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U.S. Communications Industry Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies76
  • 7D9.2%
  • 3M3.5%
  • 1Y36.3%
  • YTD6.2%

In the last week, the Communications industry is up 9.2%, with Arista Networks up 18%. In the same time, Calix was down 6.2%. This means that the industry has gained 36% over the past year. Earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

Has the U.S. Communications Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 29 Jan 2026US$709.8bUS$106.2bUS$16.7b32.4x42.4x6.7x
Sat, 27 Dec 2025US$679.3bUS$106.1bUS$16.7b34.1x40.6x6.4x
Mon, 24 Nov 2025US$626.5bUS$105.9bUS$16.6b29.5x37.8x5.9x
Wed, 22 Oct 2025US$666.3bUS$103.3bUS$16.0b30.7x41.6x6.4x
Fri, 19 Sep 2025US$641.3bUS$103.3bUS$16.0b28.8x40.1x6.2x
Sun, 17 Aug 2025US$599.2bUS$102.8bUS$16.1b25.1x37.3x5.8x
Tue, 15 Jul 2025US$555.2bUS$100.5bUS$14.0b28.1x39.7x5.5x
Thu, 12 Jun 2025US$533.5bUS$105.7bUS$14.3b26.5x37.2x5x
Sat, 10 May 2025US$497.9bUS$104.0bUS$13.9b22.1x35.9x4.8x
Mon, 07 Apr 2025US$433.4bUS$102.8bUS$12.4b23.2x34.9x4.2x
Wed, 05 Mar 2025US$514.3bUS$103.1bUS$12.4b27.1x41.6x5x
Fri, 31 Jan 2025US$540.9bUS$102.4bUS$12.2b25.4x44.4x5.3x
Sun, 29 Dec 2024US$545.4bUS$102.5bUS$12.1b25.3x45.2x5.3x
Tue, 26 Nov 2024US$529.9bUS$102.5bUS$12.1b24.8x43.7x5.2x
Thu, 24 Oct 2024US$503.3bUS$103.0bUS$12.0b27.1x42x4.9x
Sat, 21 Sep 2024US$470.0bUS$103.0bUS$12.0b25.3x39.2x4.6x
Mon, 19 Aug 2024US$435.2bUS$101.2bUS$11.6b24.5x37.5x4.3x
Wed, 17 Jul 2024US$355.7bUS$92.6bUS$12.6b27.9x28.2x3.8x
Fri, 14 Jun 2024US$336.0bUS$92.7bUS$12.6b27.5x26.6x3.6x
Sun, 12 May 2024US$341.7bUS$94.4bUS$14.1b27.2x24.2x3.6x
Tue, 09 Apr 2024US$399.9bUS$104.8bUS$16.3b34.3x24.6x3.8x
Thu, 07 Mar 2024US$396.1bUS$104.8bUS$16.4b32.8x24.2x3.8x
Sat, 03 Feb 2024US$343.3bUS$95.8bUS$14.9b26.9x23x3.6x
Mon, 01 Jan 2024US$330.9bUS$96.1bUS$15.1b24.6x21.9x3.4x
Wed, 29 Nov 2023US$310.8bUS$96.2bUS$14.9b23.9x20.9x3.2x
Fri, 27 Oct 2023US$309.0bUS$94.7bUS$14.6b20.5x21.1x3.3x
Sun, 24 Sep 2023US$323.6bUS$94.7bUS$14.6b28.3x22.1x3.4x
Tue, 22 Aug 2023US$332.0bUS$94.5bUS$14.6b25.1x22.7x3.5x
Thu, 20 Jul 2023US$324.1bUS$91.4bUS$13.5b26.8x24x3.5x
Sat, 17 Jun 2023US$319.0bUS$91.4bUS$13.5b20.8x23.6x3.5x
Mon, 15 May 2023US$283.8bUS$89.8bUS$13.5b25.5x21.1x3.2x
Wed, 12 Apr 2023US$312.1bUS$89.0bUS$13.2b25.7x23.7x3.5x
Fri, 10 Mar 2023US$301.2bUS$89.0bUS$13.1b28.2x22.9x3.4x
Sun, 05 Feb 2023US$299.1bUS$87.1bUS$13.0b30.9x23x3.4x
Price to Earnings Ratio

23x


Total Market Cap: US$299.1bTotal Earnings: US$13.0bTotal Revenue: US$87.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Communications Industry Price to Earnings3Y Average 31.8x202420252026
Current Industry PE
  • Investors are optimistic on the American Communications industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 42.4x which is higher than its 3-year average PE of 31.8x.
  • The 3-year average PS ratio of 4.4x is lower than the industry's current PS ratio of 6.7x.
Past Earnings Growth
  • The earnings for companies in the Communications industry have grown 8.7% per year over the last three years.
  • Revenues for these companies have grown 6.8% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Tech industry?

