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U.S. Communications Industry Analysis

UpdatedJan 19, 2026
DataAggregated Company Financials
Companies76
  • 7D2.7%
  • 3M0.2%
  • 1Y22.4%
  • YTD-1.1%

In the last week, the Communications industry is up 2.7%, with Arista Networks up 5.6%. During this same period, the Lumentum Holdings underperformed, falling 7.7%. This takes the industry's 12 month performance to a gain of 22%. Looking forward, earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 19 Jan 2026US$669.2bUS$106.1bUS$16.7b31.5x40x6.3x
Wed, 17 Dec 2025US$683.1bUS$106.1bUS$16.7b31.8x40.8x6.4x
Fri, 14 Nov 2025US$653.7bUS$105.8bUS$16.6b31.7x39.4x6.2x
Sun, 12 Oct 2025US$659.3bUS$103.3bUS$16.0b29.7x41.2x6.4x
Tue, 09 Sep 2025US$630.5bUS$103.3bUS$16.0b26.9x39.4x6.1x
Thu, 07 Aug 2025US$575.7bUS$101.3bUS$14.4b25.6x40.1x5.7x
Sat, 05 Jul 2025US$557.9bUS$100.5bUS$14.0b28.8x39.9x5.6x
Mon, 02 Jun 2025US$515.1bUS$105.5bUS$14.3b25.9x35.9x4.9x
Wed, 30 Apr 2025US$474.0bUS$102.9bUS$12.5b20.3x38x4.6x
Fri, 28 Mar 2025US$500.4bUS$102.8bUS$12.4b26.2x40.2x4.9x
Sun, 23 Feb 2025US$536.2bUS$104.5bUS$12.3b27.7x43.8x5.1x
Tue, 21 Jan 2025US$561.7bUS$102.4bUS$11.9b25.5x47x5.5x
Thu, 19 Dec 2024US$540.8bUS$102.5bUS$12.1b23.6x44.8x5.3x
Sat, 16 Nov 2024US$518.0bUS$102.4bUS$12.1b24.4x42.7x5.1x
Mon, 14 Oct 2024US$499.5bUS$103.0bUS$12.0b27.4x41.7x4.9x
Wed, 11 Sep 2024US$434.7bUS$103.0bUS$12.0b23.8x36.2x4.2x
Fri, 09 Aug 2024US$399.6bUS$103.0bUS$13.7b24.9x29.1x3.9x
Sun, 07 Jul 2024US$352.4bUS$92.6bUS$12.6b25.2x27.9x3.8x
Tue, 04 Jun 2024US$330.0bUS$92.9bUS$12.7b26.9x26x3.6x
Thu, 02 May 2024US$374.7bUS$104.4bUS$16.1b32.8x23.3x3.6x
Sat, 30 Mar 2024US$404.7bUS$104.8bUS$16.3b31.8x24.9x3.9x
Mon, 26 Feb 2024US$389.8bUS$105.0bUS$16.5b31.5x23.6x3.7x
Wed, 24 Jan 2024US$347.9bUS$96.1bUS$15.1b26.1x23x3.6x
Fri, 22 Dec 2023US$325.8bUS$96.1bUS$15.1b24.9x21.6x3.4x
Sun, 19 Nov 2023US$307.7bUS$96.2bUS$14.9b23.1x20.7x3.2x
Tue, 17 Oct 2023US$328.2bUS$94.7bUS$14.6b20.6x22.4x3.5x
Thu, 14 Sep 2023US$338.4bUS$94.7bUS$14.6b27.3x23.1x3.6x
Sat, 12 Aug 2023US$326.4bUS$92.4bUS$13.6b26.4x24.1x3.5x
Mon, 10 Jul 2023US$313.6bUS$91.4bUS$13.5b23.5x23.2x3.4x
Wed, 07 Jun 2023US$307.8bUS$91.4bUS$13.5b22x22.8x3.4x
Fri, 05 May 2023US$278.3bUS$89.9bUS$13.5b22x20.7x3.1x
Sun, 02 Apr 2023US$322.9bUS$89.0bUS$13.1b26.7x24.6x3.6x
Tue, 28 Feb 2023US$297.3bUS$88.8bUS$13.1b28.1x22.7x3.3x
Thu, 26 Jan 2023US$292.6bUS$86.7bUS$13.0b27.2x22.5x3.4x
Price to Earnings Ratio

22.5x


Total Market Cap: US$292.6bTotal Earnings: US$13.0bTotal Revenue: US$86.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Communications Industry Price to Earnings3Y Average 31.7x202420252026
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 40.0x which is higher than its 3-year average PE of 31.7x.
  • The 3-year average PS ratio of 4.4x is lower than the industry's current PS ratio of 6.3x.
Past Earnings Growth
  • The earnings for companies in the Communications industry have grown 8.6% per year over the last three years.
  • Revenues for these companies have grown 6.9% 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 Market-0.29%
Tech-0.67%
Communications2.68%
Communications Equipment2.68%
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$129.835.6%
+US$8.7b		8.2%PE48.7x
CSCO Cisco SystemsUS$75.191.8%
+US$5.2b		24.8%PE28.8x
MSI Motorola SolutionsUS$400.614.6%
+US$2.9b		-13.8%PE31.5x
CIEN CienaUS$243.425.6%
+US$1.8b		187.2%PE278x
VSAT ViasatUS$45.9412.6%
+US$693.9m		416.8%PS1.4x

Latest News

CIEN
US$243.42
Ciena
7D
5.6%
1Y
187.2%
VSAT
US$45.94
Viasat
7D
12.6%
1Y
416.8%

Viasat, Inc. (NASDAQ:VSAT) Held Back By Insufficient Growth Even After Shares Climb 28%

