.
Deal size (USD)
Page 2 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
16 March 2026
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Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.
Tech Insights #406
Software deal structures
Number of >USD $100m transactions of US companies – software vs other industries
Total value of >USD $100m transactions of US companies – software vs other industries
-
5%
10%
15%
20%
-
500
1,000
1,500
2,000
2017
2018
2019
2020
2021
2022
2023
2024
2025
# of deals
Non software
Software
Software % of total
-
10%
20%
30%
40%
50%
-
0.5
1.0
1.5
2.0
2.5
2017
2018
2019
2020
2021
2022
2023
2024
2025
USD $T
Non software
Software
Software % of total
Software is a meaningful and growing sector in American deal flow.
2022 was a noticeable year for software transactions.
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Rakon takeover offer
Mergers & acquisitionsCorporate finance advisoryCapital raising
9 March 2026
Offer value
Offer price per share
$1.70
Shares outstanding
231.4m
Total equity value
$393.4m
Net debt
($13.4m)
Total enterprise value
$380.0m
Rakon share price since 2020
This Tech Insights report looks at Rakon, an NZX-listed technology company that designs and manufactures the precision-timing components used in telecommunications infrastructure, GPS, and satellites. Rakon’s products ensure electronics are able to provide signals at the right time and frequency. On 12 January 2026, Rakon announced they had received a takeover notice from Bourns Incorporated (Bourns), a US-based electronics company, to acquire all shares and share rights at NZD $1.55 per share / share right, on a fully cash basis. Rakon previously received a conditional NBIO from an undisclosed acquirer at a price of $1.70 per share in December 2023, which didn’t move past due diligence. Rakon has a March 31 balance date and all values in this report are in NZD.
Overview
2023 conditional NBIO – failed
2026 acquisition offer – Bourns current
Multiples
LTM revenue
$154.4m
LTM EBITDA
$19.4m
Enterprise value
$380m
Revenue multiple
2.5x
EBITDA multiple
19.6x
Offer value
Offer price per share
$1.55
Shares outstanding
232.7m
Total equity value
$360.7m
Net debt
$4.1m
Total enterprise value
$364.8m
Multiples
LTM revenue
$116.2m
LTM EBITDA
$20.3m
Enterprise value
$364.8m
Revenue multiple
3.1x
EBITDA multiple
17.9x
-
0.5
1.0
1.5
2.0
2.5
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
Jan 25
Jan 26
$1.70 per share
$1.55 per share
2023 offer at a ~179% premium to previous closing price
2026 offer at a ~72% premium to previous closing price
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Rakon takeover offer
Mergers & acquisitionsCorporate finance advisoryCapital raising
9 March 2026
Disclaimer The information provided in this report has been sourced from FactSet, company announcements, and annual reports. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
EBITDA and EBITDA margin
Revenue by operating segment
Revenue and gross profit margin
Commentary
•
FY21 to FY23 characterised by strong demand by the telecommunications industry, as 5G was rolled out and upgrades were made to existing 4G.
•
Subsequently, telecommunications players decreased demand and relied on previously stockpiled inventory, impacting revenues post FY23.
•
Rakon’s positioning segment benefitted from TXCO chip shortage in FY22 / FY23.
•
Rakon’s cost base has not flexed with revenue movements (employee costs are ~50% of total cost base in FY25), leading to large profitability swings.
•
Note: FY26 revenue estimated based on consensus information and roll forward of current revenue profile. FY26 EBITDA is a midpoint of company guidance.
-
10%
20%
30%
40%
50%
60%
-
50
100
150
200
FY21
FY22
FY23
FY24
FY25
FY26F
NZD $m
Revenue
Gross profit margin
-
5%
10%
15%
20%
25%
30%
35%
-
10
20
30
40
50
60
FY21
FY22
FY23
FY24
FY25
FY26F
NZD $m
EBITDA
EBITDA margin
-
50
100
150
200
FY21
FY22
FY23
FY24
FY25
FY26F
NZD $m
Other
Space and Defence
Positioning
Telecommunications
Oops!
404 – the page you are looking for doesn’t exist or has been moved.
Return to the homepage
here
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HTTP status codes
Mergers & acquisitionsCorporate finance advisoryCapital raising
2 March 2026
Disclaimer Clare Capital holds no responsibility over the images presented. If you are making investment decisions, you should not base them on the contents of this report.
This report is a little experiment to see how many people get the 404 reference on the first page, and how many responses we get just telling us that our report is broken!If you are disappointed to not see an actual Tech Insights report on HTTP status codes, we also prepared a more serious version that you can find here.
For the uninitiated, a 404 message is a response that a particular URL doesn’t exist. Over time websites have had fun with how they present their 404 messages, with a few of our favourites below – and feel free to send us through any particularly good ones you’ve come across. Our regular Tech Insights coverage will resume next week.
Overview
ikeGPS and BlackPearl have margins of (26%) and (116%) respectively
ikeGPS and BlackPearl currently have negative EBITDA
Revenue of $5.4b
Tech Insights #403
ASX/NZX tech revenue and EBITDA
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Mergers & acquisitionsCorporate finance advisoryCapital raising
23 February 2026
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This week’s Tech Insights report takes a look at the revenue and profit (EBITDA1) figures of selected NZX and ASX-listed tech companies. The second page shows the corresponding multiples that these companies have been trading at.
