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Finnish (OMX) Tech Sector Analysis

UpdatedMar 13, 2026
DataAggregated Company Financials
Companies30
  • 7D6.1%
  • 3M28.1%
  • 1Y33.9%
  • YTD22.5%

Over the last 7 days, the Tech industry has dropped 2.2%, driven by a pullback from Nokia Oyj of 2.8%. Meanwhile, Bittium Oyj actually outperformed within the industry, gaining 10.0% in the last week. This takes the industry's 12 month performance to a gain of 29%. 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
Fri, 13 Mar 2026€48.7b€25.4b€879.2m23.8x55.3x1.9x
Sun, 08 Feb 2026€41.7b€26.3b€696.5m25.3x59.9x1.6x
Tue, 06 Jan 2026€40.2b€26.3b€905.7m25.4x44.4x1.5x
Thu, 04 Dec 2025€38.1b€26.3b€912.7m24.4x41.7x1.4x
Sat, 01 Nov 2025€40.6b€26.3b€910.3m28.8x44.6x1.5x
Mon, 29 Sep 2025€30.0b€25.7b€959.1m23.7x31.3x1.2x
Wed, 27 Aug 2025€28.6b€25.7b€964.5m24.3x29.6x1.1x
Fri, 25 Jul 2025€29.4b€25.7b€1.3b25.7x22.9x1.1x
Sun, 22 Jun 2025€32.6b€25.7b€1.4b25.5x23.9x1.3x
Tue, 20 May 2025€33.7b€25.7b€1.4b25.3x24.7x1.3x
Thu, 17 Apr 2025€33.3b€25.8b€1.9b22.9x17.7x1.3x
Sat, 15 Mar 2025€36.0b€25.8b€1.9b25.4x19.2x1.4x
Mon, 10 Feb 2025€34.5b€25.8b€2.1b20.4x16.8x1.3x
Wed, 08 Jan 2025€33.3b€26.4b€1.3b26.5x26.5x1.3x
Fri, 06 Dec 2024€30.4b€26.4b€1.3b23.6x24.2x1.2x
Sun, 03 Nov 2024€32.5b€26.4b€1.3b26x25.9x1.2x
Tue, 01 Oct 2024€31.1b€26.8b€1.3b23.5x24.7x1.2x
Thu, 29 Aug 2024€30.3b€26.8b€1.3b23.3x24x1.1x
Sat, 27 Jul 2024€28.8b€26.9b€1.3b21x23x1.1x
Mon, 24 Jun 2024€28.3b€27.8b€1.1b22.2x24.7x1x
Wed, 22 May 2024€29.0b€27.8b€1.1b21.9x25.5x1x
Fri, 19 Apr 2024€26.4b€29.0b€1.0b19.6x26.3x0.9x
Sun, 17 Mar 2024€27.6b€29.0b€1.0b18x27.4x1x
Tue, 13 Feb 2024€27.6b€29.1b€1.0b21.2x26.5x0.9x
Thu, 11 Jan 2024€27.2b€31.1b€4.2b17.3x6.4x0.9x
Sat, 09 Dec 2023€25.8b€31.1b€4.2b16.3x6.1x0.8x
Mon, 06 Nov 2023€26.7b€31.1b€4.2b15.1x6.3x0.9x
Wed, 04 Oct 2023€28.3b€32.4b€4.5b17.6x6.3x0.9x
Fri, 01 Sep 2023€30.2b€32.3b€4.5b19.4x6.7x0.9x
Sun, 30 Jul 2023€30.5b€32.3b€4.5b22.7x6.7x0.9x
Tue, 27 Jun 2023€31.7b€32.4b€4.7b24.1x6.8x1x
Thu, 25 May 2023€32.2b€32.4b€4.7b25.8x6.9x1x
Sat, 22 Apr 2023€33.1b€32.3b€4.7b26.4x7.1x1x
Mon, 20 Mar 2023€35.2b€31.7b€4.5b27.5x7.7x1.1x
Price to Earnings Ratio

