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Finnish (OMX) Tech Sector Analysis

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies30
  • 7D9.4%
  • 3M32.5%
  • 1Y34.0%
  • YTD27.3%

Over the last 7 days, the Tech industry has risen 9.4%, driven by gains from Nokia Oyj of 11%. This means that the industry has gained 34% over the past year. 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
Wed, 18 Mar 2026€50.6b€25.5b€882.6m23.4x57.3x2x
Fri, 13 Feb 2026€41.3b€26.3b€696.9m24.1x59.3x1.6x
Sun, 11 Jan 2026€40.7b€26.3b€905.7m25.7x44.9x1.5x
Tue, 09 Dec 2025€38.1b€26.3b€905.7m24.8x42.1x1.5x
Thu, 06 Nov 2025€40.8b€26.3b€912.0m24.8x44.8x1.6x
Sat, 04 Oct 2025€31.2b€25.7b€959.1m25.2x32.6x1.2x
Mon, 01 Sep 2025€28.5b€25.7b€960.1m24.8x29.7x1.1x
Wed, 30 Jul 2025€27.3b€25.7b€981.7m25.8x27.8x1.1x
Fri, 27 Jun 2025€32.3b€25.7b€1.4b25.6x23.6x1.3x
Sun, 25 May 2025€34.0b€25.7b€1.4b24.9x24.9x1.3x
Tue, 22 Apr 2025€33.2b€25.8b€1.9b24.1x17.7x1.3x
Thu, 20 Mar 2025€36.5b€25.8b€1.9b25.7x19.4x1.4x
Sat, 15 Feb 2025€35.3b€25.8b€1.9b21.2x19x1.4x
Mon, 13 Jan 2025€32.6b€26.4b€1.3b26x25.9x1.2x
Wed, 11 Dec 2024€31.5b€26.4b€1.3b24.8x25.1x1.2x
Fri, 08 Nov 2024€31.8b€26.4b€1.3b25.2x25.3x1.2x
Sun, 06 Oct 2024€31.3b€26.8b€1.3b24x24.8x1.2x
Tue, 03 Sep 2024€31.7b€26.8b€1.3b23.6x25.1x1.2x
Thu, 01 Aug 2024€29.4b€26.9b€1.3b21.5x23.4x1.1x
Sat, 29 Jun 2024€28.8b€27.8b€1.1b22.9x25.2x1x
Mon, 27 May 2024€29.2b€27.8b€1.1b23.2x25.6x1.1x
Wed, 24 Apr 2024€27.5b€27.8b€1.2b20.5x23.7x1x
Fri, 22 Mar 2024€27.1b€29.0b€1.0b18.5x26.8x0.9x
Sun, 18 Feb 2024€27.5b€29.1b€1.0b22.7x27x0.9x
Tue, 16 Jan 2024€27.5b€31.1b€4.2b17x6.5x0.9x
Thu, 14 Dec 2023€25.6b€31.1b€4.2b16.3x6.1x0.8x
Sat, 11 Nov 2023€26.9b€31.1b€4.2b16.4x6.4x0.9x
Mon, 09 Oct 2023€27.7b€32.4b€4.5b16.2x6.1x0.9x
Wed, 06 Sep 2023€30.5b€32.3b€4.5b17.5x6.8x0.9x
Fri, 04 Aug 2023€29.6b€32.3b€4.5b21.9x6.6x0.9x
Sun, 02 Jul 2023€32.4b€32.4b€4.7b23.9x6.9x1x
Tue, 30 May 2023€32.7b€32.4b€4.7b25.6x7x1x
Thu, 27 Apr 2023€33.0b€32.2b€4.7b26.3x7.1x1x
Sat, 25 Mar 2023€35.3b€31.7b€4.5b25.7x7.8x1.1x
Price to Earnings Ratio

7.8x


Total Market Cap: €35.3bTotal Earnings: €4.5bTotal Revenue: €31.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Tech Sector Price to Earnings3Y Average 22.7x202420252026
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 57.3x which is higher than its 3-year average PE of 22.7x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 2.0x.
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 Market2.38%
Tech9.42%
Communications11.15%
Software9.62%
Tech Hardware0%0
Semiconductors0%0
IT-1.31%
Electronic Equipment and Components-1.85%
Industry PE
  • Investors are most optimistic about the Communications industry which is trading above its 3-year average PE ratio of 20.3x.
    • 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 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
NOKIA Nokia Oyj€7.4611.2%
+€4.2b		49.6%PE66.5x
BITTI Bittium Oyj€35.4019.0%
+€200.7m		315.5%PE59x
QTCOM Qt Group Oyj€20.587.1%
+€34.5m		-74.3%PE16.4x
FSECURE F-Secure Oyj€1.723.6%
+€10.5m		7.1%PE13.4x
GOFORE Gofore Oyj€13.483.2%
+€6.7m		-35.8%PE23.2x

Latest News

ADMCM
€32.35
Admicom Oyj
7D
-2.4%
1Y
-39.3%
BITTI
€35.40
Bittium Oyj
7D
19.0%
1Y
315.5%
NOKIA
€7.46
Nokia Oyj
7D
11.2%
1Y
49.6%
ICP1V
€9.96
Incap Oyj
7D
-0.8%
1Y
-14.7%

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.
DETEC
€10.30
Detection Technology Oyj
7D
-3.7%
1Y
-29.5%

DETEC: 2026 Sales Guidance And Dividend Reset Will Support Future Upside

Analysts have kept their price target for Detection Technology Oyj steady at €14.70, with only minor model tweaks to the discount rate, revenue growth, profit margin and future P/E, supporting an unchanged overall view. What's in the News Company issued earnings guidance for Q1 2026, expecting double digit year on year net sales growth.
QTCOM
€20.58
Qt Group Oyj
7D
7.1%
1Y
-74.3%

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.
CANATU
€7.74
Canatu Oyj
7D
0.8%
1Y
-37.1%
DWF
€2.28
Digital Workforce Services Oyj
7D
-4.2%
1Y
-39.4%
GOFORE
€13.48
Gofore Oyj
7D
3.2%
1Y
-35.8%

GOFORE: New Dividend And CFO Transition Will Support Future Rerating

Analysts have trimmed their price target for Gofore Oyj from €15.75 to €15.25, reflecting updated assumptions around growth, margins and a higher future P/E multiple in their models. What's in the News An annual dividend of €0.4900 per share has been announced, with payment scheduled for April 28, 2026, an ex-dividend date on April 20, 2026, and a record date on April 21, 2026 (Key Developments).
SCANFL
€11.72
Scanfil Oyj
7D
-0.8%
1Y
28.8%

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.
TIETO
€18.60
TietoEVRY Oyj
7D
-1.9%
1Y
-6.9%

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).
FSECURE
€1.72
F-Secure Oyj
7D
3.6%
1Y
7.1%
VAIAS
€46.15
Vaisala Oyj
7D
-2.4%
1Y
-1.0%
BOREO
€16.90
Boreo Oyj
7D
-1.7%
1Y
35.2%
DIGIA
€6.04
Digia Oyj
7D
1.3%
1Y
-13.2%

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%