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U.S. Communications Industry Analysis

UpdatedJun 28, 2026
DataAggregated Company Financials
Companies78
  • 7D-3.9%
  • 3M31.4%
  • 1Y74.0%
  • YTD40.0%

Over the last 7 days, the Communications industry has dropped 3.9%, driven by Cisco Systems declining 4.8%. In contrast, Ciena has gained 12%. In the past year, the industry has gained 74%. Earnings are forecast to grow by 22% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 28 Jun 2026US$957.9bUS$115.3bUS$20.6b31.3x46.5x8.3x
Tue, 26 May 2026US$1.0tUS$114.8bUS$20.1b33.5x50.5x8.9x
Thu, 23 Apr 2026US$913.8bUS$109.2bUS$18.4b49.4x49.7x8.4x
Sat, 21 Mar 2026US$778.3bUS$109.3bUS$18.4b36.4x42.3x7.1x
Mon, 16 Feb 2026US$737.5bUS$109.2bUS$18.2b31.5x40.6x6.8x
Wed, 14 Jan 2026US$654.9bUS$106.1bUS$16.7b39.3x39.2x6.2x
Fri, 12 Dec 2025US$708.1bUS$105.9bUS$16.6b35.4x42.6x6.7x
Sun, 09 Nov 2025US$641.4bUS$104.8bUS$16.3b29.1x39.2x6.1x
Tue, 07 Oct 2025US$648.4bUS$103.3bUS$16.0b30.1x40.5x6.3x
Thu, 04 Sep 2025US$617.5bUS$103.0bUS$16.2b25.6x38x6x
Sat, 02 Aug 2025US$584.4bUS$100.7bUS$14.1b26.9x41.5x5.8x
Mon, 30 Jun 2025US$560.0bUS$105.7bUS$14.3b28.8x39.1x5.3x
Wed, 28 May 2025US$522.2bUS$105.5bUS$14.3b26.1x36.6x4.9x
Fri, 25 Apr 2025US$455.6bUS$102.8bUS$12.4b24.4x36.6x4.4x
Sun, 23 Mar 2025US$494.4bUS$102.8bUS$12.4b26x39.7x4.8x
Tue, 18 Feb 2025US$557.4bUS$104.1bUS$12.1b28.1x46.2x5.4x
Thu, 16 Jan 2025US$548.5bUS$102.4bUS$11.9b25.4x45.9x5.4x
Sat, 14 Dec 2024US$536.1bUS$102.5bUS$12.1b25.2x44.2x5.2x
Mon, 11 Nov 2024US$523.8bUS$103.2bUS$13.0b24.7x40.2x5.1x
Wed, 09 Oct 2024US$479.5bUS$103.0bUS$12.0b26.6x40x4.7x
Fri, 06 Sep 2024US$442.1bUS$102.9bUS$12.0b25.7x36.8x4.3x
Sun, 04 Aug 2024US$409.0bUS$102.8bUS$13.8b27.4x29.7x4x
Tue, 02 Jul 2024US$350.7bUS$92.6bUS$12.6b25.5x27.8x3.8x
Thu, 30 May 2024US$331.8bUS$92.9bUS$12.7b27.3x26.1x3.6x
Sat, 27 Apr 2024US$383.1bUS$104.6bUS$16.2b31.7x23.7x3.7x
Mon, 25 Mar 2024US$408.3bUS$104.8bUS$16.3b32.3x25.1x3.9x
Wed, 21 Feb 2024US$384.5bUS$104.9bUS$16.5b29.9x23.3x3.7x
Fri, 19 Jan 2024US$341.0bUS$96.1bUS$15.1b25.4x22.6x3.5x
Sun, 17 Dec 2023US$327.1bUS$96.1bUS$15.1b24.7x21.7x3.4x
Tue, 14 Nov 2023US$322.6bUS$95.2bUS$13.9b22.9x23.2x3.4x
Thu, 12 Oct 2023US$324.9bUS$94.7bUS$14.6b21.6x22.2x3.4x
Sat, 09 Sep 2023US$344.8bUS$94.7bUS$14.6b29.9x23.6x3.6x
Mon, 07 Aug 2023US$323.7bUS$92.1bUS$13.6b26.5x23.8x3.5x
Wed, 05 Jul 2023US$317.9bUS$91.4bUS$13.5b23.7x23.5x3.5x
Price to Earnings Ratio

