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Finnish (OMX) Tech Sector Analysis

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies30
  • 7D-2.4%
  • 3M16.4%
  • 1Y25.4%
  • YTD17.4%

Over the last 7 days, the Tech industry has dropped 2.4%, driven by a pullback from Nokia Oyj of 3.5%. Meanwhile, Tieto Oyj actually outperformed within the industry, gaining 5.5% in the last week. This takes the industry's 12 month performance to a gain of 25%. Looking forward, earnings are forecast to grow by 23% annually.

Sector Valuation and Performance

Has the Finnish Tech Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 02 Apr 2026€46.6b€25.5b€884.0m23.4x52.7x1.8x
Sat, 28 Feb 2026€45.0b€25.4b€882.5m27.2x51x1.8x
Mon, 26 Jan 2026€41.5b€26.3b€906.2m25.2x45.8x1.6x
Wed, 24 Dec 2025€39.7b€26.3b€905.7m23.9x43.9x1.5x
Fri, 21 Nov 2025€36.7b€26.3b€912.7m24.3x40.2x1.4x
Sun, 19 Oct 2025€34.9b€25.7b€959.1m25.2x36.4x1.4x
Tue, 16 Sep 2025€29.4b€25.7b€959.1m24x30.6x1.1x
Thu, 14 Aug 2025€28.0b€25.7b€970.0m24.5x28.9x1.1x
Sat, 12 Jul 2025€32.8b€25.7b€1.4b26.6x24x1.3x
Mon, 09 Jun 2025€34.5b€25.7b€1.4b25.8x25.3x1.3x
Wed, 07 May 2025€32.5b€25.7b€1.4b24.4x23.8x1.3x
Fri, 04 Apr 2025€33.7b€25.8b€1.9b23.6x18x1.3x
Sun, 02 Mar 2025€34.8b€25.8b€1.9b27.2x18.5x1.3x
Tue, 28 Jan 2025€32.7b€26.4b€1.3b25.5x26x1.2x
Thu, 26 Dec 2024€31.5b€26.4b€1.3b25.1x25.1x1.2x
Sat, 23 Nov 2024€30.2b€26.4b€1.3b24.4x24x1.1x
Mon, 21 Oct 2024€32.7b€26.4b€1.3b24x25.9x1.2x
Wed, 18 Sep 2024€30.4b€26.8b€1.3b23.2x24.1x1.1x
Fri, 16 Aug 2024€29.9b€26.8b€1.3b22.3x23.7x1.1x
Sun, 14 Jul 2024€29.5b€27.8b€1.1b23.2x25.8x1.1x
Tue, 11 Jun 2024€29.5b€27.8b€1.1b23.4x25.8x1.1x
Thu, 09 May 2024€28.2b€27.8b€1.1b22.2x24.7x1x
Sat, 06 Apr 2024€26.8b€29.0b€1.0b19.8x26.5x0.9x
Mon, 04 Mar 2024€27.4b€29.0b€1.0b19.5x27.3x0.9x
Wed, 31 Jan 2024€28.5b€29.3b€1.0b19.6x28x1x
Fri, 29 Dec 2023€26.6b€31.1b€4.2b16.9x6.3x0.9x
Sun, 26 Nov 2023€27.2b€31.1b€4.2b16.5x6.4x0.9x
Tue, 24 Oct 2023€25.1b€31.1b€4.2b15.5x5.9x0.8x
Thu, 21 Sep 2023€29.8b€32.3b€4.5b17.8x6.6x0.9x
Sat, 19 Aug 2023€29.0b€32.3b€4.5b19.5x6.4x0.9x
Mon, 17 Jul 2023€30.4b€32.4b€4.7b23.8x6.5x0.9x
Wed, 14 Jun 2023€33.1b€32.4b€4.7b24.3x7.1x1x
Fri, 12 May 2023€32.4b€32.4b€4.7b26.1x6.9x1x
Sun, 09 Apr 2023€36.8b€31.5b€4.5b25.7x8.1x1.2x
Price to Earnings Ratio

8.1x


Total Market Cap: €36.8bTotal Earnings: €4.5bTotal Revenue: €31.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Tech Sector Price to Earnings3Y Average 23.3x202420252026
Current Industry PE
  • Investors are optimistic on the Finnish Information Technology industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 52.7x which is higher than its 3-year average PE of 23.3x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have declined 42% per year over the last three years,
  • Revenues have also declined 6.8% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Finnish Tech sector?

FI Market-0.31%
Tech-2.45%
IT4.68%
Software3.80%
Tech Hardware0%0
Semiconductors0%0
Electronic Equipment and Components-0.42%
Communications-3.46%
Industry PE
  • Investors are most optimistic about the Communications industry which is trading above its 3-year average PE ratio of 21.0x.
    • Analysts are expecting annual earnings growth of 23.0%, which is higher than its past year's earnings decline of 63.1% per year.
  • Investors are most pessimistic about the Electronic Equipment and Components industry, which is trading close to its 3-year average of 22.1x.
Forecasted Growth
  • Analysts are most optimistic on the IT industry, expecting annual earnings growth of 36% over the next 5 years.
  • This is better than its past earnings decline of 64% per year.
  • In contrast, the Electronic Equipment and Components industry is expected to see its earnings grow by 14% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
TIETO Tieto Oyj€18.988.2%
+€165.9m		16.7%PE86.5x
BITTI Bittium Oyj€38.609.0%
+€113.7m		397.4%PE64.4x
SCANFL Scanfil Oyj€11.842.8%
+€21.0m		35.0%PE19x
GOFORE Gofore Oyj€13.707.9%
+€15.9m		-30.8%PE23.6x
SSH1V SSH Communications Security Oyj€2.249.3%
+€10.4m		108.4%PS5.7x

