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U.S. Communications Industry Analysis

UpdatedApr 04, 2026
DataAggregated Company Financials
Companies78
  • 7D3.5%
  • 3M15.2%
  • 1Y85.7%
  • YTD15.2%

Over the last 7 days, the Communications industry has risen 3.5%, and Lumentum Holdings contributed the most with a gain of 18%. This takes the industry's 12 month performance to a gain of 86%. Earnings are forecast to grow by 21% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 04 Apr 2026US$778.7bUS$109.2bUS$18.4b44.3x42.4x7.1x
Mon, 02 Mar 2026US$763.6bUS$109.0bUS$18.3b43.3x41.8x7x
Wed, 28 Jan 2026US$694.2bUS$106.1bUS$16.7b32x41.5x6.5x
Fri, 26 Dec 2025US$679.3bUS$106.1bUS$16.7b34.4x40.6x6.4x
Sun, 23 Nov 2025US$626.5bUS$105.9bUS$16.6b29.5x37.8x5.9x
Tue, 21 Oct 2025US$666.3bUS$103.3bUS$16.0b30.7x41.6x6.4x
Thu, 18 Sep 2025US$637.1bUS$103.3bUS$16.0b28.2x39.8x6.2x
Sat, 16 Aug 2025US$611.6bUS$102.8bUS$16.1b25.1x38.1x5.9x
Mon, 14 Jul 2025US$555.2bUS$100.5bUS$14.0b28.6x39.7x5.5x
Wed, 11 Jun 2025US$541.2bUS$105.7bUS$14.3b26.7x37.7x5.1x
Fri, 09 May 2025US$496.1bUS$103.8bUS$13.4b22.3x37x4.8x
Sun, 06 Apr 2025US$433.4bUS$102.8bUS$12.4b23.2x34.9x4.2x
Tue, 04 Mar 2025US$531.1bUS$103.1bUS$12.3b27.5x43.1x5.1x
Thu, 30 Jan 2025US$538.4bUS$102.5bUS$12.0b25.3x45x5.3x
Sat, 28 Dec 2024US$551.6bUS$102.5bUS$12.1b25.3x45.7x5.4x
Mon, 25 Nov 2024US$529.9bUS$102.5bUS$12.1b24.2x43.7x5.2x
Wed, 23 Oct 2024US$507.8bUS$103.0bUS$12.0b27.9x42.3x4.9x
Fri, 20 Sep 2024US$456.9bUS$103.0bUS$12.0b25.4x38.1x4.4x
Sun, 18 Aug 2024US$435.2bUS$101.2bUS$11.6b24.5x37.5x4.3x
Tue, 16 Jul 2024US$355.8bUS$92.6bUS$12.6b26.9x28.2x3.8x
Thu, 13 Jun 2024US$328.2bUS$92.7bUS$12.6b27.7x26x3.5x
Sat, 11 May 2024US$334.9bUS$94.4bUS$14.1b27.2x23.7x3.5x
Mon, 08 Apr 2024US$399.9bUS$104.8bUS$16.3b34.3x24.6x3.8x
Wed, 06 Mar 2024US$400.4bUS$104.8bUS$16.4b32.3x24.5x3.8x
Fri, 02 Feb 2024US$340.1bUS$95.9bUS$15.0b23.7x22.7x3.5x
Sun, 31 Dec 2023US$331.3bUS$96.1bUS$15.1b24.6x21.9x3.4x
Tue, 28 Nov 2023US$312.6bUS$96.2bUS$14.9b23.7x21x3.2x
Thu, 26 Oct 2023US$314.1bUS$94.8bUS$14.7b20.5x21.4x3.3x
Sat, 23 Sep 2023US$323.6bUS$94.7bUS$14.6b28.3x22.1x3.4x
Mon, 21 Aug 2023US$332.0bUS$94.5bUS$14.6b25.6x22.7x3.5x
Wed, 19 Jul 2023US$317.9bUS$91.4bUS$13.5b27.5x23.5x3.5x
Fri, 16 Jun 2023US$317.5bUS$91.4bUS$13.5b20.8x23.5x3.5x
Sun, 14 May 2023US$283.8bUS$89.8bUS$13.5b25.5x21.1x3.2x
Tue, 11 Apr 2023US$317.0bUS$89.0bUS$13.2b25.5x24.1x3.6x
Price to Earnings Ratio

24.1x


Total Market Cap: US$317.0bTotal Earnings: US$13.2bTotal Revenue: US$89.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Communications Industry Price to Earnings3Y Average 32.9x202420252026
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 32.9x.
  • The 3-year average PS ratio of 4.6x is lower than the industry's current PS ratio of 7.1x.
Past Earnings Growth
  • The earnings for companies in the Communications industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 7.1% 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 Market3.46%
Tech4.66%
Communications3.52%
Communications Equipment3.52%
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
LITE Lumentum HoldingsUS$826.8817.7%
+US$8.9b		1,568.4%PE234.7x
ANET Arista NetworksUS$126.684.9%
+US$7.4b		96.8%PE45.3x
CIEN CienaUS$447.7611.5%
+US$6.5b		736.9%PE276.4x
UI UbiquitiUS$840.907.8%
+US$3.7b		207.5%PE57.3x
FFIV F5US$303.357.6%
+US$1.1b		26.8%PE22.4x

