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Norwegian (OSEAX) Software Industry Analysis

UpdatedFeb 10, 2026
DataAggregated Company Financials
Companies10
  • 7D-11.9%
  • 3M1.0%
  • 1Y12.1%
  • YTD-13.5%

Over the last 7 days, the Software industry has dropped 13%, driven by a pullback from LINK Mobility Group Holding of 21%. This takes the industry's 12 month performance to a gain of 11%. As for the next few years, earnings are expected to grow by 38% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Feb 2026NOK 21.5bNOK 10.3bNOK 834.5m34.6x25.8x2.1x
Thu, 08 Jan 2026NOK 25.7bNOK 10.3bNOK 856.6m41.7x30x2.5x
Sat, 06 Dec 2025NOK 23.9bNOK 10.3bNOK 857.9m39.4x27.8x2.3x
Mon, 03 Nov 2025NOK 22.6bNOK 10.2bNOK 857.2m32.8x26.4x2.2x
Wed, 01 Oct 2025NOK 22.8bNOK 10.2bNOK 851.5m34.8x26.7x2.2x
Fri, 29 Aug 2025NOK 24.7bNOK 10.2bNOK 825.3m37x30x2.4x
Sun, 27 Jul 2025NOK 24.1bNOK 10.3bNOK 300.7m44.1x80.1x2.3x
Tue, 24 Jun 2025NOK 34.8bNOK 17.4bNOK 594.7m43.6x58.6x2x
Thu, 22 May 2025NOK 33.1bNOK 17.3bNOK 561.7m43.1x58.9x1.9x
Sat, 19 Apr 2025NOK 28.5bNOK 17.2bNOK 594.7m36.2x47.9x1.7x
Mon, 17 Mar 2025NOK 28.0bNOK 17.2bNOK 586.9m36.3x47.7x1.6x
Wed, 12 Feb 2025NOK 28.9bNOK 16.9bNOK 462.7m44.3x62.6x1.7x
Fri, 10 Jan 2025NOK 30.2bNOK 16.9bNOK 459.5m41.8x65.8x1.8x
Sun, 08 Dec 2024NOK 30.9bNOK 16.9bNOK 465.2m41.2x66.5x1.8x
Tue, 05 Nov 2024NOK 35.9bNOK 18.2bNOK 338.0m48.8x106.2x2x
Thu, 03 Oct 2024NOK 36.5bNOK 18.2bNOK 345.6m52.2x105.5x2x
Sat, 31 Aug 2024NOK 36.5bNOK 18.2bNOK 342.5m49x106.7x2x
Mon, 29 Jul 2024NOK 34.5bNOK 17.7bNOK 452.4m19x76.2x2x
Wed, 26 Jun 2024NOK 32.6bNOK 17.6bNOK 447.7m19x72.7x1.8x
Fri, 24 May 2024NOK 32.2bNOK 17.6bNOK 433.1m20x74.4x1.8x
Sun, 21 Apr 2024NOK 26.2bNOK 17.0b-NOK 55,327,720.5523.8x-473.9x1.5x
Tue, 19 Mar 2024NOK 26.5bNOK 16.9b-NOK 37,024,446.2922.7x-716x1.6x
Thu, 15 Feb 2024NOK 27.3bNOK 16.6bNOK 21.2m25.3x1290.9x1.6x
Sat, 13 Jan 2024NOK 35.9bNOK 18.5b-NOK 734,020,027.0015.7x-48.9x1.9x
Mon, 11 Dec 2023NOK 34.7bNOK 18.5b-NOK 741,356,713.0015.4x-46.8x1.9x
Wed, 08 Nov 2023NOK 32.4bNOK 17.9b-NOK 750,332,870.0014.7x-43.2x1.8x
Fri, 06 Oct 2023NOK 30.5bNOK 17.9b-NOK 754,876,590.0016.3x-40.4x1.7x
Sun, 03 Sep 2023NOK 33.7bNOK 17.9b-NOK 747,911,731.0013.2x-45.1x1.9x
Tue, 01 Aug 2023NOK 35.9bNOK 16.9b-NOK 979,948,437.009.7x-36.6x2.1x
Thu, 29 Jun 2023NOK 33.9bNOK 16.9b-NOK 999,163,126.0010.1x-33.9x2x
Sat, 27 May 2023NOK 34.7bNOK 16.9b-NOK 1,084,135,739.009.6x-32x2.1x
Mon, 24 Apr 2023NOK 30.2bNOK 16.1b-NOK 919,088,982.0031.4x-32.8x1.9x
Wed, 22 Mar 2023NOK 30.2bNOK 16.1b-NOK 1,435,380,124.0044.9x-21x1.9x
Fri, 17 Feb 2023NOK 35.5bNOK 15.7b-NOK 970,676,102.0037.3x-36.6x2.3x
Price to Earnings Ratio

