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U.S. Systems Software Industry Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies68
  • 7D2.4%
  • 3M-10.7%
  • 1Y8.9%
  • YTDn/a

Over the last 7 days, the Systems Software industry has risen 2.4%, driven by gains from Microsoft of 1.8%. This takes the industry's 12 month performance to a gain of 8.9%. 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
Tue, 23 Dec 2025US$4.8tUS$416.9bUS$125.7b37.5x38.5x11.6x
Thu, 20 Nov 2025US$5.0tUS$413.3bUS$123.2b34.8x40.6x12.1x
Sat, 18 Oct 2025US$5.4tUS$399.7bUS$120.0b39.9x45.2x13.6x
Mon, 15 Sep 2025US$5.3tUS$399.6bUS$120.0b37.2x44.3x13.3x
Wed, 13 Aug 2025US$5.2tUS$397.2bUS$120.1b38.6x43.6x13.2x
Fri, 11 Jul 2025US$5.2tUS$383.0bUS$114.3b38.6x45.3x13.5x
Sun, 08 Jun 2025US$4.7tUS$381.3bUS$114.0b38.2x41.6x12.4x
Tue, 06 May 2025US$4.4tUS$380.1bUS$114.2b34x38.2x11.5x
Thu, 03 Apr 2025US$3.9tUS$372.2bUS$110.4b30.6x35.1x10.4x
Sat, 01 Mar 2025US$4.1tUS$370.8bUS$109.9b33.2x37.3x11x
Mon, 27 Jan 2025US$4.5tUS$362.5bUS$108.9b38.4x41.5x12.5x
Wed, 25 Dec 2024US$4.4tUS$362.5bUS$108.9b38.2x40.8x12.3x
Fri, 22 Nov 2024US$4.3tUS$360.9bUS$108.0b38.9x39.8x11.9x
Sun, 20 Oct 2024US$4.2tUS$350.5bUS$105.1b39.9x40.2x12.1x
Tue, 17 Sep 2024US$4.2tUS$350.5bUS$105.0b40.3x40.3x12.1x
Thu, 15 Aug 2024US$4.0tUS$348.9bUS$104.3b35.7x38.4x11.5x
Sat, 13 Jul 2024US$4.3tUS$333.6bUS$101.7b40.2x42.1x12.8x
Mon, 10 Jun 2024US$3.6tUS$280.7bUS$91.2b39.9x39.8x12.9x
Wed, 08 May 2024US$3.5tUS$280.0bUS$91.2b41.1x38.6x12.6x
Fri, 05 Apr 2024US$3.6tUS$271.0bUS$87.0b37.6x41.4x13.3x
Sun, 03 Mar 2024US$3.6tUS$270.6bUS$87.0b39.2x41.3x13.3x
Tue, 30 Jan 2024US$3.6tUS$277.3bUS$80.4b41.2x44.8x13x
Thu, 28 Dec 2023US$3.3tUS$276.8bUS$80.3b41.6x41.6x12.1x
Sat, 25 Nov 2023US$3.3tUS$276.0bUS$79.7b42.3x41.6x12x
Mon, 23 Oct 2023US$2.9tUS$273.4bUS$74.8b41.8x39x10.7x
Wed, 20 Sep 2023US$3.0tUS$273.4bUS$74.8b42.3x39.5x10.8x
Fri, 18 Aug 2023US$2.9tUS$272.4bUS$74.3b42.6x38.6x10.5x
Sun, 16 Jul 2023US$3.0tUS$262.2bUS$68.2b47.3x44.3x11.5x
Tue, 13 Jun 2023US$2.9tUS$262.1bUS$68.3b44.9x42.6x11.1x
Thu, 11 May 2023US$2.7tUS$260.8bUS$67.1b41.2x40.3x10.4x
Sat, 08 Apr 2023US$2.6tUS$256.9bUS$65.0b43.8x39.2x9.9x
Mon, 06 Mar 2023US$2.3tUS$256.5bUS$65.2b42.3x35x8.9x
Wed, 01 Feb 2023US$2.2tUS$242.8bUS$63.4b42.7x34.1x8.9x
Fri, 30 Dec 2022US$2.1tUS$241.4bUS$65.6b42.2x31.8x8.6x
Price to Earnings Ratio

31.8x


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 40x202320242025
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 40.0x.
  • 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 Market0.99%
Tech2.02%
Software2.87%
Systems Software2.38%
Application Software3.90%
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$484.921.8%
+US$63.4b		10.4%PE34.4x
ORCL OracleUS$198.387.3%
+US$38.7b		17.3%PE37x
NOW ServiceNowUS$156.682.4%
+US$3.8b		-28.0%PE93.9x
NBIS Nebius GroupUS$93.2314.9%
+US$3.0b		225.5%PE205.6x
PANW Palo Alto NetworksUS$189.491.9%
+US$2.5b		0.7%PE118.3x

Latest News

NOW
US$156.68
ServiceNow
7D
2.4%
1Y
-28.0%
ADEA
US$16.67
Adeia
7D
29.8%
1Y
21.9%

Earnings Not Telling The Story For Adeia Inc. (NASDAQ:ADEA) After Shares Rise 38%