Overview
ASX tech revenue and EBITDA (NZD $b)
NZX tech revenue and EBITDA (NZD $m)
-
50
100
150
200
250
-
20%
40%
60%
-
20%
40%
60%
-
0.5
1.0
1.5
2.0
2.5
Legend
Total bar = revenue
Light green bar = EBITDA
Blue bar = EBITDA margins
1 EBITDA figures are as provided by FactSet. Companies may use a different methodology when they report EBITDA.
Tech Insights #403
ASX/NZX tech revenue and EBITDA
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Mergers & acquisitionsCorporate finance advisoryCapital raising
23 February 2026
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Multiples
3.8x
5.0x
10.9x
9.1x
5.7x
13.2x
7.7x
12.4x
2.5x
15.4x
2.7x
3.2x
3.3x
0.8x
2.7x
1.9x
5.8x
9.5x
10.3x
16.9x
22.2x
17.1x
15.2x
24.7x
29.1x
16.7x
40.4x
8.3x
13.1x
20.5x
2.8x
17.6x
31.7x
-
5x
10x
15x
20x
25x
30x
35x
40x
nm*
nm*
nm*
Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.
*not meaningful
Legend
EV / revenue
EV / EBITDA
Computershare Xero REA CAR Seek Wisetech Life360 Technology One IRESS HUB24 Hansen Bravura Gentrack EROAD Vista Serko ikeGPS Black Pearl
Tech Insights #402
Tech stocks 2025 wrap up
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Mergers & acquisitionsCorporate finance advisoryCapital raising
16 February 2026
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Overview
With the dust settled on 2025, this Tech Insights report wraps up the performance of a universe of large technology-related companies from AU/NZ and the rest of the globe. We examine share price movements across the year (page 1) and shifts in multiples and company value (page 2). Highlighting AU/NZ against global peers points to a relatively disappointing year for shareholders of the local tech sector.
Share price movements – select technology companies
Highlighted below is a universe of major global (grey) and AU/NZ (green) technology-related companies bucketed by 2025 share price performance. Share price movements are measured by comparing closing prices on the last days of 2024 and 2025.
(45%) – (30%)
(30%) – (15%)
(15%) – 0%
0% – 15%
15% – 30%
30% – 45%
45% – 60%
60% – 75%
75% – 90%
90%+
Local AU/NZ technology stocks lagged behind their global peers in share price performance.
Mega-cap stocks Nvidia, Broadcom, and Google (Alphabet) produced excellent returns in 2025.
Following a period of poor stock price performance post 2021 highs, stock in ikeGPS had a major turnaround in 2025.
Key
Global
AU/NZ
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Mergers & acquisitionsCorporate finance advisoryCapital raising
16 February 2026
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Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.
Tech Insights #402
Tech stocks 2025 wrap up
Market cap vs multiple movements – notable AU/NZ technology companies
These graphs outline how company size and valuation have changed from 2024 to 2025. The direction of a company’s movement on these graphs gives an insight into how business activity (revenue) and market expectations (multiple) have driven changes in company value.
New Zealand tech – NZD $m
Australian tech – AUD $b
-
200
400
600
800
1,000
1,200
1,400
-
2x
4x
6x
8x
10x
12x
Enterprise value
EV / LTM revenue
-
5
10
15
20
25
30
35
40
45
-
10x
20x
30x
40x
50x
Enterprise value
EV / LTM revenue
End of 2024
End of 2025
Key
Accenture Adobe Alibaba Alphabet Amazon Apple Broadcom Cisco Hitachi IBM Meta Microsoft Netflix Nintendo NVIDIA Oracle Palantir QUALCOMM Salesforce SAP Shopify Spotify Tencent Disney Black pearl CAR EROAD ikeGPS Seek Serko Wisetech Vista Gentrack REA Computershare IRESS Xero
-
2.5x
5.0x
7.5x
10.0x
12.5x
15.0x
17.5x
20.0x
22.5x
25.0x
Dec 20
Jun 21
Dec 21
Jun 22
Dec 22
Jun 23
Dec 23
Jun 24
Dec 24
Jun 25
Dec 25
Tech Insights #401
Cloud Index as at 31 December 2025
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Mergers & acquisitionsCorporate finance advisoryCapital raising
9 February 2026
clarecapital.co.nz/tech-insights
Subscribe and see previous reports at This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. Both indices experienced a decline in the December quarter. The US Cloud Index ended the quarter at 6.5x EV/NTM revenue, down 9% quarter-on-quarter, while the ANZ Cloud Index fell to 6.0x, representing a 21% decline. While valuation multiples declined across the majority of ANZ constituents, large companies who experienced significant pullbacks include, Life360 declined 48%, Xero down 41%, Technology One fell 31%, and WiseTech dropped 26%.
Overview
6.5x
NTM revenue multiple for cloud companies listed in the US and ANZ (EV / NTM revenue)
ANZ Cloud Index
Average
12MMA
Dec 25
6.0x
7.3x
Sept 25
7.7x
7.5x
Change
(21%)
(3%)
Dec 24
7.5x
6.7x
Change
(19%)
8%
US Cloud Index
Average
12MMA
Dec 25
6.5x
7.0x
Sept 25
7.1x
7.0x
Change
(9%)
0%
Dec 24
7.0x
6.3x
Change
(7%)
10%
Note: Indices are calculated using a simple average (equal weighting), with the ANZ index (24 companies) comprising of companies that have a minimum NZD $250m market capitalisation versus NZD $500m for the US Index (87 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average.
