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Norwegian (OSEAX) Software Industry Analysis

UpdatedMay 21, 2026
DataAggregated Company Financials
Companies8
  • 7D-0.6%
  • 3M22.7%
  • 1Y11.6%
  • YTD-8.2%

Over the last 7 days, the Software industry has remained flat, although notably Elliptic Laboratories gained 9.1%. The past year has been better, since the industry has gained 13% in that time. Looking forward, earnings are forecast to grow by 30% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 21 May 2026NOK 18.0bNOK 9.0bNOK 778.9m17x23.1x2x
Sat, 18 Apr 2026NOK 16.4bNOK 8.6bNOK 688.9m19.1x23.8x1.9x
Mon, 16 Mar 2026NOK 17.7bNOK 9.1bNOK 834.3m26.9x21.2x1.9x
Wed, 11 Feb 2026NOK 21.2bNOK 10.3bNOK 831.7m33.9x25.5x2.1x
Fri, 09 Jan 2026NOK 25.4bNOK 10.3bNOK 857.1m41.1x29.6x2.5x
Sun, 07 Dec 2025NOK 23.9bNOK 10.3bNOK 857.6m39.4x27.8x2.3x
Tue, 04 Nov 2025NOK 22.6bNOK 10.2bNOK 856.6m33.6x26.4x2.2x
Thu, 02 Oct 2025NOK 22.9bNOK 10.2bNOK 848.5m35x27x2.3x
Sat, 30 Aug 2025NOK 24.5bNOK 10.2bNOK 824.9m36.5x29.7x2.4x
Mon, 28 Jul 2025NOK 24.1bNOK 10.3bNOK 300.7m44.1x80.1x2.3x
Wed, 25 Jun 2025NOK 35.3bNOK 17.4bNOK 594.4m43.7x59.4x2x
Fri, 23 May 2025NOK 32.6bNOK 17.4bNOK 587.8m40.8x55.5x1.9x
Sun, 20 Apr 2025NOK 28.5bNOK 17.2bNOK 594.7m36.2x47.9x1.7x
Tue, 18 Mar 2025NOK 27.9bNOK 17.2bNOK 588.1m36.2x47.4x1.6x
Thu, 13 Feb 2025NOK 29.0bNOK 16.9bNOK 462.2m45.1x62.7x1.7x
Sat, 11 Jan 2025NOK 29.5bNOK 16.9bNOK 457.7m42.5x64.5x1.7x
Mon, 09 Dec 2024NOK 30.9bNOK 16.9bNOK 465.2m41.2x66.5x1.8x
Wed, 06 Nov 2024NOK 34.7bNOK 18.2bNOK 334.9m46.9x103.6x1.9x
Fri, 04 Oct 2024NOK 35.8bNOK 18.2bNOK 345.3m50.6x103.7x2x
Sun, 01 Sep 2024NOK 36.5bNOK 18.2bNOK 334.8m49x109.2x2x
Tue, 30 Jul 2024NOK 34.9bNOK 17.7bNOK 452.0m19.2x77.2x2x
Thu, 27 Jun 2024NOK 32.4bNOK 17.6bNOK 448.1m19.1x72.3x1.8x
Sat, 25 May 2024NOK 32.1bNOK 17.6bNOK 432.5m19.6x74.3x1.8x
Mon, 22 Apr 2024NOK 26.2bNOK 17.0b-NOK 54,633,409.5223.8x-479.9x1.5x
Wed, 20 Mar 2024NOK 27.0bNOK 16.9b-NOK 37,176,758.6123x-724.9x1.6x
Fri, 16 Feb 2024NOK 27.2bNOK 16.9b-NOK 65,453,321.1721.5x-415.6x1.6x
Sun, 14 Jan 2024NOK 35.9bNOK 18.5b-NOK 734,020,027.0015.7x-48.9x1.9x
Tue, 12 Dec 2023NOK 34.9bNOK 18.5b-NOK 741,922,264.0015.5x-47.1x1.9x
Thu, 09 Nov 2023NOK 31.6bNOK 17.9b-NOK 749,873,669.0014.5x-42.2x1.8x
Sat, 07 Oct 2023NOK 30.6bNOK 17.9b-NOK 753,799,970.0015.5x-40.6x1.7x
Mon, 04 Sep 2023NOK 33.7bNOK 17.9b-NOK 747,911,731.0013.2x-45.1x1.9x
Wed, 02 Aug 2023NOK 35.9bNOK 16.9b-NOK 981,654,997.009.6x-36.5x2.1x
Fri, 30 Jun 2023NOK 34.2bNOK 16.9b-NOK 999,668,045.0010.3x-34.2x2x
Sun, 28 May 2023NOK 34.7bNOK 16.9b-NOK 1,083,799,676.009.6x-32x2.1x
Price to Earnings Ratio

-32x


Total Market Cap: NOK 34.7bTotal Earnings: -NOK 1,083,799,676.00Total Revenue: NOK 16.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Software Industry Price to Earnings3Y Average 1.5x202420252026
Current Industry PE
  • Investors are optimistic on the Norwegian Software industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 23.1x which is higher than its 3-year average PE of 1.5x.
  • The industry is trading close to its 3-year average PS ratio of 1.9x.
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 19% 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 Market3.19%
Tech-1.08%
Software-0.60%
Systems Software0%0
Application Software-0.60%
Industry PE
  • Investors are most optimistic about the Application Software industry even though it's trading below its 3-year average PE ratio of 53.1x.
    • Analysts are expecting annual earnings growth of 30.4%, which is higher than its past year's earnings decline of 20.6% per year.
  • Investors are most pessimistic about the Application Software industry, which is trading below its 3-year average of 53.1x.
Forecasted Growth
  • Analysts are most optimistic on the Application Software industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings decline of 21% per year.
  • In contrast, the Application Software industry is expected to see its earnings grow by 30% 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
ELABS Elliptic LaboratoriesNOK 3.779.1%
+NOK 39.8m		-70.8%PS4.7x
INDCT InductNOK 2.055.1%
+NOK 3.1m		-30.3%PS4.7x

Latest News

LINK
NOK 27.72
LINK Mobility Group Holding
7D
-0.5%
1Y
9.1%
Narrative Update • May 18

LINK: Large Stake Purchase Will Support Medium Term M&A Focus

Analysts have trimmed their fair value estimate for LINK Mobility Group Holding from NOK 46.00 to NOK 42.00, citing updated assumptions for revenue growth, profit margins and future P/E expectations. What's in the News An undisclosed buyer acquired a 13.3% stake in LINK Mobility Group Holding ASA from Victory Partners Viii Limited for NOK 1.1b, at NOK 26.75 per share for 40,540,774 shares on May 13, 2026.
ELABS
NOK 3.77
Elliptic Laboratories
7D
9.1%
1Y
-70.8%
Narrative Update • May 16

ELABS: Future Laptop Launches And New Equity Raise Will Drive Upside

Analysts have kept their price target for Elliptic Laboratories steady at NOK 13.0. This reflects largely unchanged views on fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Correction issued on April 2026 launch data, with Elliptic Labs reporting 14 new device models in April and year to date 2026 launches of 24 laptops and 29 smartphones, compared with 23 laptops and 20 smartphones in the same period of 2025 (Product related announcement).
INDCT
NOK 2.05
Induct
7D
5.1%
1Y
-30.3%
PEXIP
NOK 79.20
Pexip Holding
7D
-0.6%
1Y
34.7%
AIX
NOK 3.65
Ayfie International
7D
-4.9%
1Y
-4.2%
OTEC
NOK 18.10
Otello
7D
-4.2%
1Y
74.9%