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Finnish (OMX) Tech Sector Analysis

UpdatedJul 04, 2026
DataAggregated Company Financials
Companies32
  • 7D-1.8%
  • 3M43.1%
  • 1Y112.9%
  • YTD79.2%

Over the last 7 days, the Tech industry has dropped 10%, driven by a pullback from Nokia Oyj of 1.9%. Meanwhile, Bittium Oyj actually outperformed within the industry, gaining 6.6% in the last week. Over the past 12 months, the industry was up 107%. Looking forward, earnings are forecast to grow by 25% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 04 Jul 2026€71.9b€25.8b€1.1b20.9x65.9x2.8x
Mon, 01 Jun 2026€79.9b€25.6b€1.1b21.8x74.4x3.1x
Wed, 29 Apr 2026€61.5b€25.6b€1.0b22.2x59.4x2.4x
Fri, 27 Mar 2026€49.0b€25.5b€884.0m23x55.4x1.9x
Sun, 22 Feb 2026€44.8b€25.4b€890.8m25.2x50.3x1.8x
Tue, 20 Jan 2026€41.0b€26.3b€905.7m24.5x45.3x1.6x
Thu, 18 Dec 2025€38.4b€26.3b€905.7m24.5x42.4x1.5x
Sat, 15 Nov 2025€40.3b€26.3b€912.7m24.2x44.1x1.5x
Mon, 13 Oct 2025€33.1b€25.7b€959.1m24.7x34.5x1.3x
Wed, 10 Sep 2025€29.7b€25.7b€964.3m25x30.8x1.2x
Fri, 08 Aug 2025€27.5b€25.7b€974.7m24.4x28.3x1.1x
Sun, 06 Jul 2025€32.8b€25.7b€1.4b26.3x24.1x1.3x
Tue, 03 Jun 2025€33.7b€25.7b€1.4b25.9x24.7x1.3x
Thu, 01 May 2025€32.2b€25.7b€1.4b22x23.7x1.3x
Sat, 29 Mar 2025€35.4b€25.8b€1.9b24.8x18.9x1.4x
Mon, 24 Feb 2025€35.4b€25.8b€1.9b21.6x18.9x1.4x
Wed, 22 Jan 2025€33.2b€26.4b€1.3b26.2x26.4x1.3x
Fri, 20 Dec 2024€31.5b€26.4b€1.3b24.7x25.1x1.2x
Sun, 17 Nov 2024€31.5b€26.4b€1.3b25x25.1x1.2x
Tue, 15 Oct 2024€31.1b€26.7b€1.3b23.9x24.7x1.2x
Thu, 12 Sep 2024€30.1b€26.8b€1.3b23.1x23.8x1.1x
Sat, 10 Aug 2024€28.5b€26.8b€1.3b20.7x22.7x1.1x
Mon, 08 Jul 2024€29.1b€27.8b€1.1b23.1x25.5x1x
Wed, 05 Jun 2024€29.4b€27.8b€1.1b23.7x25.8x1.1x
Fri, 03 May 2024€27.5b€27.8b€1.2b22x23.9x1x
Sun, 31 Mar 2024€27.2b€29.0b€1.0b19.4x27x0.9x
Tue, 27 Feb 2024€27.1b€29.0b€1.0b20.3x26.9x0.9x
Thu, 25 Jan 2024€27.0b€31.1b€4.2b16.9x6.4x0.9x
Sat, 23 Dec 2023€26.8b€31.1b€4.2b16.7x6.3x0.9x
Mon, 20 Nov 2023€27.3b€31.1b€4.2b17.3x6.5x0.9x
Wed, 18 Oct 2023€27.6b€32.4b€4.5b15.7x6.1x0.9x
Fri, 15 Sep 2023€30.1b€32.3b€4.5b17.5x6.7x0.9x
Sun, 13 Aug 2023€29.4b€32.3b€4.5b22.2x6.5x0.9x
Tue, 11 Jul 2023€32.0b€32.4b€4.7b23.4x6.8x1x
Price to Earnings Ratio

6.8x


Total Market Cap: €32.0bTotal Earnings: €4.7bTotal Revenue: €32.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Tech Sector Price to Earnings3Y Average 28.5x202420252026
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 63.9x which is higher than its 3-year average PE of 28.4x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have declined 38% per year over the last three years,
  • Revenues have also declined 7.4% 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 Market1.78%
Tech-1.85%
Software2.99%
Tech Hardware0%0
Semiconductors0%0
Electronic Equipment and Components-1.42%
Communications-1.92%
IT-5.73%
Industry PE
  • Investors are most optimistic about the Communications industry which is trading above its 3-year average PE ratio of 27.5x.
    • Analysts are expecting annual earnings growth of 25.3%, which is higher than its past year's earnings growth of 21.5% per year.
  • Investors are most pessimistic about the IT industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the IT industry, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings decline of 42% 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
BITTI Bittium Oyj€33.156.6%
+€72.8m		298.4%PE55.2x
VAIAS Vaisala Oyj€56.500.9%
+€18.1m		10.8%PE33.3x
FSECURE F-Secure Oyj€2.062.2%
+€7.9m		7.5%PE18.1x
ADMCM Admicom Oyj€26.906.1%
+€7.6m		-48.5%PE23.7x
ICP1V Incap Oyj€8.812.6%
+€6.5m		-21.3%PE18.5x

Latest News

NOKIA
€11.17
Nokia Oyj
7D
-1.9%
1Y
154.1%
DETEC
€8.30
Detection Technology Oyj
7D
-1.0%
1Y
-26.2%
Narrative Update • Jul 02