Latest News

AAOI
US$103.91
Applied Optoelectronics
7D
5.8%
1Y
862.1%

AAOI: Concentrated Hyperscale Orders Will Likely Cap Future Share Returns

Analysts have raised their price targets on Applied Optoelectronics, supported by a higher fair value estimate of $90.30 and recent research that reflects a more constructive view on large 1.6T, 400G, and 800G transceiver orders from cloud customers. Analyst Commentary Bullish Takeaways Bullish analysts highlight the over US$200m 1.6T transceiver order from a long term customer as a meaningful proof point that large cloud buyers are committing real dollars to Applied Optoelectronics' higher speed products.
ANET
US$126.68
Arista Networks
7D
4.9%
1Y
96.8%

ANET: AI Data Center Demand Will Sustain Premium Multiple Over Time

Analysts have lifted Arista Networks' fair value estimate by about $13 to $176.46, citing higher expected revenue tied to AI data center demand and continued bullish price target moves from multiple research firms. Analyst Commentary Recent research highlights a cluster of positive views around Arista Networks, centered on its role in AI data centers and large cloud deployments, while also flagging execution and competitive risks investors should keep in mind.
ADTN
US$12.88
ADTRAN Holdings
7D
-0.4%
1Y
73.4%
AVNW
US$20.21
Aviat Networks
7D
-11.9%
1Y
19.8%
CALX
US$46.34
Calix
7D
-7.8%
1Y
47.2%

CALX: Buyback Momentum And Investor Day Outlook Will Support Future Repricing

Analysts have trimmed their average price targets on Calix by about $10 to $15. However, they generally point to an upbeat investor day and the potential for continued positive momentum, and they view the recent share price weakness as an entry opportunity.
CIEN
US$447.76
Ciena
7D
11.5%
1Y
736.9%

CIEN: AI Data Center Buildout Will Support Optical Networking Upside

Narrative Update on Ciena The analyst price target for Ciena has been lifted from $305 to $470 as analysts factor in expectations for higher revenue, stronger profit margins, and a richer future P/E multiple supported by recent research highlighting AI infrastructure demand, robust optical orders, and improved margin performance. Analyst Commentary Recent research coverage on Ciena has leaned positive, with a series of price target revisions, rating upgrades, and fresh initiations that highlight how analysts are framing the company around AI infrastructure, data center connectivity, and execution in its core optical business.
HLIT
US$9.20
Harmonic
7D
-1.9%
1Y
10.4%

HLIT: Future Multiple Compression Will Follow Record Broadband Orders Momentum

Analysts have raised their price target on Harmonic to $14 from $12.50, citing record Q4 Broadband orders of $347m and a 3.5x book-to-bill ratio as key factors supporting their updated view. Analyst Commentary Street research points to a constructive view on Harmonic following the Q4 report, with the higher price target framed around record Broadband orders of US$347m and a 3.5x book to bill ratio.
VSAT
US$53.69
Viasat
7D
15.3%
1Y
503.3%

VSAT: Defense Spinout Evaluation Will Surface Future Upside Potential

Analysts have lifted the fair value estimate for Viasat from $52.00 to $58.00 as they factor in updated sum of the parts valuation work, higher projected profit margins, and potential portfolio moves similar to recent defense spinout activity in the sector. Analyst Commentary Recent Street research points to a more constructive view on Viasat as bullish analysts refresh their models around sum of the parts valuation work, higher projected margins, and the potential for portfolio moves that echo broader defense sector activity.
CLFD
US$26.61
Clearfield
7D
-3.8%
1Y
4.7%

CLFD: Buybacks And 2026 Outlook Will Support Data Center Expansion Potential

Analysts kept their $44.25 price target for Clearfield unchanged, citing only slight technical tweaks to assumptions like discount rate, revenue growth, profit margin and future P/E that did not materially alter their view on the stock’s value. What's in the News Clearfield issued earnings guidance for the second quarter of fiscal 2026, with anticipated net sales from continuing operations in a range of $32 million to $35 million and a projected net loss per diluted share between $0.02 and $0.10 (Key Developments).
LITE
US$826.88
Lumentum Holdings
7D
17.7%
1Y
1,568.4%
CSCO
US$79.02
Cisco Systems
7D
-1.1%
1Y
44.9%
VIAV
US$36.89
Viavi Solutions
7D
6.5%
1Y
274.1%

VIAV: Data Center Euphoria Will Challenge Long Term Return Expectations

Analysts have lifted the blended price target on Viavi Solutions by about $3.71 to reflect stronger conviction around growth tied to the data center ecosystem, aerospace and defense demand, and early benefits from recent acquisitions. Analyst Commentary Research coverage around Viavi Solutions has been active, with several firms updating their views and price targets after recent conversations with management and sector events.
FFIV
US$303.35
F5
7D
7.6%
1Y
26.8%

FFIV: AI Security Demand And New Integrations Will Support Balanced Outlook

Analyst price targets for F5 have moved higher by a double digit dollar amount, with the shift supported by broader Street research pointing to resilient demand for security platforms, as well as company specific upside highlighted by several firms raising their dollar based targets in recent weeks. Analyst Commentary Recent Street research around F5 clusters around two broad themes: the durability of demand for security platforms, and the potential for company specific execution to support higher valuation frameworks.
CLRO
US$3.16
ClearOne
7D
-16.8%
1Y
-54.4%
UI
US$840.90
Ubiquiti
7D
7.8%
1Y
207.5%
CHAI
US$1.04
Core AI Holdings
7D
-6.3%
1Y
n/a