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Swedish (OMX) Software Industry Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies66
  • 7D2.8%
  • 3M-20.5%
  • 1Y-40.9%
  • YTD-7.5%

The Software industry is up 2.8% in the last week, with Sinch up 6.9%. In the past year, the industry is down 41%. Looking forward, earnings are forecast to grow by 45% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 29 Jan 2026SEK 65.9bSEK 48.0bSEK 2.2b26.2x30.1x1.4x
Sat, 27 Dec 2025SEK 72.0bSEK 48.1bSEK 2.2b27.9x32.4x1.5x
Mon, 24 Nov 2025SEK 72.1bSEK 48.9bSEK 2.3b26.6x31.6x1.5x
Wed, 22 Oct 2025SEK 91.5bSEK 49.9b-SEK 3,685,652,766.1031.4x-24.8x1.8x
Fri, 19 Sep 2025SEK 94.5bSEK 49.9b-SEK 3,714,611,407.6233.4x-25.4x1.9x
Sun, 17 Aug 2025SEK 94.9bSEK 49.9b-SEK 3,540,040,824.1134.7x-26.8x1.9x
Tue, 15 Jul 2025SEK 156.8bSEK 52.5b-SEK 2,682,465,020.1433.3x-58.5x3x
Thu, 12 Jun 2025SEK 156.2bSEK 52.4b-SEK 2,724,926,125.1531.5x-57.3x3x
Sat, 10 May 2025SEK 155.6bSEK 51.4b-SEK 2,668,238,664.6530.6x-58.3x3x
Mon, 07 Apr 2025SEK 151.3bSEK 51.7b-SEK 2,771,332,001.6433.8x-54.6x2.9x
Wed, 05 Mar 2025SEK 153.4bSEK 51.6b-SEK 3,162,746,579.9135.5x-48.5x3x
Fri, 31 Jan 2025SEK 157.7bSEK 49.6b-SEK 9,673,196,562.0940.9x-16.3x3.2x
Sun, 29 Dec 2024SEK 148.4bSEK 49.6b-SEK 9,704,120,582.0940.3x-15.3x3x
Tue, 26 Nov 2024SEK 144.4bSEK 48.5b-SEK 9,742,810,209.2141.1x-14.8x3x
Thu, 24 Oct 2024SEK 144.7bSEK 47.9b-SEK 4,175,324,725.5437.8x-34.7x3x
Sat, 21 Sep 2024SEK 146.5bSEK 47.7b-SEK 4,180,036,531.7238.9x-35x3.1x
Mon, 19 Aug 2024SEK 141.9bSEK 47.6b-SEK 4,275,627,966.7252.1x-33.2x3x
Wed, 17 Jul 2024SEK 144.0bSEK 47.8b-SEK 4,472,008,676.0857.1x-32.2x3x
Fri, 14 Jun 2024SEK 141.8bSEK 47.6b-SEK 4,423,180,882.7057.2x-32.1x3x
Sun, 12 May 2024SEK 145.0bSEK 50.3b-SEK 4,610,968,882.2653.2x-31.5x2.9x
Tue, 09 Apr 2024SEK 145.8bSEK 51.2b-SEK 4,752,774,763.2350.1x-30.7x2.8x
Thu, 07 Mar 2024SEK 158.8bSEK 52.1b-SEK 5,113,916,100.4456.4x-31.1x3.1x
Sat, 03 Feb 2024SEK 147.0bSEK 50.6b-SEK 4,751,090,498.0058x-30.9x2.9x
Mon, 01 Jan 2024SEK 154.4bSEK 50.3b-SEK 4,687,325,291.0067.2x-32.9x3.1x
Wed, 29 Nov 2023SEK 130.7bSEK 51.1b-SEK 4,797,956,913.0058x-27.2x2.6x
Fri, 27 Oct 2023SEK 113.3bSEK 51.1b-SEK 9,736,311,149.0044.8x-11.6x2.2x
Sun, 24 Sep 2023SEK 120.4bSEK 51.0b-SEK 9,577,202,634.0046.6x-12.6x2.4x
Tue, 22 Aug 2023SEK 123.8bSEK 51.0b-SEK 9,661,851,771.0046x-12.8x2.4x
Thu, 20 Jul 2023SEK 133.2bSEK 50.7b-SEK 9,345,730,924.0042.3x-14.2x2.6x
Sat, 17 Jun 2023SEK 131.1bSEK 50.4b-SEK 9,597,095,300.0039.1x-13.7x2.6x
Mon, 15 May 2023SEK 136.5bSEK 50.2b-SEK 9,416,783,081.0039.3x-14.5x2.7x
Wed, 12 Apr 2023SEK 133.3bSEK 49.8b-SEK 9,266,761,812.0040x-14.4x2.7x
Fri, 10 Mar 2023SEK 139.7bSEK 49.4b-SEK 9,181,963,079.0042.5x-15.2x2.8x
Sun, 05 Feb 2023SEK 150.9bSEK 46.6b-SEK 4,820,041,452.0040.8x-31.3x3.2x
Price to Earnings Ratio

