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U.S. Communications Industry Analysis

UpdatedAug 18, 2026
DataAggregated Company Financials
Companies76
  • 7D-0.08%
  • 3M7.1%
  • 1Y70.1%
  • YTD51.2%

The Communications is pretty flat in the last 7 days, but Lumentum Holdings has stood out, gaining 19%. As for the the longer term, the industry is up 70% over the past 12 months. Looking forward, earnings are forecast to grow by 24% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 18 Aug 2026US$1.0tUS$120.1bUS$14.8b32.6x69.6x8.6x
Thu, 16 Jul 2026US$1.0tUS$115.3bUS$20.6b31.9x48.6x8.7x
Sat, 13 Jun 2026US$1.0tUS$115.3bUS$20.6b33.6x48.6x8.7x
Mon, 11 May 2026US$898.2bUS$113.0bUS$18.9b37x47.5x8x
Wed, 08 Apr 2026US$778.9bUS$109.2bUS$18.4b46.3x42.4x7.1x
Fri, 06 Mar 2026US$773.6bUS$109.0bUS$18.3b44.4x42.3x7.1x
Sun, 01 Feb 2026US$702.8bUS$106.3bUS$16.7b31.7x42.1x6.6x
Tue, 30 Dec 2025US$677.4bUS$106.1bUS$16.7b35x40.5x6.4x
Thu, 27 Nov 2025US$647.1bUS$105.8bUS$16.6b31.2x39x6.1x
Sat, 25 Oct 2025US$671.3bUS$103.3bUS$16.0b30.6x41.9x6.5x
Mon, 22 Sep 2025US$654.3bUS$103.3bUS$16.0b30.5x40.9x6.3x
Wed, 20 Aug 2025US$604.3bUS$102.8bUS$16.1b25.3x37.6x5.9x
Fri, 18 Jul 2025US$555.2bUS$100.5bUS$14.0b28.6x39.7x5.5x
Sun, 15 Jun 2025US$524.7bUS$105.7bUS$14.3b26.5x36.6x5x
Tue, 13 May 2025US$500.2bUS$104.0bUS$13.9b23.3x36x4.8x
Thu, 10 Apr 2025US$433.7bUS$102.8bUS$12.4b25.2x34.9x4.2x
Sat, 08 Mar 2025US$508.3bUS$103.1bUS$12.4b26.7x41.1x4.9x
Mon, 03 Feb 2025US$558.5bUS$102.5bUS$12.2b25.2x45.9x5.5x
Wed, 01 Jan 2025US$540.0bUS$102.5bUS$12.1b24.5x44.7x5.3x
Fri, 29 Nov 2024US$530.7bUS$102.5bUS$12.1b24.5x43.8x5.2x
Sun, 27 Oct 2024US$497.3bUS$103.0bUS$12.0b27.3x41.5x4.8x
Tue, 24 Sep 2024US$472.5bUS$103.0bUS$12.0b25.3x39.4x4.6x
Thu, 22 Aug 2024US$440.1bUS$101.1bUS$11.6b26.2x37.9x4.4x
Sat, 20 Jul 2024US$349.5bUS$92.6bUS$12.6b26.7x27.7x3.8x
Mon, 17 Jun 2024US$335.2bUS$92.7bUS$12.6b27.1x26.6x3.6x
Wed, 15 May 2024US$342.7bUS$94.4bUS$14.1b27.9x24.3x3.6x
Fri, 12 Apr 2024US$398.1bUS$104.8bUS$16.3b34x24.5x3.8x
Sun, 10 Mar 2024US$395.6bUS$104.8bUS$16.3b31.1x24.2x3.8x
Tue, 06 Feb 2024US$342.7bUS$95.3bUS$14.9b25.2x22.9x3.6x
Thu, 04 Jan 2024US$328.0bUS$96.1bUS$15.1b23.9x21.7x3.4x
Sat, 02 Dec 2023US$313.5bUS$96.2bUS$14.9b24.9x21.1x3.3x
Mon, 30 Oct 2023US$307.7bUS$94.7bUS$14.6b23.3x21.1x3.2x
Wed, 27 Sep 2023US$318.2bUS$94.7bUS$14.6b23.4x21.7x3.4x
Fri, 25 Aug 2023US$332.3bUS$94.5bUS$14.6b29.1x22.7x3.5x
Price to Earnings Ratio

22.7x


Total Market Cap: US$332.3bTotal Earnings: US$14.6bTotal Revenue: US$94.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Communications Industry Price to Earnings3Y Average 36.1x202420252026
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 69.6x which is higher than its 3-year average PE of 36.1x.
  • The 3-year average PS ratio of 5.3x is lower than the industry's current PS ratio of 8.6x.
Past Earnings Growth
  • The earnings for companies in the Communications industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 8.3% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

