Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Norwegian (OSEAX) Software Industry Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies10
  • 7D1.9%
  • 3M12.1%
  • 1Y31.1%
  • YTD1.0%

In the last week, the Software industry is up 1.9%, with Pexip Holding leading the way, up 3.3%. This means that the industry has gained 31% over the past year. 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
Thu, 29 Jan 2026NOK 25.1bNOK 10.3bNOK 836.9m39.9x30x2.4x
Sat, 27 Dec 2025NOK 24.8bNOK 10.3bNOK 853.5m40.4x29.1x2.4x
Mon, 24 Nov 2025NOK 20.7bNOK 10.3bNOK 863.4m33.1x23.9x2x
Wed, 22 Oct 2025NOK 22.2bNOK 10.2bNOK 853.7m32.6x26x2.2x
Fri, 19 Sep 2025NOK 23.7bNOK 10.2bNOK 805.6m35.9x29.4x2.3x
Sun, 17 Aug 2025NOK 25.2bNOK 10.3bNOK 324.2m37.3x77.6x2.4x
Tue, 15 Jul 2025NOK 23.2bNOK 10.3bNOK 300.5m43x77.2x2.3x
Thu, 12 Jun 2025NOK 34.8bNOK 17.4bNOK 590.8m43.1x58.9x2x
Sat, 10 May 2025NOK 31.3bNOK 17.2bNOK 567.3m39.8x55.3x1.8x
Mon, 07 Apr 2025NOK 27.0bNOK 17.2bNOK 586.5m35.5x46.1x1.6x
Wed, 05 Mar 2025NOK 27.8bNOK 17.2bNOK 572.9m36.1x48.6x1.6x
Fri, 31 Jan 2025NOK 30.0bNOK 16.9bNOK 462.1m41.4x65x1.8x
Sun, 29 Dec 2024NOK 30.7bNOK 16.9bNOK 461.1m41.7x66.5x1.8x
Tue, 26 Nov 2024NOK 29.6bNOK 16.9bNOK 451.5m41.1x65.6x1.7x
Thu, 24 Oct 2024NOK 36.2bNOK 18.2bNOK 337.5m47.7x107.3x2x
Sat, 21 Sep 2024NOK 36.5bNOK 18.2bNOK 348.2m46.6x104.8x2x
Mon, 19 Aug 2024NOK 35.0bNOK 18.0bNOK 544.3m16.2x64.3x2x
Wed, 17 Jul 2024NOK 35.1bNOK 17.7bNOK 450.7m18.6x77.8x2x
Fri, 14 Jun 2024NOK 33.0bNOK 17.6bNOK 448.3m19.3x73.7x1.9x
Sun, 12 May 2024NOK 31.6bNOK 17.2bNOK 166.5m43.4x189.7x1.8x
Tue, 09 Apr 2024NOK 27.7bNOK 17.0b-NOK 49,444,364.4724.1x-560x1.6x
Thu, 07 Mar 2024NOK 26.4bNOK 16.9b-NOK 38,332,573.6423.2x-689.4x1.6x
Sat, 03 Feb 2024NOK 36.5bNOK 18.5b-NOK 733,558,082.0017.6x-49.8x2x
Mon, 01 Jan 2024NOK 35.7bNOK 18.5b-NOK 732,470,215.0015.7x-48.8x1.9x
Wed, 29 Nov 2023NOK 33.5bNOK 18.2b-NOK 665,309,058.0015.3x-50.3x1.8x
Fri, 27 Oct 2023NOK 30.4bNOK 17.9b-NOK 756,795,607.0015x-40.2x1.7x
Sun, 24 Sep 2023NOK 32.1bNOK 17.9b-NOK 752,172,205.0013.5x-42.7x1.8x
Tue, 22 Aug 2023NOK 34.7bNOK 17.5b-NOK 838,397,117.0011x-41.4x2x
Thu, 20 Jul 2023NOK 34.5bNOK 16.9b-NOK 977,950,981.009x-35.3x2x
Sat, 17 Jun 2023NOK 35.4bNOK 16.9b-NOK 1,061,049,256.0010.2x-33.3x2.1x
Mon, 15 May 2023NOK 32.3bNOK 16.5b-NOK 804,168,278.0030.6x-40.1x2x
Wed, 12 Apr 2023NOK 31.3bNOK 16.1b-NOK 1,442,365,100.0051x-21.7x2x
Fri, 10 Mar 2023NOK 32.5bNOK 16.1b-NOK 1,445,086,566.0044.2x-22.5x2x
Sun, 05 Feb 2023NOK 35.9bNOK 38.1b-NOK 728,397,436.0034.3x-49.3x0.9x
Price to Earnings Ratio

-49.3x


Total Market Cap: NOK 35.9bTotal Earnings: -NOK 728,397,436.00Total Revenue: NOK 38.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Software Industry Price to Earnings3Y Average -4x202420252026
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 30.0x which is higher than its 3-year average PE of -4.0x.
  • 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 Market0.79%
Tech0.23%
Software1.94%
Application Software1.94%
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 48.5x.
    • Analysts are expecting annual earnings growth of 47.2%, 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 48.5x.
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 77.203.3%
+NOK 256.2m		66.4%PE40.5x
LINK LINK Mobility Group HoldingNOK 34.552.5%
+NOK 246.2m		52.2%PE95.3x
OTEC OtelloNOK 18.457.0%
+NOK 79.9m		143.4%PE3.3x
INDCT InductNOK 4.301.4%
+NOK 1.9m		-14.9%PS8.5x
AIX Ayfie InternationalNOK 3.820.5%
+NOK 500.2k		1.3%n/a

Latest News

LINK
NOK 34.55
LINK Mobility Group Holding
7D
2.5%
1Y
52.2%

LINK: Steady Fair Value And Higher Margins Will Support Future Upside

Analysts have maintained their fair value estimate for LINK Mobility Group Holding at €40.00. This unchanged target reflects slight adjustments to assumptions on the discount rate, revenue growth, profit margin, and future P/E ratio.
ELABS
NOK 5.14
Elliptic Laboratories
7D
-3.7%
1Y
-52.8%

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 77.20
Pexip Holding
7D
3.3%
1Y
66.4%

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 23.70
SmartCraft
7D
-2.1%
1Y
-10.9%
RIVER
NOK 4.02
River Tech
7D
-2.9%
1Y
-78.0%
SPIR
NOK 8.44
Spir Group
7D
-0.5%
1Y
0.7%
OTEC
NOK 18.45
Otello
7D
7.0%
1Y
143.4%
AIX
NOK 3.82
Ayfie International
7D
0.5%
1Y
1.3%
INDCT
NOK 4.30
Induct
7D
1.4%
1Y
-14.9%