-31.3x


Total Market Cap: SEK 150.9bTotal Earnings: -SEK 4,820,041,452.00Total Revenue: SEK 46.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Software Industry Price to Earnings3Y Average -23.7x202420252026
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 30.1x which is higher than its 3-year average PE of -23.7x.
  • 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 Market1.03%
Tech4.74%
Software2.81%
Application Software2.99%
Systems Software1.74%
Industry PE
  • Investors are most optimistic about the Systems Software industry even though it's trading below its 3-year average PE ratio of 41.9x.
    • Analysts expect its future annual earnings growth (28.9%) to be largely in line with prior year's earnings growth.
  • 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 48% 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 29% 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 27.866.9%
+SEK 1.5b		17.9%PS0.8x
DONE Done.ai GroupSEK 11.6831.2%
+SEK 231.5m		-39.8%PE0.5x
MSAB B Micro SystemationSEK 69.8019.5%
+SEK 210.5m		26.9%PE26.2x
TRUE B TruecallerSEK 15.432.5%
+SEK 124.2m		-76.7%PE10.8x
ONEF OneflowSEK 24.309.5%
+SEK 59.6m		-40.0%PS3.4x

Latest News

CINT
SEK 2.81
Cint Group
7D
5.4%
1Y
-66.8%
MSAB B
SEK 69.80
Micro Systemation
7D
19.5%
1Y
26.9%
FREJA
SEK 16.95
Freja eID Group
7D
12.3%
1Y
50.0%

Is It Time To Consider Buying Freja eID Group AB (publ) (STO:FREJA)?

Jan 28
Is It Time To Consider Buying Freja eID Group AB (publ) (STO:FREJA)?
YUBICO
SEK 68.46
Yubico
7D
-1.7%
1Y
-72.5%
SINCH
SEK 27.86
Sinch
7D
6.9%
1Y
17.9%
TRUE B
SEK 15.43
Truecaller
7D
2.5%
1Y
-76.7%

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 0.27
Teneo AI
7D
-46.4%
1Y
-51.4%

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 264.00
Vitec Software Group
7D
-1.3%
1Y
-53.2%

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.
CHECK
SEK 3.19
Checkin.Com Group
7D
-20.1%
1Y
-75.7%

Biometric Verification Demand And Platform Partnerships Will Support A Stronger Future Earnings Profile

Catalysts About Checkin.Com Group Checkin.Com Group provides software that helps companies verify and onboard users through biometric and facial recognition technology across digital channels. What are the underlying business or industry changes driving this perspective?
SLEEP
SEK 23.70
Sleep Cycle
7D
-5.2%
1Y
-43.7%

SLEEP: Expanding Licensing And AI Coaching Will Drive Long Term Upside

Analysts have maintained their fair value estimate for Sleep Cycle at $43.00. They cite more cautious assumptions on revenue growth and profit margins, together with a higher future P/E outlook, as key factors behind the unchanged target.
CLAV
SEK 4.14
Clavister Holding AB (publ.)
7D
3.1%
1Y
98.1%
DONE
SEK 11.68
Done.ai Group
7D
31.2%
1Y
-39.8%
ONEF
SEK 24.30
Oneflow
7D
9.5%
1Y
-40.0%

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
VERT B
SEK 61.40
Vertiseit
7D
-3.8%
1Y
13.3%

Estimating The Fair Value Of Vertiseit AB (publ) (STO:VERT B)

Dec 24
Estimating The Fair Value Of Vertiseit AB (publ) (STO:VERT B)
FPIP
SEK 23.10
Formpipe Software
7D
-2.1%
1Y
-5.7%
SKOLON
SEK 26.30
Skolon
7D
-5.4%
1Y
-18.6%

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