US Market0.90%
Tech3.55%
Communications9.19%
Communications Equipment9.19%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ANET Arista NetworksUS$150.1518.0%
+US$28.8b		39.2%PE56.3x
CSCO Cisco SystemsUS$78.967.2%
+US$20.8b		32.6%PE30.2x
CIEN CienaUS$257.3011.0%
+US$3.6b		216.2%PE293.8x
LITE Lumentum HoldingsUS$385.008.6%
+US$2.2b		358.4%PE242.7x
MSI Motorola SolutionsUS$405.082.6%
+US$1.7b		-12.6%PE31.9x

Latest News

MSI
US$405.08
Motorola Solutions
7D
2.6%
1Y
-12.6%
EXTR
US$15.02
Extreme Networks
7D
-0.6%
1Y
-4.8%
FFIV
US$292.30
F5
7D
11.8%
1Y
-2.7%
ANET
US$150.15
Arista Networks
7D
18.0%
1Y
39.2%
GNSS
US$1.95
Genasys
7D
-12.2%
1Y
-35.9%
ONDS
US$12.27
Ondas
7D
-2.2%
1Y
617.5%

ONDS: Capital Raise And Backlog Strength Will Support $110m Ambition

Analysts have lifted their price target on Ondas from about $11.50 to roughly $18.38, citing updated assumptions around revenue, margins, valuation multiples, and recent Street research pointing to stronger capital access, acquisitions, and growing demand. Analyst Commentary Recent Street research around Ondas centers on higher price targets, large capital raises, and expectations tied to acquisitions and backlog, giving you a mix of optimism and execution questions to weigh.
CLFD
US$29.93
Clearfield
7D
-3.0%
1Y
-20.8%

CLFD: BEAD Momentum And Buybacks Will Support Upside Through 2026

Narrative Update: Clearfield Analyst Price Target Shift Analysts now see Clearfield's fair value at $43.50, with price targets in the low to mid $40s as they balance softer near term guidance, the Nestor Cables divestiture, BEAD related demand expectations into 2026, and support from the company's strengthened balance sheet and expanded buyback. Analyst Commentary Street research around Clearfield has become more balanced, with most firms trimming price targets but maintaining positive views on the long term setup tied to BEAD deployment, the Nestor Cables divestiture, and the share repurchase program.
LITE
US$385.00
Lumentum Holdings
7D
8.6%
1Y
358.4%

LITE: AI Data Center Optics Will Shape Future Multiple With Execution Risks

Analysts have raised their price targets on Lumentum from roughly $180 to $210 in several recent reports, citing stronger assumptions for revenue growth, profit margins, and future P/E. Together, these factors support a higher fair value estimate now modeled around $348 per share, up from about $255.
CSCO
US$78.96
Cisco Systems
7D
7.2%
1Y
32.6%

CSCO: AI Infrastructure And Networking Strength Will Support Multi Year Upside

Analysts nudged their price target on Cisco Systems higher to $86.00 from $85.43, citing firm networking trends, improving profit margins, and growing artificial intelligence related demand as key supports for the updated view. Analyst Commentary Recent research on Cisco highlights a mix of optimism around networking and artificial intelligence exposure, with some caution around security and the durability of current trends.
BKTI
US$79.21
BK Technologies
7D
-7.0%
1Y
133.0%

BKTI: Stable Margins And Completed Buyback Will Support Further Share Price Upside

Analysts have slightly adjusted their price target on BK Technologies to reflect a refined fair value estimate of $97.00. This updated estimate is supported by small tweaks to discount rate, revenue growth, profit margin, and future P/E assumptions.
HLIT
US$10.04
Harmonic
7D
-1.3%
1Y
-11.9%
CIEN
US$257.30
Ciena
7D
11.0%
1Y
216.2%

CIEN: Hyperscale AI Optical Demand And IT Spending Will Support Upside

Analysts have lifted their price target on Ciena to US$200 from US$120, citing expectations for solid results supported by hyperscale and AI driven optical demand, as well as ongoing infrastructure spending in IT hardware and networking. Analyst Commentary Bullish analysts are pointing to Ciena as a key beneficiary of rising demand for optical networking tied to hyperscale data centers and AI related workloads.
VSAT
US$47.58
Viasat
7D
11.6%
1Y
402.2%

VSAT: Potential Defense Spinout And Execution Risks Will Pressure Future Returns

Analysts lifted their Viasat fair value estimate from $36.25 to $41.13, citing recent price target increases and growing interest in potential spinout options identified in the latest Street research. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher price target as support for a higher fair value range, suggesting that recent research is incorporating potential upside from corporate actions and portfolio changes.
CALX
US$52.96
Calix
7D
-6.2%
1Y
43.6%

CALX: Third-Gen Platform And Q3 Beat Will Drive Further Upside

Narrative Update Analysts have lifted their price target on Calix by $2.50 to $82.00, citing refreshed expectations for revenue growth, updated profit margin assumptions, and a slightly higher future P/E multiple, following recent bullish research and target hikes from major firms. Analyst Commentary Recent research on Calix is broadly constructive, with several price target hikes clustered around the low to mid US$80s.
UI
US$554.74
Ubiquiti
7D
1.8%
1Y
43.9%

Why Ubiquiti Inc. (NYSE:UI) Could Be Worth Watching

Jan 10
Why Ubiquiti Inc. (NYSE:UI) Could Be Worth Watching
CHAI
US$1.81
Core AI Holdings
7D
-22.6%
1Y
n/a