23.5x


Total Market Cap: US$317.9bTotal Earnings: US$13.5bTotal Revenue: US$91.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Communications Industry Price to Earnings3Y Average 34.9x202420252026
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 46.5x which is higher than its 3-year average PE of 34.9x.
  • The 3-year average PS ratio of 5.0x is lower than the industry's current PS ratio of 8.3x.
Past Earnings Growth
  • The earnings for companies in the Communications industry have grown 15% per year over the last three years.
  • Revenues for these companies have grown 8.0% 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-2.52%
Tech-5.78%
Communications-3.89%
Communications Equipment-3.89%
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
CIEN CienaUS$479.5012.0%
+US$7.3b		483.9%PE154.9x
MSI Motorola SolutionsUS$402.892.0%
+US$1.3b		-3.8%PE32x
FFIV F5US$394.532.3%
+US$510.0m		33.4%PE31.4x
NTCT NetScout SystemsUS$41.594.8%
+US$137.3m		69.8%PE31.1x
VIAV Viavi SolutionsUS$47.631.0%
+US$112.7m		376.3%PS8.5x

Latest News

VIAV
US$47.63
Viavi Solutions
7D
1.0%
1Y
376.3%
ONDS
US$7.83
Ondas
7D
-15.5%
1Y
327.9%
Narrative Update • Jun 26

ONDS: Autonomous Defense Backlog And Cyberhawk Deal Will Drive Future Upside

Analysts have lifted their Ondas price target from $10.00 to $16.00, citing sector interest following reports of potential U.S. federal funding for drone companies and updated assumptions around revenue growth, profit margins and future P/E levels. What’s in the News for Ondas Ondas reported Q2 2026 orders above US$150 million across defense, security, and autonomous platforms, including C UAS, loitering munitions, ISR systems, UGVs, and robotic defense mechanisms.
CALX
US$35.57
Calix
7D
-6.3%
1Y
-30.7%
Narrative Update • Jun 26

CALX: Starlink-Driven Demand And Platform Adoption Will Support Future Repricing

Analysts have trimmed their blended fair value estimate for Calix from about $71.67 to $66.00, reflecting updated assumptions around slightly higher discount rates, a lower future P/E multiple, and modestly softer profit margins, even as they continue to highlight Calix One driven growth and limited competitive risk from Starlink in their research. Analyst Commentary Recent research on Calix highlights a mix of optimism about long term growth potential and caution around near term profitability and valuation assumptions.
MSI
US$402.89
Motorola Solutions
7D
2.0%
1Y
-3.8%
Narrative Update • Jun 26

MSI: Public Safety AI Suites Will Support Future Upside Beyond 2026

Analysts have raised their blended price target for Motorola Solutions to about $507 from roughly $488, reflecting updated views on fair value with only modest adjustments to revenue growth, margin and P/E assumptions. Analyst Commentary Recent Street research on Motorola Solutions reflects a mix of optimism on execution and caution on how much of that story is already reflected in the stock price.
CIEN
US$479.50
Ciena
7D
12.0%
1Y
483.9%
Narrative Update • Jun 26

CIEN: AI Networking Backlog Will Ultimately Sustain Elevated P E Multiple

Analysts have lifted their blended price target for Ciena to $565.71 from $452.12, reflecting higher assumptions for revenue growth, profit margins, and future P/E multiples following recent "beat and raise" quarters, a growing AI networking opportunity, and expanding backlog. Analyst Commentary Recent research on Ciena highlights a wide range of views on how much of the AI networking and optical demand story is already reflected in the stock and where execution risks may sit from here.
EXTR
US$31.74
Extreme Networks
7D
1.1%
1Y
78.6%
New Narrative • Jun 26

AI-Powered Networking Complexity Will Drive Stronger Long-Term Upside Potential

Catalysts About Extreme Networks Extreme Networks provides enterprise networking hardware, software and cloud-based management platforms for wired and wireless networks. What are the underlying business or industry changes driving this perspective?
FFIV
US$394.53
F5
7D
2.3%
1Y
33.4%
Narrative Update • Jun 25

FFIV: AI Security And Hybrid Multicloud Demand Will Support Balanced Refresh Outlook

