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U.S. Systems Software Industry Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies71
  • 7D-1.2%
  • 3M-21.0%
  • 1Y-6.5%
  • YTDn/a

Over the last 7 days, the Systems Software industry has dropped 1.2%, driven by Nebius Group declining 15%. Overall the industry is down 6.5% in 12 months. Earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Mar 2026US$3.9tUS$429.4bUS$140.5b25.7x27.5x9x
Fri, 30 Jan 2026US$4.7tUS$429.2bUS$140.1b31.2x33.6x11x
Sun, 28 Dec 2025US$4.9tUS$416.9bUS$125.7b37.7x38.8x11.7x
Tue, 25 Nov 2025US$4.8tUS$413.7bUS$123.2b36.8x38.7x11.5x
Thu, 23 Oct 2025US$5.4tUS$399.7bUS$120.0b40.4x44.9x13.5x
Sat, 20 Sep 2025US$5.4tUS$399.6bUS$120.0b37.8x44.7x13.4x
Mon, 18 Aug 2025US$5.2tUS$397.2bUS$120.1b38x43.5x13.2x
Wed, 16 Jul 2025US$5.1tUS$383.0bUS$114.3b38.9x44.7x13.3x
Fri, 13 Jun 2025US$4.8tUS$381.3bUS$114.0b41.4x41.7x12.5x
Sun, 11 May 2025US$4.4tUS$380.4bUS$114.3b34.2x38.3x11.5x
Tue, 08 Apr 2025US$3.6tUS$372.1bUS$110.4b28.7x32.5x9.6x
Thu, 06 Mar 2025US$4.0tUS$371.1bUS$109.9b33.8x36.5x10.8x
Sat, 01 Feb 2025US$4.3tUS$379.4bUS$111.5b38x38.3x11.3x
Mon, 30 Dec 2024US$4.4tUS$362.5bUS$108.9b37.4x40x12x
Wed, 27 Nov 2024US$4.3tUS$360.9bUS$108.0b40.1x40.1x12x
Fri, 25 Oct 2024US$4.3tUS$351.0bUS$105.3b39.9x40.5x12.1x
Sun, 22 Sep 2024US$4.3tUS$350.5bUS$105.0b40.2x41.1x12.3x
Tue, 20 Aug 2024US$4.1tUS$348.9bUS$104.3b37x39x11.6x
Thu, 18 Jul 2024US$4.3tUS$333.6bUS$101.7b40.9x41.9x12.8x
Sat, 15 Jun 2024US$4.2tUS$333.7bUS$101.6b38.8x40.9x12.5x
Mon, 13 May 2024US$3.6tUS$280.1bUS$90.5b38.7x39.3x12.7x
Wed, 10 Apr 2024US$3.6tUS$271.0bUS$87.1b39.6x41.9x13.4x
Fri, 08 Mar 2024US$3.5tUS$270.9bUS$87.1b40.6x40.6x13.1x
Sun, 04 Feb 2024US$3.7tUS$286.6bUS$85.8b41.4x42.7x12.8x
Tue, 02 Jan 2024US$3.4tUS$276.8bUS$80.3b41.5x41.8x12.1x
Thu, 30 Nov 2023US$3.4tUS$276.4bUS$79.9b42.3x42x12.1x
Sat, 28 Oct 2023US$2.9tUS$280.2bUS$79.7b41.7x36.8x10.5x
Mon, 25 Sep 2023US$2.9tUS$273.4bUS$74.8b42.3x38.2x10.4x
Wed, 23 Aug 2023US$2.9tUS$272.8bUS$74.5b42.3x38.8x10.6x
Fri, 21 Jul 2023US$3.0tUS$262.2bUS$68.2b48.8x44.5x11.6x
Sun, 18 Jun 2023US$3.0tUS$262.1bUS$68.3b45.1x43.9x11.4x
Tue, 16 May 2023US$2.7tUS$261.1bUS$68.0b41.4x39.6x10.3x
Thu, 13 Apr 2023US$2.5tUS$256.9bUS$65.0b43.9x38.4x9.7x
Sat, 11 Mar 2023US$2.2tUS$256.7bUS$65.2b41.9x33.9x8.6x
Price to Earnings Ratio

33.9x


Total Market Cap: US$2.2tTotal Earnings: US$65.2bTotal Revenue: US$256.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Systems Software Industry Price to Earnings3Y Average 40x202420252026
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 27.5x which is lower than its 3-year average PE of 40.0x.
  • The 3-year average PS ratio of 11.8x is higher than the industry's current PS ratio of 9.0x.
Past Earnings Growth
  • The earnings for companies in the Systems Software industry have grown 29% per year over the last three years.
  • Revenues for these companies have grown 19% 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-0.57%
Tech-2.05%
Software-0.10%
Systems Software-1.18%
Application Software2.42%
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$403.933.8%
+US$110.9b		3.9%PE25.1x
PANW Palo Alto NetworksUS$156.0910.2%
+US$11.8b		-15.3%PE99.4x
NOW ServiceNowUS$113.1910.4%
+US$11.2b		-37.5%PE67.7x
CRWD CrowdStrike HoldingsUS$391.4211.8%
+US$10.4b		0.3%PS21.6x
ORCL OracleUS$149.012.0%
+US$8.2b		-5.4%PE27.8x

