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U.S. Systems Software Industry Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies69
  • 7D1.4%
  • 3M-12.5%
  • 1Y13.1%
  • YTDn/a

In the last week, the Systems Software industry is up 1.4%, with Microsoft up 1.3%. This takes the industry's 12 month performance to a gain of 13%. As for the next few years, earnings are expected to grow by 17% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026US$4.8tUS$416.9bUS$125.7b37.2x38.1x11.5x
Tue, 09 Dec 2025US$5.0tUS$414.2bUS$123.4b39.6x40.4x12x
Thu, 06 Nov 2025US$5.3tUS$412.5bUS$123.2b35.9x42.8x12.8x
Sat, 04 Oct 2025US$5.4tUS$399.7bUS$120.0b40.8x45x13.5x
Mon, 01 Sep 2025US$5.1tUS$397.8bUS$119.9b37x42.5x12.8x
Wed, 30 Jul 2025US$5.3tUS$383.7bUS$114.4b39.4x45.9x13.7x
Fri, 27 Jun 2025US$5.0tUS$383.0bUS$114.3b42.3x43.8x13.1x
Sun, 25 May 2025US$4.5tUS$380.9bUS$114.3b35.3x39.4x11.8x
Tue, 22 Apr 2025US$3.7tUS$371.3bUS$110.3b28.6x33.5x10x
Thu, 20 Mar 2025US$3.9tUS$372.1bUS$110.4b31.1x35.7x10.6x
Sat, 15 Feb 2025US$4.3tUS$379.4bUS$110.3b36.3x38.8x11.3x
Mon, 13 Jan 2025US$4.2tUS$362.4bUS$108.9b36.3x38.7x11.6x
Wed, 11 Dec 2024US$4.6tUS$362.5bUS$108.9b40.2x41.9x12.6x
Fri, 08 Nov 2024US$4.3tUS$360.2bUS$107.7b38.7x39.8x11.9x
Sun, 06 Oct 2024US$4.2tUS$350.5bUS$105.1b40.7x39.7x11.9x
Tue, 03 Sep 2024US$4.1tUS$349.4bUS$104.5b38.1x39.1x11.7x
Thu, 01 Aug 2024US$4.0tUS$343.1bUS$102.8b39.6x38.9x11.6x
Sat, 29 Jun 2024US$4.3tUS$333.6bUS$101.7b39.9x42x12.8x
Mon, 27 May 2024US$3.7tUS$280.2bUS$91.0b40.1x40.6x13.2x
Wed, 24 Apr 2024US$3.5tUS$270.9bUS$87.1b40.9x40.2x12.9x
Fri, 22 Mar 2024US$3.7tUS$271.0bUS$87.0b40.6x42x13.5x
Sun, 18 Feb 2024US$3.5tUS$270.1bUS$85.0b38x41.6x13.1x
Tue, 16 Jan 2024US$3.5tUS$276.8bUS$80.3b41.4x43.2x12.5x
Thu, 14 Dec 2023US$3.3tUS$276.8bUS$80.3b42.3x41.5x12.1x
Sat, 11 Nov 2023US$3.2tUS$275.6bUS$79.2b41.4x39.8x11.4x
Mon, 09 Oct 2023US$2.9tUS$273.4bUS$74.8b42.3x39.4x10.8x
Wed, 06 Sep 2023US$3.0tUS$273.1bUS$74.7b42.3x40.2x11x
Fri, 04 Aug 2023US$2.9tUS$267.0bUS$72.6b49.1x39.7x10.8x
Sun, 02 Jul 2023US$3.0tUS$262.2bUS$68.2b45.2x43.7x11.4x
Tue, 30 May 2023US$2.9tUS$261.5bUS$68.3b42.8x42.4x11.1x
Thu, 27 Apr 2023US$2.6tUS$260.4bUS$66.8b42.5x38.4x9.8x
Sat, 25 Mar 2023US$2.5tUS$256.8bUS$65.2b42.4x37.7x9.6x
Mon, 20 Feb 2023US$2.2tUS$243.2bUS$63.4b42.9x35.4x9.2x
Wed, 18 Jan 2023US$2.1tUS$241.4bUS$65.6b41.2x31.9x8.7x
Price to Earnings Ratio

31.9x


Total Market Cap: US$2.1tTotal Earnings: US$65.6bTotal Revenue: US$241.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Systems Software Industry Price to Earnings3Y Average 40.2x202420252026
Current Industry PE
  • Investors are relatively neutral on the American Systems Software industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 40.2x.
  • The industry is trading close to its 3-year average PS ratio of 11.7x.
Past Earnings Growth
  • The earnings for companies in the Systems Software industry have grown 24% per year over the last three years.
  • Revenues for these companies have grown 20% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does U.S. Systems Software compare with similar industries?

