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U.S. Systems Software Industry Analysis

UpdatedApr 02, 2026
DataAggregated Company Financials
Companies72
  • 7D-0.2%
  • 3M-23.3%
  • 1Y-5.4%
  • YTDn/a

The Systems Software industry has stayed flat over the last week. As for the longer term, the industry has declined 4.7% in the last year. Looking forward, 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
Thu, 02 Apr 2026US$3.7tUS$432.9bUS$141.5b24.6x26.2x8.6x
Sat, 28 Feb 2026US$4.0tUS$429.4bUS$140.5b25.7x28.1x9.2x
Mon, 26 Jan 2026US$4.6tUS$416.9bUS$125.7b33x36.6x11x
Wed, 24 Dec 2025US$4.9tUS$416.9bUS$125.7b36.8x38.7x11.7x
Fri, 21 Nov 2025US$5.0tUS$413.7bUS$123.2b35x40.3x12x
Sun, 19 Oct 2025US$5.4tUS$399.7bUS$120.0b39.9x44.9x13.5x
Tue, 16 Sep 2025US$5.4tUS$399.6bUS$120.0b37.6x44.7x13.4x
Thu, 14 Aug 2025US$5.3tUS$397.2bUS$120.1b38x44.2x13.4x
Sat, 12 Jul 2025US$5.2tUS$383.0bUS$114.3b38.6x45.3x13.5x
Mon, 09 Jun 2025US$4.7tUS$381.3bUS$114.0b38.2x41.6x12.4x
Wed, 07 May 2025US$4.4tUS$380.1bUS$114.2b33.7x38.2x11.5x
Fri, 04 Apr 2025US$3.9tUS$372.1bUS$110.4b29.9x35.1x10.4x
Sun, 02 Mar 2025US$4.1tUS$370.8bUS$109.9b33.2x37.4x11.1x
Tue, 28 Jan 2025US$4.5tUS$362.5bUS$108.9b37.9x40.9x12.3x
Thu, 26 Dec 2024US$4.4tUS$362.5bUS$108.9b38.2x40.8x12.3x
Sat, 23 Nov 2024US$4.3tUS$360.9bUS$108.0b39.5x39.8x11.9x
Mon, 21 Oct 2024US$4.2tUS$350.5bUS$105.1b39.9x40.2x12.1x
Wed, 18 Sep 2024US$4.3tUS$350.5bUS$105.0b40x40.7x12.2x
Fri, 16 Aug 2024US$4.0tUS$348.9bUS$104.3b36.1x38.7x11.6x
Sun, 14 Jul 2024US$4.3tUS$333.6bUS$101.7b40.2x42.2x12.8x
Tue, 11 Jun 2024US$3.7tUS$280.7bUS$91.2b39.8x40.2x13.1x
Thu, 09 May 2024US$3.5tUS$280.1bUS$91.2b38.5x38.5x12.6x
Sat, 06 Apr 2024US$3.6tUS$271.0bUS$87.0b38.3x41.2x13.2x
Mon, 04 Mar 2024US$3.6tUS$270.6bUS$87.0b39.2x41.3x13.3x
Wed, 31 Jan 2024US$3.7tUS$277.3bUS$80.4b41.2x45.5x13.2x
Fri, 29 Dec 2023US$3.3tUS$276.8bUS$80.3b41.7x41.6x12.1x
Sun, 26 Nov 2023US$3.3tUS$276.0bUS$79.7b42.3x41.6x12x
Tue, 24 Oct 2023US$2.9tUS$273.4bUS$74.8b41.6x39.3x10.8x
Thu, 21 Sep 2023US$2.9tUS$273.4bUS$74.8b42.3x38.7x10.6x
Sat, 19 Aug 2023US$2.8tUS$272.4bUS$74.3b42.4x38.1x10.4x
Mon, 17 Jul 2023US$3.0tUS$262.2bUS$68.2b47.3x44.3x11.5x
Wed, 14 Jun 2023US$2.9tUS$262.1bUS$68.3b45x42.9x11.2x
Fri, 12 May 2023US$2.7tUS$260.9bUS$67.1b41.2x40x10.3x
Sun, 09 Apr 2023US$2.6tUS$256.9bUS$65.0b43.8x39.2x9.9x
Price to Earnings Ratio

39.2x


Total Market Cap: US$2.6tTotal Earnings: US$65.0bTotal Revenue: US$256.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Systems Software Industry Price to Earnings3Y Average 39.8x202420252026
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 25.9x which is lower than its 3-year average PE of 39.8x.
  • The 3-year average PS ratio of 11.8x is higher than the industry's current PS ratio of 8.5x.
Past Earnings Growth
  • The earnings for companies in the Systems Software industry have grown 30% 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-0.32%
Tech-1.22%
Software-1.03%
Systems Software-0.22%
Application Software-2.79%
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
PANW Palo Alto NetworksUS$160.674.9%
+US$6.0b		-7.2%PE101.6x
CRWD CrowdStrike HoldingsUS$393.311.9%
+US$1.9b		5.9%PS20.7x
FTNT FortinetUS$81.152.9%
+US$1.7b		-17.3%PE32.4x
NOW ServiceNowUS$104.041.0%
+US$1.0b		-36.9%PE62.3x
RBRK RubrikUS$48.593.0%
+US$285.2m		-22.2%PS7.5x