7.7x


Total Market Cap: €35.2bTotal Earnings: €4.5bTotal Revenue: €31.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Tech Sector Price to Earnings3Y Average 22.5x202420252026
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 53.3x which is higher than its 3-year average PE of 22.4x.
  • The 3-year average PS ratio of 1.1x 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 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 Market1.18%
Tech6.09%
Software7.50%
Communications7.19%
Tech Hardware0%0
Semiconductors0%0
IT-0.33%
Electronic Equipment and Components-1.66%
Industry PE
  • Investors are most optimistic about the Communications industry which is trading above its 3-year average PE ratio of 20.0x.
    • 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, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 22.1x.
Forecasted Growth
  • Analysts are most optimistic on the IT industry, expecting annual earnings growth of 34% 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
NOKIA Nokia Oyj€7.147.2%
+€2.7b		49.0%PE63.6x
BITTI Bittium Oyj€31.6018.6%
+€175.8m		300.0%PE52.7x
FSECURE F-Secure Oyj€1.737.6%
+€21.3m		8.0%PE13.5x
LEMON Lemonsoft Oyj€5.006.4%
+€5.3m		-12.3%PE19.6x
ACG1V Aspocomp Group Oyj€4.958.1%
+€2.8m		8.1%PE89.9x

Latest News

BITTI
€31.60
Bittium Oyj
7D
18.6%
1Y
300.0%
ADMCM
€32.80
Admicom Oyj
7D
1.2%
1Y
-32.6%
QTCOM
€19.41
Qt Group Oyj
7D
-1.9%
1Y
-75.3%

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.
SSH1V
€2.19
SSH Communications Security Oyj
7D
-3.9%
1Y
88.0%
CANATU
€7.38
Canatu Oyj
7D
-4.9%
1Y
-38.5%
LEADD
€4.87
LeadDesk Oyj
7D
-11.8%
1Y
-24.4%

LEADD: Future P/E Rerating Will Drive Upside Despite Lower Profitability

Analysts have reduced their price target on LeadDesk Oyj from €8.50 to €6.80. They now apply a slightly higher discount rate, expect lower revenue growth and profit margins, and factor in a much higher future P/E multiple into their updated assumptions.
SCANFL
€12.08
Scanfil Oyj
7D
0.3%
1Y
35.4%

SCANFL: Fair Value View Will Reflect 2026 Turnover Range And Dividend Outlook

Narrative Update on Scanfil Oyj Analysts now set their price target for Scanfil Oyj at €11.25, up from €10.48. The revised view is linked to updated assumptions around revenue growth, profit margins, discount rate and future P/E levels.
LEMON
€5.00
Lemonsoft Oyj
7D
6.4%
1Y
-12.3%
TIETO
€18.91
TietoEVRY Oyj
7D
-0.3%
1Y
-2.0%

TIETO: Share Buybacks And Delistings Will Restrict Future Share Returns

Analysts have adjusted their price target for TietoEVRY Oyj to €16.70 from €16.00, reflecting updated views on discount rates, revenue growth assumptions, profit margins, and future P/E expectations. What's in the News The Board has proposed delisting the company’s shares from the Oslo Stock Exchange and is evaluating whether to also delist from Nasdaq Stockholm, while keeping the primary listing on Nasdaq Helsinki where most trading currently occurs (Delistings).
NOKIA
€7.14
Nokia Oyj
7D
7.2%
1Y
49.0%

NOKIA: AI And Cloud Partnerships Will Support Steady Long Term Earnings

The analyst price target for Nokia has shifted modestly to €6.50. This reflects a mix of recent upgrades, a downgrade to Hold and slightly adjusted assumptions for revenue growth, profit margin and future P/E that leave fair value broadly unchanged.
FSECURE
€1.73
F-Secure Oyj
7D
7.6%
1Y
8.0%
ICP1V
€10.00
Incap Oyj
7D
-3.7%
1Y
-8.6%

ICP1V: Automated Testing Investment Will Support Higher Future Earnings Multiple

Analysts have lifted their price target on Incap Oyj from €11 to €13, citing updated assumptions for revenue growth, profit margins and future P/E that reshape their view of the company’s risk and return profile. What's in the News Incap Estonia has added a new high precision flying probe system to its production, focusing on improving testing of assembled circuit boards before they move to the next stage of manufacturing (Key Developments).
ACG1V
€4.95
Aspocomp Group Oyj
7D
8.1%
1Y
8.1%
VAIAS
€47.05
Vaisala Oyj
7D
-2.6%
1Y
4.6%
BOREO
€17.70
Boreo Oyj
7D
2.9%
1Y
53.2%