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U.S. Internet Services and Infrastructure Industry Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies44
  • 7D2.2%
  • 3M-2.6%
  • 1Y48.9%
  • YTDn/a

In the last week, the Internet Services and Infrastructure industry is up 2.2%, with Shopify up 4.6%. Meanwhile, Cloudflare actually underperformed within the industry, shrinking 6.8% in the last week. In the last 12 months, the industry was up 49%. As for the next few years, earnings are expected to grow by 29% per annum.

Industry Valuation and Performance

Has the U.S. Internet Services and Infrastructure Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026US$511.5bUS$41.6b-US$167,273,771.9759.1x-3058.1x12.3x
Tue, 09 Dec 2025US$504.4bUS$41.5b-US$257,532,508.7157.5x-1958.5x12.2x
Thu, 06 Nov 2025US$541.2bUS$40.0b-US$880,107,337.92105.3x-615x13.5x
Sat, 04 Oct 2025US$544.8bUS$43.7bUS$475.1m89.3x1146.8x12.5x
Mon, 01 Sep 2025US$502.2bUS$43.9bUS$414.1m108.6x1212.8x11.4x
Wed, 30 Jul 2025US$448.3bUS$36.5b-US$1,336,702,110.59117x-335.4x12.3x
Fri, 27 Jun 2025US$444.5bUS$36.5b-US$1,337,421,184.0496.9x-332.3x12.2x
Sun, 25 May 2025US$382.9bUS$36.2b-US$1,481,362,030.6881.8x-258.5x10.6x
Tue, 22 Apr 2025US$301.0bUS$38.9bUS$20.5m51.7x14713.4x7.7x
Thu, 20 Mar 2025US$318.8bUS$37.4bUS$790.7m86.8x403.2x8.5x
Sat, 15 Feb 2025US$417.1bUS$37.0bUS$38.8m70.4x10750.3x11.3x
Mon, 13 Jan 2025US$303.5bUS$31.7b-US$1,751,922,258.7996.9x-173.2x9.6x
Wed, 11 Dec 2024US$332.9bUS$32.0b-US$1,468,240,104.2076.9x-226.8x10.4x
Fri, 08 Nov 2024US$251.9bUS$30.7b-US$1,504,881,598.4368.6x-167.4x8.2x
Sun, 06 Oct 2024US$241.9bUS$30.7b-US$1,674,636,515.4062.9x-144.5x7.9x
Tue, 03 Sep 2024US$230.1bUS$30.6b-US$1,666,950,566.1459.2x-138x7.5x
Thu, 01 Aug 2024US$235.8bUS$33.9b-US$1,625,039,677.0024.6x-145.1x7x
Sat, 29 Jun 2024US$241.3bUS$33.9b-US$1,620,054,033.4621.9x-148.9x7.1x
Mon, 27 May 2024US$243.6bUS$33.7b-US$1,640,640,814.6622.9x-148.5x7.2x
Wed, 24 Apr 2024US$251.1bUS$28.6b-US$3,372,892,219.4157x-74.5x8.8x
Fri, 22 Mar 2024US$270.6bUS$28.5b-US$2,577,695,273.8630.2x-105x9.5x
Sun, 18 Feb 2024US$296.3bUS$28.2b-US$2,795,840,578.8930.1x-106x10.5x
Tue, 16 Jan 2024US$286.6bUS$29.0b-US$3,576,491,185.0020.4x-80.1x9.9x
Thu, 14 Dec 2023US$273.6bUS$29.0b-US$3,575,845,218.0020.7x-76.5x9.4x
Sat, 11 Nov 2023US$232.7bUS$28.5b-US$3,753,370,281.0021.3x-62x8.2x
Mon, 09 Oct 2023US$225.3bUS$27.7b-US$4,958,166,031.0020.3x-45.5x8.1x
Wed, 06 Sep 2023US$248.4bUS$27.7b-US$4,942,918,551.0020.6x-50.2x9x
Fri, 04 Aug 2023US$235.6bUS$27.9b-US$5,401,421,818.0019.9x-43.6x8.4x
Sun, 02 Jul 2023US$245.9bUS$27.4b-US$5,287,263,432.0018.8x-46.5x9x
Tue, 30 May 2023US$221.5bUS$27.3b-US$5,417,949,308.0017.1x-40.9x8.1x
Thu, 27 Apr 2023US$202.6bUS$31.1b-US$8,336,998,636.0023.4x-24.3x6.5x
Sat, 25 Mar 2023US$199.0bUS$31.2b-US$8,405,400,412.0022.7x-23.7x6.4x
Mon, 20 Feb 2023US$206.9bUS$30.6b-US$8,145,244,178.0023x-25.4x6.8x
Wed, 18 Jan 2023US$185.9bUS$30.0b-US$8,005,937,048.0027.5x-23.2x6.2x
Price to Earnings Ratio

