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Swedish (OMX) Software Industry Analysis

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies66
  • 7D-3.8%
  • 3M-19.8%
  • 1Y-47.2%
  • YTD-15.0%

Over the last 7 days, the Software industry has dropped 3.8%, driven by Sinch declining 8.5%. Meanwhile, Vitec Software Group actually outperformed within the industry, gaining 6.0% in the last week. Overall the industry is down 47% in 12 months. As for the next few years, earnings are expected to grow by 44% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Feb 2026SEK 60.5bSEK 48.1bSEK 2.2b23.1x27.2x1.3x
Wed, 07 Jan 2026SEK 70.7bSEK 48.1bSEK 2.2b26.9x31.7x1.5x
Fri, 05 Dec 2025SEK 73.0bSEK 48.2bSEK 2.2b28.1x32.9x1.5x
Sun, 02 Nov 2025SEK 86.8bSEK 50.0b-SEK 3,688,321,523.7531.2x-23.5x1.7x
Tue, 30 Sep 2025SEK 90.7bSEK 49.9b-SEK 3,689,469,623.9832.5x-24.6x1.8x
Thu, 28 Aug 2025SEK 94.6bSEK 49.9b-SEK 3,590,761,011.5537.5x-26.3x1.9x
Sat, 26 Jul 2025SEK 156.9bSEK 52.1b-SEK 2,629,577,608.3536.5x-59.7x3x
Mon, 23 Jun 2025SEK 153.4bSEK 52.5b-SEK 2,694,348,121.6832.8x-56.9x2.9x
Wed, 21 May 2025SEK 155.9bSEK 51.5b-SEK 2,692,595,784.3029.7x-57.9x3x
Fri, 18 Apr 2025SEK 155.3bSEK 51.7b-SEK 2,764,791,536.2331.7x-56.2x3x
Sun, 16 Mar 2025SEK 149.7bSEK 51.6b-SEK 3,147,165,626.7835.1x-47.6x2.9x
Tue, 11 Feb 2025SEK 162.8bSEK 49.7b-SEK 9,544,808,726.0539.6x-17.1x3.3x
Thu, 09 Jan 2025SEK 144.9bSEK 49.6b-SEK 9,710,159,725.9143.4x-14.9x2.9x
Sat, 07 Dec 2024SEK 154.4bSEK 49.3b-SEK 9,738,928,381.5441.4x-15.9x3.1x
Mon, 04 Nov 2024SEK 149.6bSEK 47.9b-SEK 3,960,026,097.6443x-37.8x3.1x
Wed, 02 Oct 2024SEK 143.2bSEK 47.6b-SEK 4,130,379,087.3238.6x-34.7x3x
Fri, 30 Aug 2024SEK 145.2bSEK 47.7b-SEK 4,166,592,859.2739.4x-34.9x3x
Sun, 28 Jul 2024SEK 147.4bSEK 47.6b-SEK 4,492,164,260.3055.8x-32.8x3.1x
Tue, 25 Jun 2024SEK 137.9bSEK 47.4b-SEK 4,386,757,826.3355.1x-31.4x2.9x
Thu, 23 May 2024SEK 151.0bSEK 50.4b-SEK 4,543,835,562.5759.5x-33.2x3x
Sat, 20 Apr 2024SEK 140.7bSEK 51.3b-SEK 4,836,979,881.0546.7x-29.1x2.7x
Mon, 18 Mar 2024SEK 149.5bSEK 51.1b-SEK 4,667,017,473.8248.7x-32x2.9x
Wed, 14 Feb 2024SEK 147.7bSEK 50.2b-SEK 5,018,333,477.0761.1x-29.4x2.9x
Fri, 12 Jan 2024SEK 146.2bSEK 50.4b-SEK 4,736,065,568.0065.5x-30.9x2.9x
Sun, 10 Dec 2023SEK 140.7bSEK 50.3b-SEK 4,721,583,263.0059.1x-29.8x2.8x
Tue, 07 Nov 2023SEK 113.3bSEK 51.0b-SEK 9,754,679,389.0044.7x-11.6x2.2x
Thu, 05 Oct 2023SEK 116.6bSEK 50.9b-SEK 9,493,986,893.0043.6x-12.3x2.3x
Sat, 02 Sep 2023SEK 122.0bSEK 51.0b-SEK 9,556,749,952.0046.3x-12.8x2.4x
Mon, 31 Jul 2023SEK 136.2bSEK 50.7b-SEK 9,499,851,691.0048.2x-14.3x2.7x
Wed, 28 Jun 2023SEK 124.5bSEK 50.5b-SEK 9,576,304,842.0038.4x-13x2.5x
Fri, 26 May 2023SEK 131.5bSEK 50.4b-SEK 9,552,954,971.0039.6x-13.8x2.6x
Sun, 23 Apr 2023SEK 128.2bSEK 49.6b-SEK 9,212,301,951.0043.5x-13.9x2.6x
Tue, 21 Mar 2023SEK 129.7bSEK 49.3b-SEK 9,141,941,442.0043.6x-14.2x2.6x
Thu, 16 Feb 2023SEK 149.3bSEK 46.7b-SEK 4,617,077,826.0037.1x-32.3x3.2x
Price to Earnings Ratio