F5's analyst price target has been nudged higher, with the fair value estimate moving from $406.50 to $409.00 as analysts factor in updated assumptions around the discount rate, long term revenue growth, profit margins, and future P/E following a series of price target increases tied to expectations for demand from hybrid multicloud, AI inference workloads, and broader application security needs. Analyst Commentary Recent research on F5 highlights a wide range of views on how much the stock should be worth, with several large firms adjusting their price targets after the company shared long term goals around revenue, earnings power, and demand tied to hybrid multicloud and AI workloads.
AAOI
US$135.69
Applied Optoelectronics
7D
-16.2%
1Y
417.5%
Narrative Update • Jun 24

AAOI: AI Optics Demand And US Capacity Buildout Will Drive Upside

Analysts have raised their price target on Applied Optoelectronics to $220.00 from $190.00, citing updated assumptions around revenue growth, profit margins, and a lower future P/E multiple in their valuation work. Analyst Commentary Recent research updates on Applied Optoelectronics signal a more constructive stance from bullish analysts, who are revisiting their assumptions around growth, profitability, and valuation.
VSAT
US$61.95
Viasat
7D
-3.4%
1Y
324.3%
Seeking Alpha • Jun 23

ViaSat: Market Pricing In All The Good News

Summary ViaSat is rated Sell after a 70% YTD rally, with the current valuation outpacing fundamentals and SOTP value. VSAT trades at 8.9x EV/EBITDA with flat EBITDA growth and a 2% free cash flow yield, lacking near-term upside. Communication Services faces structural headwinds from Starlink, while DAT grows mid-teens but is not enough to offset overall sluggish profitability. Activist involvement and potential business split offer optionality, but current market cap exceeds fair value; expect 10% downside to $58. Read the full article on Seeking Alpha
LITE
US$816.98
Lumentum Holdings
7D
-3.9%
1Y
762.2%
Narrative Update • Jun 23

LITE: Nvidia Partnership And New Capacity Expansion Will Support AI Optics Demand

Lumentum Holdings' analyst price target has been raised to about $1,111 from roughly $1,105 as analysts point to a more supportive AI data center demand backdrop and a shift toward optical sector P/E multiples that align more closely with peers. Analyst Commentary Recent research coverage on Lumentum Holdings centers on how the stock is priced relative to peers in the optical sector, the AI data center demand backdrop, and expectations for co-packaged optics adoption.
CSCO
US$113.77
Cisco Systems
7D
-4.8%
1Y
65.7%
Narrative Update • Jun 23

CSCO: AI Networking Momentum And Security Risks Will Drive Future Returns

The analyst price target for Cisco Systems edges higher, with fair value moving from about $125.82 to $127.05, as analysts point to strong AI and networking order trends, refreshed AI-related targets, and a series of raised Street price objectives clustered in the $112 to $150 range, supported by views that AI infrastructure demand, campus refresh activity, and resilient margins can support the updated assumptions. Analyst Commentary Recent research on Cisco Systems points to a cluster of higher price targets and generally positive commentary around execution in AI networking, campus refresh activity, and optical demand tied to Acacia.
DGII
US$70.55
Digi International
7D
2.2%
1Y
102.2%
Narrative Update • Jun 23

DGII: Record Results And New IoT Platforms Will Support Measured Long-Term Upside

Digi International's analyst price target has shifted from $46.00 to $63.00, with analysts citing updated assumptions on revenue growth, profit margins, and future P/E as the basis for their revised views. Analyst Commentary Recent research coverage on Digi International has centered on refreshed price targets tied to updated assumptions on revenue, profitability, and future P/E multiples.
ANET
US$157.60
Arista Networks
7D
-7.1%
1Y
58.6%
NTCT
US$41.59
NetScout Systems
7D
4.8%
1Y
69.8%
Narrative Update • Jun 18

NTCT: Future Returns Will Balance AI Data Monetization And Capital Discipline

Analysts have lifted their price target on NetScout Systems stock by $8 to $41.71, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that were highlighted in recent Street research. What’s in the News for NetScout Systems The audit committee dismissed PricewaterhouseCoopers as the independent registered public accounting firm and appointed KPMG as the new auditor for the fiscal year ending March 31, 2027, with prior PwC reports containing no adverse opinion or qualification.
UI
US$526.33
Ubiquiti
7D
-10.7%
1Y
30.7%
PCLA
US$6.97
PicoCELA
7D
44.9%
1Y
-83.8%