-23.2x


Total Market Cap: US$185.9bTotal Earnings: -US$8,005,937,048.00Total Revenue: US$30.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Internet Services and Infrastructure Industry Price to Earnings3Y Average -1702.9x202420252026
Current Industry PE
  • Investors are optimistic on the American Internet Services and Infrastructure industry, and appear confident in long term growth rates.
  • The 3-year average PS ratio of 9.2x is lower than the industry's current PS ratio of 12.3x.
Past Earnings Growth
  • The earnings for companies in the Internet Services and Infrastructure industry have improved over the last three years.
  • Revenues for these companies have grown 12% per year.
  • This means that more sales are being generated by these companies overall, and subsequently losses are decreasing too.

Industry Comparison

How does U.S. Internet Services and Infrastructure compare with similar industries?

US Market1.82%
Tech0.15%
IT4.04%
Internet Services and Infrastructure2.16%
IT Consulting5.72%
Data Processing Services3.05%
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
SHOP ShopifyUS$164.484.6%
+US$9.5b		58.6%PE120.2x
APLD Applied DigitalUS$37.6834.0%
+US$2.5b		354.5%PS39.9x
OKTA OktaUS$92.2310.3%
+US$1.5b		9.3%PE83.8x
SNOW SnowflakeUS$219.091.1%
+US$814.4m		34.9%PS17.1x
VRSN VeriSignUS$248.943.5%
+US$779.6m		20.2%PE28.5x

Latest News

TWLO
US$131.39
Twilio
7D
-5.0%
1Y
21.6%
SNOW
US$219.09
Snowflake
7D
1.1%
1Y
34.9%

SNOW: AI Demand And Expanded Partnerships Will Support Long-Term Earnings Power

Narrative Update on Snowflake Analysts have nudged our Snowflake fair value estimate slightly higher from US$281.73 to US$283.52, citing recent price target increases toward US$300 to US$325 that reference robust AI driven demand, expanding margins, and what they view as a constructive setup into 2025. Analyst Commentary Recent Street research around Snowflake has been broadly constructive, with several bullish analysts lifting price targets into the US$295 to US$325 range and one upgrade framing current levels as a potential entry point after a weaker Q3 reaction.
APLD
US$37.68
Applied Digital
7D
34.0%
1Y
354.5%
CMRC
US$4.05
Commerce.com
7D
-0.2%
1Y
-33.5%
NET
US$182.78
Cloudflare
7D
-6.8%
1Y
62.3%

NET: AI And Security Hype Will Likely Magnify Future Outage Risks

Analysts have trimmed their fair value estimate for Cloudflare from US$135.41 to US$132.40, citing a mix of higher projected profitability, faster revenue growth, a lower assumed future P/E multiple, and recent Street research that highlights both strong Q3 execution and growing interest in Cloudflare's role at the intersection of AI and security. Analyst Commentary Recent Street research on Cloudflare points to strong Q3 execution, with several firms lifting their price targets after what they describe as an impressive quarter.
MDB
US$408.12
MongoDB
7D
2.1%
1Y
66.4%