Latest News

ORCL
US$145.23
Oracle
7D
-0.5%
1Y
-0.4%
NOW
US$104.04
ServiceNow
7D
1.0%
1Y
-36.9%
PANW
US$160.67
Palo Alto Networks
7D
4.9%
1Y
-7.2%
FROG
US$48.46
JFrog
7D
2.8%
1Y
46.1%
PRGS
US$25.09
Progress Software
7D
-8.2%
1Y
-57.5%
FTNT
US$81.15
Fortinet
7D
2.9%
1Y
-17.3%

FTNT: Hardware Dependence And Softer 2026 Refresh Expectations Will Restrain Returns

Analysts have nudged Fortinet's implied fair value to about $68, reflecting modest tweaks to growth, margin, and discount rate assumptions. Recent price target moves balance concerns over hardware dependence and firewall refresh cycles with views that broader cybersecurity demand remains intact despite AI related volatility.
MSFT
US$369.37
Microsoft
7D
-0.5%
1Y
-3.3%

Everyone's Terrified Microsoft Will Keep Spending. I'm Terrified They'll Stop.

Microsoft just burned $37.5 billion in 90 days. The stock has lost a third of its value.
NBIS
US$101.95
Nebius Group
7D
-11.4%
1Y
317.0%
CRWD
US$393.31
CrowdStrike Holdings
7D
1.9%
1Y
5.9%
QLYS
US$86.21
Qualys
7D
-4.1%
1Y
-33.2%

QLYS: AI Budget Headlines Will Likely Underscore Core Risk Remediation Strength

Analysts have reduced their price targets on Qualys by $4 to $10 while maintaining a fair value estimate of $113, citing evolving views on AI related competitive headlines and the company’s positioning within cybersecurity budgets. Analyst Commentary Recent Street research around AI related headlines has created a split view for Qualys.
RBRK
US$48.59
Rubrik
7D
3.0%
1Y
-22.2%

RBRK: Identity Resilience And AI Operations Will Support Cyber Recovery Upside

Narrative Update The updated analyst price target for Rubrik moves lower to $86.71 from $100.52, as analysts factor in slightly softer revenue growth, modestly lower profit margin assumptions, and a reduced future P/E multiple, despite continued positive commentary around Q4 execution, subscription ARR strength, and the long term opportunity in cyber resilience and identity security. Analyst Commentary Recent Street research presents a mixed picture for Rubrik, with many firms cutting price targets while keeping positive ratings and pointing to solid execution around Q4 results, subscription ARR, and longer term opportunities in cyber resilience and identity security.
TENB
US$17.05
Tenable Holdings
7D
-5.9%
1Y
-51.5%
GEN
US$18.71
Gen Digital
7D
-3.9%
1Y
-30.7%

GEN: Core Cyber Safety And AI Security Advances Will Support Future Upside

Analysts have nudged their price targets for Gen Digital lower, with several trimming estimates by a few dollars into the low $30s and one initiating at $22. This reflects more cautious assumptions on growth and integration risk, even as they broadly see Gen-AI tools as supporting, rather than replacing, core cybersecurity demand.
GTLB
US$21.98
GitLab
7D
6.3%
1Y
-54.5%

GTLB: AI Adoption And Buybacks Will Offset Heightened Competitive Concerns

GitLab's analyst fair value estimate edged down from $34.56 to $34.20 as analysts cut price targets across the board, citing a cautious FY27 outlook, heavier investment spending, rising AI competition, and questions around the payoff from recent go to market changes. Analyst Commentary Street research has turned more cautious on GitLab, with a wide reset in price targets and several rating downgrades.
ZS
US$136.67
Zscaler
7D
-2.0%
1Y
-34.0%

ZS: Zero Trust AI Security And Data Sovereignty Will Drive Future Upside

Analysts have trimmed the average price target for Zscaler, reflecting sector wide multiple compression. They continue to highlight a healthy core business, improving go to market execution, and new opportunities such as Red Canary and Agentic Exchange.
DLB
US$60.72
Dolby Laboratories
7D
3.5%
1Y
-25.2%

DLB: Future Streaming Technology Adoption Will Support A More Optimistic Outlook

Analysts have revised their price target for Dolby Laboratories from $114.00 to $90.00. They cite updated assumptions around revenue growth, profit margins, and a lower future P/E multiple as key drivers of the change.