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Finnish (OMX) Software Industry Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies13
  • 7D0.3%
  • 3M-6.6%
  • 1Y-19.2%
  • YTD-9.6%

Over the last 7 days, the Software industry has remained flat, although notably Bittium Oyj gained 3.0%. As for the longer term, the industry has declined 19% 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
Fri, 27 Mar 2026€2.7b€968.1m€90.0m17.4x29.6x2.8x
Sun, 22 Feb 2026€2.6b€935.0m€97.1m25.5x27.2x2.8x
Tue, 20 Jan 2026€3.5b€1.0b€54.9m23.6x63.5x3.4x
Thu, 18 Dec 2025€2.9b€1.0b€54.9m24.5x52.4x2.8x
Sat, 15 Nov 2025€2.8b€1.0b€61.2m24.3x46.6x2.8x
Mon, 13 Oct 2025€3.0b€1.0b€63.4m29.7x47.2x2.9x
Wed, 10 Sep 2025€2.9b€1.0b€63.4m29.6x46.2x2.8x
Fri, 08 Aug 2025€2.7b€1.0b€64.7m38.9x41.9x2.6x
Sun, 06 Jul 2025€3.1b€1.0b€75.0m34.7x41.1x3x
Tue, 03 Jun 2025€2.9b€1.0b€75.0m32.2x39x2.8x
Thu, 01 May 2025€2.9b€1.0b€75.2m29.9x38.2x2.8x
Sat, 29 Mar 2025€3.4b€1.1b€79.3m37.1x43.2x3.1x
Mon, 24 Feb 2025€3.7b€1.1b€84.8m28.8x43.5x3.3x
Wed, 22 Jan 2025€3.3b€1.1b€40.8m34.1x81.8x2.9x
Fri, 20 Dec 2024€3.1b€1.1b€40.8m36.3x74.8x2.7x
Sun, 17 Nov 2024€3.1b€1.1b€39.2m25.5x79.6x2.8x
Tue, 15 Oct 2024€3.7b€1.1b€37.7m32.4x98.1x3.5x
Thu, 12 Sep 2024€3.7b€1.1b€41.4m28.5x90.2x3.3x
Sat, 10 Aug 2024€3.9b€1.2b€37.5m27.9x104x3.4x
Mon, 08 Jul 2024€3.6b€1.1b€30.6m23.3x119.2x3.2x
Wed, 05 Jun 2024€3.7b€1.1b€27.4m23.5x136.8x3.3x
Fri, 03 May 2024€3.4b€1.1b€27.4m20.8x125.3x3x
Sun, 31 Mar 2024€3.5b€1.1b€21.9m20.3x158.2x3.1x
Tue, 27 Feb 2024€3.5b€1.1b€20.9m24.9x166.1x3.1x
Thu, 25 Jan 2024€3.9b€1.3b€12.8m13.5x301.4x3x
Sat, 23 Dec 2023€3.8b€1.3b€13.6m13.5x280.9x2.9x
Mon, 20 Nov 2023€3.6b€1.3b€16.9m11.5x211.1x2.8x
Wed, 18 Oct 2023€3.2b€1.3b€20.4m17.7x154.2x2.5x
Fri, 15 Sep 2023€3.4b€1.3b€21.4m16.9x158.7x2.7x
Sun, 13 Aug 2023€3.7b€1.3b€22.7m23.1x161.4x2.9x
Tue, 11 Jul 2023€4.0b€1.2b€21.2m23.7x189x3.2x
Thu, 08 Jun 2023€4.5b€1.2b€21.2m25.4x210.6x3.6x
Sat, 06 May 2023€4.6b€1.2b€23.7m28.2x192.5x3.7x
Mon, 03 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 112x202420252026
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 29.6x which is lower than its 3-year average PE of 112x.
  • 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 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-1.52%
Tech1.35%
Software0.29%
Systems Software0.58%
Application Software-0.51%
Industry PE
  • Investors are most optimistic about the Systems Software industry even though it's trading below its 3-year average PE ratio of 100x.
    • Analysts are expecting annual earnings growth of 25.7%, 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 69.3x.
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
BITTI Bittium Oyj€35.603.0%
+€37.3m		336.3%PE59.4x
EASOR Easor Oyj€0.7116.6%
+€4.6m		n/aPE9.6x
LEMON Lemonsoft Oyj€5.021.6%
+€1.4m		-10.4%PE19.7x
WITH WithSecure Oyj€1.720.2%
+€698.8k		102.4%PS2.5x
QPR1V QPR Software Oyj€0.573.3%
+€353.9k		-41.9%PS2x

Latest News

LEMON
€5.02
Lemonsoft Oyj
7D
1.6%
1Y
-10.4%
FSECURE
€1.66
F-Secure Oyj
7D
-2.7%
1Y
-4.7%
VINCIT
€1.22
Vincit Oyj
7D
-2.0%
1Y
-32.2%
QTCOM
€18.98
Qt Group Oyj
7D
-0.3%
1Y
-75.9%

QTCOM: Execution On Long Term Roadmap Will Support Recalibrated Upside

Analysts have trimmed their 12 month price target on Qt Group Oyj by €0.01 to €29.25, citing a slightly higher discount rate and modestly adjusted long term assumptions following recent bearish Street research, including a downgrade from Danske Bank. Analyst Commentary Analysts are responding to the recent downgrade and slightly higher discount rate by sharpening their focus on both upside potential and execution risks around Qt Group Oyj.
LOIHDE
€12.35
Loihde Oyj
7D
-2.8%
1Y
-1.2%
LEADD
€4.57
LeadDesk Oyj
7D
-9.7%
1Y
-27.5%

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
€35.60
Bittium Oyj
7D
3.0%
1Y
336.3%

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.
SSH1V
€2.02
SSH Communications Security Oyj
7D
-4.3%
1Y
80.4%

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
€28.25
Admicom Oyj
7D
-8.1%
1Y
-47.0%
EASOR
€0.71
Easor Oyj
7D
16.6%
1Y
n/a
TEM1V
€5.37
Tecnotree Oyj
7D
-2.9%
1Y
68.5%
QPR1V
€0.57
QPR Software Oyj
7D
3.3%
1Y
-41.9%
WITH
€1.72
WithSecure Oyj
7D
0.2%
1Y
102.4%