MDB: Atlas And AI Workloads Will Drive Leadership Transition Upside

Analysts have raised their fair value estimate for MongoDB from $394.78 to $550.00, citing higher expected revenue growth, improved profitability, a lower future P/E assumption, and supportive Street research that emphasizes Atlas momentum, AI related demand, and confidence in the new CEO transition. Analyst Commentary Recent Street research on MongoDB has been broadly constructive, with a series of higher price targets and reaffirmed positive ratings.
MGRT
US$6.10
Mega Fortune
7D
-15.3%
1Y
n/a
WIX
US$95.84
Wix.com
7D
-5.1%
1Y
-56.2%

WIX: AI And Base44 Spending Will Set Up Long Term Upside

Analysts have trimmed their price targets on Wix.com, with our fair value estimate moving from $254.14 to $210.00. They are factoring in higher investment spending that is pressuring margins and free cash flow in the near term, while still recognizing the company’s AI and Base44 initiatives as important long-term drivers.
FSLY
US$9.31
Fastly
7D
-8.6%
1Y
3.7%

FSLY: Security Traction Will Support Turnaround Despite Ongoing CDN Pricing Pressure

Analysts lifted their fair value estimate for Fastly from $10.00 to $14.00, citing recent security revenue traction and operational improvements, while still flagging pricing pressure and the need for early wins to continue in the core CDN business. Analyst Commentary Recent commentary has focused on a mix of progress in security offerings and ongoing pressure in the core CDN business.
OKTA
US$92.23
Okta
7D
10.3%
1Y
9.3%
AKAM
US$88.12
Akamai Technologies
7D
3.5%
1Y
-0.9%

AKAM: Heavy Security And Compute Spending Will Pressure Margins And Share Performance

Akamai Technologies' analyst fair value estimate has been adjusted from US$66.00 to US$69.00 as analysts factor in updated expectations around revenue growth, profitability, and a lower future P/E, supported by recent Street research highlighting opportunities in security, compute infrastructure, and ongoing investment needs. Analyst Commentary Recent research on Akamai Technologies presents a mixed picture, with some firms highlighting growth opportunities in security and compute infrastructure while others focus on the investment and execution risks that come with this shift.
SHOP
US$164.48
Shopify
7D
4.6%
1Y
58.6%

SHOP: Lofty Multiples And Soft Cash Flow Will Restrain Near-Term Upside

Analysts increased their Shopify fair value estimate from about US$116 to roughly US$139, citing stronger expected revenue growth, a slightly higher assumed future P/E, and recent price target hikes across the Street. They attribute these changes to what they view as solid Q3 execution, despite some concerns around valuation and free cash flow.
GDDY
US$113.54
GoDaddy
7D
-4.2%
1Y
-41.1%

GDDY: AI And Identity Initiatives Will Support Higher Margin Efficiency

Analysts have nudged their fair value estimate for GoDaddy up from $134.00 to $145.00, reflecting updated assumptions for slightly higher revenue growth and profit margins. They still acknowledge recent Street price target reductions tied to mixed near term guidance and a desire for clearer visibility on the growth and margin outlook.
GDS
US$40.97
GDS Holdings
7D
6.9%
1Y
53.2%

GDS: 2025 Leasing And 2026 Installs Will Drive Shares Higher

Our updated view trims the analyst price target for GDS Holdings by about US$1, reflecting analysts' mixed reactions to recent 3Q25 results, maintained 2025 guidance, and expectations for 300MW of 2025 leasing with higher 2026 installs that support a more moderate profit and P/E outlook. Analyst Commentary Bullish Takeaways Bullish analysts point to the maintained 2025 guidance and planned 300MW of 2025 leasing as key supports for the current valuation framework, suggesting the existing plan is intact despite mixed 3Q25 results.
VRSN
US$248.94
VeriSign
7D
3.5%
1Y
20.2%
DTST
US$5.09
Data Storage
7D
-0.2%
1Y
9.2%