Latest News

TIETO
€18.98
Tieto Oyj
7D
8.2%
1Y
16.7%

TIETO: Delisting Plans And Flat 2026 Outlook Will Pressure Future Returns

Analysts have adjusted their price target for Tieto Oyj from €16.70 to €15.80. This change reflects updated assumptions for revenue growth, profit margin, discount rate and future P/E levels.
BITTI
€38.60
Bittium Oyj
7D
9.0%
1Y
397.4%
NOKIA
€7.14
Nokia Oyj
7D
-2.1%
1Y
44.0%

NOKIA: AI And Cloud Alliances Will Support Future Earnings Rebound Narrative

Analysts have lifted the fair value estimate for Nokia Oyj from €7.20 to €8.80, reflecting updated assumptions for slightly higher revenue growth, profit margins and future P/E, alongside a series of recent target hikes and mixed rating changes across the Street. Analyst Commentary Recent Street research on Nokia Oyj has been mixed, with several downgrades on ratings but also a clear cluster of higher fair value and price targets from bullish analysts.
ICP1V
€9.74
Incap Oyj
7D
1.0%
1Y
-13.8%

ICP1V: Steady Assumptions Will Support Faster Output And Higher Future Multiple

Analysts have reaffirmed their view on Incap Oyj with an updated price target of €13.00, reflecting only minor model tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions while keeping their overall valuation stance steady. Valuation Changes Fair Value: Kept steady at €13.00 per share, indicating no change in the core value estimate.
DETEC
€9.30
Detection Technology Oyj
7D
-4.3%
1Y
-35.6%

DETEC: Dividend Reset And 2026 Guidance Will Support Future Upside

Analysts have maintained their €14.70 price target for Detection Technology Oyj, with only slight model tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions supporting an essentially unchanged valuation view. What's in the News Annual General Meeting on 26 March 2026 approved a dividend of €0.30 per share for the 2025 financial year, with the record date set for 30 March 2026 and payment scheduled for 8 April 2026 (AGM resolution).
FSECURE
€1.64
F-Secure Oyj
7D
-1.1%
1Y
-9.2%
QTCOM
€19.15
Qt Group Oyj
7D
-1.3%
1Y
-75.1%

QTCOM: Execution On Long Term Roadmap Will Support Recalibrated Upside

Analysts have trimmed their 12 month price target on Qt Group Oyj by €0.01 to €29.25, citing a slightly higher discount rate and modestly adjusted long term assumptions following recent bearish Street research, including a downgrade from Danske Bank. Analyst Commentary Analysts are responding to the recent downgrade and slightly higher discount rate by sharpening their focus on both upside potential and execution risks around Qt Group Oyj.
VAIAS
€44.85
Vaisala Oyj
7D
-0.4%
1Y
-2.2%
LEADD
€4.19
LeadDesk Oyj
7D
-9.7%
1Y
-35.5%

LEADD: Higher Future P/E Will Support Upside With Stable Profitability

Analysts have maintained their €6.80 price target for LeadDesk Oyj, citing slightly updated assumptions around discount rates, revenue growth, profit margins, and a higher future P/E of 174.35x as the key factors behind the unchanged outlook. Valuation Changes Fair Value: €6.80 remains unchanged, indicating no adjustment to the overall equity value estimate.
DIGIA
€5.74
Digia Oyj
7D
-3.4%
1Y
-14.1%
SCANFL
€11.84
Scanfil Oyj
7D
2.8%
1Y
35.0%

SCANFL: Fair Value View Will Track 2026 Turnover Range And Dividend Proposal

Analysts have nudged their fair value estimate for Scanfil Oyj slightly higher, lifting the target from €11.25 to €11.30. This reflects updated views on the discount rate, revenue growth, profit margin and future P/E assumptions.
GOFORE
€13.70
Gofore Oyj
7D
7.9%
1Y
-30.8%

GOFORE: New Espoo ICT Contract And Dividend Will Support Future Rerating

Analysts have kept their price target for Gofore Oyj steady at €15.25, citing only marginal model tweaks to the discount rate, long term revenue growth, profit margin and future P/E assumptions rather than any shift in their core view on the company. What's in the News Gofore Lead Oy, together with Nostrum IT Oy, has been selected as the priority supplier in the City of Espoo's ICT consulting expert services framework agreement.
SSH1V
€2.24
SSH Communications Security Oyj
7D
9.3%
1Y
108.4%

Future Data Sovereignty And Quantum Security Trends Will Support Gradual Earnings Recovery

Catalysts About SSH Communications Security Oyj SSH Communications Security Oyj provides cybersecurity solutions focused on privileged access management, network encryption and secure communications for enterprises and public sector customers. What are the underlying business or industry changes driving this perspective?
CANATU
€7.38
Canatu Oyj
7D
-2.4%
1Y
-30.4%
TEM1V
€5.57
Tecnotree Oyj
7D
2.2%
1Y
74.1%
QPR1V
€0.66
QPR Software Oyj
7D
21.9%
1Y
-36.7%