Key:
US
ANZ
Average
12MMA
5yr avg
6.0x
7.2x
9.2x
-
5.0x
10.0x
15.0x
20.0x
Dec 20
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
-
10.0x
20.0x
30.0x
40.0x
Dec 20
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
75th percentile
Median
25th percentile
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Cloud Index as at 31 December 2025
Mergers & acquisitionsCorporate finance advisoryCapital raising
9 February 2026
Disclaimer The information provided has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
US cloud companies NTM revenue multiple
ANZ cloud companies NTM revenue multiple
8.1x
4.7x
2.9x
9.1x
5.0x
3.0x
US cloud companies
25th
75th
31 Dec 2025
Average
percentile
Median
percentile
EV ($m NZD)
47,242
4,855
10,878
31,964
EV / NTM Rev
6.5x
2.9x
4.7x
8.1x
Revenue Growth (NTM)
16%
9%
14%
22%
EV / LTM Rev
8.2x
3.4x
5.4x
9.3x
Revenue Growth (LTM)
19%
10%
17%
25%
Operating Margin
(2%)
(9%)
2%
11%
ANZ cloud companies
25th
75th
31 Dec 2025
Average
percentile
Median
percentile
EV ($m NZD)
6,915
629
1,813
10,678
EV / NTM Rev
6.0x
3.0x
5.0x
9.1x
Revenue Growth (NTM)
14%
5%
9%
22%
EV / LTM Rev
8.3x
3.3x
7.3x
13.0x
Revenue Growth (LTM)
14%
7%
13%
19%
Operating Margin
26%
16%
29%
37%
Note: The percentiles for each metric are calculated individually. Companies added or removed from each index take effect from the first day of the reported quarter.
EV = Enterprise Value, LTM = Last 12 months, NTM = Next 12 months.
Tech Insights #400
The twelve metrics of Christmas
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
15 December 2025
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Subscribe and see previous reports at To close out the year, and celebrate our 400th Tech Insights report, we’re unwrapping twelve stories, milestones and quirks that have defined Clare Capital over the past twelve years. On the first day of Christmas Clare Capital gave to me…
Overview
1
defamation case
2
5
graphs per Tech Insights report (average for 2025)
6
years of sponsoring Banqer
pm is the average time Tech Insights are sent out
Pie charts should be used...
Almostnever
3
different offices
2021 - today
2017 - 2021
2013 - 2017
4
hundred Tech Insights shared!!!
Tech Insights #400
The twelve metrics of Christmas
Page 2 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
15 December 2025
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9
members of the team
10
cheeseburgers eaten by Eliot Brown
(in 10 mins)
11
Raglan Roast coffees consumed daily by our team
12
years since Clare Capital was founded
Mark Clare circa 2013
.5 years since the first Tech Insights report was produced
Disclaimer The information provided in this report cannot be verified by traditional sources. Clare Capital holds no responsibility over the actual numbers. Additionally, past cheeseburger eating performance is not an indicator of future cheeseburger eating performance. Capacity and desire to eat is subject to change. Cheeseburger eating events are inherently risky (and delicious, albeit decreasingly so) and you should seek appropriate professional advice before attempting.
where the word ‘Christmas’ is mentioned (including this one)
7
Tech
Insights
Kent made the first Tech Insights report
65
(29)
(21)
(54)
(185)
(114)
32
67
369
EBITDA
Other expenses
S&M
G&A
Employee expenses
Food & packaging costs
Other revenue
Franchise revenue
Corporate revenue
62
76
93
116
127
138
158
169
194
220
169
87
-
50
100
150
200
250
300
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Tech Insights #399
Australian burritos
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
8 December 2025
Menu highlights
clarecapital.co.nz/tech-insights
Subscribe and see previous reports at This Tech Insights report looks at Guzman y Gomez (GYG), an Australian-headquartered Mexican quick-service restaurant (QSR). GYG listed on the ASX in June 2024. The business opened its first restaurant in Sydney in 2006 and now operates more than 250 restaurants across Australia, Singapore, Japan and the US. Corporate-owned restaurants represent 34% of GYG’s network and generate 79% of total revenue, with the remaining derived from franchise fees / royalties. GYG has a June year end.
