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Swedish (OMX) Software Industry Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies66
  • 7D-2.6%
  • 3M-20.6%
  • 1Y-30.1%
  • YTD0.4%

In the last week, the Software industry is down 2.6% with Vitec Software Group down the most at 4.7%. On the other hand Crunchfish is actually up 50%. Overall the industry is down 30% in 12 months. Looking forward, earnings are forecast to grow by 47% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 08 Jan 2026SEK 71.5bSEK 48.0bSEK 2.2b26.8x32.1x1.5x
Sat, 06 Dec 2025SEK 73.3bSEK 48.1bSEK 2.2b27.3x33x1.5x
Mon, 03 Nov 2025SEK 86.8bSEK 50.0b-SEK 3,687,615,523.7531.2x-23.5x1.7x
Wed, 01 Oct 2025SEK 91.2bSEK 49.9b-SEK 3,689,446,403.3032.6x-24.7x1.8x
Fri, 29 Aug 2025SEK 95.0bSEK 49.9b-SEK 3,629,603,658.2037.5x-26.2x1.9x
Sun, 27 Jul 2025SEK 156.9bSEK 52.1b-SEK 2,629,577,608.3536.5x-59.7x3x
Tue, 24 Jun 2025SEK 153.6bSEK 52.5b-SEK 2,694,127,301.8431.9x-57x2.9x
Thu, 22 May 2025SEK 156.0bSEK 51.5b-SEK 2,695,051,192.0829.7x-57.9x3x
Sat, 19 Apr 2025SEK 155.3bSEK 51.7b-SEK 2,765,181,774.9931.7x-56.2x3x
Mon, 17 Mar 2025SEK 149.7bSEK 51.6b-SEK 3,147,165,626.7835.1x-47.6x2.9x
Wed, 12 Feb 2025SEK 163.4bSEK 49.7b-SEK 9,543,153,716.7439.5x-17.1x3.3x
Fri, 10 Jan 2025SEK 144.8bSEK 49.6b-SEK 9,701,210,989.9742.7x-14.9x2.9x
Sun, 08 Dec 2024SEK 154.3bSEK 49.3b-SEK 9,733,512,761.2241.4x-15.8x3.1x
Tue, 05 Nov 2024SEK 154.5bSEK 47.9b-SEK 3,967,654,057.1742x-38.9x3.2x
Thu, 03 Oct 2024SEK 143.2bSEK 47.6b-SEK 4,130,379,087.3238.6x-34.7x3x
Sat, 31 Aug 2024SEK 144.8bSEK 47.7b-SEK 4,176,264,581.2839.7x-34.7x3x
Mon, 29 Jul 2024SEK 147.4bSEK 47.6b-SEK 4,492,162,260.3055.8x-32.8x3.1x
Wed, 26 Jun 2024SEK 137.2bSEK 47.4b-SEK 4,401,228,950.8955x-31.2x2.9x
Fri, 24 May 2024SEK 150.9bSEK 50.0b-SEK 4,505,833,152.5759.9x-33.5x3x
Sun, 21 Apr 2024SEK 138.8bSEK 51.3b-SEK 4,820,758,737.3045.9x-28.8x2.7x
Tue, 19 Mar 2024SEK 146.5bSEK 51.1b-SEK 4,695,481,687.0249.2x-31.2x2.9x
Thu, 15 Feb 2024SEK 149.2bSEK 50.2b-SEK 4,996,745,833.7862.1x-29.9x3x
Sat, 13 Jan 2024SEK 149.3bSEK 50.4b-SEK 4,740,745,652.0067.7x-31.5x3x
Mon, 11 Dec 2023SEK 140.7bSEK 50.3b-SEK 4,721,583,263.0059.1x-29.8x2.8x
Wed, 08 Nov 2023SEK 117.7bSEK 51.0b-SEK 9,752,940,151.0042.6x-12.1x2.3x
Fri, 06 Oct 2023SEK 114.3bSEK 50.9b-SEK 9,490,198,033.0044.4x-12x2.2x
Sun, 03 Sep 2023SEK 122.0bSEK 50.9b-SEK 9,552,476,581.0046.3x-12.8x2.4x
Tue, 01 Aug 2023SEK 135.8bSEK 50.7b-SEK 9,482,727,157.0048.8x-14.3x2.7x
Thu, 29 Jun 2023SEK 123.5bSEK 50.5b-SEK 9,598,965,019.0039.7x-12.9x2.4x
Sat, 27 May 2023SEK 131.1bSEK 50.4b-SEK 9,570,646,338.0040.4x-13.7x2.6x
Mon, 24 Apr 2023SEK 128.2bSEK 49.6b-SEK 9,212,301,951.0043.5x-13.9x2.6x
Wed, 22 Mar 2023SEK 129.5bSEK 49.3b-SEK 9,147,191,678.0044.8x-14.2x2.6x
Fri, 17 Feb 2023SEK 147.2bSEK 46.7b-SEK 4,636,185,831.0043x-31.7x3.2x
Sun, 15 Jan 2023SEK 151.9bSEK 46.3b-SEK 4,760,982,607.0032.7x-31.9x3.3x
Price to Earnings Ratio

