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Norwegian (OSEAX) Software Industry Analysis

UpdatedDec 13, 2025
DataAggregated Company Financials
Companies10
  • 7D3.5%
  • 3M3.2%
  • 1Y23.6%
  • YTD26.1%

Over the last 7 days, the Software industry has risen 3.5%, driven by gains from LINK Mobility Group Holding of 5.3%. Meanwhile, Elliptic Laboratories actually underperformed within the industry, shrinking 8.0% in the last week. This means that the industry has gained 24% over the past year. Looking forward, earnings are forecast to grow by 49% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 13 Dec 2025NOK 24.7bNOK 10.3bNOK 860.2m40.8x28.7x2.4x
Mon, 10 Nov 2025NOK 21.3bNOK 10.2bNOK 874.9m30.7x24.4x2.1x
Wed, 08 Oct 2025NOK 22.5bNOK 10.2bNOK 850.8m33.6x26.4x2.2x
Fri, 05 Sep 2025NOK 24.2bNOK 10.2bNOK 821.7m35.9x29.4x2.4x
Sun, 03 Aug 2025NOK 24.3bNOK 10.3bNOK 298.4m44.4x81.5x2.4x
Tue, 01 Jul 2025NOK 35.8bNOK 17.4bNOK 596.1m43.6x60x2.1x
Thu, 29 May 2025NOK 33.2bNOK 17.4bNOK 588.0m41.4x56.5x1.9x
Sat, 26 Apr 2025NOK 29.0bNOK 17.2bNOK 578.4m38.2x50.2x1.7x
Mon, 24 Mar 2025NOK 28.4bNOK 17.2bNOK 587.3m37.8x48.4x1.7x
Wed, 19 Feb 2025NOK 29.0bNOK 17.1bNOK 493.2m38.5x58.7x1.7x
Fri, 17 Jan 2025NOK 29.0bNOK 16.9bNOK 460.1m41.2x63.1x1.7x
Sun, 15 Dec 2024NOK 32.0bNOK 16.9bNOK 464.8m44x68.8x1.9x
Tue, 12 Nov 2024NOK 29.2bNOK 16.8bNOK 395.1m33.2x73.8x1.7x
Thu, 10 Oct 2024NOK 36.8bNOK 18.2bNOK 341.9m48.4x107.8x2x
Sat, 07 Sep 2024NOK 34.9bNOK 18.2bNOK 332.2m49.8x105.1x1.9x
Mon, 05 Aug 2024NOK 33.3bNOK 17.7bNOK 452.2m18x73.7x1.9x
Wed, 03 Jul 2024NOK 32.8bNOK 17.6bNOK 447.4m19.4x73.3x1.9x
Fri, 31 May 2024NOK 32.7bNOK 17.6bNOK 431.8m19.6x75.8x1.9x
Sun, 28 Apr 2024NOK 27.6bNOK 17.0b-NOK 47,422,606.4025.1x-582.6x1.6x
Tue, 26 Mar 2024NOK 28.2bNOK 16.9b-NOK 40,447,369.1523.8x-697.2x1.7x
Thu, 22 Feb 2024NOK 26.2bNOK 16.9b-NOK 38,953,806.4023.2x-673.2x1.5x
Sat, 20 Jan 2024NOK 36.1bNOK 18.5b-NOK 735,799,626.0015.5x-49.1x2x
Mon, 18 Dec 2023NOK 35.7bNOK 18.5b-NOK 735,516,767.0015.5x-48.5x1.9x
Wed, 15 Nov 2023NOK 32.4bNOK 18.2b-NOK 651,678,836.0015.3x-49.8x1.8x
Fri, 13 Oct 2023NOK 31.0bNOK 17.9b-NOK 754,820,182.0014.6x-41.1x1.7x
Sun, 10 Sep 2023NOK 33.3bNOK 17.9b-NOK 748,530,388.0012.9x-44.5x1.9x
Tue, 08 Aug 2023NOK 35.5bNOK 16.9b-NOK 980,729,267.009.5x-36.2x2.1x
Thu, 06 Jul 2023NOK 35.0bNOK 16.9b-NOK 998,400,995.009.5x-35x2.1x
Sat, 03 Jun 2023NOK 35.7bNOK 16.9b-NOK 1,068,347,338.009.8x-33.4x2.1x
Mon, 01 May 2023NOK 30.8bNOK 16.1b-NOK 918,859,872.0032.6x-33.5x1.9x
Wed, 29 Mar 2023NOK 30.8bNOK 16.1b-NOK 1,425,085,777.0049.4x-21.6x1.9x
Fri, 24 Feb 2023NOK 33.8bNOK 16.1b-NOK 1,388,477,301.0049.7x-24.3x2.1x
Sun, 22 Jan 2023NOK 34.4bNOK 38.1b-NOK 711,694,627.0034.3x-48.3x0.9x
Tue, 20 Dec 2022NOK 33.9bNOK 38.1b-NOK 714,432,995.0028.4x-47.4x0.9x
Price to Earnings Ratio

