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U.S. Communications Industry Analysis

UpdatedDec 14, 2025
DataAggregated Company Financials
Companies76
  • 7D-0.7%
  • 3M2.3%
  • 1Y24.9%
  • YTD24.7%

Over the last 7 days, the Communications industry has remained flat, although notably Ciena gained 8.3%. As for the the longer term, the industry is up 25% over the past 12 months. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 14 Dec 2025US$681.5bUS$106.1bUS$16.7b34.4x40.8x6.4x
Tue, 11 Nov 2025US$641.5bUS$104.8bUS$16.3b29.4x39.2x6.1x
Thu, 09 Oct 2025US$654.7bUS$103.3bUS$16.0b30.6x40.9x6.3x
Sat, 06 Sep 2025US$631.9bUS$103.3bUS$16.0b26x39.5x6.1x
Mon, 04 Aug 2025US$570.9bUS$100.7bUS$14.1b26.9x40.5x5.7x
Wed, 02 Jul 2025US$560.0bUS$105.7bUS$14.3b29.1x39.1x5.3x
Fri, 30 May 2025US$526.7bUS$105.5bUS$14.3b25.7x36.8x5x
Sun, 27 Apr 2025US$472.4bUS$102.8bUS$12.4b24.6x38x4.6x
Tue, 25 Mar 2025US$494.4bUS$102.8bUS$12.4b26.4x39.7x4.8x
Thu, 20 Feb 2025US$557.3bUS$104.1bUS$12.1b28x46.2x5.4x
Sat, 18 Jan 2025US$557.2bUS$102.4bUS$11.9b25.5x46.6x5.4x
Mon, 16 Dec 2024US$542.9bUS$102.5bUS$12.1b25.2x45x5.3x
Wed, 13 Nov 2024US$526.4bUS$103.2bUS$13.0b25x40.4x5.1x
Fri, 11 Oct 2024US$493.2bUS$103.0bUS$12.0b27.1x41.1x4.8x
Sun, 08 Sep 2024US$429.4bUS$102.9bUS$12.0b24.5x35.8x4.2x
Tue, 06 Aug 2024US$409.0bUS$102.8bUS$13.8b26x29.7x4x
Thu, 04 Jul 2024US$353.8bUS$92.6bUS$12.6b25.8x28x3.8x
Sat, 01 Jun 2024US$329.9bUS$92.9bUS$12.7b27.3x26x3.6x
Mon, 29 Apr 2024US$383.1bUS$104.6bUS$16.2b31.7x23.7x3.7x
Wed, 27 Mar 2024US$407.2bUS$104.8bUS$16.3b31.4x25x3.9x
Fri, 23 Feb 2024US$383.0bUS$104.9bUS$16.5b30.3x23.2x3.6x
Sun, 21 Jan 2024US$341.0bUS$96.1bUS$15.1b25.6x22.6x3.5x
Tue, 19 Dec 2023US$327.1bUS$96.1bUS$15.1b24.6x21.7x3.4x
Thu, 16 Nov 2023US$330.2bUS$95.2bUS$13.9b23.8x23.8x3.5x
Sat, 14 Oct 2023US$323.2bUS$94.7bUS$14.6b21.6x22.1x3.4x
Mon, 11 Sep 2023US$343.4bUS$94.7bUS$14.6b29.9x23.5x3.6x
Wed, 09 Aug 2023US$325.4bUS$92.3bUS$13.6b24.2x24x3.5x
Fri, 07 Jul 2023US$313.6bUS$91.4bUS$13.5b23.5x23.2x3.4x
Sun, 04 Jun 2023US$311.5bUS$91.2bUS$13.5b23.3x23.1x3.4x
Tue, 02 May 2023US$294.6bUS$89.4bUS$13.3b25.4x22.1x3.3x
Thu, 30 Mar 2023US$315.1bUS$89.0bUS$13.1b26.8x24x3.5x
Sat, 25 Feb 2023US$295.5bUS$88.7bUS$13.0b28.1x22.7x3.3x
Mon, 23 Jan 2023US$285.5bUS$86.7bUS$13.0b26.4x21.9x3.3x
Wed, 21 Dec 2022US$289.3bUS$86.7bUS$13.1b28.1x22.1x3.3x
Price to Earnings Ratio

22.1x


Total Market Cap: US$289.3bTotal Earnings: US$13.1bTotal Revenue: US$86.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Communications Industry Price to Earnings3Y Average 31.1x202320242025
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 40.8x which is higher than its 3-year average PE of 31.1x.
  • The 3-year average PS ratio of 4.3x is lower than the industry's current PS ratio of 6.4x.
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-0.59%
Tech-2.39%
Communications-0.74%
Communications Equipment-0.74%
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$218.448.3%
+US$2.4b		143.5%PE249.7x
FFIV F5US$262.675.9%
+US$845.2m		0.3%PE22x
AAOI Applied OptoelectronicsUS$32.0620.6%
+US$373.5m		-12.0%PS5.2x
VSAT ViasatUS$35.832.5%
+US$117.7m		283.8%PS1.1x
HLIT HarmonicUS$10.286.1%
+US$66.2m		-22.0%PE23.2x