-36.6x


Total Market Cap: NOK 35.5bTotal Earnings: -NOK 970,676,102.00Total Revenue: NOK 15.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Software Industry Price to Earnings3Y Average -3.1x202420252026
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 25.4x which is higher than its 3-year average PE of -3.2x.
  • 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 13% 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 Market3.32%
Tech1.77%
Software-11.88%
Systems Software0%0
Application Software-11.88%
Industry PE
  • Investors are most optimistic about the Application Software industry even though it's trading below its 3-year average PE ratio of 49.1x.
    • Analysts are expecting annual earnings growth of 37.9%, 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 49.1x.
Forecasted Growth
  • Analysts are most optimistic on the Application Software industry, expecting annual earnings growth of 38% 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 38% 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 4.653.1%
+NOK 14.7m		-53.9%PS3.5x
OTEC OtelloNOK 18.400.3%
+NOK 3.5m		142.7%PE3.4x
RIVER River TechNOK 4.261.9%
+NOK 1.6m		-75.7%PE1.3x

Latest News

LINK
NOK 25.85
LINK Mobility Group Holding
7D
-2.5%
1Y
13.6%

LINK: Steady Fair Value And Higher Future P/E Will Support Upside

Analysts have kept their fair value estimate for LINK Mobility Group Holding steady at €40.00, while updating their assumptions to reflect a slightly higher discount rate, a lower revenue growth outlook, a reduced profit margin and a higher future P/E multiple, which together explain the unchanged price target. What's in the News An extraordinary general meeting is scheduled for February 3, 2026, at 10:00 W.
ELABS
NOK 4.65
Elliptic Laboratories
7D
3.1%
1Y
-53.9%

ELABS: New Smartphone Licensing Wins Will Support Future Upside Potential

Analysts have maintained their price target for Elliptic Laboratories at €13.0. Their updated assumptions reflect a slightly higher discount rate and a small adjustment to the future P/E multiple, while revenue growth and profit margin expectations remain unchanged. What's in the News Elliptic Labs shipped its AI Virtual Smart Sensor Platform on seven smartphone models in December 2025, including five models from Vivo and two from HONOR, contributing to a total of 65 smartphone models using its technology in 2025 (Key Developments).
PEXIP
NOK 73.40
Pexip Holding
7D
-1.5%
1Y
63.1%

PEXIP: Future Outlook Will Emphasize Fair Value Margins And Earnings Multiple

Analysts have adjusted their price target for Pexip Holding to reflect updated assumptions around slightly higher revenue growth, a lower profit margin profile, and a higher future P/E multiple. Valuation Changes Fair Value: Kept unchanged at 77.5, indicating no revision to the central value estimate.
SMCRT
NOK 17.75
SmartCraft
7D
-13.4%
1Y
-36.2%
RIVER
NOK 4.26
River Tech
7D
1.9%
1Y
-75.7%
OTEC
NOK 18.40
Otello
7D
0.3%
1Y
142.7%
AIX
NOK 4.10
Ayfie International
7D
-8.9%
1Y
6.5%
INDCT
NOK 4.10
Induct
7D
-9.7%
1Y
-21.2%