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U.S. Systems Software Industry Analysis

UpdatedApr 24, 2026
DataAggregated Company Financials
Companies70
  • 7D-1.1%
  • 3M-10.0%
  • 1Y4.4%
  • YTDn/a

Over the last 7 days, the Systems Software industry has risen 6.3%, driven by gains from Microsoft of 5.3%. During this same period, the Nebius Group underperformed, falling 6.4%. In the last 12 months, the industry was up 15%. As for the next few years, earnings are expected to grow by 16% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 24 Apr 2026US$4.3tUS$433.0bUS$141.6b26.8x30.7x10x
Sun, 22 Mar 2026US$3.8tUS$432.9bUS$141.5b23.9x27x8.8x
Tue, 17 Feb 2026US$4.0tUS$428.8bUS$140.3b28.9x28.5x9.3x
Thu, 15 Jan 2026US$4.6tUS$416.9bUS$125.7b35.9x37x11.2x
Sat, 13 Dec 2025US$4.8tUS$416.9bUS$125.7b37.5x38.6x11.6x
Mon, 10 Nov 2025US$5.1tUS$413.1bUS$123.3b37.4x41.5x12.4x
Wed, 08 Oct 2025US$5.5tUS$399.7bUS$120.0b41.1x45.9x13.8x
Fri, 05 Sep 2025US$5.1tUS$397.9bUS$119.9b35.1x42.3x12.7x
Sun, 03 Aug 2025US$5.3tUS$395.6bUS$119.5b38.3x44.1x13.3x
Tue, 01 Jul 2025US$5.0tUS$383.0bUS$114.3b43.1x44.1x13.2x
Thu, 29 May 2025US$4.6tUS$380.9bUS$114.3b36.5x40.4x12.1x
Sat, 26 Apr 2025US$3.9tUS$371.8bUS$110.4b31.7x35.6x10.6x
Mon, 24 Mar 2025US$4.0tUS$372.1bUS$110.4b31.4x36.1x10.7x
Wed, 19 Feb 2025US$4.3tUS$379.4bUS$110.3b36.6x38.7x11.2x
Fri, 17 Jan 2025US$4.3tUS$362.5bUS$108.9b37.3x39.4x11.8x
Sun, 15 Dec 2024US$4.5tUS$362.5bUS$108.9b39.8x41.5x12.5x
Tue, 12 Nov 2024US$4.3tUS$360.4bUS$107.8b39.1x40.3x12x
Thu, 10 Oct 2024US$4.2tUS$350.5bUS$105.1b42.5x39.8x11.9x
Sat, 07 Sep 2024US$3.9tUS$349.6bUS$104.5b36.1x37.7x11.3x
Mon, 05 Aug 2024US$3.9tUS$343.2bUS$102.9b36.7x37.7x11.3x
Wed, 03 Jul 2024US$4.3tUS$333.6bUS$101.7b40.4x42.5x12.9x
Fri, 31 May 2024US$3.5tUS$280.2bUS$91.0b38.8x38.8x12.6x
Sun, 28 Apr 2024US$3.5tUS$280.5bUS$90.9b40.8x38.4x12.5x
Tue, 26 Mar 2024US$3.7tUS$271.0bUS$87.0b40.4x42.3x13.6x
Thu, 22 Feb 2024US$3.5tUS$270.5bUS$86.6b36.7x40.2x12.9x
Sat, 20 Jan 2024US$3.5tUS$276.8bUS$80.3b41.1x43.8x12.7x
Mon, 18 Dec 2023US$3.3tUS$276.8bUS$80.3b42.3x41.3x12x
Wed, 15 Nov 2023US$3.2tUS$275.7bUS$79.6b40.5x40.4x11.7x
Fri, 13 Oct 2023US$3.0tUS$273.4bUS$74.8b42.3x40x10.9x
Sun, 10 Sep 2023US$3.0tUS$273.4bUS$74.8b42.3x40.2x11x
Tue, 08 Aug 2023US$2.9tUS$272.3bUS$74.3b44x39.6x10.8x
Thu, 06 Jul 2023US$3.0tUS$262.2bUS$68.2b45x43.5x11.3x
Sat, 03 Jun 2023US$2.9tUS$262.1bUS$68.3b44.3x42.8x11.2x
Mon, 01 May 2023US$2.7tUS$260.8bUS$66.9b43x39.7x10.2x
Price to Earnings Ratio

39.7x


Total Market Cap: US$2.7tTotal Earnings: US$66.9bTotal Revenue: US$260.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Systems Software Industry Price to Earnings3Y Average 39.6x202420252026
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 30.0x which is lower than its 3-year average PE of 39.6x.
  • The 3-year average PS ratio of 11.8x is higher than the industry's current PS ratio of 9.8x.
Past Earnings Growth
  • The earnings for companies in the Systems Software industry have grown 28% per year over the last three years.
  • Revenues for these companies have grown 18% 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 Market0.69%
Tech1.96%
Software-1.08%
Systems Software-1.07%
Application Software-1.11%
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
CRWD CrowdStrike HoldingsUS$445.396.5%
+US$7.3b		7.6%PS23.6x
PANW Palo Alto NetworksUS$173.213.7%
+US$5.1b		-1.6%PE109.6x
FTNT FortinetUS$82.760.4%
+US$266.4m		-17.8%PE33x
ADEA AdeiaUS$30.138.0%
+US$248.0m		145.4%PE30x
NTSK NetskopeUS$9.793.9%
+US$148.1m		n/aPS5.5x

