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Swedish (OMX) Software Industry Analysis

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies66
  • 7D-4.6%
  • 3M-22.4%
  • 1Y-33.5%
  • YTD-4.2%

Over the last 7 days, the Software industry has dropped 1.9%, driven by Sinch declining 11%. The industry has fallen 31% 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
Thu, 15 Jan 2026SEK 68.4bSEK 48.0bSEK 2.2b26.7x31.3x1.4x
Sat, 13 Dec 2025SEK 100.3bSEK 48.1bSEK 2.2b27.9x45.1x2.1x
Mon, 10 Nov 2025SEK 74.3bSEK 49.0bSEK 2.3b26.7x32.4x1.5x
Wed, 08 Oct 2025SEK 92.0bSEK 49.9b-SEK 3,689,717,473.2132.3x-24.9x1.8x
Fri, 05 Sep 2025SEK 90.3bSEK 49.9b-SEK 3,636,118,850.1935.2x-24.8x1.8x
Sun, 03 Aug 2025SEK 98.2bSEK 50.0b-SEK 3,434,415,812.2234.2x-28.6x2x
Tue, 01 Jul 2025SEK 160.4bSEK 52.4b-SEK 2,673,078,657.3333.3x-60x3.1x
Thu, 29 May 2025SEK 152.8bSEK 52.3b-SEK 2,717,417,618.1828.3x-56.2x2.9x
Sat, 26 Apr 2025SEK 157.5bSEK 52.0b-SEK 2,632,134,957.5333.9x-59.8x3x
Mon, 24 Mar 2025SEK 151.1bSEK 51.6b-SEK 3,146,302,480.6634.7x-48x2.9x
Wed, 19 Feb 2025SEK 165.6bSEK 50.1b-SEK 9,630,648,354.2841.4x-17.2x3.3x
Fri, 17 Jan 2025SEK 146.7bSEK 49.6b-SEK 9,697,722,257.6941.8x-15.1x3x
Sun, 15 Dec 2024SEK 149.7bSEK 49.3b-SEK 9,722,140,071.4842.2x-15.4x3x
Tue, 12 Nov 2024SEK 143.2bSEK 48.7b-SEK 9,954,244,056.5840.8x-14.4x2.9x
Thu, 10 Oct 2024SEK 143.8bSEK 47.7b-SEK 4,185,079,150.6438.5x-34.4x3x
Sat, 07 Sep 2024SEK 138.4bSEK 47.7b-SEK 4,201,208,221.6240x-32.9x2.9x
Mon, 05 Aug 2024SEK 139.5bSEK 47.4b-SEK 4,362,950,783.5953.5x-32x2.9x
Wed, 03 Jul 2024SEK 139.2bSEK 47.5b-SEK 4,451,382,003.7355.2x-31.3x2.9x
Fri, 31 May 2024SEK 139.8bSEK 47.2b-SEK 4,566,148,499.1754.3x-30.6x3x
Sun, 28 Apr 2024SEK 144.3bSEK 50.8b-SEK 4,695,152,062.5147.6x-30.7x2.8x
Tue, 26 Mar 2024SEK 150.7bSEK 51.2b-SEK 4,750,146,503.7549.6x-31.7x2.9x
Thu, 22 Feb 2024SEK 157.4bSEK 52.9b-SEK 4,289,610,353.1956.3x-36.7x3x
Sat, 20 Jan 2024SEK 144.1bSEK 50.4b-SEK 4,793,884,094.0065.6x-30.1x2.9x
Mon, 18 Dec 2023SEK 150.9bSEK 50.4b-SEK 4,712,144,352.0057.7x-32x3x
Wed, 15 Nov 2023SEK 126.8bSEK 51.2b-SEK 4,857,366,765.0053x-26.1x2.5x
Fri, 13 Oct 2023SEK 124.7bSEK 50.8b-SEK 9,476,898,214.0045.1x-13.2x2.5x
Sun, 10 Sep 2023SEK 119.6bSEK 50.9b-SEK 9,552,049,740.0046.2x-12.5x2.3x
Tue, 08 Aug 2023SEK 130.7bSEK 50.7b-SEK 9,507,313,028.0044.8x-13.7x2.6x
Thu, 06 Jul 2023SEK 125.5bSEK 50.6b-SEK 9,634,057,862.0040.4x-13x2.5x
Sat, 03 Jun 2023SEK 132.3bSEK 50.4b-SEK 9,567,666,414.0040.8x-13.8x2.6x
Mon, 01 May 2023SEK 135.8bSEK 50.1b-SEK 9,354,889,907.0042.4x-14.5x2.7x
Wed, 29 Mar 2023SEK 127.1bSEK 49.6b-SEK 9,189,715,038.0040.7x-13.8x2.6x
Fri, 24 Feb 2023SEK 135.3bSEK 49.3b-SEK 8,986,541,707.0043.2x-15.1x2.7x
Sun, 22 Jan 2023SEK 144.5bSEK 46.2b-SEK 4,758,618,045.0031.5x-30.4x3.1x
Price to Earnings Ratio