Overview
Number of restaurants (#)
% network sales by time
% network sales by channel
Network sales* and revenue (AUD $m)
FY25 EBITDA waterfall (AUD $m)
34% corporate restaurants
66% franchised restaurants
256
15% EBITDA margin
448
575
759
960
1,181
120
172
259
342
436
-
200
400
600
800
1,000
1,200
1,400
FY21
FY22
FY23
FY24
FY25
93% of network sales are from Australia
*Total sales at GYG’s franchise restaurants and corporate restaurants
Burrito bowl
Nacho fries
Burrito
Quesadilla
Tacos
Nachos
10%
32%
19%
33%
7%
FY25
Breakfast
Lunch
Afternoon
Dinner
After 9pm
31%
23%
27%
20%
FY25
Online for Pickup(Web & App)
Delivery
Drive Thru
In-Restaurant
79% of revenue is from GYG-owned restaurants
-
50%
100%
150%
Jun 24
Sept 24
Dec 24
Mar 25
Jun 25
Sept 25
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Australian burritos
Mergers & acquisitionsCorporate finance advisoryCapital raising
8 December 2025
Disclaimer The information provided in this report has been sourced from FactSet, company annual reports, and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Selected QSR comparables
Location
Revenue / restaurant (AUD $m)
% franchised restaurants
Restaurants #
EV 5 Dec 25
(AUD $bn)
Revenue LTM
(AUD $bn)
Revenue growth LTM (%)
Revenue multiple LTM (x)
EBITDA margin LTM (%)
EBITDA multiple LTM (x)
Domino's
US
0.4
99%
21,366
28
7.5
4%
3.8x
21%
17.9x
Yum! Brands
US
0.2
98%
62,000
78
12.5
12%
6.2x
33%
18.8x
McDonald's
US
0.9
95%
43,477
414
40.8
1%
10.2x
54%
18.7x
Wendy's
US
0.5
95%
7,240
8
3.4
(0%)
2.3x
24%
9.6x
BurgerFuel
NZ
0.3
92%
61
0.02
0.02
(6%)
1.2x
12%
9.9x
Papa John's
US
0.5
91%
6,030
3
3.2
(1%)
1.1x
9%
11.5x
GYG
AU
1.7
66%
256
2
0.4
27%
5.3x
19%
28.1x
Restaurant Brands NZ
NZ
2.6
27%
522
1
1.4
3%
1.0x
14%
7.5x
Chipotle
US
4.9
-
3,726
73
18.3
7%
4.0x
20%
20.0x
Cava
US
4.8
-
367
9
1.8
24%
5.3x
13%
40.6x
Sweetgreen
US
4.3
-
246
2
1.1
2%
1.4x
(4%)
nm
Median
0.9
91%
3,726
8
3.2
3%
3.8x
19%
18.3x
Indexed share price for select QSRs and ASX 200 since June 24
Revenue / restaurant* (AUD $m) and % franchises for select QSRs
ASX 200
*Revenue per restaurant = total reported revenue ÷ total restaurants (corporate and franchised)
-
20%
40%
60%
80%
100%
-
1
2
3
4
5
Revenue / restaurant
% franchised restaurants
-
10
20
30
40
50
60
70
16
17
18
19
20
21
22
23
24
25
-
10
20
30
40
50
60
70
80
16
17
18
19
20
21
22
23
24
25
Tech Insights #398
Magnificent 7 (& Broadcom): Investments
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
1 December 2025
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Apple
Meta
Broadcom
NVIDIA
Tesla
Microsoft
Investment count versus M&A count (#)
Avg. size of investment round* (USD $bn)
Capex spend per annum (USD $bn)
*Note the available data reports total round size, rather than the specific investment amounts by individual companies.
Investment count by company (#)
Sum of investment rounds* (USD $bn)
Investments by sector – 2016 versus 2025
-
20%
40%
60%
80%
100%
16
25
Software and Consulting
Other
-
10
20
30
40
50
60
70
80
16
17
18
19
20
21
22
23
24
25
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
16
17
18
19
20
21
22
23
24
25
-
50
100
150
200
250
300
350
400
16
17
18
19
20
21
22
23
24
25
This week’s Tech Insights report looks at investments made by the Magnificent 7 (& Broadcom). An investment in this context is any instance where a Magnificent 7 company (or Broadcom) invests capital into another business, including participation in equity funding rounds (e.g. Series A).
Overview
-
2
4
6
8
10
12
14
16
18
Apr 24
Nov 24
May 25
Dec 25
-
0.5
1.0
1.5
2.0
2.5
3.0
Jan 16
Jan 17
Jan 18
Jan 19
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
Jan 25
Microsoft
Amazon
Apple
Meta
Broadcom
NVIDIA
Tesla
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Magnificent 7 (& Broadcom): Investments
Mergers & acquisitionsCorporate finance advisoryCapital raising
1 December 2025
Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Notable investments (involvement in >$1bn investment round)*
*Tesla and Broadcom have been excluded as there is insufficient reliable data showing material investment activity since 2016
Total value of investment rounds with Magnificent 7 involvement since 2016 (USD $bn)
anthropic kioxia waymo openai databricks didi scale
Tech Insights #397
Magnificent 7 (& Broadcom): M&A
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
24 November 2025
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This week’s Tech Insights report takes a look at the acquisition activity of NVIDIA, Apple, Microsoft, Amazon, Alphabet, Meta, Tesla and Broadcom. These companies are considered the biggest tech stocks in the world and are currently the top-weighted constituents of the S&P 500 Index.
