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Finnish (OMX) Software Industry Analysis

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies13
  • 7D9.6%
  • 3M4.4%
  • 1Y-17.9%
  • YTD-7.0%

The Software industry is up 9.6% in the last week, with Bittium Oyj up 19%. In contrast, the industry has lost 18% in the last 12 months. 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, 18 Mar 2026€2.7b€968.1m€90.0m18x30.5x2.8x
Fri, 13 Feb 2026€2.7b€907.8m€67.0m20x40.3x3x
Sun, 11 Jan 2026€3.3b€1.0b€54.9m25.7x60.6x3.2x
Tue, 09 Dec 2025€2.9b€1.0b€54.9m24.8x52x2.8x
Thu, 06 Nov 2025€2.9b€1.0b€61.2m28.2x47.1x2.8x
Sat, 04 Oct 2025€3.1b€1.0b€63.4m28.8x49.5x3x
Mon, 01 Sep 2025€2.9b€1.0b€63.6m29.1x45.4x2.8x
Wed, 30 Jul 2025€3.1b€1.0b€72.3m38.8x42.7x3x
Fri, 27 Jun 2025€2.9b€1.0b€75.0m34.6x38.4x2.8x
Sun, 25 May 2025€2.9b€1.0b€75.0m29.7x38.3x2.8x
Tue, 22 Apr 2025€3.2b€1.1b€78.9m38.3x40.5x2.9x
Thu, 20 Mar 2025€3.5b€1.1b€79.3m42.2x44.6x3.2x
Sat, 15 Feb 2025€3.7b€1.1b€76.9m30.9x47.8x3.3x
Mon, 13 Jan 2025€3.2b€1.1b€40.8m35.2x77.5x2.8x
Wed, 11 Dec 2024€3.2b€1.1b€40.8m35.5x78.9x2.8x
Fri, 08 Nov 2024€3.1b€1.1b€39.2m29.3x80.3x2.8x
Sun, 06 Oct 2024€3.8b€1.1b€40.7m29.2x94.1x3.4x
Tue, 03 Sep 2024€4.0b€1.1b€41.4m27.1x96x3.5x
Thu, 01 Aug 2024€3.8b€1.1b€32.1m27x117.5x3.3x
Sat, 29 Jun 2024€3.6b€1.1b€30.6m23.5x118.3x3.2x
Mon, 27 May 2024€3.8b€1.1b€27.4m23.1x138.6x3.3x
Wed, 24 Apr 2024€3.4b€1.1b€22.6m20.5x148.7x3x
Fri, 22 Mar 2024€3.4b€1.1b€21.9m21x154x3x
Sun, 18 Feb 2024€3.5b€1.1b€27.7m22.7x126.9x3.1x
Tue, 16 Jan 2024€3.8b€1.3b€13.6m13.8x278.4x2.9x
Thu, 14 Dec 2023€3.6b€1.3b€13.6m12.5x265.3x2.8x
Sat, 11 Nov 2023€3.5b€1.3b€16.9m11.4x208.2x2.7x
Mon, 09 Oct 2023€3.2b€1.3b€20.4m18.3x157.4x2.5x
Wed, 06 Sep 2023€3.6b€1.3b€21.4m18.6x167.6x2.8x
Fri, 04 Aug 2023€3.7b€1.3b€26.9m23.8x139.2x2.9x
Sun, 02 Jul 2023€4.2b€1.2b€21.2m24.7x198.6x3.4x
Tue, 30 May 2023€4.5b€1.2b€23.7m25.7x191x3.6x
Thu, 27 Apr 2023€4.4b€1.2b€24.7m28.5x177.4x3.5x
Sat, 25 Mar 2023€4.1b€1.2b€21.8m26.9x188.4x3.3x
Price to Earnings Ratio

188.4x


Total Market Cap: €4.1bTotal Earnings: €21.8mTotal Revenue: €1.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Software Industry Price to Earnings3Y Average 113.3x202420252026
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 30.5x 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 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 Market2.38%
Tech9.42%
Software9.62%
Systems Software11.58%
Application Software4.69%
Industry PE
  • Investors are most optimistic about the Systems Software industry even though it's trading below its 3-year average PE ratio of 103x.
    • Analysts are expecting annual earnings growth of 25.9%, 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 70.4x.
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€35.4019.0%
+€200.7m		315.5%PE59x
QTCOM Qt Group Oyj€20.587.1%
+€34.5m		-74.3%PE16.4x
FSECURE F-Secure Oyj€1.723.6%
+€10.5m		7.1%PE13.4x
WITH WithSecure Oyj€1.720.2%
+€698.8k		102.4%PS2.5x
SOLTEQ Solteq Oyj€0.415.9%
+€446.1k		-43.3%PS0.2x

Latest News

ADMCM
€32.35
Admicom Oyj
7D
-2.4%
1Y
-39.3%
BITTI
€35.40
Bittium Oyj
7D
19.0%
1Y
315.5%
LEMON
€5.00
Lemonsoft Oyj
7D
0.4%
1Y
-13.0%
EASOR
€0.62
Easor Oyj
7D
-2.2%
1Y
n/a
QTCOM
€20.58
Qt Group Oyj
7D
7.1%
1Y
-74.3%

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.
LEADD
€4.95
LeadDesk Oyj
7D
-1.0%
1Y
-22.4%

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.
TEM1V
€5.56
Tecnotree Oyj
7D
-0.2%
1Y
58.0%
VINCIT
€1.25
Vincit Oyj
7D
-0.4%
1Y
-37.4%
FSECURE
€1.72
F-Secure Oyj
7D
3.6%
1Y
7.1%
QPR1V
€0.57
QPR Software Oyj
7D
-2.7%
1Y
-46.0%
SOLTEQ
€0.41
Solteq Oyj
7D
5.9%
1Y
-43.3%
WITH
€1.72
WithSecure Oyj
7D
0.2%
1Y
102.4%