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U.S. Systems Software Industry Analysis

UpdatedJan 19, 2026
DataAggregated Company Financials
Companies69
  • 7D-4.0%
  • 3M-14.8%
  • 1Y5.7%
  • YTDn/a

Over the last 7 days, the Systems Software industry has dropped 4.0%, driven by Microsoft declining 4.1%. Meanwhile, Nebius Group actually outperformed within the industry, gaining 11% in the last week. This takes the industry's 12 month performance to a gain of 5.7%. Looking forward, earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 19 Jan 2026US$4.6tUS$416.9bUS$125.7b34.4x36.6x11x
Wed, 17 Dec 2025US$4.7tUS$416.9bUS$125.7b36.3x37.7x11.4x
Fri, 14 Nov 2025US$5.2tUS$413.3bUS$123.2b37.4x42.1x12.5x
Sun, 12 Oct 2025US$5.4tUS$399.7bUS$120.0b39.5x44.8x13.4x
Tue, 09 Sep 2025US$5.0tUS$398.0bUS$120.0b36.4x41.9x12.6x
Thu, 07 Aug 2025US$5.3tUS$395.6bUS$119.5b38.3x44.6x13.5x
Sat, 05 Jul 2025US$5.1tUS$383.0bUS$114.3b40.8x45.1x13.4x
Mon, 02 Jun 2025US$4.6tUS$381.1bUS$114.1b36.8x40.5x12.1x
Wed, 30 Apr 2025US$4.0tUS$371.9bUS$110.3b32x36.1x10.7x
Fri, 28 Mar 2025US$4.0tUS$372.1bUS$110.4b31.3x36x10.7x
Sun, 23 Feb 2025US$4.2tUS$370.8bUS$109.8b33.8x38.3x11.3x
Tue, 21 Jan 2025US$4.3tUS$362.5bUS$108.9b37.2x39.7x11.9x
Thu, 19 Dec 2024US$4.6tUS$362.5bUS$108.9b38x42x12.6x
Sat, 16 Nov 2024US$4.4tUS$360.6bUS$107.8b41.5x40.7x12.1x
Mon, 14 Oct 2024US$4.2tUS$350.5bUS$105.1b42.5x40.2x12.1x
Wed, 11 Sep 2024US$4.0tUS$350.5bUS$105.0b37.5x37.8x11.3x
Fri, 09 Aug 2024US$3.8tUS$348.7bUS$104.2b37.1x36.8x11x
Sun, 07 Jul 2024US$4.4tUS$333.6bUS$101.7b40.3x43.4x13.2x
Tue, 04 Jun 2024US$3.5tUS$280.2bUS$91.0b39x38.9x12.6x
Thu, 02 May 2024US$3.4tUS$280.5bUS$91.1b39.4x37.3x12.1x
Sat, 30 Mar 2024US$3.6tUS$271.0bUS$87.0b40.3x41.6x13.4x
Mon, 26 Feb 2024US$3.5tUS$270.5bUS$86.6b38.4x40.9x13.1x
Wed, 24 Jan 2024US$3.5tUS$276.8bUS$80.3b41.4x44.2x12.8x
Fri, 22 Dec 2023US$3.3tUS$276.8bUS$80.3b41.4x41.2x12x
Sun, 19 Nov 2023US$3.2tUS$276.0bUS$79.8b42.3x40.7x11.7x
Tue, 17 Oct 2023US$3.0tUS$273.4bUS$74.8b42.3x40x11x
Thu, 14 Sep 2023US$3.0tUS$273.4bUS$74.8b42.3x40.3x11x
Sat, 12 Aug 2023US$2.9tUS$272.3bUS$74.3b45x38.7x10.6x
Mon, 10 Jul 2023US$2.9tUS$262.2bUS$68.2b44.6x43.2x11.2x
Wed, 07 Jun 2023US$2.9tUS$262.2bUS$68.3b43.6x42.7x11.1x
Fri, 05 May 2023US$2.6tUS$260.8bUS$67.1b42.3x39.1x10.1x
Sun, 02 Apr 2023US$2.5tUS$256.9bUS$65.2b44.6x38.9x9.9x
Tue, 28 Feb 2023US$2.2tUS$244.8bUS$63.9b42.6x34.2x8.9x
Thu, 26 Jan 2023US$2.1tUS$242.4bUS$63.3b41.9x33.2x8.7x
Price to Earnings Ratio

33.2x


Total Market Cap: US$2.1tTotal Earnings: US$63.3bTotal Revenue: US$242.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Systems Software Industry Price to Earnings3Y Average 40.2x202420252026
Current Industry PE
  • Investors are pessimistic on the American Systems Software industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 36.6x which is lower than its 3-year average PE 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 Market-0.29%
Tech-0.67%
Software-5.04%
Systems Software-4.02%
Application Software-7.19%
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
NBIS Nebius GroupUS$108.731.3%
+US$352.5m		201.7%PE239.7x
ADEA AdeiaUS$19.424.7%
+US$95.8m		50.3%PE29x
QLYS QualysUS$134.571.1%
+US$50.9m		-1.7%PE25.5x
AISP Airship AI HoldingsUS$4.3239.4%
+US$41.7m		-14.8%PS12.3x
TLS TelosUS$5.667.0%
+US$27.3m		71.0%PS2.9x

