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Norwegian (OSEAX) Tech Sector Analysis

UpdatedFeb 03, 2026
DataAggregated Company Financials
Companies32
  • 7D-1.0%
  • 3M0.2%
  • 1Y22.7%
  • YTD0.09%

In the last week, Tech has been flat. As for the the longer term, the industry is up 23% over the past 12 months. Looking forward, earnings are forecast to grow by 34% annually.

Sector Valuation and Performance

Has the Norwegian Tech Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 03 Feb 2026NOK 121.8bNOK 76.2bNOK 2.0b34.8x61.5x1.6x
Thu, 01 Jan 2026NOK 122.3bNOK 76.0bNOK 1.9b41.2x65.4x1.6x
Sat, 29 Nov 2025NOK 113.6bNOK 76.0bNOK 1.9b33.1x60.8x1.5x
Mon, 27 Oct 2025NOK 119.5bNOK 75.1bNOK 1.8b35.3x64.9x1.6x
Wed, 24 Sep 2025NOK 117.3bNOK 74.3bNOK 1.8b35x66.9x1.6x
Fri, 22 Aug 2025NOK 114.8bNOK 74.7bNOK 1.4b35.4x82.8x1.5x
Sun, 20 Jul 2025NOK 114.5bNOK 73.9bNOK 1.2b39x99.2x1.5x
Tue, 17 Jun 2025NOK 122.7bNOK 79.7bNOK 1.4b39.1x86.8x1.5x
Thu, 15 May 2025NOK 113.1bNOK 79.6bNOK 1.3b34.6x89.2x1.4x
Sat, 12 Apr 2025NOK 95.7bNOK 78.2bNOK 1.1b30.7x89.6x1.2x
Mon, 10 Mar 2025NOK 102.5bNOK 78.1bNOK 964.7m31.7x106.2x1.3x
Wed, 05 Feb 2025NOK 98.5bNOK 76.7bNOK 798.0m37.8x123.5x1.3x
Fri, 03 Jan 2025NOK 98.3bNOK 76.7bNOK 785.9m34x125.1x1.3x
Sun, 01 Dec 2024NOK 95.2bNOK 76.6bNOK 823.1m34x115.6x1.2x
Tue, 29 Oct 2024NOK 103.4bNOK 77.8bNOK 601.7m28.7x171.8x1.3x
Thu, 26 Sep 2024NOK 113.3bNOK 80.9bNOK 723.7m31.8x156.5x1.4x
Sat, 24 Aug 2024NOK 113.1bNOK 80.4bNOK 654.9m34.7x172.7x1.4x
Mon, 22 Jul 2024NOK 116.7bNOK 82.5bNOK 1.4b20.4x82.3x1.4x
Wed, 19 Jun 2024NOK 113.3bNOK 82.8bNOK 1.6b21.4x72.4x1.4x
Fri, 17 May 2024NOK 109.3bNOK 83.0bNOK 1.6b21.1x68.5x1.3x
Sun, 14 Apr 2024NOK 95.8bNOK 84.4bNOK 1.6b22.5x60.6x1.1x
Tue, 12 Mar 2024NOK 91.5bNOK 84.7bNOK 1.7b20.4x55.4x1.1x
Thu, 08 Feb 2024NOK 90.4bNOK 82.1bNOK 1.3b18.9x67.9x1.1x
Sat, 06 Jan 2024NOK 103.2bNOK 85.8bNOK 940.2m17.7x109.8x1.2x
Mon, 04 Dec 2023NOK 98.0bNOK 86.3bNOK 945.8m16.7x103.6x1.1x
Wed, 01 Nov 2023NOK 96.6bNOK 87.4b-NOK 259,432,941.0018.8x-372.5x1.1x
Fri, 29 Sep 2023NOK 105.4bNOK 87.2bNOK 13.4m18.3x7883.5x1.2x
Sun, 27 Aug 2023NOK 111.9bNOK 87.2b-NOK 28,840,603.0022.7x-3880.7x1.3x
Tue, 25 Jul 2023NOK 120.2bNOK 85.0b-NOK 378,646,150.0020.6x-317.4x1.4x
Thu, 22 Jun 2023NOK 121.9bNOK 84.8b-NOK 382,719,490.0022.8x-318.5x1.4x
Sat, 20 May 2023NOK 115.3bNOK 84.3b-NOK 173,720,040.0025.8x-663.6x1.4x
Mon, 17 Apr 2023NOK 115.9bNOK 80.8b-NOK 397,199,946.0024.1x-291.9x1.4x
Wed, 15 Mar 2023NOK 115.4bNOK 80.9b-NOK 361,726,185.0023.9x-318.9x1.4x
Fri, 10 Feb 2023NOK 113.2bNOK 112.3bNOK 358.9m24.6x315.4x1x
Price to Earnings Ratio

