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Finnish (OMX) Software Industry Analysis

UpdatedMar 21, 2026
DataAggregated Company Financials
Companies13
  • 7D0.03%
  • 3M-4.9%
  • 1Y-20.5%
  • YTD-10.4%

The Software is pretty flat in the last 7 days, but Bittium Oyj has stood out, gaining 4.2%. Unfortunately though, the industry is down 20% over the past 12 months. 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
Sat, 21 Mar 2026€2.6b€968.1m€90.0m17.1x29.4x2.7x
Mon, 16 Feb 2026€2.7b€909.3m€76.6m25.4x35.9x3x
Wed, 14 Jan 2026€3.5b€1.0b€54.9m24.6x63.8x3.4x
Fri, 12 Dec 2025€2.9b€1.0b€54.9m25.1x52.9x2.8x
Sun, 09 Nov 2025€2.9b€1.0b€61.2m28.4x46.8x2.8x
Tue, 07 Oct 2025€3.1b€1.0b€63.4m28.8x49x3x
Thu, 04 Sep 2025€2.9b€1.0b€63.4m30.4x45.1x2.8x
Sat, 02 Aug 2025€3.0b€1.0b€72.3m38x41.9x2.9x
Mon, 30 Jun 2025€2.9b€1.0b€75.0m34.6x39.3x2.8x
Wed, 28 May 2025€3.0b€1.0b€75.0m31.4x39.9x2.9x
Fri, 25 Apr 2025€2.9b€1.1b€78.9m38.3x37.1x2.6x
Sun, 23 Mar 2025€3.5b€1.1b€79.3m41.3x44.2x3.1x
Tue, 18 Feb 2025€3.7b€1.1b€79.6m31.5x47.1x3.3x
Thu, 16 Jan 2025€3.3b€1.1b€40.8m36.4x79.7x2.9x
Sat, 14 Dec 2024€3.2b€1.1b€40.8m35.4x77.7x2.8x
Mon, 11 Nov 2024€3.1b€1.1b€39.2m29.6x79.3x2.7x
Wed, 09 Oct 2024€3.7b€1.1b€40.7m29.2x91.7x3.3x
Fri, 06 Sep 2024€3.8b€1.1b€41.4m29x92.1x3.4x
Sun, 04 Aug 2024€3.6b€1.1b€32.3m27x112.1x3.2x
Tue, 02 Jul 2024€3.7b€1.1b€30.6m22.9x120.1x3.2x
Thu, 30 May 2024€3.7b€1.1b€27.4m22.7x135.4x3.3x
Sat, 27 Apr 2024€3.5b€1.1b€31.1m20.7x111.1x3x
Mon, 25 Mar 2024€3.4b€1.1b€21.9m20.7x154.2x3x
Wed, 21 Feb 2024€3.5b€1.1b€27.7m23.1x126.3x3.1x
Fri, 19 Jan 2024€3.8b€1.3b€13.6m13.4x282.2x2.9x
Sun, 17 Dec 2023€3.7b€1.3b€13.6m13.2x275.7x2.9x
Tue, 14 Nov 2023€3.5b€1.3b€16.9m11.5x207.6x2.7x
Thu, 12 Oct 2023€3.2b€1.3b€20.4m18.2x157.7x2.5x
Sat, 09 Sep 2023€3.5b€1.3b€21.4m17.9x163.3x2.7x
Mon, 07 Aug 2023€3.8b€1.3b€23.9m22.8x158.2x3x
Wed, 05 Jul 2023€4.1b€1.2b€21.2m24.9x194.2x3.3x
Fri, 02 Jun 2023€4.5b€1.2b€23.7m25.7x191.2x3.6x
Sun, 30 Apr 2023€4.5b€1.2b€24.2m27.8x185.2x3.6x
Tue, 28 Mar 2023€4.2b€1.2b€23.7m28.1x175.5x3.4x
Price to Earnings Ratio

175.5x


Total Market Cap: €4.2bTotal Earnings: €23.7mTotal Revenue: €1.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Software Industry Price to Earnings3Y Average 112.8x202420252026
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 29.4x which is lower than its 3-year average PE of 113x.
  • The industry is trading close to its 3-year average PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Software industry have grown 56% per year over the last three years.
  • Meanwhile revenues for these companies have declined 7.6% 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-1.98%
Tech-3.52%
Software0.026%
Systems Software1.81%
Application Software-4.62%
Industry PE
  • Investors are most optimistic about the Systems Software industry even though it's trading below its 3-year average PE ratio of 102x.
    • 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 70.0x.
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€34.504.2%
+€49.7m		305.9%PE57.5x
FSECURE F-Secure Oyj€1.700.5%
+€1.4m		4.9%PE13.3x
LEADD LeadDesk Oyj€5.003.5%
+€989.6k		-24.2%PS0.7x
QPR1V QPR Software Oyj€0.587.0%
+€747.1k		-45.1%PS2x
WITH WithSecure Oyj€1.720.2%
+€698.8k		102.4%PS2.5x

Latest News

FSECURE
€1.70
F-Secure Oyj
7D
0.5%
1Y
4.9%
SSH1V
€2.10
SSH Communications Security Oyj
7D
-2.3%
1Y
85.0%

Future Data Sovereignty And Quantum Security Trends Will Support Gradual Earnings Recovery

Catalysts About SSH Communications Security Oyj SSH Communications Security Oyj provides cybersecurity solutions focused on privileged access management, network encryption and secure communications for enterprises and public sector customers. What are the underlying business or industry changes driving this perspective?
ADMCM
€30.00
Admicom Oyj
7D
-7.0%
1Y
-44.2%
BITTI
€34.50
Bittium Oyj
7D
4.2%
1Y
305.9%
LEMON
€4.90
Lemonsoft Oyj
7D
-2.0%
1Y
-14.0%
EASOR
€0.62
Easor Oyj
7D
-0.8%
1Y
n/a
QTCOM
€18.70
Qt Group Oyj
7D
-7.0%
1Y
-76.5%

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.
LEADD
€5.00
LeadDesk Oyj
7D
3.5%
1Y
-24.2%

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.
TEM1V
€5.50
Tecnotree Oyj
7D
-0.2%
1Y
60.0%
VINCIT
€1.26
Vincit Oyj
7D
2.0%
1Y
-34.0%
LOIHDE
€12.55
Loihde Oyj
7D
-1.2%
1Y
1.6%
QPR1V
€0.58
QPR Software Oyj
7D
7.0%
1Y
-45.1%
WITH
€1.72
WithSecure Oyj
7D
0.2%
1Y
102.4%