Dec 23
Earnings Not Telling The Story For Adeia Inc. (NASDAQ:ADEA) After Shares Rise 38%
ORCL
US$198.38
Oracle
7D
7.3%
1Y
17.3%
MNDY
US$148.15
monday.com
7D
-1.9%
1Y
-36.1%

MNDY: Upmarket And AI Expansion Will Drive Long Term Revenue Mix Shift

Analysts have reduced their blended price target for Monday.com to approximately $305 from about $384. They cite slower revenue growth, more cautious near term execution, and elongated sales cycles, while also highlighting resilient upmarket momentum, expanding margins, and multi product and AI driven opportunities that support the longer term outlook.
DLB
US$66.24
Dolby Laboratories
7D
-0.6%
1Y
-14.7%

DLB: Cautious Outlook Will Weigh On Shares Despite Expanding Technology Adoption

Analysts have trimmed their fair value estimate for Dolby Laboratories from $74.00 to $68.00, citing slightly higher discount-rate assumptions despite improving revenue growth and profit margin expectations. They continue to support maintaining a constructive long term outlook.
RBRK
US$79.71
Rubrik
7D
-0.2%
1Y
18.7%
MSFT
US$484.92
Microsoft
7D
1.8%
1Y
10.4%

MSFT: Expanded AI Partnerships And Infrastructure Will Drive Durable Cloud Leadership

Analysts have nudged their Microsoft price target slightly higher to approximately $650, reflecting confidence that the company's broadened AI partnerships, resilient Azure growth, and durable margin profile justify modestly stronger long term revenue and earnings assumptions despite rising capex and hyperscaler caution. Analyst Commentary Street research remains broadly constructive on Microsoft, with a cluster of recent notes highlighting the company as a primary beneficiary of accelerating AI adoption, robust cloud demand, and deepened model partnerships, even as a minority of voices urge greater caution around hyperscaler capital intensity and returns.
NBIS
US$93.23
Nebius Group
7D
14.9%
1Y
225.5%
PRGS
US$43.00
Progress Software
7D
-2.1%
1Y
-34.1%
QLYS
US$140.96
Qualys
7D
-2.7%
1Y
1.3%

QLYS: Premium Cybersecurity Valuation Will Likely Struggle As Competitive Pressures Mount

Analysts have raised their price target on Qualys by about $5 to reflect an improved revenue growth outlook and consistent outperformance against quarterly guidance, even as they modestly increase the discount rate and trim long term profitability and valuation assumptions. Analyst Commentary While the latest price target increase reflects stronger near term execution, some bearish analysts remain cautious about the durability of Qualys' growth trajectory and its valuation relative to peers.
GTLB
US$38.38
GitLab
7D
-0.5%
1Y
-36.0%
TLS
US$5.19
Telos
7D
-4.4%
1Y
54.0%

TLS: Share Repurchases And AI Compliance Rollout Will Drive Upside

Analysts have raised their price target on Telos to reflect a substantially higher fair value estimate of 7.50 dollars from 4.00 dollars, despite moderating revenue growth and slightly lower margin forecasts. They now expect the market to assign a richer future earnings multiple.
CRWD
US$483.14
CrowdStrike Holdings
7D
-0.9%
1Y
33.6%

CRWD: Elevated Expectations For AI Security May Trigger Future Multiple Compression

Analysts have raised their fair value estimate for CrowdStrike Holdings to approximately $416 from about $363, citing broadly higher Street price targets. These targets are underpinned by expectations for sustained net new annual recurring revenue momentum, improving profitability, and durable double digit long term growth supported by AI driven security demand.
CYBR
US$457.47
CyberArk Software
7D
1.9%
1Y
43.6%

CYBR: Future Will Balance AI Security Upside And Acquisition Execution Risks

Analysts have modestly raised their price target on CyberArk Software to $502 from $440, reflecting confidence in the strategic value of the pending Palo Alto Networks acquisition and the company’s positioning within a consolidating, AI driven cybersecurity landscape, even as slightly lower margin assumptions temper the upside. Analyst Commentary Street research around the pending Palo Alto Networks acquisition highlights a generally constructive view on CyberArk’s strategic value, but also underscores a more balanced risk reward profile now that upside is more tightly linked to deal execution and integration.
PANW
US$189.49
Palo Alto Networks
7D
1.9%
1Y
0.7%

PANW: AI Platform And M&A Expansion Will Drive Long-Term Share Gains

The analyst price target for Palo Alto Networks has edged higher by $0 to approximately $225 per share, as analysts balance concerns over decelerating growth and acquisition costs with confidence in the company’s expanding AI driven security platform, strategic M&A, and growing next generation security revenue opportunity. Analyst Commentary Street research on Palo Alto Networks remains divided, with most firms constructive on the company’s long term AI and platform strategy while a minority flag the risk that revenue growth deceleration and rich valuation could cap upside.
OS
US$19.39
OneStream
7D
14.1%
1Y
-34.3%

OS: Share Price Will Rebound As AI Alliance Drives Profitability

Analysts have modestly trimmed their price target on OneStream by approximately 0.4 percent to about 28.15 dollars, citing slightly higher discount rate assumptions, offset by improving profit margin forecasts and a marginally lower future price to earnings multiple. What's in the News Chief financial officer William Koefoed will resign effective December 31, 2025, with board member John Kinzer stepping in as interim CFO and principal financial officer starting January 1, 2026, while continuing to serve as a director (company filing).