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Finnish (OMX) Software Industry Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies13
  • 7D-5.6%
  • 3M-9.3%
  • 1Y-22.1%
  • YTD-12.2%

Over the last 7 days, the Software industry has dropped 5.6%, driven by declines in Bittium Oyj and Qt Group Oyj of 5.2% and 11%, respectively. On the other hand Easor Oyj is actually up 11%. The industry has fallen 22% in the last year. As for the next few years, earnings are expected to grow by 24% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026€2.6b€968.1m€90.0m16.9x28.8x2.7x
Fri, 20 Feb 2026€2.9b€907.9m€78.9m25.8x36.5x3.2x
Sun, 18 Jan 2026€3.5b€1.0b€54.9m23.8x63.2x3.4x
Tue, 16 Dec 2025€2.9b€1.0b€54.9m25.3x52.6x2.8x
Thu, 13 Nov 2025€2.8b€1.0b€61.2m24.3x46.5x2.8x
Sat, 11 Oct 2025€3.0b€1.0b€63.4m29.7x47.2x2.9x
Mon, 08 Sep 2025€2.9b€1.0b€63.4m30.4x45.3x2.8x
Wed, 06 Aug 2025€3.0b€1.0b€69.7m38.8x43.5x2.9x
Fri, 04 Jul 2025€3.0b€1.0b€75.0m34.4x39.9x2.9x
Sun, 01 Jun 2025€3.0b€1.0b€75.0m32x39.6x2.8x
Tue, 29 Apr 2025€2.9b€1.1b€75.5m37.3x39.1x2.6x
Thu, 27 Mar 2025€3.5b€1.1b€79.3m39.4x43.8x3.1x
Sat, 22 Feb 2025€3.7b€1.1b€84.8m28.8x43.5x3.3x
Mon, 20 Jan 2025€3.4b€1.1b€40.8m34.2x82.6x3x
Wed, 18 Dec 2024€3.1b€1.1b€40.8m36x76.6x2.8x
Fri, 15 Nov 2024€3.1b€1.1b€39.2m26.3x80x2.8x
Sun, 13 Oct 2024€3.7b€1.1b€37.7m32.4x98.1x3.5x
Tue, 10 Sep 2024€3.8b€1.1b€41.4m28.7x91x3.3x
Thu, 08 Aug 2024€3.6b€1.1b€32.3m26.4x112.2x3.2x
Sat, 06 Jul 2024€3.6b€1.1b€30.6m23.3x119.2x3.2x
Mon, 03 Jun 2024€3.7b€1.1b€27.4m23.4x136.1x3.3x
Wed, 01 May 2024€3.4b€1.1b€27.4m21.5x125x3x
Fri, 29 Mar 2024€3.5b€1.1b€21.9m20.3x158.2x3.1x
Sun, 25 Feb 2024€3.5b€1.1b€22.3m25.1x156x3.1x
Tue, 23 Jan 2024€3.8b€1.3b€12.8m13.5x299.3x2.9x
Thu, 21 Dec 2023€3.7b€1.3b€13.6m13.2x275.4x2.9x
Sat, 18 Nov 2023€3.6b€1.3b€16.9m11.5x211.1x2.8x
Mon, 16 Oct 2023€3.2b€1.3b€20.4m17.6x154.8x2.5x
Wed, 13 Sep 2023€3.4b€1.3b€21.4m16.9x158.4x2.7x
Fri, 11 Aug 2023€3.7b€1.3b€24.0m22.8x154.2x2.9x
Sun, 09 Jul 2023€4.0b€1.2b€21.2m23.9x189.3x3.2x
Tue, 06 Jun 2023€4.4b€1.2b€21.2m25.2x208.1x3.6x
Thu, 04 May 2023€4.6b€1.2b€24.2m29x189.9x3.7x
Sat, 01 Apr 2023€4.3b€1.2b€21.8m29.2x196.7x3.5x
Price to Earnings Ratio

196.7x


Total Market Cap: €4.3bTotal Earnings: €21.8mTotal Revenue: €1.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Software Industry Price to Earnings3Y Average 112.2x202420252026
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 28.8x which is lower than its 3-year average PE of 112x.
  • 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 60% 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-4.18%
Tech-5.45%
Software-5.65%
Systems Software-4.97%
Application Software-7.46%
Industry PE
  • Investors are most optimistic about the Systems Software industry even though it's trading below its 3-year average PE ratio of 101x.
    • 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 69.5x.
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 19% 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
EASOR Easor Oyj€0.6911.1%
+€3.1m		n/aPE9.3x
WITH WithSecure Oyj€1.720.2%
+€698.8k		102.4%PS2.5x

Latest News

LEADD
€4.75
LeadDesk Oyj
7D
-4.0%
1Y
-27.1%

LEADD: Higher Future P/E Will Support Upside With Stable Profitability

Analysts have maintained their €6.80 price target for LeadDesk Oyj, citing slightly updated assumptions around discount rates, revenue growth, profit margins, and a higher future P/E of 174.35x as the key factors behind the unchanged outlook. Valuation Changes Fair Value: €6.80 remains unchanged, indicating no adjustment to the overall equity value estimate.
BITTI
€33.55
Bittium Oyj
7D
-5.2%
1Y
314.2%

BITTI: Defence Agreements And 2026 Guidance Will Support But Not Fully Justify High P/E

Analysts have maintained their price target for Bittium Oyj at approximately €31.73. They cite stable assumptions for fair value, revenue growth, profit margins and future P/E, with only minor adjustments to the discount rate and long-term expectations.
FSECURE
€1.66
F-Secure Oyj
7D
-3.1%
1Y
-3.4%
SSH1V
€2.08
SSH Communications Security Oyj
7D
-5.0%
1Y
85.7%

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
€29.20
Admicom Oyj
7D
-9.7%
1Y
-44.9%
LEMON
€4.87
Lemonsoft Oyj
7D
-2.6%
1Y
-13.8%
EASOR
€0.69
Easor Oyj
7D
11.1%
1Y
n/a
QTCOM
€18.38
Qt Group Oyj
7D
-10.7%
1Y
-76.9%

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.
TEM1V
€5.53
Tecnotree Oyj
7D
-0.5%
1Y
65.1%
WITH
€1.72
WithSecure Oyj
7D
0.2%
1Y
102.4%