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

Swedish (OMX) Software Industry Analysis

UpdatedJan 26, 2026
DataAggregated Company Financials
Companies66
  • 7D-0.6%
  • 3M-21.6%
  • 1Y-39.4%
  • YTD-7.6%

In the last week, Software has been flat. As for the longer term, the industry has declined 39% in the last year. As for the next few years, earnings are expected to grow by 45% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 27 Jan 2026SEK 65.9bSEK 48.0bSEK 2.2b25.1x30.2x1.4x
Thu, 25 Dec 2025SEK 72.0bSEK 48.1bSEK 2.2b27.9x32.4x1.5x
Sat, 22 Nov 2025SEK 72.1bSEK 48.9bSEK 2.3b26.6x31.7x1.5x
Mon, 20 Oct 2025SEK 89.5bSEK 50.0b-SEK 3,685,453,271.3731.4x-24.3x1.8x
Wed, 17 Sep 2025SEK 90.0bSEK 49.9b-SEK 3,714,851,119.5033.5x-24.2x1.8x
Fri, 15 Aug 2025SEK 94.5bSEK 49.9b-SEK 3,529,231,684.1034x-26.8x1.9x
Sun, 13 Jul 2025SEK 157.6bSEK 52.5b-SEK 2,687,893,415.1433.9x-58.6x3x
Tue, 10 Jun 2025SEK 156.9bSEK 52.4b-SEK 2,724,701,040.2232.2x-57.6x3x
Thu, 08 May 2025SEK 157.4bSEK 51.1b-SEK 2,669,516,525.1431.6x-59x3.1x
Sat, 05 Apr 2025SEK 151.3bSEK 51.7b-SEK 2,771,332,001.6433.8x-54.6x2.9x
Mon, 03 Mar 2025SEK 159.6bSEK 51.6b-SEK 3,158,289,283.6635.6x-50.5x3.1x
Wed, 29 Jan 2025SEK 153.6bSEK 49.6b-SEK 9,696,520,194.4943.9x-15.8x3.1x
Fri, 27 Dec 2024SEK 145.9bSEK 49.6b-SEK 9,732,530,174.8140x-15x2.9x
Sun, 24 Nov 2024SEK 141.8bSEK 48.5b-SEK 9,737,794,584.4041.1x-14.6x2.9x
Tue, 22 Oct 2024SEK 141.6bSEK 47.8b-SEK 4,178,703,775.7537.8x-33.9x3x
Thu, 19 Sep 2024SEK 140.3bSEK 47.7b-SEK 4,176,071,854.0938.9x-33.6x2.9x
Sat, 17 Aug 2024SEK 141.8bSEK 47.6b-SEK 4,279,527,966.7252.1x-33.1x3x
Mon, 15 Jul 2024SEK 140.7bSEK 47.8b-SEK 4,439,538,921.9556.3x-31.7x2.9x
Wed, 12 Jun 2024SEK 140.0bSEK 47.6b-SEK 4,432,074,523.2355.2x-31.6x2.9x
Fri, 10 May 2024SEK 143.0bSEK 50.4b-SEK 4,630,991,924.5052.2x-30.9x2.8x
Sun, 07 Apr 2024SEK 146.4bSEK 51.2b-SEK 4,782,194,438.9347.6x-30.6x2.9x
Tue, 05 Mar 2024SEK 161.7bSEK 52.1b-SEK 5,128,825,489.3657.1x-31.5x3.1x
Thu, 01 Feb 2024SEK 153.6bSEK 50.4b-SEK 4,731,076,433.0066.6x-32.5x3x
Sat, 30 Dec 2023SEK 154.8bSEK 50.3b-SEK 4,687,325,291.0067.2x-33x3.1x
Mon, 27 Nov 2023SEK 128.7bSEK 51.1b-SEK 4,829,315,561.0057.1x-26.6x2.5x
Wed, 25 Oct 2023SEK 113.1bSEK 51.1b-SEK 9,528,250,686.0042.8x-11.9x2.2x
Fri, 22 Sep 2023SEK 120.8bSEK 51.0b-SEK 9,600,034,565.0046.4x-12.6x2.4x
Sun, 20 Aug 2023SEK 123.8bSEK 50.9b-SEK 9,683,050,240.0043.8x-12.8x2.4x
Tue, 18 Jul 2023SEK 130.0bSEK 50.7b-SEK 9,348,015,024.0041.5x-13.9x2.6x
Thu, 15 Jun 2023SEK 133.2bSEK 50.4b-SEK 9,575,636,880.0041x-13.9x2.6x
Sat, 13 May 2023SEK 136.5bSEK 50.2b-SEK 9,406,779,332.0039.3x-14.5x2.7x
Mon, 10 Apr 2023SEK 132.6bSEK 49.8b-SEK 9,266,258,409.0038.5x-14.3x2.7x
Wed, 08 Mar 2023SEK 141.9bSEK 49.4b-SEK 9,179,645,735.0040x-15.5x2.9x
Fri, 03 Feb 2023SEK 154.5bSEK 46.6b-SEK 4,817,506,468.0041.1x-32.1x3.3x
Price to Earnings Ratio

-32.1x


Total Market Cap: SEK 154.5bTotal Earnings: -SEK 4,817,506,468.00Total Revenue: SEK 46.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Software Industry Price to Earnings3Y Average -23.9x202420252026
Current Industry PE
  • Investors are optimistic on the Swedish Software industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 30.2x which is higher than its 3-year average PE of -23.9x.
  • The 3-year average PS ratio of 2.7x is higher than the industry's current PS ratio of 1.4x.
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 remained mostly flat. This means that the industry has become more efficient since profits are increasing while sales have been flat.