-31.9x


Total Market Cap: SEK 151.9bTotal Earnings: -SEK 4,760,982,607.00Total Revenue: SEK 46.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Software Industry Price to Earnings3Y Average -24.9x202420252026
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 32.1x which is higher than its 3-year average PE of -24.9x.
  • The 3-year average PS ratio of 2.7x is higher than the industry's current PS ratio of 1.5x.
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 Market2.26%
Tech0.013%
Software-2.56%
Application Software-2.24%
Systems Software-4.56%
Industry PE
  • Investors are most optimistic about the Systems Software industry even though it's trading below its 3-year average PE ratio of 40.9x.
    • 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 49% 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
CFISH CrunchfishSEK 3.2649.9%
+SEK 80.1m		180.6%PS28.7x
CLAV Clavister Holding AB (publ.)SEK 3.065.5%
+SEK 49.5m		32.5%PS4.4x
BRIX BrioxSEK 21.402.9%
+SEK 45.6m		256.7%PS60.3x
SINCH SinchSEK 31.520.2%
+SEK 40.1m		55.5%PS0.9x
CINT Cint GroupSEK 2.952.8%
+SEK 28.4m		-75.1%PE26.5x

Latest News

ONEF
SEK 23.90
Oneflow
7D
-10.8%
1Y
-37.1%

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 71.22
Yubico
7D
-6.8%
1Y
-69.0%

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.
CFISH
SEK 3.26
Crunchfish
7D
49.9%
1Y
180.6%

Is Crunchfish (STO:CFISH) In A Good Position To Invest In Growth?

Jan 04
Is Crunchfish (STO:CFISH) In A Good Position To Invest In Growth?
GREAT
SEK 18.20
Greater Than
7D
-17.3%
1Y
-38.9%
VIT B
SEK 295.00
Vitec Software Group
7D
-4.7%
1Y
-44.3%
CINT
SEK 2.95
Cint Group
7D
2.8%
1Y
-75.1%
SINCH
SEK 31.52
Sinch
7D
0.2%
1Y
55.5%

SINCH: Share Buybacks And Margin Expansion Will Drive Stronger Future Upside

Analysts have modestly trimmed their price target on Sinch, reflecting a slight recalibration of discount rate assumptions and future earnings multiples. At the same time, long term revenue growth and profit margin forecasts have edged higher, leaving the updated fair value estimate essentially unchanged at SEK 46.00.
TRUE B
SEK 17.86
Truecaller
7D
-7.5%
1Y
-64.8%

TRUE B: Expanding Trust And Safety Features Will Drive Future Re-Rating Potential

Analysts have trimmed their price target for Truecaller by about $11.67, reflecting slightly higher discount rate assumptions along with more conservative forecasts for revenue growth, profit margins, and future valuation multiples following recent sector deal activity and choppy market conditions. Analyst Commentary Street research on adjacent online auto platforms offers a mixed read-through for Truecaller, highlighting both supportive sector dynamics and signals of late-cycle consolidation that could cap upside for valuation multiples.
VERT B
SEK 64.60
Vertiseit
7D
-4.2%
1Y
13.7%

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 25.60
Formpipe Software
7D
-3.8%
1Y
-3.4%
LIME
SEK 275.00
Lime Technologies
7D
-4.2%
1Y
-23.2%
MODEL
SEK 12.20
Modelon
7D
10.9%
1Y
-6.9%
CLAV
SEK 3.06
Clavister Holding AB (publ.)
7D
5.5%
1Y
32.5%

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
SDS
SEK 9.95
Seamless Distribution Systems
7D
10.6%
1Y
27.6%

Why Investors Shouldn't Be Surprised By Seamless Distribution Systems AB (publ)'s (NGM:SDS) 27% Share Price Plunge

Nov 06
Why Investors Shouldn't Be Surprised By Seamless Distribution Systems AB (publ)'s (NGM:SDS) 27% Share Price Plunge
BRIX
SEK 21.40
Briox
7D
2.9%
1Y
256.7%

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

Sep 10
Will Briox (NGM:BRIX) Spend Its Cash Wisely?
EYEW
SEK 19.80
Eye World
7D
2.6%
1Y
21.0%