Latest News

AISP
US$4.32
Airship AI Holdings
7D
39.4%
1Y
-14.8%

Why Investors Shouldn't Be Surprised By Airship AI Holdings, Inc.'s (NASDAQ:AISP) 53% Share Price Surge

Jan 17
Why Investors Shouldn't Be Surprised By Airship AI Holdings, Inc.'s (NASDAQ:AISP) 53% Share Price Surge
AIP
US$17.57
Arteris
7D
1.2%
1Y
53.0%

Arteris, Inc. (NASDAQ: AIP) – Acquisition of Cycuity Strengthens Position in Semiconductor Cybersecurity for the AI Era

Author: Qudus Adebara (Founder of Wane Investment House) Executive Summary Arteris, Inc. (“Arteris” or “the Company”), a leading provider of system IP for accelerating semiconductor development in the AI era, has closed its acquisition of Cycuity, Inc.
DUOT
US$11.21
Duos Technologies Group
7D
10.0%
1Y
93.3%

Duos Technologies Group, Inc. (NASDAQ: DUOT) – Edge Data Center Deployment Expands Rural Digital Infrastructure and Long-Term Growth

Author: Qudus Adebara (Founder of Wane Investment House) Executive Summary Duos Technologies Group, Inc. (“Duos” or “the Company”), through its subsidiary Duos Edge AI, Inc.
ORCL
US$191.09
Oracle
7D
-6.6%
1Y
18.7%
ADEA
US$19.42
Adeia
7D
4.7%
1Y
50.3%

When Should You Buy Adeia Inc. (NASDAQ:ADEA)?

Jan 15
When Should You Buy Adeia Inc. (NASDAQ:ADEA)?
QLYS
US$134.57
Qualys
7D
1.1%
1Y
-1.7%

Do Qualys' (NASDAQ:QLYS) Earnings Warrant Your Attention?

Jan 14
Do Qualys' (NASDAQ:QLYS) Earnings Warrant Your Attention?
PANW
US$187.66
Palo Alto Networks
7D
-0.7%
1Y
6.0%
MSFT
US$459.86
Microsoft
7D
-3.6%
1Y
7.2%

Microsoft (MSFT): When AI Becomes the Operating Layer of Work

Microsoft (NASDAQ: MSFT) is no longer just a software company—it’s becoming the operating layer for modern work. Windows, Office, Azure, and now AI-powered copilots form an interconnected ecosystem that spans individual users, enterprises, and governments.
MNDY
US$126.70
monday.com
7D
-14.4%
1Y
-47.7%

MNDY: Upmarket And AI Progress Will Shape Future Revenue Mix

The analyst price target for monday.com has been reduced by US$10 to US$195, as analysts weigh softer beats, longer sales cycles, and mixed near term guidance against ongoing upmarket progress, multi product traction, and AI related opportunities. Analyst Commentary Across recent research updates, bearish analysts have trimmed their price targets on monday.com, generally citing softer quarterly beats, cautious guidance and concerns around execution as the company pushes further upmarket.
CRWD
US$453.88
CrowdStrike Holdings
7D
-3.6%
1Y
27.1%
NOW
US$127.31
ServiceNow
7D
-10.2%
1Y
-40.6%
PATH
US$14.34
UiPath
7D
-12.1%
1Y
10.1%

PATH: AI Trade Enthusiasm And Index Adds Will Shape Automation Outlook

Analysts have inched their fair value estimate for UiPath lower from $16.40 to about $16.27 per share, while still lifting some price targets, such as the move to $14 at RBC Capital. This reflects mixed views as they weigh AI related enthusiasm against updated assumptions for growth, margins and future P/E multiples.
NBIS
US$108.73
Nebius Group
7D
1.3%
1Y
201.7%

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.
TLS
US$5.66
Telos
7D
7.0%
1Y
71.0%

TLS: Federal Contracts And Share Buybacks Will Support Future Upside Potential

Analysts have kept their fair value estimate for Telos steady while slightly increasing the discount rate and future P/E. This has led to a modest adjustment in the implied price target that reflects fine tuning of assumptions around long term profitability rather than a shift in the core outlook.
FTNT
US$75.38
Fortinet
7D
-4.8%
1Y
-20.0%

FTNT: AI Data Center Security Partnerships Will Drive Future Upside Potential

Analysts have trimmed their price targets on Fortinet toward the high $80s to low $100s, with the updated fair value estimate holding near $87.04 as they factor in recent Q3 metrics such as 18% Product revenue growth, 14% Billings growth, and slightly refined assumptions for discount rate, revenue growth, margins, and future P/E. Analyst Commentary Recent Street research has shifted to a more balanced stance on Fortinet, with price targets clustering in the high $80s to low $100s range and at least one downgrade to a neutral rating.
AUID
US$1.51
authID
7D
55.9%
1Y
-74.3%