Overview
Completed acquisitions by year
Average acquisition value by year (USD $b)2
Acquisition count by company (last 10 years)
Largest acquisition by transaction value (last 10 years) (USD $b)
1 Partial year and pending deals mean 2025 data is incomplete
11
20
20
56
60
83
105
112
-
20
40
60
80
100
120
SolarCity, $5bn
Mellanox, $7bn
VMware, $69bn
Kustomer, $1bn
Intel modem business, $1bn
Whole Foods, $13bn
Activision Blizzard, $68bn
Mandiant, $5bn
-
20
40
60
80
57
64
56
73
49
55
56
22
22
13
-
10
20
30
40
50
60
70
80
'16
'17
'18
'19
'20
'21
'22
'23
'24
'25
2 Only includes acquisitions where deal value was disclosed
Activision Blizzard and VMware both closed in 2023
2.7
1.2
1.9
1.0
1.0
1.3
3.2
0.4
0.3
-
1.0
2.0
3.0
4.0
5.0
'16
'17
'18
'19
'20
'21
'22
'23
'24
'25
28.3
1
Tech Insights #397
Magnificent 7 (& Broadcom): M&A
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Disclaimer The information provided in this report has been sourced solely from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
24 November 2025
Median transaction EV / revenue multiples 3
Median transaction EV / EBITDA multiples 3
Top 5 industries by transaction count since 2010
Completed transactions – US vs other (last 10 years)
-
20
40
60
80
100
120
Other
United States
3 Only a subset of transactions provide multiples, Tesla multiples not included due to small sample size
-
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
'25
ElectronicComponents
BusinessServices
Telecom
Hardware
Software andConsulting
12.9x
22.7x
14.9x
27.6x
(453.8x)
12.6x
5.7x
(10)
-
10
20
30
10.3x
7.7x
3.0x
6.4x
116.7x
3.2x
3.4x
-
10
20
Month0123456Jan100%98%95%91%87%83%79%Feb100%99%97%94%91%90%88%Mar100%100%98%98%96%95%94%Apr100%100%100%99%98%97%May100%100%101%103%104%Jun100%105%111%116%Jul100%105%109%Aug100%110%
MRR
Start of month
A
Monthly Recurring Revenue is normalised
monthly SaaS revenue (not including one-offs)
Churn
MRR lost from customers who leave
Contraction
Reduced MRR from existing customers
B
Gross Revenue Retention measures MRR from existing customers after Churnand Contraction
Expansion
Additional MRR from existing customers
C
Net RevenueRetentionmeasures MRR from existing customers over time (includes Expansion)
New
MRR from new customers
MRR
End of month
D
New+ Expansion–Contraction–Churn
16
5
11
3
8
1
1
10
+6
Tech Insights #396
SaaS metrics cheat sheet (2025 edition)
Mergers & acquisitionsCorporate finance advisoryCapital raising
17 November 2025
Existing customers
New
ARR (Annualised Recurring Revenue)
= MRR x 12 = 120
Page 1 of 2
All
NRR =
C
A
= 110%
GRR =
B
A
= 80%
MRR growth
=
Net new MRR
MRR Start of month
= 60%
Net expansion = Expansion – Contraction
Churn %
=
Churn
MRR Start of month
= 10%
MRR End = MRR Start + New + Expansion – Contraction – Churn
Monthly cohorts
Cohorts track NRR over time
Either on a$ or a logo (customer) basis
Net new MRR
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Rule of 40%
A popular metric to assess the performanceof a SaaS company, with a target of 40%+
Rule of X
Adaptation of ‘Rule of 40%’ that places agreater emphasis on revenue growth
Revenue per employee
Efficiency of labour to generate revenue
Average Revenue Per User (ARPU)
Monthly average spend per customer
SaaS Quick Ratio (QR)
A measure of growth efficiency
Lifetime Value (LTV)
Estimated value of the averagecustomer over their lifetime
Used capital ratio
How efficiently capital generates ARR
Payback period (CAC months)
# of months to recover customeracquisition costs
CAC ratio
$ of annual revenue generatedfor every $ of CAC spent
Cash burn %
Measures cash burn relative to MRR
Cash runway
Months left before running out of cash
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SaaS metrics cheat sheet (2025 edition)
Mergers & acquisitionsCorporate finance advisoryCapital raising
17 November 2025
= Revenue growth+ Free Cash Flow (FCF) margin
Can use EBITDA in place of FCF margin
= Revenue growth x multiplier+ FCF margin
P&L for a SaaS business
MRR
Monthly Recurring Revenue
Normalised monthly SaaSrevenue (not including one-offs)
Other
Other revenue
Revenue not classified
as MRR (e.g. services)
Revenue
Total revenue
MRR + Other
CTS
Cost To Serve
Hosting, system maintenance and customer support (including staff)
GP
Gross Profit
Revenue – CTS
GM %
Gross Margin
GP / Revenue
CAC
Customer Acquisition Costs
Sales, marketing, onboardingand discounts
R&D expensed
Research & Development
Product development
G&A
General & Administrative
Everything else
(excluding D&A, interest and tax)
EBITDA
Earnings Before Interest, Tax, Depreciation & Amortisation
GP – CAC – R&D expensed – G&A
R&D capitalised
Capitalised R&D
Includes capitalised R&D to show the full engineering cost profile
EBITDA withfully costed R&D
EBITDA with all R&Dtreated as expensed
EBITDA – capitalised R&D
R&D total
Total spend on R&D
R&D expensed + R&D capitalised
=
# of employees
Revenue
=
Total customers
MRR
=
Churn + Contraction
New + Expansion
=
Churn %
ARPU x GM %
=
Capital raised + debt – cash
ARR
=
New MRR x GM %
CAC
=
CAC
New MRR x 12
=
MRR
Monthly cash burn
=
Monthly cash burn
Cash balance
Eroad, ikeGPS, Blackpearl Group, Vista Group, gentrack, serko, Fisher & Paykel Healthcare, Auckland International Airport, Infratil, The A2 Milk Company, Contact Energy, Meridian Energy, EBOS Healthcare, Mainfreight, Spark, Mercury
Tech Insights #395
Operating geographies
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
10 November 2025
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Overview
This Tech Insights report examines the operating geographies of both large acquisitive technology companies and NZX companies. Page 1 highlights where select tech companies generate their revenue and how this compares to where they acquire new business, with a clear focus on expanding in the Americas (predominantly the US). Page 2 focuses on NZX companies – comparing tech with the 10 largest index constituents, highlighting the relative ease of accessing new markets with a tech or SaaS offering.
