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Australian (ASX) Software Industry Analysis

UpdatedDec 19, 2025
DataAggregated Company Financials
Companies66
  • 7D-2.6%
  • 3M-27.8%
  • 1Y-24.8%
  • YTD-26.7%

Over the last 7 days, the Software industry has dropped 2.6%, driven by a pullback from Life360 of 5.3%. Overall the industry is down 25% in 12 months. Earnings are forecast to grow by 25% annually.

Industry Valuation and Performance

Has the Australian Software Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 19 Dec 2025AU$74.5bAU$8.3bAU$657.8m37.8x113.2x9x
Sun, 16 Nov 2025AU$79.2bAU$8.3bAU$671.4m35.9x118x9.5x
Tue, 14 Oct 2025AU$98.0bAU$8.1bAU$636.6m34.3x154x12.1x
Thu, 11 Sep 2025AU$99.6bAU$8.1bAU$639.0m33.4x155.9x12.3x
Sat, 09 Aug 2025AU$106.4bAU$8.0bAU$547.6m75.6x194.3x13.3x
Mon, 07 Jul 2025AU$102.5bAU$8.0bAU$535.9m77.5x191.3x12.8x
Wed, 04 Jun 2025AU$99.9bAU$8.0bAU$540.6m80x184.8x12.5x
Fri, 02 May 2025AU$87.1bAU$7.8bAU$484.7m66.7x179.7x11.2x
Sun, 30 Mar 2025AU$79.2bAU$7.9bAU$416.7m61.6x190.2x10x
Tue, 25 Feb 2025AU$91.6bAU$7.6bAU$382.8m48.9x239.3x12x
Thu, 23 Jan 2025AU$98.2bAU$7.6bAU$288.3m70.4x340.7x12.9x
Sat, 21 Dec 2024AU$96.5bAU$7.7bAU$272.1m68.4x354.7x12.5x
Mon, 18 Nov 2024AU$101.1bAU$7.6bAU$268.6m65.3x376.3x13.2x
Wed, 16 Oct 2024AU$96.0bAU$7.4bAU$212.2m64.9x452.2x13x
Fri, 13 Sep 2024AU$90.8bAU$7.4bAU$198.6m67.2x457.3x12.2x
Sun, 11 Aug 2024AU$73.8bAU$7.3b-AU$206,777,324.9360.2x-356.8x10.1x
Tue, 09 Jul 2024AU$84.6bAU$7.7b-AU$94,591,430.0758.2x-893.9x10.9x
Thu, 06 Jun 2024AU$82.1bAU$7.8b-AU$94,759,664.9762.6x-866.2x10.5x
Sat, 04 May 2024AU$79.9bAU$7.6b-AU$322,913,652.5863.8x-247.4x10.6x
Mon, 01 Apr 2024AU$81.5bAU$7.6b-AU$389,080,811.5563x-209.5x10.7x
Wed, 28 Feb 2024AU$78.2bAU$7.7b-AU$506,363,309.7356.9x-154.3x10.2x
Fri, 26 Jan 2024AU$69.7bAU$8.4b-AU$1,048,470,783.0060.8x-66.5x8.3x
Sun, 24 Dec 2023AU$68.8bAU$8.4b-AU$1,046,713,887.0060.7x-65.8x8.2x
Tue, 21 Nov 2023AU$64.6bAU$8.3b-AU$1,057,470,964.0056.8x-61.1x7.7x
Thu, 19 Oct 2023AU$64.3bAU$8.1b-AU$1,119,118,282.0057.5x-57.4x8x
Sat, 16 Sep 2023AU$68.2bAU$8.1b-AU$1,117,077,104.0059.9x-61x8.5x
Mon, 14 Aug 2023AU$73.4bAU$7.7b-AU$892,660,153.0050.5x-82.2x9.5x
Wed, 12 Jul 2023AU$69.5bAU$7.7b-AU$890,950,686.0050.7x-78x9x
Fri, 09 Jun 2023AU$66.1bAU$7.7b-AU$895,793,516.0049.5x-73.8x8.6x
Sun, 07 May 2023AU$61.4bAU$7.5b-AU$876,444,181.0048.9x-70x8.2x
Tue, 04 Apr 2023AU$60.8bAU$7.5b-AU$870,444,266.0046x-69.9x8.1x
Thu, 02 Mar 2023AU$57.7bAU$7.4b-AU$667,478,648.0046.9x-86.4x7.8x
Sat, 28 Jan 2023AU$57.1bAU$7.1b-AU$702,552,809.0054.1x-81.2x8.1x
Mon, 26 Dec 2022AU$52.9bAU$7.1b-AU$714,065,125.0050.1x-74x7.4x
Price to Earnings Ratio