-30.4x


Total Market Cap: SEK 144.5bTotal Earnings: -SEK 4,758,618,045.00Total Revenue: SEK 46.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Software Industry Price to Earnings3Y Average -24.5x202420252026
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 31.7x which is higher than its 3-year average PE of -24.6x.
  • 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 Market-0.011%
Tech-3.81%
Software-4.64%
Systems Software2.07%
Application Software-5.69%
Industry PE
  • Investors are most optimistic about the Systems Software industry, which is trading close to its 3-year average PE ratio of 41.2x.
    • Analysts are expecting annual earnings growth of 32.3%, 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
YUBICO YubicoSEK 74.404.5%
+SEK 274.8m		-69.1%PE27.1x
CLAV Clavister Holding AB (publ.)SEK 3.214.9%
+SEK 46.4m		51.4%PS4.6x
LIME Lime TechnologiesSEK 278.001.1%
+SEK 40.0m		-20.3%PE35.7x
VERT B VertiseitSEK 65.801.9%
+SEK 36.4m		19.6%PE181.2x
4C 4C GroupSEK 12.408.3%
+SEK 36.4m		18.7%PS1.3x

Latest News

SDS
SEK 11.50
Seamless Distribution Systems
7D
15.6%
1Y
53.3%

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%
TRUE B
SEK 17.20
Truecaller
7D
-3.7%
1Y
-66.6%

TRUE B: Family Protection Rollout And Business Calling Suite Will Drive Repricing

Analysts have trimmed their price target on Truecaller to $68 from $95, citing updated assumptions for revenue growth, profit margins and future P/E that they see as better aligned with the company’s current risk profile and earnings outlook. Analyst Commentary Recent Street research around online auto marketplaces has centered on corporate actions and competitive shifts, with TrueCar in focus due to its pending acquisition and the broader conversation around third party listing platforms that connect buyers and sellers.
SINCH
SEK 27.96
Sinch
7D
-11.3%
1Y
37.3%

SINCH: Share Buybacks Will Support Future Upside Despite Cautious Margin Outlook

Analysts have kept their fair value estimate for Sinch steady at SEK 46.00. The unchanged target reflects a balance between a slightly lower discount rate and more cautious assumptions on revenue growth, profit margins and future P/E multiples.
DONE
SEK 7.08
Done.ai Group
7D
4.0%
1Y
-72.1%
VIT B
SEK 287.60
Vitec Software Group
7D
-2.5%
1Y
-44.2%

VIT B: Higher Growth Assumptions Will Likely Support A Stronger Share Price

Analysts have trimmed their price target for Vitec Software Group to SEK450. The change is largely tied to a lower assumed future P/E of about 27.8x, a slightly higher discount rate, a revised revenue growth assumption of 15.29% and a profit margin assumption of 14.47%.
ONEF
SEK 22.00
Oneflow
7D
-7.9%
1Y
-40.7%

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
YUBICO
SEK 74.40
Yubico
7D
4.5%
1Y
-69.1%

YUBICO: Wider Retail Distribution Will Support Future Upside Despite Hold Downgrade

Analysts have trimmed their price expectations for Yubico, cutting the fair value estimate from €124.67 to €108.00. They cite a shift toward more conservative assumptions on revenue growth, profit margins and future P/E multiples, alongside a recent downgrade to Hold in Street research.
4C
SEK 12.40
4C Group
7D
8.3%
1Y
18.7%
VERT B
SEK 65.80
Vertiseit
7D
1.9%
1Y
19.6%

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 24.90
Formpipe Software
7D
-2.7%
1Y
-2.0%
LIME
SEK 278.00
Lime Technologies
7D
1.1%
1Y
-20.3%
FREJA
SEK 15.30
Freja eID Group
7D
5.5%
1Y
53.3%
CLAV
SEK 3.21
Clavister Holding AB (publ.)
7D
4.9%
1Y
51.4%

Clavister Holding AB (publ.) (STO:CLAV) Stocks Pounded By 29% But Not Lagging Industry On Growth Or Pricing

Dec 02
Clavister Holding AB (publ.) (STO:CLAV) Stocks Pounded By 29% But Not Lagging Industry On Growth Or Pricing
BRIX
SEK 20.90
Briox
7D
-2.3%
1Y
273.2%

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

Sep 10
Will Briox (NGM:BRIX) Spend Its Cash Wisely?
NORDIG
SEK 0.57
Nord Insuretech Group
7D
-14.9%
1Y
54.9%

Here's Why Nord Insuretech Group (NGM:NORDIG) Can Afford Some Debt

Jun 25
Here's Why Nord Insuretech Group (NGM:NORDIG) Can Afford Some Debt
EYEW
SEK 18.08
Eye World
7D
-8.7%
1Y
11.6%