-
20%
40%
60%
80%
100%
CoStar
Salesforce
Atlassian
Adobe
SAP
CAR Group
WiseTech
Iress
Xero
Seek
% of total revenue
Other
EMEA
APAC
Americas
Acquisitions by target region (last 10 years)
-
20%
40%
60%
80%
100%
CoStar
Salesforce
Atlassian
Adobe
SAP
CAR Group
WiseTech
Iress
Xero
Seek
% of total acquisition spend
Other
EMEA
APAC
Americas
*Europe, Middle East, and Africa
**Asia Pacific
*
**
Page 2 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
10 November 2025
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Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.
Tech Insights #395
Operating geographies
Revenue by region – select tech & NZX 10
-
20%
40%
60%
80%
100%
% of total revenue
Other
EMEA
APAC
Americas
Tech stocks
NZX 10
Offshore operating regions (excl NZ) – select tech & NZX 10
Note: only includes reported operating regions (not specific countries) available from FactSet.
ikeGPS, F&P Health, Tourism H., Hallenstein G, KMD Brands, Millennium, a2 Milk, AFT Pharma, Rakon, Metro PG, Warehouse, Foley Wines, ArborGen, Steel & Tube, Fonterra, Bremworth, Synlait, Comvita, Briscoe, Fletcher, PGG, Scales Corp., My Food Bag, Sanford, EBOS, Autodesk, Dassault, Atlassian, Salesforce, Zscaler, Intuit, Workday, Zoom, Oracle, Adobe, Nutanix, Wisetech, Xero, HubSpot, Datadog, Trade Desk, ServiceNow, DocuSign, Microsoft, Crowdstrike, SAP, Snowflake, IBM
Positive gross margin change
(20%)
(10%)
-
10%
20%
30%
40%
50%
60%
70%
Gross margin - pre-COVID
Gross margin - LTM
Revenue CAGR
(15%)
(10%)
(5%)
-
5%
Tech Insights #394
Gross margins: pre-COVID vs current
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
3 November 2025
clarecapital.co.nz/tech-insights
Subscribe and see previous reports at This Tech Insights report looks at gross margin trends for select NZX (page 1) and global SaaS / software companies (page 2), comparing pre-COVID (2019) with the latest twelve-month period. Gross margin is the percentage of revenue remaining after deducting the direct costs of delivering that revenue.
Overview
Select NZX-listed companies’ gross margins: pre-COVID vs current
Change in gross margin: pre-COVID vs current
Revenue mix now ~50/50 goods and services, versus 30% goods pre-COVID
Gross margin and revenue flat, but cash flow from operations down >50%
Revenue has declined 7% YoY
Negative gross margin change
Positive gross margin change
(10%)
-
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Gross margin - pre-COVID
Gross margin - LTM
Revenue CAGR
(10%)
(5%)
-
5%
10%
15%
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Gross margins: pre-COVID vs current
Mergers & acquisitionsCorporate finance advisoryCapital raising
3 November 2025
Disclaimer The information provided in this report has been sourced from company annual reports and FactSet. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Select Global SaaS / software listed companies’ gross margins: pre-COVID vs current
Change in gross margin: pre-COVID vs current
Gross margin growth reflects efficiencies from revenue increasing by over 60% YoY
Negative gross margin change
Tech Insights #393
EA Sports – it’s in the game?
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Mergers & acquisitions
Corporate finance advisory
Capital raising
20 October 2025
Subscribe and see previous reports at clarecapital.co.nz/tech-insights
Overview
In September, the American video game company Electronic Arts (EA) announced it had entered into an agreement to be acquired by an investor consortium comprised of
Saudi Arabia’s Public Investment Fund, Silver Lake and Affinity Partners (both PE firms) at an implied Enterprise Value of USD $55 billion.
EA share price index Revenue by segment (USD $m)
EV / Revenue & EV / EBITDA (LTM financials) Margins
-
25
50
75
100
125
150
175
200
2020 2021 2022 2023 2024 2025
Offer announced
*Revenue segments were reclassified into full game and live services in FY21
-
20%
40%
60%
80%
100%
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Gross margin EBITDA margin
-
5x
10x
15x
20x
25x
30x
35x
40x
-
1x
2x
3x
4x
5x
6x
7x
8x
2020 2021 2022 2023 2024 2025
EV / EBITDA
EV / Revenue
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
FY15 FY16 FY17 FY18 FY19 FY20 FY21* FY22 FY23 FY24 FY25
Full game Live services and other
Tech Insights #393
EA Sports – it’s in the game?
