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Swedish (OMX) Software Industry Analysis

UpdatedJan 25, 2026
DataAggregated Company Financials
Companies66
  • 7D-2.6%
  • 3M-23.3%
  • 1Y-40.3%
  • YTD-7.6%

Over the last 7 days, the Software industry has dropped 2.6%, driven by Vitec Software Group declining 7.5%. The industry has fallen 40% 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
Sun, 25 Jan 2026SEK 65.9bSEK 48.0bSEK 2.2b25.1x30.2x1.4x
Tue, 23 Dec 2025SEK 71.8bSEK 48.1bSEK 2.2b27.9x32.3x1.5x
Thu, 20 Nov 2025SEK 71.8bSEK 49.0bSEK 2.3b26.9x31.6x1.5x
Sat, 18 Oct 2025SEK 89.5bSEK 50.0b-SEK 3,685,908,271.3731.4x-24.3x1.8x
Mon, 15 Sep 2025SEK 91.6bSEK 49.9b-SEK 3,714,859,386.4433.7x-24.7x1.8x
Wed, 13 Aug 2025SEK 95.1bSEK 50.0b-SEK 3,434,586,723.6634.8x-27.7x1.9x
Fri, 11 Jul 2025SEK 162.3bSEK 52.4b-SEK 2,672,904,881.5233.6x-60.7x3.1x
Sun, 08 Jun 2025SEK 157.4bSEK 52.4b-SEK 2,701,516,196.4533.2x-58.3x3x
Tue, 06 May 2025SEK 159.4bSEK 51.1b-SEK 2,666,298,229.0632x-59.8x3.1x
Thu, 03 Apr 2025SEK 158.7bSEK 51.5b-SEK 3,141,787,280.1735.1x-50.5x3.1x
Sat, 01 Mar 2025SEK 161.1bSEK 51.6b-SEK 3,155,776,094.1535.6x-51x3.1x
Mon, 27 Jan 2025SEK 154.4bSEK 49.6b-SEK 9,691,726,185.3343.9x-15.9x3.1x
Wed, 25 Dec 2024SEK 145.9bSEK 49.6b-SEK 9,727,939,059.4940x-15x2.9x
Fri, 22 Nov 2024SEK 138.3bSEK 48.5b-SEK 9,788,453,476.8541.5x-14.1x2.8x
Sun, 20 Oct 2024SEK 141.4bSEK 47.8b-SEK 4,185,714,711.5438x-33.8x3x
Tue, 17 Sep 2024SEK 139.3bSEK 47.4b-SEK 4,121,390,789.9338.3x-33.8x2.9x
Thu, 15 Aug 2024SEK 135.0bSEK 47.4b-SEK 4,328,319,535.2052.4x-31.2x2.8x
Sat, 13 Jul 2024SEK 140.7bSEK 47.5b-SEK 4,502,667,921.9556.3x-31.3x3x
Mon, 10 Jun 2024SEK 139.8bSEK 47.6b-SEK 4,482,262,472.9055.2x-31.2x2.9x
Wed, 08 May 2024SEK 142.2bSEK 50.3b-SEK 4,624,663,515.0750.1x-30.7x2.8x
Fri, 05 Apr 2024SEK 148.3bSEK 51.2b-SEK 4,786,051,847.6149x-31x2.9x
Sun, 03 Mar 2024SEK 163.1bSEK 52.1b-SEK 5,092,944,622.5959x-32x3.1x
Tue, 30 Jan 2024SEK 153.4bSEK 50.4b-SEK 4,759,080,626.0066.7x-32.2x3x
Thu, 28 Dec 2023SEK 154.1bSEK 50.3b-SEK 4,648,616,161.0066.9x-33.2x3.1x
Sat, 25 Nov 2023SEK 128.7bSEK 51.1b-SEK 4,823,628,129.0051.5x-26.7x2.5x
Mon, 23 Oct 2023SEK 115.1bSEK 51.1b-SEK 9,476,109,799.0044.1x-12.1x2.3x
Wed, 20 Sep 2023SEK 119.0bSEK 51.0b-SEK 9,554,819,230.0042.9x-12.5x2.3x
Fri, 18 Aug 2023SEK 123.9bSEK 50.9b-SEK 9,637,765,928.0043.6x-12.9x2.4x
Sun, 16 Jul 2023SEK 133.2bSEK 50.7b-SEK 9,345,455,132.0041.5x-14.3x2.6x
Tue, 13 Jun 2023SEK 130.5bSEK 50.4b-SEK 9,598,324,673.0039.9x-13.6x2.6x
Thu, 11 May 2023SEK 132.5bSEK 50.2b-SEK 9,345,973,486.0039.8x-14.2x2.6x
Sat, 08 Apr 2023SEK 132.6bSEK 49.8b-SEK 9,266,163,007.0038.5x-14.3x2.7x
Mon, 06 Mar 2023SEK 142.4bSEK 49.4b-SEK 9,031,155,243.0037.7x-15.8x2.9x
Wed, 01 Feb 2023SEK 142.7bSEK 46.4b-SEK 4,796,528,502.0041x-29.7x3.1x
Price to Earnings Ratio

