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Norwegian (OSEAX) Software Industry Analysis

UpdatedJan 24, 2026
DataAggregated Company Financials
Companies10
  • 7D0.8%
  • 3M13.4%
  • 1Y32.1%
  • YTD1.1%

In the last week, the Software industry is flat overall, with Elliptic Laboratories standing out by going down 6.6%. As for the the longer term, the industry is up 32% over the past 12 months. Looking forward, earnings are forecast to grow by 47% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 25 Jan 2026NOK 25.1bNOK 10.3bNOK 844.3m40.8x29.8x2.4x
Tue, 23 Dec 2025NOK 24.9bNOK 10.3bNOK 858.5m40.4x29x2.4x
Thu, 20 Nov 2025NOK 20.8bNOK 10.3bNOK 850.8m33.8x24.5x2x
Sat, 18 Oct 2025NOK 21.8bNOK 10.2bNOK 854.3m32.7x25.6x2.1x
Mon, 15 Sep 2025NOK 24.0bNOK 10.2bNOK 804.4m36.9x29.9x2.3x
Wed, 13 Aug 2025NOK 24.3bNOK 10.3bNOK 299.6m42x81.3x2.4x
Fri, 11 Jul 2025NOK 35.8bNOK 17.4bNOK 595.6m43.5x60.2x2.1x
Sun, 08 Jun 2025NOK 34.3bNOK 17.4bNOK 589.7m42.4x58.1x2x
Tue, 06 May 2025NOK 29.9bNOK 17.2bNOK 578.6m37.4x51.7x1.7x
Thu, 03 Apr 2025NOK 27.7bNOK 17.2bNOK 588.8m35.5x47x1.6x
Sat, 01 Mar 2025NOK 28.9bNOK 17.2bNOK 571.1m38.7x50.6x1.7x
Mon, 27 Jan 2025NOK 29.9bNOK 16.9bNOK 464.1m40.1x64.4x1.8x
Wed, 25 Dec 2024NOK 30.6bNOK 16.9bNOK 460.9m41.8x66.3x1.8x
Fri, 22 Nov 2024NOK 28.8bNOK 16.9bNOK 452.2m40.1x63.7x1.7x
Sun, 20 Oct 2024NOK 36.2bNOK 18.2bNOK 339.1m47.6x106.7x2x
Tue, 17 Sep 2024NOK 37.0bNOK 18.2bNOK 334.6m49x110.6x2x
Thu, 15 Aug 2024NOK 34.1bNOK 17.7bNOK 451.0m19.6x75.6x1.9x
Sat, 13 Jul 2024NOK 34.9bNOK 17.7bNOK 449.3m18.5x77.7x2x
Mon, 10 Jun 2024NOK 32.0bNOK 17.7bNOK 449.5m18.8x71.1x1.8x
Wed, 08 May 2024NOK 30.9bNOK 17.2bNOK 166.9m43.3x184.9x1.8x
Fri, 05 Apr 2024NOK 28.1bNOK 16.9b-NOK 40,194,547.4623.6x-699.7x1.7x
Sun, 03 Mar 2024NOK 26.5bNOK 16.9b-NOK 38,557,559.2423.8x-688.5x1.6x
Tue, 30 Jan 2024NOK 36.6bNOK 18.5b-NOK 735,919,307.0017.6x-49.7x2x
Thu, 28 Dec 2023NOK 35.2bNOK 18.5b-NOK 731,360,951.0015.7x-48.1x1.9x
Sat, 25 Nov 2023NOK 33.8bNOK 18.2b-NOK 652,835,805.0015.3x-51.8x1.9x
Mon, 23 Oct 2023NOK 31.4bNOK 17.9b-NOK 754,969,436.0014.6x-41.6x1.8x
Wed, 20 Sep 2023NOK 32.3bNOK 17.9b-NOK 748,481,577.0013.1x-43.1x1.8x
Fri, 18 Aug 2023NOK 35.3bNOK 16.9b-NOK 921,669,724.0011x-38.3x2.1x
Sun, 16 Jul 2023NOK 33.7bNOK 16.9b-NOK 977,748,441.009x-34.5x2x
Tue, 13 Jun 2023NOK 34.9bNOK 16.9b-NOK 1,065,359,939.0010x-32.7x2.1x
Thu, 11 May 2023NOK 32.1bNOK 16.2b-NOK 791,797,272.0027.5x-40.6x2x
Sat, 08 Apr 2023NOK 31.5bNOK 16.1b-NOK 1,438,041,463.0050x-21.9x2x
Mon, 06 Mar 2023NOK 33.8bNOK 16.1b-NOK 1,432,348,459.0045.9x-23.6x2.1x
Wed, 01 Feb 2023NOK 35.2bNOK 38.1b-NOK 717,997,877.0034.9x-49x0.9x
Price to Earnings Ratio