-74x


Total Market Cap: AU$52.9bTotal Earnings: -AU$714,065,125.00Total Revenue: AU$7.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Software Industry Price to Earnings3Y Average 4.9x202320242025
Current Industry PE
  • Investors are optimistic on the Australian Software industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 113x which is higher than its 3-year average PE of 4.9x.
  • The 3-year average PS ratio of 10.3x is higher than the industry's current PS ratio of 9.0x.
Past Earnings Growth
  • Total earnings for the Software industry have gone up over the last three years, and the industry is now profitable. Revenues have grown 5.0% per year.
  • This means that more sales are being generated by the industry overall, and subsequently profits are increasing too.

Industry Trends

Which industries have driven the changes within the Australian Tech industry?

AU Market-0.083%
Tech-3.59%
Software-2.55%
Application Software-2.51%
Systems Software-5.70%
Industry PE
  • Investors are most optimistic about the Application Software industry even though it's trading below its 3-year average PE ratio of 2kx.
    • Analysts are expecting annual earnings growth of 24.9%, which is higher than its past year's earnings growth of 20.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Systems Software industry, expecting annual earnings growth of 56% over the next 5 years.
  • In contrast, the Application Software industry is expected to see its earnings grow by 25% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
TNE Technology OneAU$28.354.2%
+AU$375.4m		-5.6%PE67.2x
BVS Bravura SolutionsAU$2.708.4%
+AU$94.1m		29.8%PE16.3x
OCL ObjectiveAU$17.635.4%
+AU$87.3m		7.5%PE47.6x
HSN Hansen TechnologiesAU$5.472.4%
+AU$26.5m		3.0%PE25.8x
ROC RocketBootsAU$0.2867.6%
+AU$19.7m		239.3%PS71.7x

Latest News

360
AU$33.00
Life360
7D
-5.3%
1Y
50.0%

Calculating The Fair Value Of Life360, Inc. (ASX:360)

Dec 19
Calculating The Fair Value Of Life360, Inc. (ASX:360)
ROC
AU$0.28
RocketBoots
7D
67.6%
1Y
239.3%
XRO
AU$113.04
Xero
7D
-0.3%
1Y
-32.0%

Is Xero (ASX:XRO) A Risky Investment?

Dec 17
Is Xero (ASX:XRO) A Risky Investment?
WTC
AU$70.18
WiseTech Global
7D
-1.1%
1Y
-42.2%

WTC: Market Outlook Will Balance Higher Risk Assumptions With Stronger Profitability Expectations

Analysts have trimmed their price target on WiseTech Global by approximately A$9 per share. This reflects slightly higher discount rate assumptions, a modestly lower long term revenue growth outlook, and a more conservative future price to earnings multiple, partly offset by a marginally stronger expected profit margin.
DUG
AU$2.09
DUG Technology
7D
3.5%
1Y
59.5%

DUG: Stronger Future Margins And Earnings Are Expected To Drive Upside

Narrative Update on DUG Technology The analyst price target for DUG Technology has been raised from approximately A$2.12 to A$2.41, as analysts now expect stronger revenue growth, modestly higher profit margins, and a slightly richer future price to earnings multiple. Valuation Changes The fair value estimate has risen moderately from A$2.12 to A$2.41 per share, reflecting a higher intrinsic valuation for DUG Technology.
BVS
AU$2.70
Bravura Solutions
7D
8.4%
1Y
29.8%

BVS: Margin Resilience And Index Inclusions Will Support Forward Share Performance