-29.7x


Total Market Cap: SEK 142.7bTotal Earnings: -SEK 4,796,528,502.00Total Revenue: SEK 46.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Software Industry Price to Earnings3Y Average -24x202420252026
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 -24.0x.
  • 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-1.18%
Tech1.01%
Software-2.56%
Application Software-2.19%
Systems Software-4.70%
Industry PE
  • Investors are most optimistic about the Systems Software industry even though it's trading below its 3-year average PE ratio of 41.7x.
    • Analysts are expecting annual earnings growth of 32.2%, 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
TRUE B TruecallerSEK 17.054.0%
+SEK 210.5m		-74.1%PE12x
DONE Done.ai GroupSEK 10.3631.3%
+SEK 205.7m		-47.4%PE0.5x
ADVE AdvenicaSEK 20.605.5%
+SEK 47.5m		124.4%PE38.7x
CLAV Clavister Holding AB (publ.)SEK 3.991.7%
+SEK 24.1m		85.3%PS6.8x
ONEF OneflowSEK 21.501.4%
+SEK 8.5m		-42.0%PS3x

Latest News

SINCH
SEK 27.09
Sinch
7D
-1.3%
1Y
24.3%

SINCH: Share Buybacks And Sector Reappraisal Will Support Future Upside

The updated analyst price target for Sinch edges down from SEK 46.00 to SEK 45.00. Analysts cite a slightly higher discount rate, modest adjustments to long term growth and margin assumptions, and a recent sector rating shift that included a downgrade to Underweight as key factors behind the change.
TENEO
SEK 0.31
Teneo AI
7D
-39.3%
1Y
-45.6%

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 267.00
Vitec Software Group
7D
-7.5%
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.
TRUE B
SEK 17.05
Truecaller
7D
4.0%
1Y
-74.1%
YUBICO
SEK 69.10
Yubico
7D
-6.2%
1Y
-71.9%

YUBICO: Reset Expectations And Retail Expansion Will Support Long-Term Profitability

Analysts have lowered their price target on Yubico from $145.00 to $120.00, citing updated views on growth, profitability, and future P/E assumptions following recent rating changes on the stock. Analyst Commentary While the recent price target cut to $120.00 and rating change signal a more cautious stance, some elements of the updated research still point to areas that more optimistic investors tend to focus on.
SLEEP
SEK 23.50
Sleep Cycle
7D
-10.5%
1Y
-41.7%

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 3.99
Clavister Holding AB (publ.)
7D
1.7%
1Y
85.3%
DONE
SEK 10.36
Done.ai Group
7D
31.3%
1Y
-47.4%
ONEF
SEK 21.50
Oneflow
7D
1.4%
1Y
-42.0%

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 63.40
Vertiseit
7D
-2.5%
1Y
26.3%

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

Dec 24
Estimating The Fair Value Of Vertiseit AB (publ) (STO:VERT B)
ADVE
SEK 20.60
Advenica
7D
5.5%
1Y
124.4%

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 270.00
Lime Technologies
7D
-3.6%
1Y
-18.4%
DLAB
SEK 2.66
Dlaboratory Sweden
7D
12.7%
1Y
15.2%
SFTR
SEK 4.36
Safeture
7D
4.8%
1Y
-35.9%
NEO B
SEK 2.21
Neovici Holding
7D
5.7%
1Y
-75.2%
EYEW
SEK 16.68
Eye World
7D
-9.0%
1Y
11.2%