-32.3x


Total Market Cap: SEK 149.3bTotal Earnings: -SEK 4,617,077,826.00Total Revenue: SEK 46.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Software Industry Price to Earnings3Y Average -23.1x202420252026
Current Industry PE
  • Investors are pessimistic on the Swedish Software industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 27.2x which is higher than its 3-year average PE of -23.1x.
  • The 3-year average PS ratio of 2.6x is higher than the industry's current PS ratio of 1.3x.
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 Market1.09%
Tech-1.68%
Software-3.82%
Systems Software-2.69%
Application Software-4.01%
Industry PE
  • Investors are most optimistic about the Systems Software industry even though it's trading below its 3-year average PE ratio of 42.4x.
    • Analysts are expecting annual earnings growth of 27.8%, which is lower than the prior year's growth of 31.6% 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 46% over the next 5 years.
  • This is better than its past earnings decline of 3.3% per year.
  • In contrast, the Systems Software industry is expected to see its earnings grow by 28% 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
VIT B Vitec Software GroupSEK 259.203.7%
+SEK 367.0m		-58.6%PE23.7x
EYEW Eye WorldSEK 20.2015.6%
+SEK 109.4m		30.7%PS20.6x
MSAB B Micro SystemationSEK 69.404.2%
+SEK 51.7m		18.8%PE26.1x
SKOLON SkolonSEK 27.405.0%
+SEK 34.5m		-18.5%PS3.9x
RPLAN Ranplan GroupSEK 0.7587.5%
+SEK 27.0m		n/aPS2.6x

Latest News

SLEEP
SEK 16.32
Sleep Cycle
7D
-31.7%
1Y
-63.2%

These Analysts Just Made An Downgrade To Their Sleep Cycle AB (publ) (STO:SLEEP) EPS Forecasts

Feb 09
These Analysts Just Made An Downgrade To Their Sleep Cycle AB (publ) (STO:SLEEP) EPS Forecasts
SINCH
SEK 24.12
Sinch
7D
-8.5%
1Y
-3.2%

SINCH: Future Repricing Hinges On Execution And Profitability Delivery

Analysts have nudged their price expectations for Sinch higher, with the fair value estimate moving from SEK 35.57 to about SEK 35.94. They cite recent sector-wide rating adjustments and updated views on discount rates, revenue growth, profit margins and future P/E assumptions.
FREJA
SEK 15.70
Freja eID Group
7D
-9.2%
1Y
56.2%
VIT B
SEK 259.20
Vitec Software Group
7D
6.0%
1Y
-58.6%

VIT B: Recent Upgrade And Fine Tuned Assumptions Will Support Future Upside

Analysts have slightly reduced their price target for Vitec Software Group to SEK 467.71 from SEK 474.57. This reflects modest adjustments to assumptions on discount rate, revenue growth, profit margin and future P/E following recent research upgrades on the stock.
CINT
SEK 2.55
Cint Group
7D
-9.2%
1Y
-69.4%
YUBICO
SEK 61.40
Yubico
7D
-6.0%
1Y
-73.6%

YUBICO: Expanded Service Platform And Leadership Transition Will Support Long-Term Profitability

Analysts have reduced their price target for Yubico from $120.00 to $100.00, citing updated assumptions for revenue growth, profit margins, and a slightly lower future P/E multiple. What's in the News Yubico expanded YubiKey as a Service with new capabilities aimed at helping organizations adopt phishing resistant, hardware based passkeys at scale, including tools to support passwordless authentication across large workforces.
MSAB B
SEK 69.40
Micro Systemation
7D
6.1%
1Y
20.1%
TRUE B
SEK 14.28
Truecaller
7D
-4.6%
1Y
-79.4%

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.
CLAV
SEK 3.81
Clavister Holding AB (publ.)
7D
-5.6%
1Y
86.8%
RPLAN
SEK 0.75
Ranplan Group
7D
87.5%
1Y
n/a
LIME
SEK 245.00
Lime Technologies
7D
-3.0%
1Y
-23.2%
DIVIO B
SEK 0.11
Divio Technologies
7D
19.2%
1Y
-39.8%
RMDX
SEK 1.34
Railway Metrics and Dynamics Sweden
7D
35.1%
1Y
25.8%
OBSE
SEK 0.44
Observit
7D
6.1%
1Y
-21.9%
EYEW
SEK 20.20
Eye World
7D
15.6%
1Y
30.7%
NOWO
SEK 6.60
Nowonomics
7D
10.0%
1Y
72.8%