US Market1.88%
Tech0.22%
Software1.93%
Systems Software1.45%
Application Software2.96%
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
MSFT MicrosoftUS$479.281.3%
+US$47.1b		14.4%PE34x
ORCL OracleUS$198.521.4%
+US$8.1b		28.5%PE37x
PANW Palo Alto NetworksUS$189.025.4%
+US$6.7b		9.0%PE118x
CRWD CrowdStrike HoldingsUS$470.613.8%
+US$4.3b		34.9%PS26x
NBIS Nebius GroupUS$97.938.9%
+US$2.0b		195.1%PE215.9x

Latest News

ORCL
US$198.52
Oracle
7D
1.4%
1Y
28.5%
RBRK
US$70.56
Rubrik
7D
-6.5%
1Y
11.2%
CHKP
US$192.67
Check Point Software Technologies
7D
6.4%
1Y
5.9%

CHKP: Billings Strength Will Support AI Security Platform Expansion

Analysts have nudged their fair value estimate for Check Point Software Technologies slightly lower to about $226 per share, reflecting modest tweaks to revenue growth, profit margin and future P/E assumptions following Street research that highlighted strong 20% billings growth, along with some caution on the durability of that momentum. Analyst Commentary Street research following the latest quarter points to a generally constructive but balanced view on Check Point Software Technologies, with higher price targets reflecting stronger billings and mixed views on how durable that trend might be.
GTLB
US$35.39
GitLab
7D
-2.2%
1Y
-41.0%

GTLB: Renewed Takeover Interest Will Support Future Upside Versus Competitive Concerns

Analysts have trimmed their fair value estimate for GitLab to $51.78 from $53.52, reflecting a lower average price target after some firms cited rising competition from Microsoft's GitHub and uneven go-to-market execution. Analyst Commentary Recent research on GitLab highlights a mix of cautious and neutral views, with most commentary centering on competition from GitHub, execution across the sales organisation, and how those factors may influence the valuation reset.
PANW
US$189.02
Palo Alto Networks
7D
5.4%
1Y
9.0%

PANW: AI Security And M&A Integration Will Drive Future Share Gains

Narrative Update: Palo Alto Networks Price Target Shift Analysts have nudged their fair value estimate for Palo Alto Networks to US$227.60 from US$224.53. This reflects slightly adjusted assumptions around discount rate, growth, margins, and future P/E in light of mixed research views that balance concerns on decelerating sales and acquisition pricing with continued interest in the company's role in security, observability, and AI driven opportunities.
CRWD
US$470.61
CrowdStrike Holdings
7D
3.8%
1Y
34.9%
MSFT
US$479.28
Microsoft
7D
1.3%
1Y
14.4%
OS
US$23.62
OneStream
7D
33.3%
1Y
-13.0%
ZS
US$216.73
Zscaler
7D
-1.7%
1Y
14.1%

ZS: Zero Trust And AI Security Momentum Will Drive Long Term Upside

Analysts have nudged our Zscaler fair value estimate higher to about US$389 from US$385, reflecting a blend of slightly softer modeled revenue growth, modestly better margin expectations, and updated price targets that balance mixed ARR disclosure with continued confidence in emerging product traction and long term Zero Trust and AI security demand. Analyst Commentary Street research around the latest quarter paints a largely constructive picture, with price targets moving in both directions but commentary skewing toward confidence in Zscaler's execution on growth initiatives, especially in Zero Trust, AI Security, and Data Security offerings.
NOW
US$141.80
ServiceNow
7D
-3.8%
1Y
-30.8%
CYBR
US$456.73
CyberArk Software
7D
4.9%
1Y
32.9%

CYBR: Future Will Balance AI Security Positioning And Takeover Completion Risk

Analysts nudged their fair value estimate for CyberArk higher from about $485.47 to roughly $487.74, citing updated assumptions on growth, margins and future P/E. They pointed to the pending Palo Alto Networks deal, rising CyberArk related attention in broader security research, and recent price target moves around $502 as key supports for the refreshed target range.
NBIS
US$97.93
Nebius Group
7D
8.9%
1Y
195.1%

NBIS: Power Capacity Expansion Will Support Future AI Infrastructure Demand

Analysts have raised their fair value estimate for Nebius Group from $130.00 to $211.00, citing new Outperform initiations, higher Street price targets, and growing confidence in the company’s role in supplying power and capacity for high performance compute and AI demand. Analyst Commentary Recent research coverage points to a constructive view on Nebius Group, with several bullish analysts highlighting the company’s position in supplying power and capacity for high performance compute and AI related workloads.
FROG
US$59.27
JFrog
7D
-0.5%
1Y
85.6%
APPN
US$33.80
Appian
7D
-0.8%
1Y
0.4%

APPN Will Balance AI Progress With Execution Risks Through 2027

Analysts raised their price target on Appian from $29 to $45, reflecting higher long term revenue growth expectations and updated valuation assumptions following stronger than anticipated Q3 results and a shift to 2027 estimates. Analyst Commentary While the higher price target reflects increased confidence in Appian's long term growth prospects, research commentary also underscores a measured stance on the shares.
NTSK
US$16.63
Netskope
7D
-1.6%
1Y
n/a
DUOT
US$10.19
Duos Technologies Group
7D
-5.6%
1Y
80.0%