Industry Trends

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

SE Market0.87%
Tech3.37%
Software-0.61%
Application Software-0.48%
Systems Software-1.32%
Industry PE
  • Investors are most optimistic about the Systems Software industry even though it's trading below its 3-year average PE ratio of 41.8x.
    • Analysts are expecting annual earnings growth of 31.5%, which is lower than the prior year's growth of 204.3% per year.
  • Investors are most pessimistic about the Application Software industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
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 2.3% per year.
  • In contrast, the Systems Software industry is expected to see its earnings grow by 32% 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
SINCH SinchSEK 27.544.6%
+SEK 978.9m		24.5%PS0.8x
DONE Done.ai GroupSEK 9.9629.5%
+SEK 189.0m		-48.5%PE0.5x
ADVE AdvenicaSEK 20.9512.2%
+SEK 99.8m		135.9%PE39.3x
TRUE B TruecallerSEK 16.071.4%
+SEK 73.8m		-75.5%PE11.3x
FREJA Freja eID GroupSEK 16.707.7%
+SEK 34.3m		47.8%PS8x

Latest News

SINCH
SEK 27.54
Sinch
7D
4.6%
1Y
24.5%
YUBICO
SEK 68.16
Yubico
7D
-3.7%
1Y
-72.0%
TRUE B
SEK 16.07
Truecaller
7D
1.4%
1Y
-75.5%

TRUE B: Marketplace Model Concerns Will Create Longer Term Entry Opportunity

Analysts now see Truecaller’s fair value at $21.00, down from $60.00. This reflects more cautious assumptions on revenue growth, profit margins and future P/E multiples in light of recent sector commentary that highlights slower rollout timelines and more listing-style business models at peers.
TENEO
SEK 0.32
Teneo AI
7D
-34.5%
1Y
-38.8%

Teneo AI AB (publ) (STO:TENEO) Might Not Be As Mispriced As It Looks After Plunging 37%

Jan 24
Teneo AI AB (publ) (STO:TENEO) Might Not Be As Mispriced As It Looks After Plunging 37%
VIT B
SEK 265.00
Vitec Software Group
7D
-3.2%
1Y
-52.4%

VIT B: Recent Upgrade And Refreshed Assumptions Will Support Future Upside Potential

Analysts have reduced their fair value estimate for Vitec Software Group from SEK 543.50 to about SEK 474.60, reflecting updated assumptions on growth, margins, discount rate and future P/E following recent research, including the upgrade at SEB Equities. Analyst Commentary Bullish Takeaways Bullish analysts view the recent fair value adjustment to about SEK 474.60 as better aligned with their updated assumptions on growth, margins and discount rate.
CLAV
SEK 4.23
Clavister Holding AB (publ.)
7D
-2.3%
1Y
107.1%
MSAB B
SEK 60.40
Micro Systemation
7D
2.7%
1Y
9.8%
SDS
SEK 10.30
Seamless Distribution Systems
7D
4.0%
1Y
48.2%

Seamless Distribution Systems AB (publ)'s (NGM:SDS) Price Is Right But Growth Is Lacking After Shares Rocket 29%

Jan 14
Seamless Distribution Systems AB (publ)'s (NGM:SDS) Price Is Right But Growth Is Lacking After Shares Rocket 29%
DONE
SEK 9.96
Done.ai Group
7D
29.5%
1Y
-48.5%
ONEF
SEK 22.20
Oneflow
7D
5.7%
1Y
-41.6%

We're Hopeful That Oneflow (STO:ONEF) Will Use Its Cash Wisely

Jan 08
We're Hopeful That Oneflow (STO:ONEF) Will Use Its Cash Wisely
ADVE
SEK 20.95
Advenica
7D
12.2%
1Y
135.9%

After Leaping 29% Advenica AB (publ) (STO:ADVE) Shares Are Not Flying Under The Radar

Dec 21
After Leaping 29% Advenica AB (publ) (STO:ADVE) Shares Are Not Flying Under The Radar
LIME
SEK 269.00
Lime Technologies
7D
-1.8%
1Y
-18.2%
SKOLON
SEK 25.70
Skolon
7D
-7.9%
1Y
-17.6%

After Leaping 32% Skolon AB (publ) (STO:SKOLON) Shares Are Not Flying Under The Radar

Dec 13
After Leaping 32% Skolon AB (publ) (STO:SKOLON) Shares Are Not Flying Under The Radar
FREJA
SEK 16.70
Freja eID Group
7D
7.7%
1Y
47.8%
BRIX
SEK 20.20
Briox
7D
-3.8%
1Y
260.7%

Will Briox (NGM:BRIX) Spend Its Cash Wisely?

Sep 10
Will Briox (NGM:BRIX) Spend Its Cash Wisely?
EYEW
SEK 16.46
Eye World
7D
-7.9%
1Y
13.8%