Jan 16
Viasat, Inc. (NASDAQ:VSAT) Held Back By Insufficient Growth Even After Shares Climb 28%
LITE
US$324.25
Lumentum Holdings
7D
-7.7%
1Y
243.4%
ANET
US$129.83
Arista Networks
7D
5.6%
1Y
8.2%
FFIV
US$268.22
F5
7D
-0.4%
1Y
1.6%
ONDS
US$12.16
Ondas
7D
-11.2%
1Y
487.4%

ONDS: Roboteam Acquisition And $110m Ambition Will Heighten Execution Risk

Narrative Update Analysts have lifted their blended price target for Ondas by about $1 to reflect the recent Roboteam acquisition, stronger Q3 results with revenue of $10.1m and gross margin of 26%, and growing confidence in the company's ability to pursue additional deals and work toward its stated $110m revenue goal for next year. Analyst Commentary Recent research reflects a generally positive tone around Ondas, with price targets lifted following the Roboteam acquisition, the latest Q3 results, and updated views on the company’s balance sheet and backlog.
NTGR
US$22.43
NETGEAR
7D
-5.3%
1Y
-17.4%

NTGR: Proposed TP-Link Ban Will Support Future Share And Product Demand

Analysts have adjusted their price targets for NETGEAR to reflect updated assumptions on profit margins and a higher forward P/E multiple, resulting in a revised fair value estimate of US$39.00. What's in the News The U.S. Commerce Department has proposed banning sales of TP-Link products, citing national security concerns related to ties to China, and NETGEAR was named among competing networking vendors in the same space (Washington Post).
UI
US$550.39
Ubiquiti
7D
-1.7%
1Y
35.4%

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

Jan 10
Why Ubiquiti Inc. (NYSE:UI) Could Be Worth Watching
AUDC
US$8.36
AudioCodes
7D
-5.5%
1Y
-22.2%

AUDC: AI Voice Modernization And Buybacks Will Support Future Upside Potential

Analysts have kept their fair value estimate for AudioCodes steady at $12.50, with only minimal tweaks to inputs such as the discount rate, revenue growth, profit margin, and future P/E that reflect fine tuning rather than a shift in their overall view. What's in the News AudioCodes reported that its Voca Conversational Interaction Center, together with partners Go2Uno and Atento, supported a large-scale modernization of voice agents and Conversational IVR for a major healthcare organization, including more than 500 concurrent voice agents and multiple carrier integrations, with deployment completed in a few weeks (company announcement).
GILT
US$17.86
Gilat Satellite Networks
7D
18.6%
1Y
167.8%

GILT: Solid Execution And Cash Generation Support Balanced Risk Reward Outlook

Analysts kept their price target for Gilat Satellite Networks steady at US$14.50, with only minor tweaks to inputs such as the discount rate, long term revenue growth, profit margin, and future P/E assumptions behind their valuation models. What's in the News Reported Q3 earnings per share of US$0.19 versus consensus of US$0.10, with revenue of US$117.7m compared with consensus of US$113.17m.
CSCO
US$75.19
Cisco Systems
7D
1.8%
1Y
24.8%

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

Analysts nudged their Cisco Systems price target higher, citing a modest uptick in fair value and a slightly richer assumed future P/E multiple, supported by recent research highlighting continued strength in networking and growing artificial intelligence related demand despite softer security trends. Analyst Commentary Recent research on Cisco Systems reflects a generally constructive stance, with several firms lifting price targets and a couple of upgrades that highlight how investors are weighing networking strength and artificial intelligence demand against softer security trends.
AAOI
US$37.04
Applied Optoelectronics
7D
8.8%
1Y
19.4%

AAOI: Texas Expansion And Amazon Contract Expectations Will Shape A Balanced Outlook

Analysts have lifted their fair value estimate for Applied Optoelectronics from $30.60 to $36.60, reflecting updated assumptions on revenue growth, profit margins, and future P/E after recent research visits and valuation checks that highlighted both the company’s manufacturing capabilities and differing views on how much of the Amazon opportunity is already priced in. Analyst Commentary Recent Street research on Applied Optoelectronics presents a split view, with some analysts focusing on the company’s operational strengths and others pointing to valuation risks and ambitious revenue assumptions tied to the Amazon opportunity.
MSI
US$400.61
Motorola Solutions
7D
4.6%
1Y
-13.8%

MSI: Government Deal Delays Will Support Future Recurring Revenue Upside

Analysts have nudged their fair value estimate for Motorola Solutions slightly lower, to about $488 from roughly $494, as modest tweaks to discount rate and growth assumptions follow recent price target cuts that still factor in potential upside from government shutdown related deal timing. Analyst Commentary Recent commentary around Motorola Solutions reflects a mix of confidence in the business outlook and caution around valuation and deal timing.
CALX
US$58.10
Calix
7D
12.3%
1Y
53.3%

CALX: Third-Gen AI Platform And Q3 Execution Will Support Further Upside

Analysts have raised their Calix price target to US$85 from US$65, citing strong Q3 performance, competitive wins, broad-based demand and expectations that the company's third generation platform could support further execution and valuation upside. Analyst Commentary Bullish analysts are highlighting Calix as a Q3 execution story, with price targets moving to US$85 as they reassess the company’s ability to win share and support higher valuation multiples over time.
MOB
US$7.28
Mobilicom
7D
-6.8%
1Y
n/a
FKWL
US$4.11
Franklin Wireless
7D
-3.7%
1Y
-17.0%

We're Interested To See How Franklin Wireless (NASDAQ:FKWL) Uses Its Cash Hoard To Grow

Nov 21
We're Interested To See How Franklin Wireless (NASDAQ:FKWL) Uses Its Cash Hoard To Grow