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Finnish (OMX) Tech Sector Analysis

UpdatedMar 23, 2026
DataAggregated Company Financials
Companies30
  • 7D-3.5%
  • 3M19.8%
  • 1Y27.0%
  • YTD18.9%

Over the last 7 days, the Tech industry has dropped 3.5%, driven by Nokia Oyj declining 7.6%. This takes the industry's 12 month performance to a gain of 27%. As for the next few years, earnings are expected to grow by 23% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Mar 2026€47.2b€25.5b€883.4m23.2x53.5x1.9x
Thu, 19 Feb 2026€44.0b€25.4b€868.7m25.1x50.6x1.7x
Sat, 17 Jan 2026€41.4b€26.3b€905.7m25.2x45.7x1.6x
Mon, 15 Dec 2025€38.2b€26.3b€905.7m24.9x42.2x1.5x
Wed, 12 Nov 2025€40.7b€26.3b€912.7m24.2x44.6x1.5x
Fri, 10 Oct 2025€32.7b€25.7b€959.1m25x34.1x1.3x
Sun, 07 Sep 2025€29.6b€25.7b€964.3m24.6x30.7x1.1x
Tue, 05 Aug 2025€28.0b€25.7b€981.7m26.7x28.5x1.1x
Thu, 03 Jul 2025€32.7b€25.7b€1.4b25.6x24x1.3x
Sat, 31 May 2025€33.5b€25.7b€1.4b25.8x24.6x1.3x
Mon, 28 Apr 2025€32.3b€25.8b€1.4b24.2x23.5x1.3x
Wed, 26 Mar 2025€36.2b€25.8b€1.9b25.3x19.3x1.4x
Fri, 21 Feb 2025€35.3b€25.8b€1.9b21.5x18.8x1.4x
Sun, 19 Jan 2025€33.0b€26.4b€1.3b26x26.2x1.3x
Tue, 17 Dec 2024€31.7b€26.4b€1.3b25.2x25.2x1.2x
Thu, 14 Nov 2024€31.3b€26.4b€1.3b24.9x24.9x1.2x
Sat, 12 Oct 2024€31.1b€26.7b€1.3b23.9x24.7x1.2x
Mon, 09 Sep 2024€30.5b€26.8b€1.3b23.2x24.2x1.1x
Wed, 07 Aug 2024€27.7b€26.9b€1.3b20.3x22.1x1x
Fri, 05 Jul 2024€29.2b€27.8b€1.1b23x25.6x1.1x
Sun, 02 Jun 2024€29.2b€27.8b€1.1b23.8x25.6x1.1x
Tue, 30 Apr 2024€27.8b€27.8b€1.2b20.8x24x1x
Thu, 28 Mar 2024€27.4b€29.0b€1.0b19.3x27.2x0.9x
Sat, 24 Feb 2024€27.4b€29.0b€1.0b20.1x27.2x0.9x
Mon, 22 Jan 2024€26.6b€31.1b€4.2b16.7x6.3x0.9x
Wed, 20 Dec 2023€26.4b€31.1b€4.2b16.7x6.2x0.8x
Fri, 17 Nov 2023€27.7b€31.1b€4.2b17.2x6.5x0.9x
Sun, 15 Oct 2023€27.4b€32.4b€4.5b16x6.1x0.8x
Tue, 12 Sep 2023€30.3b€32.3b€4.5b17.7x6.7x0.9x
Thu, 10 Aug 2023€29.7b€32.3b€4.5b21.1x6.6x0.9x
Sat, 08 Jul 2023€32.0b€32.4b€4.7b23.8x6.8x1x
Mon, 05 Jun 2023€32.8b€32.4b€4.7b25.1x7x1x
Wed, 03 May 2023€32.6b€32.4b€4.7b26.7x7x1x
Fri, 31 Mar 2023€36.4b€31.7b€4.5b26.7x8x1.1x
Price to Earnings Ratio

