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U.S. Systems Software Industry Analysis

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies70
  • 7D-3.5%
  • 3M-15.6%
  • 1Y7.2%
  • YTDn/a

Over the last 7 days, the Systems Software industry has remained flat, although notably Oracle gained 4.4%. The past year has been better, since the industry has gained 12% in that time. 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
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
Wed, 29 Mar 2023US$2.4tUS$256.8bUS$65.2b43x37.1x9.4x
Fri, 24 Feb 2023US$2.2tUS$243.0bUS$63.9b42.7x34.8x9.2x
Sun, 22 Jan 2023US$2.1tUS$241.4bUS$65.6b41.6x31.9x8.7x
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 Market0.18%
Tech-1.40%
Software-4.03%
Systems Software-3.46%
Application Software-5.20%
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
ORCL OracleUS$193.610.4%
+US$2.2b		22.3%PE36.1x
NBIS Nebius GroupUS$101.986.0%
+US$1.5b		175.5%PE224.9x
ADEA AdeiaUS$18.964.9%
+US$96.4m		46.9%PE28.3x
GEN Gen DigitalUS$26.240.5%
+US$80.2m		-4.8%PE28.4x
QLYS QualysUS$134.031.6%
+US$77.8m		-1.4%PE25.4x

Latest News

RBRK
US$68.14
Rubrik
7D
-11.4%
1Y
2.1%
QLYS
US$134.03
Qualys
7D
1.6%
1Y
-1.4%

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

Jan 14
Do Qualys' (NASDAQ:QLYS) Earnings Warrant Your Attention?
PANW
US$190.93
Palo Alto Networks
7D
-1.5%
1Y
9.6%
MSFT
US$459.38
Microsoft
7D
-3.9%
1Y
8.2%

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.
ZS
US$214.27
Zscaler
7D
-7.3%
1Y
12.8%
OS
US$23.64
OneStream
7D
0.3%
1Y
-15.4%

OS: Take-Private Deal And Earnings Outlook Will Shape Measured Return Potential

Analysts have trimmed their price target for OneStream to US$24.40 from US$28.15, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E that point to a slightly more measured outlook for the shares. What's in the News Tidemark Capital, General Atlantic and Hg agreed to acquire OneStream in an all cash deal valuing the company at approximately US$6b, with shareholders set to receive US$24.00 per share and Hg becoming the majority owner (M&A Transaction Announcements).
ORCL
US$193.61
Oracle
7D
0.4%
1Y
22.3%

ORCL: AI Infrastructure Demand And Data Center Buildout Will Drive Future Upside

Analysts have trimmed their price targets on Oracle, cutting our fair value estimate by about US$51 to US$291.08. They are factoring in concerns around the concentration of recent RPO growth in the OpenAI commitment, higher investment needs that may pressure margins, and a lower future P/E multiple, despite still robust expectations for cloud and AI driven revenue growth.
INTZ
US$1.43
Intrusion
7D
17.2%
1Y
-46.4%

INTZ: Higher Projected P/E Will Support Stronger Future Upside Potential

Analysts now see fair value for Intrusion at US$12.50, up from US$11.00, reflecting updated assumptions around discount rates, revenue, profit margins and future P/E. Valuation Changes Fair Value: Updated from US$11.00 to US$12.50, a modest upward move in the intrinsic value estimate.
GEN
US$26.24
Gen Digital
7D
0.5%
1Y
-4.8%

GEN: Solid Execution And Combined Model Will Support Future Share Upside

Narrative Update Analysts have trimmed their price target on Gen Digital from US$33 to US$29, citing peer group multiple compression. Recent results were viewed as solid, with growth metrics that support the ongoing potential of the combined model.
MNDY
US$130.33
monday.com
7D
-13.1%
1Y
-44.3%

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.
ADEA
US$18.96
Adeia
7D
4.9%
1Y
46.9%

ADEA: Recurring Semi Licensing And Hybrid Bonding Will Outweigh Litigation Overhang

Narrative Update on Adeia Analysts have lifted their price target on Adeia from $19.75 to $22.75, pointing to continued confidence in the recurring semiconductor licensing story and hybrid bonding potential, even as they factor in a slightly lower revenue growth outlook, a lower discount rate and a higher future P/E multiple. Analyst Commentary Recent commentary around Adeia focuses on how the post earnings share reaction lines up with the recurring semiconductor licensing story and expectations for hybrid bonding adoption, especially in light of ongoing litigation related to logic chiplet licensing for data center and artificial intelligence end markets.
NOW
US$134.61
ServiceNow
7D
-10.8%
1Y
-36.2%
PATH
US$15.37
UiPath
7D
-13.8%
1Y
15.0%

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$101.98
Nebius Group
7D
6.0%
1Y
175.5%

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$5.65
Telos
7D
8.0%
1Y
70.2%

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$76.39
Fortinet
7D
-4.5%
1Y
-17.9%

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.