It was a rollercoaster year for S&P/ASX 200 Index (ASX: XJO) tech shares in 2025.
Fear of a potential artificial intelligence (AI) bubble contributed to tech stocks entering bear market territory in November.
A bear market is one in which shares drop by 20% or more from their most recent peak.
The S&P/ASX 200 Information Technology Index (ASX: XIJ) finished the year down 21.04%.
The total return, including dividends, was 20.80%.
This made ASX 200 tech shares the second-worst performer of the 11 market sectors for 2025.
Tech shares vastly underperformed the S&P/ASX 200 Index (ASX: XJO), which rose 6.8% and delivered total returns of 10.32%.
Amid the carnage, which ASX 200 tech shares came out best for capital gains?
And what ratings have these tech shares attracted from analysts for 2026?
Let's find out.
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Which ASX 200 tech shares triumphed amid sector ruin?
1. Codan Ltd (ASX: CDA)
Electronics solutions provider Codan delivered the best capital growth among ASX 200 tech shares last year.
The Codan share price soared 77% to finish the year at $28.43.
Codan designs and manufactures electronics solutions for government, corporate, NGO, and consumer clients worldwide.
Petra Capital has a hold rating on Codan with a 12-month share price target of $32.70.
Canaccord Genuity has a buy rating with a $37.54 target.
2. Megaport Ltd (ASX: MP1)
The Megaport share price ripped 65% to $12.17 in 2025.
Megaport provides cloud and data centre connectivity services through a global network-as-a-service (NaaS) platform.
Macquarie has an outperform rating on Megaport with a share price target of $21.70.
Citi has a buy rating and a target of $16.30.
3. Life360 Inc (ASX: 360)
The Life360 share price leapt 49% to close at $33.53 on 31 December.
Life360 owns the popular family location app.
Bell Potter has a buy rating and a $52.50 price target on Life360 shares.
Morgan Stanley has an overweight rating and $58.50 price target.
4. Data#3 Ltd (ASX: DTL)
Shares in this IT services provider ascended 41% to close at $9.01 apiece on 31 December.
Macquarie has downgraded its rating on this ASX 200 tech share to neutral but lifted its target from $9.15 to $9.85.
Morgan Stanley gives Data#3 shares a buy rating with a $9.50 target.
5. Catapult Sports Ltd (ASX: CAT)
The Catapult Sports share price lifted 12% to finish the year at $4.15.
Bell Potter has a buy rating on Catapult shares with a 12-month target of $6.50.
Morgans also gives the sports performance analytics company a buy rating with a target of $6.25.