-47.4x


Total Market Cap: NOK 33.9bTotal Earnings: -NOK 714,432,995.00Total Revenue: NOK 38.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Software Industry Price to Earnings3Y Average -7.3x202320242025
Current Industry PE
  • Investors are pessimistic on the Norwegian Software 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 28.7x which is higher than its 3-year average PE of -7.3x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.4x.
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 declined 35% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, profits have been increasing.

Industry Trends

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

NO Market0.31%
Tech1.82%
Software3.54%
Application Software3.54%
Systems Software0%0
Industry PE
  • Investors are most optimistic about the Application Software industry even though it's trading below its 3-year average PE ratio of 46.1x.
    • Analysts are expecting annual earnings growth of 48.9%, which is higher than its past year's earnings decline of 22.7% per year.
  • Investors are most pessimistic about the Application Software industry, which is trading below its 3-year average of 46.1x.
Forecasted Growth
  • Analysts are most optimistic on the Application Software industry, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings decline of 23% per year.
  • In contrast, the Application Software industry is expected to see its earnings grow by 49% 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
LINK LINK Mobility Group HoldingNOK 32.805.3%
+NOK 468.3m		34.4%PE88.7x
PEXIP Pexip HoldingNOK 75.604.9%
+NOK 358.7m		64.3%PE39.6x
SMCRT SmartCraftNOK 25.202.4%
+NOK 99.1m		-14.9%PE41.9x
RIVER River TechNOK 3.986.4%
+NOK 4.9m		-79.9%PE1.1x
AIX Ayfie InternationalNOK 3.900.3%
+NOK 250.1k		-5.3%n/a

Latest News

PEXIP
NOK 75.60
Pexip Holding
7D
4.9%
1Y
64.3%
ELABS
NOK 6.32
Elliptic Laboratories
7D
-8.0%
1Y
-39.8%

ELABS: Improved Margins And Smartphone Model Wins Will Drive Future Upside

Analysts have lowered their price target for Elliptic Laboratories from NOK 16 to NOK 13, citing tempered revenue growth expectations, which are partly offset by stronger projected profit margins and a more attractive future earnings multiple. What's in the News Long time CEO Laila Danielsen will step down after 12 years at Elliptic Labs, with SVP Product Development and IR Ola Sandstad appointed interim CEO effective 6 November 2025 (company announcement).
RIVER
NOK 3.98
River Tech
7D
6.4%
1Y
-79.9%

Investors Don't See Light At End Of River Tech p.l.c.'s (OB:RIVER) Tunnel And Push Stock Down 29%

Nov 30
Investors Don't See Light At End Of River Tech p.l.c.'s (OB:RIVER) Tunnel And Push Stock Down 29%
AIX
NOK 3.90
Ayfie International
7D
0.3%
1Y
-5.3%
LINK
NOK 32.80
LINK Mobility Group Holding
7D
5.3%
1Y
34.4%
SMCRT
NOK 25.20
SmartCraft
7D
2.4%
1Y
-14.9%
INDCT
NOK 4.28
Induct
7D
-2.3%
1Y
119.5%
OTEC
NOK 18.75
Otello
7D
-1.8%
1Y
140.4%