315.4x


Total Market Cap: NOK 113.2bTotal Earnings: NOK 358.9mTotal Revenue: NOK 112.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Tech Sector Price to Earnings3Y Average 276.7x202420252026
Current Industry PE
  • Investors are pessimistic on the Norwegian Information Technology industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 61.5x which is lower than its 3-year average PE of 277x.
  • The 3-year average PS ratio of 1.4x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 78% per year over the last three years.
  • Meanwhile revenues for these companies have declined 12% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

Which industries have driven the changes within the Norwegian Tech sector?

NO Market0.97%
Tech-0.98%
Electronic Equipment and Components2.44%
Tech Hardware-0.79%
IT-1.53%
Communications-1.68%
Semiconductors-2.42%
Software-3.27%
Industry PE
  • Investors are most optimistic about the Semiconductors industry which is trading above its 3-year average PE ratio of 376x.
    • Analysts are expecting annual earnings growth of 42.8% and investors are willing to pay a premium for that growth.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 43% over the next 5 years.
  • In contrast, the IT industry is expected to see its earnings grow by 20% 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
HDLY HuddlyNOK 20.0055.6%
+NOK 195.3m		3.1%PS2.8x
AIRX AirthingsNOK 0.2182.5%
+NOK 118.1m		-92.0%PS0.8x
ARR Arribatec GroupNOK 9.6112.6%
+NOK 88.2m		257.2%PS1x
XPLRA Xplora TechnologiesNOK 54.601.5%
+NOK 35.8m		75.6%PS1.6x
AIX Ayfie InternationalNOK 4.5015.4%
+NOK 15.0m		17.8%n/a

Latest News

LINK
NOK 26.50
LINK Mobility Group Holding
7D
-24.3%
1Y
16.5%
NOD
NOK 125.00
Nordic Semiconductor
7D
-4.4%
1Y
11.3%

Here's What's Concerning About Nordic Semiconductor's (OB:NOD) Returns On Capital

Feb 01
Here's What's Concerning About Nordic Semiconductor's (OB:NOD) Returns On Capital
PEXIP
NOK 74.50
Pexip Holding
7D
-5.5%
1Y
61.6%
NORBT
NOK 177.20
Norbit
7D
-2.6%
1Y
65.6%

Future European Electronics Demand And GNSS Transition Will Support A Fairly Priced Outlook

Catalysts About Norbit Norbit develops and manufactures technology solutions for oceans, connectivity and contract manufacturing customers, with production mainly based in Europe. What are the underlying business or industry changes driving this perspective?
XPLRA
NOK 54.60
Xplora Technologies
7D
1.5%
1Y
75.6%

XPLRA: Expanding Subscriptions Will Support Stronger Future Profitability Expectations

Analysts have raised their price target on Xplora Technologies to US$80.00 from US$80.00, citing slightly revised assumptions for the discount rate, revenue growth, profit margin and future P/E as the main reasons for the updated view. What's in the News Xplora Technologies AS reported a subscriptions update for December 2025, with 39,000 new subscriptions (gross) for the month.
HDLY
NOK 20.00
Huddly
7D
55.6%
1Y
3.1%
PLT
NOK 6.51
poLight
7D
0.5%
1Y
77.4%
AIRX
NOK 0.21
Airthings
7D
82.5%
1Y
-92.0%
SMCRT
NOK 20.50
SmartCraft
7D
-16.7%
1Y
-23.2%
NAPA
NOK 32.20
Napatech
7D
-6.9%
1Y
34.2%
IDEX
NOK 5.85
IDEX Biometrics
7D
-1.3%
1Y
-33.7%
ATEA
NOK 149.00
Atea
7D
-6.3%
1Y
3.5%
ARR
NOK 9.61
Arribatec Group
7D
12.6%
1Y
257.2%

ARR: Upcoming Stock Split Will Support Future Upside Despite Margin Headwinds

Analysts have modestly adjusted their price target on Arribatec Group upward, citing slightly higher long term valuation multiples despite a small downgrade to projected profit margins. This results in a new target equivalent to approximately NOK 60.00 per share.
AIX
NOK 4.50
Ayfie International
7D
15.4%
1Y
17.8%
APR
NOK 69.30
Appear
7D
-8.3%
1Y
n/a
INDCT
NOK 4.54
Induct
7D
4.6%
1Y
-12.7%