Latest News

VSAT
US$35.83
Viasat
7D
2.5%
1Y
283.8%
COMM
US$19.44
CommScope Holding Company
7D
1.4%
1Y
238.7%
CIEN
US$218.44
Ciena
7D
8.3%
1Y
143.5%
ANET
US$124.76
Arista Networks
7D
-3.0%
1Y
11.0%

ANET: AI Networking Demand Will Sustain High Margins Despite Future Normalization Concerns

Analysts have modestly raised their price targets for Arista Networks into the mid to high $170s, citing sustained AI driven networking demand, resilient high margin profiles despite slightly softer long term margin guidance, and upgraded multi year revenue growth expectations. Analyst Commentary Street research remains broadly constructive on Arista Networks, with most firms lifting price targets to reflect stronger medium term growth and sustained AI networking tailwinds, even as some caution emerges around valuation and future margin normalization.
MSI
US$364.70
Motorola Solutions
7D
-2.6%
1Y
-22.4%
AAOI
US$32.06
Applied Optoelectronics
7D
20.6%
1Y
-12.0%

AAOI: Texas Expansion And Amazon Opportunity Will Shape A Measured Future Outlook

Analysts have slightly increased their price target for Applied Optoelectronics, with the blended target edging higher by about $5 to approximately $35. They highlight the company’s strengthened InP laser and automated transceiver manufacturing capabilities while still cautioning that valuation already reflects much of the anticipated Amazon-driven upside.
FFIV
US$262.67
F5
7D
5.9%
1Y
0.3%

FFIV: Share Price Should Recover As Security Breach Headwinds Gradually Ease

Analysts have modestly reduced their price targets on F5, trimming our implied valuation to reflect a slightly higher discount rate and tempered FY26 growth expectations in light of recent security breach related pipeline headwinds, even as most view deal activity as delayed rather than permanently lost. Analyst Commentary Street views on F5 remain mixed, with the recent security breach acting as the key swing factor for both growth expectations and valuation multiples.
GILT
US$12.68
Gilat Satellite Networks
7D
6.9%
1Y
113.1%
LITE
US$324.35
Lumentum Holdings
7D
-2.1%
1Y
249.1%

LITE: AI Optical Demand Will Drive Future Multiple But Limit Near-Term Upside

Analysts have lifted their price target on Lumentum Holdings, raising it from roughly $230 to about $255 per share, as they grow more confident that surging AI driven demand for data center optics and optical circuit switches will support faster revenue growth and a higher future earnings multiple, despite modestly lower margin expectations. Analyst Commentary Recent Street research points to a broadly constructive outlook on Lumentum, with a notable cluster of target price increases reflecting growing confidence in the durability of AI driven optical demand and the company’s execution on its product roadmap.
ONDS
US$8.75
Ondas Holdings
7D
-3.5%
1Y
525.0%

ONDS: Aerospace And Defense Expansion Will Drive Backlog And Earnings Upside

Analysts have modestly increased their price target for Ondas Holdings, lifting fair value from approximately $10.86 to $11.00 per share. They cited the accretive Roboteam acquisition, stronger than expected Q3 results, and a robust growth pipeline that supports higher long term revenue and earnings assumptions.
UI
US$561.30
Ubiquiti
7D
-2.9%
1Y
62.7%
CSCO
US$77.80
Cisco Systems
7D
-0.2%
1Y
32.7%

CSCO: AI Networking Cycle Will Offset Security And ESG Uncertainty

Analysts modestly raised their price target on Cisco Systems to $87 from $77, citing a multi year networking and AI infrastructure growth cycle, stronger than expected revenue and operating margins, and confidence that management’s conservative outlook can be exceeded, despite lingering security headwinds. Analyst Commentary Bullish analysts see Cisco as entering a multi year upcycle, underpinned by artificial intelligence infrastructure demand, a broad networking refresh and resilient profitability metrics that justify higher valuation multiples.
VIAV
US$18.00
Viavi Solutions
7D
-1.7%
1Y
62.9%
EXTR
US$16.91
Extreme Networks
7D
-3.9%
1Y
-7.0%
HLIT
US$10.28
Harmonic
7D
6.1%
1Y
-22.0%

HLIT: Recent Industry Tailwinds Will Drive Confidence in Broadband Demand Outlook

Analysts have raised their price target for Harmonic, increasing it by $0.43. This reflects improved sentiment as several industry headwinds have recently eased.
ITRN
US$44.24
Ituran Location and Control
7D
7.7%
1Y
44.2%

Shareholders Would Enjoy A Repeat Of Ituran Location and Control's (NASDAQ:ITRN) Recent Growth In Returns

Nov 25
Shareholders Would Enjoy A Repeat Of Ituran Location and Control's (NASDAQ:ITRN) Recent Growth In Returns