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

US Market0.11%
Tech1.31%
Communications-0.078%
Communications Equipment-0.078%
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$968.9019.1%
+US$22.6b		714.3%PS28.5x
ANET Arista NetworksUS$201.805.4%
+US$13.0b		46.2%PE62.9x
CIEN CienaUS$445.1814.8%
+US$8.1b		384.3%PE143.8x
VIAV Viavi SolutionsUS$46.2624.4%
+US$2.3b		331.3%PS7.5x
AAOI Applied OptoelectronicsUS$154.8916.6%
+US$1.9b		492.8%PS22x

Latest News

VIAV
US$46.26
Viavi Solutions
7D
24.4%
1Y
331.3%
CIEN
US$445.18
Ciena
7D
14.8%
1Y
384.3%
CSCO
US$112.90
Cisco Systems
7D
-7.9%
1Y
68.6%
CLRO
US$4.94
ClearOne
7D
-45.0%
1Y
27.7%
AAOI
US$154.89
Applied Optoelectronics
7D
16.6%
1Y
492.8%
ONDS
US$9.00
Ondas
7D
-3.3%
1Y
124.4%
UI
US$583.67
Ubiquiti
7D
2.3%
1Y
44.0%
HLIT
US$13.43
Harmonic
7D
15.8%
1Y
48.4%
Narrative Update • Aug 13

HLIT: Future Multiple Compression Will Follow Backlog Execution And Broadband Momentum

Harmonic's updated analyst price target has moved higher, reflecting a range supported by recent Q2 beat-and-raise reports, stronger broadband growth, record backlog, and expectations for modest multiple expansion that analysts link to improved revenue visibility and customer diversification. Analyst Commentary Recent research updates on Harmonic point to a more constructive stance on the stock, with price targets moving higher following the Q2 beat and raise.
VSAT
US$81.41
Viasat
7D
-4.0%
1Y
197.2%
Seeking Alpha • Aug 13

Viasat: The Stock Rallied, But The Business Hasn't Kept Up

Summary Viasat has surged nearly 780% since spring 2025, but fundamentals lag this dramatic revaluation. Recent results showed a 1% revenue decline, a 7% adjusted EBITDA drop, and a $52 million net loss, despite strong backlog growth. Management guides for only mid-single-digit revenue growth and flat to slightly higher adjusted EBITDA for FY2027, with $180 million free cash flow. I issue a Sell rating: the current valuation already prices in aggressive future execution, leaving little room for upside surprise and significant downside risk. Read the full article on Seeking Alpha
LITE
US$968.90
Lumentum Holdings
7D
19.1%
1Y
714.3%
ANET
US$201.80
Arista Networks
7D
5.4%
1Y
46.2%
NTGR
US$22.61
NETGEAR
7D
-2.0%
1Y
-8.2%
MSI
US$457.08
Motorola Solutions
7D
-1.1%
1Y
-0.9%
Narrative Update • Aug 07

MSI: Public Safety Demand And Drone Technologies Will Drive Future Upside

Analysts have lifted the fair value estimate for Motorola Solutions by about $15 to $521.82, reflecting higher price targets after a Q2 beat, ongoing demand strength across products and software, and positive commentary on growth in drone and related technologies. Analyst Commentary Recent commentary on Motorola Solutions points to a generally positive tone following the Q2 report, with several firms lifting price targets and highlighting execution across both products and software.
INSG
US$4.56
Inseego
7D
-14.6%
1Y
-48.2%
EXTR
US$24.28
Extreme Networks
7D
3.1%
1Y
22.2%
Seeking Alpha • Aug 07

Extreme Networks Q4: Fine Print But Still Overvalued After The Pullback

Summary Extreme Networks delivered solid FY26 results, with 12.6% revenue growth and strong product momentum, but shares fell over 25% post-earnings. Despite decelerating growth and investor disappointment, EXTR's guidance for next year was in line with or above consensus, suggesting the sell-off may be overdone. The transition to the Platform ONE subscription is ongoing, with SaaS ARR up 17.7%, and long-term margin expansion is expected as recurring revenues increase. I maintain a 'Hold' rating, targeting entry below $20, as the recent pullback brings EXTR closer to its intrinsic value based on conservative DCF assumptions. Read the full article on Seeking Alpha
FFIV
US$395.54
F5
7D
-3.5%
1Y
25.1%
Narrative Update • Aug 06

FFIV: AI Security Demand In Hybrid Multicloud Environments Will Support Future Upside

Analysts have raised their fair value estimate for F5 to $515 from $500, citing a series of beat and raise quarters supported by steady systems demand, hybrid multicloud refresh activity, expanding AI use cases, and firmer profit margin assumptions, along with a slightly lower future P/E multiple. Analyst Commentary Recent Street research on F5 points to a broadly constructive tone following the latest fiscal updates and investor events.