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Disclaimer The information provided in this report has been sourced from FactSet, company annual reports, and announcements. Clare Capital holds no responsibility over the
actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitions
Corporate finance advisory
Capital raising
20 October 2025
Financial comparison (USD $b) Rule of 40 – 3 year average Multiples comparison
Name Country Coolest game EV Revenue Revenue growth EBITDA margin EV / Revenue EV / EBITDA
Roblox USA No cool games 90,171 4,023 27% (22%) 22.4x NM
Nintendo Japan Mario Kart 83,632 9,963 2% 20% 8.4x 41.5x
Electronic Arts USA FC 26 (previously FIFA) 55,000 7,460 3% 25% 7.4x 29.5x
Take-Two Interactive USA GTA 48,709 5,799 7% 14% 8.4x 58.5x
Konami Japan Silent Hill 18,127 2,864 13% 33% 6.3x 19.3x
Bandai Namco Japan Tekken 18,015 8,430 14% 18% 2.1x 11.6x
Nexon Japan MapleStory 12,490 2,995 3% 33% 4.2x 12.7x
Capcom Japan Resident Evil 10,455 1,240 34% 44% 8.4x 19.0x
CD Projekt Poland The Witcher 3 6,910 256 (22%) 49% 27.0x 54.9x
Median 18,127 4,023 7% 25% 8.4x 24.4x
Listed comparators USD $m (LTM financials)
Deal comparison
If the proposed deal goes through, this will be the second-largest deal on record for the video game industry, behind only Microsoft’s acquisition of Activision Blizzard. EA’s
financials are the latest available. Activision Blizzard’s financials are as at completion (Oct 23).
-
10
20
30
40
50
60
70
Electronic Arts Activision Blizzard
EV
LTM
revenue
-
10%
20%
30%
40%
50%
Electronic Arts Activision Blizzard
Revenue
growth
EBITDA
margin
29x
20x
7x 8x
-
5x
10x
15x
20x
25x
30x
Electronic Arts Activision Blizzard
EV /
EBITDA
EV /
Revenue
-
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Serko
Xero
Gentrack
EROAD
Global SaaS
Rio Tinto
TheWarehouse
Fonterra
Chorus
Fisher &PaykelHealthcare
Other
Intangibles
PPE
Investments
Deferred tax
Inventory
Receivables
Cash
Asset composition – select SaaS and non-SaaS balance sheets (% of total assets)
SaaS companies show high cash and receivables balances. More ‘traditional’ non-SaaS businesses have greater balances of PPE and inventory. Intangibles presented include capitalised software costs (common in SaaS companies) and exclude goodwill. Right of use assets have also been excluded for this analysis.
Tech Insights #392
Balance sheet composition
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
13 October 2025
Subscribe and see previous reports at clarecapital.co.nz/tech-insights
Overview
This Tech Insights report explores the balance sheets of SaaS and more ‘traditional’ non-SaaS companies. Page 1 highlights asset composition - showing particularly clear differences in cash and receivables, inventory, and PPE (property, plant, and equipment). Page 2 explores debt - highlighting low (often zero) debt balances seen in typical SaaS companies. Page 2 also considers differences in asset utilisation which is influenced by industry, business model, and maturity.
Long term
Short term
SaaS
Non-SaaS
Average of 75 large global SaaS companies
(30%)
-
30%
60%
90%
120%
150%
Serko
Xero
Gentrack
EROAD
Global SaaS
Rio Tinto
TheWarehouse
Fonterra
Chorus
Fisher &PaykelHealthcare
Asset turnover
Return on assets
-
20%
40%
60%
80%
100%
Serko
Xero
Gentrack
EROAD
Global SaaS
Rio Tinto
The Warehouse
Fonterra
Chorus
Fisher & PaykelHealthcare
Long term
Short term
Page 2 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
13 October 2025
Subscribe and see previous reports at clarecapital.co.nz/tech-insights
Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.
Tech Insights #392
Balance sheet composition
Gross debt (% of total assets)
SaaS
Non-SaaS
Asset utilisation
Asset turnover and return on assets are heavily influenced by industry, business model, and maturity
Asset turnover := Revenue / total assets Return on assets := EBIT / total assets
Low debt levels are typical of growth-oriented companies like most SaaS companies
Fisher & Paykel Healthcare
The Warehouse
-
2.5x
5.0x
7.5x
10.0x
12.5x
15.0x
17.5x
20.0x
22.5x
25.0x
Sept 20
Mar 21
Sept 21
Mar 22
Sept 22
Mar 23
Sept 23
Mar 24
Sept 24
Mar 25
Sept 25
Tech Insights #391
Cloud Index as at 30 September 2025
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Mergers & acquisitionsCorporate finance advisoryCapital raising
6 October 2025
clarecapital.co.nz/tech-insights
Subscribe and see previous reports at This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. Following a dip in March and a recovery in June, both indices were largely steady in the September quarter. The US Cloud Index finished at 7.1x EV/NTM revenue, down 1% from June, while the ANZ Cloud Index edged up to 7.7x, a 1% increase. Compared to the same period last year, the US Cloud Index is up 22% and the ANZ Cloud Index is up 10%.
Overview
7.1x
NTM revenue multiple for cloud companies listed in the US and ANZ (EV / NTM revenue)
ANZ Cloud Index
Average
12MMA
Sept 25
7.7x
7.5x
Jun 25
7.6x
7.1x
Change
1%
5%
Sept 24
6.9x
6.3x
Change
10%
19%
US Cloud Index
Average
12MMA
Sept 25
7.1x
7.0x
Jun 25
7.2x
6.6x
Change
(1%)
6%
Sept 24
5.8x
6.2x
Change
22%
13%
Note: Indices are calculated using a simple average (equal weighting), with the ANZ index (24 companies) comprising of companies that have a minimum NZD $250m market capitalisation versus NZD $500m for the US Index (88 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average.