Analysts have trimmed their price target for Bravura Solutions by AUD 4 to reflect softer near term revenue expectations and cautious longer term guidance, even as margins are expected to remain relatively resilient. Analyst Commentary Street research on Bravura Solutions highlights a mixed backdrop, with valuation expectations being reset to reflect softer near term execution, while longer term growth and margin resilience remain key points of debate.
HSN
AU$5.47
Hansen Technologies
7D
2.4%
1Y
3.0%

HSN: Fair Pricing Is Expected To Balance Margin And Earnings Risks

Analysts have raised their price target on Hansen Technologies by approximately $0.10, citing expectations for faster top line growth, slightly higher profit margins, and a modestly lower future P E multiple. Together these factors support a small uplift in fair value despite a marginally higher discount rate.
EOL
AU$17.15
Energy One
7D
-2.4%
1Y
165.9%

EOL: Index Inclusion Will Support Stronger Future Market Sentiment

Narrative Update on Energy One Analysts have modestly raised their price target on Energy One by approximately $0.43, citing slightly stronger expectations for revenue growth, improving profit margins, and a lower projected future price-to-earnings (P/E) multiple. What's in the News Energy One Limited (ASX:EOL) has been added to the S&P/ASX Emerging Companies Index, increasing its visibility among institutional and index-tracking investors (Index Constituent Adds).
NXL
AU$1.80
Nuix
7D
1.4%
1Y
-70.0%

NXL: Higher Margins And Governance Reforms Will Support Stronger Future Performance

Analysts have modestly raised their price target on Nuix to A$2.25. This reflects improved expectations for revenue growth and profit margins, despite a slightly higher discount rate and a lower assumed future P/E multiple.
OCL
AU$17.63
Objective
7D
5.4%
1Y
7.5%

OCL: Index Additions Will Likely Leave Shares Vulnerable To Future De-Rating

Analysts have modestly raised their price target, pointing to improved revenue growth expectations and a slightly higher future valuation multiple, despite a marginal uptick in the discount rate and stable profit margin assumptions. What's in the News Objective Corporation Limited (ASX:OCL) is actively pursuing acquisitions as part of its long standing M&A strategy, targeting deals that align with the strategic mission of each business line (management comments) Objective has been added to the S&P/ASX Small Ordinaries Index, increasing its visibility among small cap investors (index announcement) Objective has also been included in the S&P/ASX 300 Index, signaling broader market recognition and potential benchmark driven demand for the shares (index announcement) Valuation Changes Fair Value has risen slightly from A$8.47 to A$8.98 per share, reflecting higher growth expectations.
TNE
AU$28.35
Technology One
7D
4.2%
1Y
-5.6%

TNE: Index Inclusions And Rising Dividends Will Drive Future Upside

Narrative Update on Technology One The analyst price target for Technology One has been revised slightly lower to approximately A$34.87 from about A$35.58, as analysts factor in a marginally higher discount rate that more than offsets modest upgrades to long term revenue growth and profit margin assumptions, alongside a slightly lower future P/E multiple. What's in the News Technology One declared a special dividend of 10.0 cents per share for the six months ended September 30, 2025, highlighting strong cash generation and balance sheet capacity (company announcement).
SDR
AU$6.19
SiteMinder
7D
-1.3%
1Y
2.0%
FCL
AU$2.70
FINEOS Corporation Holdings
7D
-2.5%
1Y
45.6%

A Look At The Intrinsic Value Of FINEOS Corporation Holdings plc (ASX:FCL)

Nov 23
A Look At The Intrinsic Value Of FINEOS Corporation Holdings plc (ASX:FCL)
QOR
AU$0.53
Qoria
7D
-8.7%
1Y
16.7%

Qoria Limited (ASX:QOR) Shares May Have Slumped 25% But Getting In Cheap Is Still Unlikely

Nov 16
Qoria Limited (ASX:QOR) Shares May Have Slumped 25% But Getting In Cheap Is Still Unlikely
DUB
AU$0.019
Dubber
7D
18.8%
1Y
-20.8%

Dubber Corporation Limited (ASX:DUB) Looks Inexpensive But Perhaps Not Attractive Enough

Nov 10
Dubber Corporation Limited (ASX:DUB) Looks Inexpensive But Perhaps Not Attractive Enough
YOJ
AU$0.39
Yojee
7D
-10.5%
1Y
175.0%