Latest News

ORCL
US$149.01
Oracle
7D
2.0%
1Y
-5.4%
OSPN
US$10.47
OneSpan
7D
-3.4%
1Y
-36.7%
FTNT
US$81.10
Fortinet
7D
7.8%
1Y
-23.8%

FTNT: Hardware Dependence And Fading Refresh Cycle Will Pressure Future Returns

We are trimming our Fortinet fair value estimate to $68.00 from $70.25 as analysts factor in slower expected revenue growth, ongoing firewall hardware refresh risk, and a lower future P/E multiple around 25.6x, partly offset by a higher projected profit margin near 25.7%. Analyst Commentary Recent research has highlighted a more cautious tone around Fortinet, with several bearish analysts flagging risks around hardware reliance, growth sustainability, and valuation.
NOW
US$113.19
ServiceNow
7D
10.4%
1Y
-37.5%

NOW: Future AI And Cybersecurity Expansion Will Drive Long Term Upside

Analysts have revised their ServiceNow price target from about $904 to roughly $133. This reflects updated views on fair value, discount rate, revenue growth, profit margin, and future P/E assumptions.
CRWD
US$391.42
CrowdStrike Holdings
7D
11.8%
1Y
0.3%

CrowdStrike Holdings, Inc. (CRWD): The AI Sentinel – Defending the Digital Frontier in the 2026 "Arms Race"

CrowdStrike (CRWD) enters March 2026 as the linchpin of the cybersecurity industry, currently trading at $371.98 as of the February 27 close. The stock has experienced a volatile start to the year, retreating roughly 32% from its 52-week high of $566.90 due to broader valuation re-ratings in the software sector and a recent 9% plunge following its $740 million acquisition of identity-security startup SGNL.
DUOT
US$7.39
Duos Technologies Group
7D
-12.2%
1Y
26.1%
ZS
US$154.67
Zscaler
7D
3.6%
1Y
-20.2%
CHKP
US$159.70
Check Point Software Technologies
7D
4.8%
1Y
-27.8%

CHKP: Limited China Exposure Will Support AI Security Partnerships Going Forward

Analysts have reduced their price target for Check Point Software Technologies by $13.02 to $204.61. This reflects updated assumptions around discount rates, profitability, and revenue growth after a series of mixed reactions to recent results and sector research.
ALLT
US$6.92
Allot
7D
-29.5%
1Y
21.8%

ALLT: SECaaS ARR Momentum And New Partnerships Will Support Future Upside

Allot's updated analyst price target reflects a mixed reset across the Street. Targets now cluster between $11 and $19 as analysts weigh higher SECaaS ARR estimates, market contraction concerns, and the company’s shift toward a security first, recurring revenue model.
MSFT
US$403.93
Microsoft
7D
3.8%
1Y
3.9%
CVLT
US$87.00
Commvault Systems
7D
-1.7%
1Y
-47.3%
PANW
US$156.09
Palo Alto Networks
7D
10.2%
1Y
-15.3%

PANW: AI Security Platform Consolidation Will Drive Future Share Repricing

The updated analyst price target for Palo Alto Networks has been reduced to $209.61 from $226.65 as analysts trim valuation multiples and fair value assumptions following Q2 earnings, while many still highlight resilient cybersecurity demand and limited disruption from emerging AI developer tools. Analyst Commentary Street research on Palo Alto Networks has turned more cautious on valuation multiples, even as many firms still flag resilient demand for cybersecurity platforms and limited impact from new AI developer tools such as Claude Code Security.
PRGS
US$38.88
Progress Software
7D
-5.1%
1Y
-29.3%

PRGS: AI And Buybacks Will Support A More Constructive Forward Outlook

Analysts have adjusted their view on Progress Software, with the latest research indicating a modest change in the price target in dollar terms as they refine assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. Analyst Commentary Recent research on Progress Software has included both upward and downward price target revisions, which signals that opinion is mixed and that the risk and reward trade off is being reassessed.
MNDY
US$73.56
monday.com
7D
-2.4%
1Y
-73.4%

MNDY: Upmarket Expansion And AI Adoption Will Support Long-Term Multiple Re-Rating

Analysts have cut their average price target for monday.com, with our fair value estimate moving from $235.20 to $135.16 as they factor in more moderate revenue growth, thinner profit margins, and a higher assumed future P/E multiple. Analyst Commentary The recent wave of Street research around monday.com shows a clear reset in expectations, with multiple firms cutting price targets and a few moving to more cautious ratings.
NBIS
US$86.80
Nebius Group
7D
-15.4%
1Y
193.1%

NBIS: Microsoft Contract And 2.5GW Power Sourcing Will Support Future Capacity

Analysts have kept their Nebius Group price target steady at $211, but are now using slightly higher discount rates and a richer future P/E of about 34x. This reflects a mix of bullish views on the Microsoft contract, cautious revenue and margin assumptions, and a wide range of initial ratings from neutral to top pick calls.
AISP
US$2.74
Airship AI Holdings
7D
-5.8%
1Y
-16.2%

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