Key:
US
ANZ
Average
12MMA
5yr avg
7.3x
7.7x
9.8x
-
10.0x
20.0x
30.0x
40.0x
Sept 20
Sept 21
Sept 22
Sept 23
Sept 24
Sept 25
75th percentile
Median
25th percentile
-
5.0x
10.0x
15.0x
20.0x
Sept 20
Sept 21
Sept 22
Sept 23
Sept 24
Sept 25
clarecapital.co.nz/tech-insights
Page 2 of 2
Subscribe and see previous reports at Tech Insights #391
Cloud Index as at 30 September 2025
Mergers & acquisitionsCorporate finance advisoryCapital raising
6 October 2025
Disclaimer The information provided has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
US cloud companies NTM revenue multiple
ANZ cloud companies NTM revenue multiple
8.4x
5.0x
3.0x
12.7x
5.5x
3.5x
US cloud companies
25th
75th
30 Sep 2025
Average
percentile
Median
percentile
EV (NZD $m)
48,640
5,016
9,710
33,379
EV / NTM rev
7.1x
3.0x
5.0x
8.4x
Revenue growth (NTM)
15%
8%
13%
21%
EV / LTM rev
9.1x
3.7x
5.9x
10.4x
Revenue growth (LTM)
17%
10%
17%
24%
Operating margin
(2%)
(9%)
2%
11%
ANZ cloud companies
25th
75th
30 Sep 2025
Average
percentile
Median
percentile
EV (NZD $m)
8,703
793
2,089
14,845
EV / NTM rev
7.7x
3.5x
5.5x
12.7x
Revenue growth (NTM)
13%
4%
12%
19%
EV / LTM rev
9.8x
3.4x
6.6x
15.1x
Revenue growth (LTM)
13%
4%
12%
21%
Operating margin
28%
16%
31%
37%
Note: The percentiles for each metric are calculated individually. Companies added or removed from each index take effect from the first day of the reported quarter.
EV = Enterprise Value, LTM = Last 12 months, NTM = Next 12 months.
GE Aersospace, Intel, Cisco, Microsoft, Exxon, Pfizer, Citi, Oracle, Nortel, IBM, Nvidia, Microsoft, Apple, Amazon, Meta, Broadcom, Google, Tesla, Berkshire Hathaway, Commonwealth Bank, BHP, Westpac, NAB, Wesfarmers, CSL, ANZ, Macquarie, Goodman, Woodside, Fisher & Paykel, Auckland Airport, Infratil, a2 Milk, Contact, Meridian, EBOS Healthcare, Mainfreight, Spark, Mercury
2000
2025
A
C
Tech Insights #390
Index composition
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
29 September 2025
clarecapital.co.nz/tech-insights
Subscribe and see previous reports at This Tech Insights report looks at index composition and top company weightings of the S&P 500, ASX 300 and NZX 50. Index weightings are based on free-float market capitalisation, which excludes shares that cannot be freely traded. It is interesting to see the rising concentration of the S&P 500’s top 10 shares over time and the dominant sectors in each market. Note industry classifications are derived from Factset’s revere business industry classification system (RBICS).
Overview
S&P 500 top 10 holdings by weight (%) – 2000 versus 2025 (August)
-
5%
10%
15%
20%
25%
30%
35%
40%
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
'25
S&P 500 sum of 10 company weightings since 2000
The top 10 S&P 500 companies represent a larger share of the index today than they did 25 years ago
S&P 500 top industries by portfolio weight – 2000 versus 2025
1.8%
1.9%
2.0%
2.0%
2.1%
2.2%
2.8%
3.7%
3.8%
4.5%
-
2%
4%
6%
8%
1.7%
1.7%
1.8%
2.3%
2.6%
2.9%
3.9%
6.3%
6.9%
7.7%
-
2%
4%
6%
8%
27%
38%
4%
4%
4%
5%
6%
6%
6%
10%
18%
8%
5%
2%
11%
8%
3%
8%
10%
8%
Investment services
Banking
Specialty finance / services
Hardware
Biopharmaceuticals
Food and staples retail
Industrial manufacturing
Electronic comp. & manufacturing
Software & consulting
clarecapital.co.nz/tech-insights
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Subscribe and see previous reports at Tech Insights #390
Index composition
Mergers & acquisitionsCorporate finance advisoryCapital raising
29 September 2025
ASX 300 – Top 10 (Aug 2025)
NZX 50 – Top 10 (Aug 2025)
Disclaimer The information provided has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
2.0%
2.5%
2.8%
3.6%
3.7%
3.7%
4.7%
4.7%
7.8%
10.2%
-
5%
10%
15%
Top 3 industries by index
Top 3 industries - S&P 500
Top 3 industries – ASX 300
Top 3 industries – NZX 50
18%
10%
6%
4%
1%
2%
2%
2%
2%
4%
0%
0.3%
24%
18%
7%
6%
1%
2%
2%
3%
8%
18%
17%
16%
-
5%
10%
15%
20%
25%
30%
Software &consulting
Packagedsoftware
Industrialmanufacturing
Banking
Mining & mineralproducts
Real estate
Industrial services
Utilities
Healthcareequipment
S&P 500
ASX 300
NZX 50
3.4%
3.7%
3.8%
4.8%
5.5%
5.8%
5.9%
8.3%
9.6%
16.2%
-
5%
10%
15%
-
-
-
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