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Finnish (OMX) Software Industry Analysis

UpdatedMar 12, 2026
DataAggregated Company Financials
Companies13
  • 7D4.0%
  • 3M-4.6%
  • 1Y-21.6%
  • YTD-13.9%

The Software industry is up 4.0% in the last week, with Bittium Oyj up 10.0%. During this same period, the SSH Communications Security Oyj underperformed, falling 6.5%. However, the industry is down 22% over the past year. Looking forward, earnings are forecast to grow by 24% annually.

Industry Valuation and Performance

Has the Finnish Software Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 12 Mar 2026€2.5b€948.3m€86.6m19.6x29.3x2.7x
Sat, 07 Feb 2026€3.0b€909.1m€65.2m20.1x46x3.3x
Mon, 05 Jan 2026€3.2b€1.0b€54.9m25.1x58.1x3.1x
Wed, 03 Dec 2025€2.8b€1.0b€61.2m24.4x46x2.7x
Fri, 31 Oct 2025€2.9b€1.0b€60.8m29.8x47x2.8x
Sun, 28 Sep 2025€3.0b€1.0b€63.4m29x47.4x2.9x
Tue, 26 Aug 2025€2.9b€1.0b€63.6m30.7x46.3x2.9x
Thu, 24 Jul 2025€3.1b€1.0b€72.3m39.2x42.9x3x
Sat, 21 Jun 2025€2.9b€1.0b€75.0m34.1x38.3x2.8x
Mon, 19 May 2025€3.0b€1.0b€75.0m31x39.7x2.9x
Wed, 16 Apr 2025€3.2b€1.1b€78.9m38.2x40.8x2.9x
Fri, 14 Mar 2025€3.4b€1.1b€79.3m38.4x43.2x3.1x
Sun, 09 Feb 2025€3.5b€1.1b€41.1m34.8x84x3x
Tue, 07 Jan 2025€3.1b€1.1b€40.8m36.7x76.6x2.8x
Thu, 05 Dec 2024€3.2b€1.1b€41.4m34.1x77.6x2.8x
Sat, 02 Nov 2024€3.1b€1.1b€39.1m28.2x80.4x2.8x
Mon, 30 Sep 2024€3.8b€1.1b€40.7m29.2x94.4x3.4x
Wed, 28 Aug 2024€3.9b€1.1b€39.0m26.4x101x3.5x
Fri, 26 Jul 2024€3.7b€1.1b€32.1m25.9x115.8x3.3x
Sun, 23 Jun 2024€3.7b€1.1b€30.6m21.8x121.2x3.3x
Tue, 21 May 2024€3.8b€1.1b€27.4m21.4x137.5x3.3x
Thu, 18 Apr 2024€3.4b€1.1b€21.9m20.2x154.1x3x
Sat, 16 Mar 2024€3.5b€1.1b€21.9m21.8x158.6x3.1x
Mon, 12 Feb 2024€3.3b€1.1b€31.1m24.5x105.3x2.9x
Wed, 10 Jan 2024€3.8b€1.3b€13.6m13.8x280.5x2.9x
Fri, 08 Dec 2023€3.6b€1.3b€13.6m12.6x263.3x2.7x
Sun, 05 Nov 2023€3.5b€1.3b€16.9m11.9x204.6x2.7x
Tue, 03 Oct 2023€3.3b€1.3b€20.4m17.5x161x2.6x
Thu, 31 Aug 2023€3.6b€1.3b€26.4m22.4x137.5x2.9x
Sat, 29 Jul 2023€4.1b€1.2b€30.6m23.6x133.9x3.3x
Mon, 26 Jun 2023€4.3b€1.2b€21.2m24.8x203.6x3.5x
Wed, 24 May 2023€4.6b€1.2b€23.7m26.9x193.3x3.7x
Fri, 21 Apr 2023€4.3b€1.2b€24.5m29.1x175.6x3.5x
Sun, 19 Mar 2023€4.2b€1.2b€21.9m27.5x192.5x3.4x
Price to Earnings Ratio

192.5x


Total Market Cap: €4.2bTotal Earnings: €21.9mTotal Revenue: €1.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Software Industry Price to Earnings3Y Average 114.2x202420252026
Current Industry PE
  • Investors are pessimistic on the Finnish Software industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 29.3x which is lower than its 3-year average PE of 114x.
  • The 3-year average PS ratio of 3.0x is higher than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Software industry have grown 58% per year over the last three years.
  • Meanwhile revenues for these companies have declined 8.3% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

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

FI Market-1.13%
Tech-2.22%
Software3.97%
Systems Software6.73%
Application Software-2.39%
Industry PE
  • Investors are most optimistic about the Systems Software industry even though it's trading below its 3-year average PE ratio of 104x.
    • Analysts are expecting annual earnings growth of 25.8%, which is higher than its past year's earnings growth of 7.8% per year.
  • Investors are most pessimistic about the Application Software industry, which is trading below its 3-year average of 71.2x.
Forecasted Growth
  • Analysts are most optimistic on the Systems Software industry, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings growth rate of 7.8% per year.
  • In contrast, the Application Software industry is expected to see its earnings grow by 20% 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€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
ADMCM Admicom Oyj€32.801.2%
+€1.4m		-32.6%PE30.8x
WITH WithSecure Oyj€1.720.2%
+€698.8k		102.4%PS2.5x

Latest News

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%
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.
BITTI
€31.60
Bittium Oyj
7D
18.6%
1Y
300.0%

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

Analysts have kept their €31.73 price target for Bittium Oyj unchanged. They cite largely stable assumptions on fair value, discount rate, revenue growth, profit margin and future P/E as the basis for maintaining their view.
TEM1V
€5.51
Tecnotree Oyj
7D
-1.4%
1Y
59.2%
LEMON
€5.00
Lemonsoft Oyj
7D
6.4%
1Y
-12.3%
VINCIT
€1.25
Vincit Oyj
7D
-3.8%
1Y
-33.2%
FSECURE
€1.73
F-Secure Oyj
7D
7.6%
1Y
8.0%
LOIHDE
€12.70
Loihde Oyj
7D
0.4%
1Y
4.1%
QPR1V
€0.55
QPR Software Oyj
7D
-1.1%
1Y
-47.9%
SOLTEQ
€0.40
Solteq Oyj
7D
5.2%
1Y
-31.9%
WITH
€1.72
WithSecure Oyj
7D
0.2%
1Y
102.4%