DETEC: Mid 2026 Sales Guidance Will Support A Higher Future P/E

The analyst price target for Detection Technology Oyj has been reduced from €12.75 to €10.96. Analysts cite updated assumptions for the discount rate, revenue growth, profit margin and future P/E as the main drivers of this change.
TIETO
€17.76
Tieto Oyj
7D
-7.1%
1Y
9.4%
BITTI
€33.15
Bittium Oyj
7D
6.6%
1Y
298.4%
Narrative Update • Jun 29

BITTI: Defence Orders And AI Partnership Will Support Balanced Long-Term Outlook

The analyst price target for Bittium Oyj has been updated from €14.50 to €31.00, with analysts pointing to revised assumptions for the discount rate, revenue growth, profit margin, and future P/E as the key drivers behind this shift. What’s in the News for Bittium Oyj Bittium received several purchase orders from the Finnish Defence Forces for 2026, including approximately €5 million for system support of Tough SDR radios and TAC WIN, and about €2.4 million for TAC WIN and Tough VoIP devices, under a Partnership Agreement covering 2025 to 2036.
SAVOX
€11.28
Savox Communications Oyj
7D
2.4%
1Y
n/a
LEMON
€4.70
Lemonsoft Oyj
7D
-6.0%
1Y
-34.5%
Narrative Update • Jun 26

LEMON: Tender Offer Discount Will Support Future Upside Potential

Analysts have trimmed their fair value estimate for Lemonsoft Oyj from €7.20 to €6.00, pointing to updated assumptions for revenue growth, profit margins, discount rate and future P/E as the key drivers of this change. What's in the News for Lemonsoft Oyj Rite Internet Ventures Holding AB and Bird Cherry Holding Ab have proposed acquiring an additional 49.44% stake in Lemonsoft Oyj for €41.1 million, offering €4.67 per share in cash.
ADMCM
€26.90
Admicom Oyj
7D
6.1%
1Y
-48.5%
Narrative Update • Jun 26

ADMCM: Share Buybacks And Option Plan Will Support Long-Term Upside Potential

The analyst price target for Admicom Oyj has been reset from €56.75 to €42.68. Analysts point to updated assumptions for revenue growth, profit margins, discount rate and future P/E as the key reasons for the change.
SIILI
€2.67
Siili Solutions Oyj
7D
10.3%
1Y
-57.8%
Narrative Update • Jun 26

SIILI: Leadership Transition And Dividend Policy Will Support Future Upside Potential

Analysts have reduced their price target for Siili Solutions Oyj from €5.20 to €3.40, citing updated assumptions that include a higher discount rate, lower revenue growth expectations, reduced profit margin forecasts, and a higher future P/E multiple. What's in the News for Siili Solutions Oyj Siili Solutions Oyj announced that CEO Tomi Pienimäki will leave his position, and the Board of Directors has appointed Markku Savusalo, previously VP of the Digital Engineering business line, as interim CEO.
TEM1V
€5.67
Tecnotree Oyj
7D
-0.9%
1Y
28.9%
Narrative Update • Jun 26

TEM1V: Future Telco Contracts And Costa Rica Rollout Will Frame Balanced Outlook

Analysts have lifted their fair value estimate for Tecnotree Oyj from €4.50 to €5.70, citing updated assumptions around the discount rate, expected revenue growth, profit margins, and a higher future P/E multiple. What’s in the News for Tecnotree Oyj Superintendence Of Telecommunications in Costa Rica advanced the modernization of the country’s Mobile Prepaid Registration System using a Tecnotree Oyj platform that incorporates identity verification, biometric authentication, and fraud prevention tools, aimed at strengthening regulatory compliance and user protection.
VAIAS
€56.50
Vaisala Oyj
7D
0.9%
1Y
10.8%
Narrative Update • Jun 26

VAIAS: AI Forecasting Acquisition And 2026 Outlook Will Shape Balanced Upside

Analysts have raised their price target for Vaisala Oyj from €52.20 to €57.20, citing updated assumptions for revenue growth, profit margins and future P/E, which result in a slightly higher discount rate and a higher fair value estimate. What's in the News for Vaisala Oyj Vaisala Oyj has agreed to acquire Atmo, Inc., a San Francisco based AI weather forecasting company, bringing AI driven forecasting technology in-house.
SCANFL
€12.00
Scanfil Oyj
7D
-8.7%
1Y
24.1%
Narrative Update • Jun 25

SCANFL: Expansion Plans And Dividend Payout Will Likely Cap Future Upside

Analysts have nudged their fair value estimate for Scanfil Oyj higher from about €11.77 to roughly €12.17, reflecting updated views on its discount rate, revenue, profit margin and future P/E assumptions. What’s in the News for Scanfil Oyj Scanfil Oyj is pursuing expansion through a mix of acquisitions and organic growth, with a clear focus on aerospace, defense and MedTech sectors, according to recent news reports.
GOFORE
€9.85
Gofore Oyj
7D
-1.5%
1Y
-47.9%
Narrative Update • Jun 24

GOFORE: Stable Earnings And Slightly Higher P E Multiple Will Support Upside

Analysts have kept their €15.0 price target for Gofore Oyj unchanged, with only small adjustments to inputs such as the discount rate and future P/E assumptions feeding into their valuation work. What’s in the News for Gofore Oyj No recent news items have been provided for Gofore Oyj in the primary news source.
ICP1V
€8.81
Incap Oyj
7D
2.6%
1Y
-21.3%
CANATU
€7.67
Canatu Oyj
7D
-3.8%
1Y
-18.8%
FSECURE
€2.06
F-Secure Oyj
7D
2.2%
1Y
7.5%
DIGIA
€5.96
Digia Oyj
7D
2.8%
1Y
-23.2%