-49x


Total Market Cap: NOK 35.2bTotal Earnings: -NOK 717,997,877.00Total Revenue: NOK 38.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Software Industry Price to Earnings3Y Average -4.2x202420252026
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 29.8x which is higher than its 3-year average PE of -4.3x.
  • 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 Market-0.86%
Tech-0.29%
Software0.84%
Application Software0.84%
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 48.3x.
    • Analysts are expecting annual earnings growth of 47.3%, 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 48.3x.
Forecasted Growth
  • Analysts are most optimistic on the Application Software industry, expecting annual earnings growth of 47% 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 47% 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
PEXIP Pexip HoldingNOK 76.901.3%
+NOK 102.5m		73.2%PE40.3x
OTEC OtelloNOK 18.406.7%
+NOK 76.3m		138.3%PE3.3x
LINK LINK Mobility Group HoldingNOK 33.850.6%
+NOK 57.9m		54.6%PE93.4x
AIX Ayfie InternationalNOK 4.0015.6%
+NOK 13.5m		6.7%n/a
SPIR Spir GroupNOK 8.500.7%
+NOK 8.0m		4.7%PE392.4x

Latest News

ELABS
NOK 5.41
Elliptic Laboratories
7D
-6.6%
1Y
-51.5%

ELABS: Smartphone Platform Wins And New Licensing Pipeline Will Support Upside

Analysts kept their fair value estimate for Elliptic Laboratories steady at €13.00, citing only very small tweaks to their discount rate, revenue growth, profit margin and future P/E assumptions rather than any shift in the core outlook. What's in the News Shipped the AI Virtual Smart Sensor Platform on seven smartphone models in December 2025, including five models from Vivo and two from HONOR, with a total of 65 smartphone models using Elliptic Labs' technology in 2025 (company announcement).
PEXIP
NOK 76.90
Pexip Holding
7D
1.3%
1Y
73.2%

PEXIP: Future Outlook Will Emphasize Stable Margins And Earnings Multiple Assumptions

Analysts have kept their price target for Pexip Holding steady, citing only marginal tweaks to inputs such as the discount rate, revenue growth assumptions, profit margin outlook, and future P/E that together do not materially shift their view on fair value at about $77.50. Valuation Changes Fair Value: Kept unchanged at NOK 77.50 per share, indicating no alteration to the overall valuation anchor.
SMCRT
NOK 24.90
SmartCraft
7D
-0.4%
1Y
-12.6%
LINK
NOK 33.85
LINK Mobility Group Holding
7D
0.6%
1Y
54.6%

Is LINK Mobility Group Holding (OB:LINK) Using Too Much Debt?

Jan 15
Is LINK Mobility Group Holding (OB:LINK) Using Too Much Debt?
RIVER
NOK 4.30
River Tech
7D
4.4%
1Y
-76.2%
SPIR
NOK 8.50
Spir Group
7D
0.7%
1Y
4.7%
OTEC
NOK 18.40
Otello
7D
6.7%
1Y
138.3%
AIX
NOK 4.00
Ayfie International
7D
15.6%
1Y
6.7%
INDCT
NOK 4.38
Induct
7D
-0.5%
1Y
-6.4%