8x


Total Market Cap: €36.4bTotal Earnings: €4.5bTotal Revenue: €31.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Tech Sector Price to Earnings3Y Average 22.9x202420252026
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 53.5x which is higher than its 3-year average PE of 22.9x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.9x.
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 7.1% 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-2.13%
Tech-3.54%
Tech Hardware0%0
Semiconductors0%0
Electronic Equipment and Components-1.11%
Software-1.46%
IT-1.97%
Communications-3.99%
Industry PE
  • Investors are most optimistic about the Communications industry which is trading above its 3-year average PE ratio of 20.5x.
    • Analysts are expecting annual earnings growth of 22.7%, 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 35% over the next 5 years.
  • This is better than its past earnings decline of 53% 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
EASOR Easor Oyj€0.657.3%
+€2.0m		n/aPE8.8x
DIGIA Digia Oyj€6.040.7%
+€1.1m		-14.2%PE12.6x
WITH WithSecure Oyj€1.720.2%
+€698.8k		102.4%PS2.5x
DWF Digital Workforce Services Oyj€2.341.7%
+€457.2k		-38.1%PS0.9x
QPR1V QPR Software Oyj€0.543.8%
+€393.2k		-49.1%PS1.9x

Latest News

BITTI
€34.00
Bittium Oyj
7D
-0.7%
1Y
303.8%

BITTI: Defence Agreements And 2026 Guidance Will Support But Not Fully Justify High P/E

Analysts have maintained their price target for Bittium Oyj at approximately €31.73. They cite stable assumptions for fair value, revenue growth, profit margins and future P/E, with only minor adjustments to the discount rate and long-term expectations.
GOFORE
€12.60
Gofore Oyj
7D
-5.1%
1Y
-37.0%

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.
ADMCM
€29.50
Admicom Oyj
7D
-9.5%
1Y
-43.9%
TIETO
€17.83
TietoEVRY Oyj
7D
-3.3%
1Y
-2.4%

TIETO: Share Buybacks And Dividends Will Support Modest Outlook

Analysts have nudged their price target for TietoEVRY Oyj slightly higher to about €19.71 from roughly €19.47. This reflects updated assumptions for discount rates, profit margins and future P/E expectations.
NOKIA
€6.84
Nokia Oyj
7D
-8.7%
1Y
38.3%

NOKIA: AI Network Partnerships Will Face Rating Pressure And Limited Upside

Narrative update on Nokia Oyj Analysts have lifted the updated fair value estimate for Nokia to €6.21 from €5.43, supported by a higher assumed future P/E of about 24x and a series of recent price target hikes to around €6.50 to €8.50, even as some firms have shifted ratings toward more neutral stances. Analyst Commentary Recent research on Nokia presents a mixed picture, with several firms lifting price targets while others shift to more neutral stances.
TLT1V
€3.58
Teleste Oyj
7D
0.3%
1Y
23.0%
ICP1V
€9.53
Incap Oyj
7D
-4.5%
1Y
-17.6%

ICP1V: New Testing Automation Will Support Faster Output And Higher Future Multiple

Analysts have reduced their price target for Incap Oyj to €13.00. This reflects slightly adjusted assumptions for discount rate, revenue growth, profit margin and future P/E, while keeping their fair value view broadly in line with prior estimates.
EASOR
€0.65
Easor Oyj
7D
7.3%
1Y
n/a
QTCOM
€18.80
Qt Group Oyj
7D
-4.4%
1Y
-76.4%

QTCOM: Earnings Guidance And Testing Wins Will Support Recalibrated Upside

Analysts have trimmed their price target for Qt Group Oyj from €35.50 to €29.25, citing updated assumptions for slower revenue growth, lower profit margins, a higher discount rate and a modestly higher future P/E multiple, consistent with the more cautious tone in recent research such as Danske Bank's downgrade. Analyst Commentary Bullish Takeaways Bullish analysts still see support for Qt Group Oyj's valuation from its role in software tools, where successful execution on product roadmap and licensing could justify a higher future P/E multiple over time.
DWF
€2.34
Digital Workforce Services Oyj
7D
1.7%
1Y
-38.1%
VAIAS
€45.30
Vaisala Oyj
7D
-1.4%
1Y
-1.5%
QPR1V
€0.54
QPR Software Oyj
7D
3.8%
1Y
-49.1%
DIGIA
€6.04
Digia Oyj
7D
0.7%
1Y
-14.2%

Digia Oyj (HEL:DIGIA) Will Pay A Larger Dividend Than Last Year At €0.19

Feb 10
Digia Oyj (HEL:DIGIA) Will Pay A Larger Dividend Than Last Year At €0.19
WITH
€1.72
WithSecure Oyj
7D
0.2%
1Y
102.4%