Latest News

NOW
US$84.78
ServiceNow
7D
-12.1%
1Y
-54.8%
CRWD
US$445.39
CrowdStrike Holdings
7D
6.5%
1Y
7.6%
MSFT
US$415.75
Microsoft
7D
-1.1%
1Y
7.3%

Microsoft Stock Is Cheap Into Earnings

Apr 23
AIP
US$24.31
Arteris
7D
13.0%
1Y
267.8%
ZS
US$132.97
Zscaler
7D
-1.0%
1Y
-36.7%
NBIS
US$157.08
Nebius Group
7D
-5.0%
1Y
542.2%

Nebius: The Profit Inflection Point

Apr 22
ORCL
US$176.28
Oracle
7D
-1.2%
1Y
28.2%

ORCL: AI Data Center Expansion And Financing Will Drive Future Upside

Analysts have trimmed the Oracle price target by about $11 to reflect slightly higher discounting, lower projected profit margins and a modestly lower future P/E multiple, even as revenue growth expectations are supported by recent Q3 beats, raised long term revenue goals and broadly constructive research commentary. Analyst Commentary Street research on Oracle clusters around strong Q3 execution, rising long term cloud ambitions and a reset in valuation assumptions after a sharp selloff.
ADEA
US$30.13
Adeia
7D
8.0%
1Y
145.4%

ADEA: AMD Licensing And Resolved Litigation Will Support Future Upside

Adeia's analyst price targets have moved higher into a $30 to $40 range, as analysts point to the new multi year IP and license agreements with AMD, Microsoft and other customers, along with recent litigation settlements, as key support for their updated views. Analyst Commentary Recent research updates show analysts becoming more constructive on Adeia, with higher price targets clustering in the $30 to $40 range and commentary that focuses on intellectual property execution, licensing momentum and litigation outcomes.
GEN
US$18.81
Gen Digital
7D
-4.9%
1Y
-24.9%

GEN: AI Cyber Safety Demand And MoneyLion Integration Will Drive Future Upside

Narrative Update on Gen Digital The analyst price target for Gen Digital has been trimmed modestly, with a slightly lower implied future P/E and discount rate reflecting recent target cuts of $1 to $7 from several firms, tempered by views that core cyber safety demand remains intact and that AI tools like coding assistants are more likely to support, rather than replace, established security platforms. Analyst Commentary Street research on Gen Digital over recent months has centered on modestly reduced price targets, balanced by a view that the business model and core cyber safety demand remain intact even as AI tools gain traction across software development and security workflows.
CHKP
US$133.82
Check Point Software Technologies
7D
-2.8%
1Y
-35.9%

AI Security And Exposure Management Will Drive A Stronger Future For This Cyber Leader

Catalysts About Check Point Software Technologies Check Point Software Technologies provides cybersecurity solutions that protect infrastructure, users and applications across network, cloud and AI driven environments. What are the underlying business or industry changes driving this perspective?
PATH
US$10.09
UiPath
7D
-4.9%
1Y
-10.9%

PATH: Agentic AI Automation And ARR Stability Will Drive Future Upside

Analysts have reduced UiPath's average price target by a few dollars to a roughly mid-teens dollar value. They cite solid Q4 execution and ARR trends, but also point to valuation compression across software peers, along with a need for clearer AI monetization and sustained net new ARR growth.
TENB
US$19.48
Tenable Holdings
7D
2.4%
1Y
-40.4%
PANW
US$173.21
Palo Alto Networks
7D
3.7%
1Y
-1.6%
FTNT
US$82.76
Fortinet
7D
0.4%
1Y
-17.8%

FTNT: AI Security Platform And Share Buybacks Will Drive Future Upside

Analysts have nudged their fair value estimate for Fortinet to $89.00, reflecting a blend of tempered revenue growth expectations, a slightly higher assumed discount rate, and modestly stronger margin and P/E assumptions that align with the recent mix of target hikes and a few cautious downgrades across the Street. Analyst Commentary Recent research on Fortinet presents a mixed picture, with several firms adjusting price targets and ratings around concerns on hardware exposure, execution, and the broader cybersecurity sector reaction to AI developments, while others point to what they view as attractive entry points and constructive setups into earnings.
FROG
US$43.97
JFrog
7D
0.8%
1Y
32.3%

FROG: AI Code Surge Will Elevate Binary Governance And Security Importance

Analysts kept JFrog's fair value estimate steady at $69.65 while adjusting underlying assumptions, such as a slightly lower discount rate and modestly refined long term P/E outlook, citing recent AI driven volatility and renewed Buy ratings that highlight its role as a system of record for software artifacts and a potential beneficiary of increased AI generated code and enterprise security needs. Analyst Commentary Recent research focuses heavily on how AI related volatility and new security tools are feeding into JFrog's valuation, with several firms updating ratings and targets after a sharp selloff tied to Claude Code Security headlines.
NTSK
US$9.79
Netskope
7D
3.9%
1Y
n/a