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Finnish (OMX) Software Industry Analysis

UpdatedApr 11, 2026
DataAggregated Company Financials
Companies13
  • 7D-2.2%
  • 3M-10.9%
  • 1Y-5.9%
  • YTD-6.8%

Last week, the Software industry hasn't moved much but Loihde Oyj is up 8.7% in that time. As for the longer term, the industry has declined 5.8% in the last year. As for the next few years, earnings are expected to grow by 22% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 11 Apr 2026€2.7b€968.1m€90.1m17.2x30.5x2.8x
Mon, 09 Mar 2026€2.5b€948.4m€88.0m19.2x28x2.6x
Wed, 04 Feb 2026€3.0b€909.1m€65.2m20.6x46.8x3.4x
Fri, 02 Jan 2026€3.3b€1.0b€54.9m24.6x59.4x3.2x
Sun, 30 Nov 2025€2.8b€1.0b€61.2m25x46.1x2.7x
Tue, 28 Oct 2025€2.9b€1.0b€62.9m28.9x46.2x2.8x
Thu, 25 Sep 2025€3.0b€1.0b€63.4m30.1x47.6x2.9x
Sat, 23 Aug 2025€3.0b€1.0b€63.6m30.8x46.4x2.9x
Mon, 21 Jul 2025€3.1b€1.0b€72.7m38.8x43.1x3x
Wed, 18 Jun 2025€2.9b€1.0b€75.0m33.3x38.7x2.8x
Fri, 16 May 2025€3.0b€1.0b€75.0m30.2x39.7x2.9x
Sun, 13 Apr 2025€3.1b€1.1b€78.9m37x39.3x2.8x
Tue, 11 Mar 2025€3.5b€1.1b€79.3m39.2x44x3.1x
Thu, 06 Feb 2025€3.5b€1.1b€41.0m33.8x84.2x3x
Sat, 04 Jan 2025€3.1b€1.1b€40.8m36.8x76.6x2.8x
Mon, 02 Dec 2024€3.1b€1.1b€41.4m33x75.1x2.7x
Wed, 30 Oct 2024€3.6b€1.1b€39.1m29x92.7x3.2x
Fri, 27 Sep 2024€3.9b€1.1b€40.7m29.2x94.8x3.4x
Sun, 25 Aug 2024€4.0b€1.1b€39.0m26.1x101.4x3.5x
Tue, 23 Jul 2024€3.8b€1.1b€32.1m25.7x117.9x3.3x
Thu, 20 Jun 2024€3.7b€1.1b€30.6m22.2x121.5x3.3x
Sat, 18 May 2024€3.7b€1.1b€27.4m21.8x136.6x3.3x
Mon, 15 Apr 2024€3.5b€1.1b€21.9m20.5x159.1x3.1x
Wed, 13 Mar 2024€3.5b€1.1b€21.9m20.9x160.4x3.1x
Fri, 09 Feb 2024€3.2b€1.1b€33.8m24.1x94.8x2.8x
Sun, 07 Jan 2024€3.8b€1.3b€13.6m13.3x282.5x2.9x
Tue, 05 Dec 2023€3.5b€1.3b€13.6m12.4x261.2x2.7x
Thu, 02 Nov 2023€3.3b€1.3b€16.9m12.3x197.4x2.6x
Sat, 30 Sep 2023€3.3b€1.3b€21.4m16.1x154x2.6x
Mon, 28 Aug 2023€3.5b€1.3b€26.4m21.7x133.4x2.8x
Wed, 26 Jul 2023€4.1b€1.2b€30.6m23.7x132.4x3.3x
Fri, 23 Jun 2023€4.3b€1.2b€21.2m24.8x203.6x3.5x
Sun, 21 May 2023€4.6b€1.2b€23.7m27x195x3.7x
Tue, 18 Apr 2023€4.6b€1.2b€21.8m29.8x209.9x3.7x
Price to Earnings Ratio

209.9x


Total Market Cap: €4.6bTotal Earnings: €21.8mTotal Revenue: €1.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Software Industry Price to Earnings3Y Average 109.7x202420252026
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 31.0x which is lower than its 3-year average PE of 110x.
  • 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 61% 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 Market3.49%
Tech7.51%
Software-2.21%
Systems Software-2.04%
Application Software-2.72%
Industry PE
  • Investors are most optimistic about the Systems Software industry even though it's trading below its 3-year average PE ratio of 96.6x.
    • Analysts are expecting annual earnings growth of 23.4%, 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 67.5x.
Forecasted Growth
  • Analysts are most optimistic on the Systems Software industry, expecting annual earnings growth of 23% 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
LOIHDE Loihde Oyj€13.808.7%
+€6.3m		11.7%PE34x
FSECURE F-Secure Oyj€1.671.6%
+€4.5m		-1.3%PE13.1x
LEMON Lemonsoft Oyj€4.962.3%
+€2.0m		-3.1%PE19.5x
SSH1V SSH Communications Security Oyj€2.210.9%
+€1.1m		116.7%PS5.6x
QPR1V QPR Software Oyj€0.582.9%
+€314.6k		-38.7%PS2x

Latest News

FSECURE
€1.67
F-Secure Oyj
7D
1.6%
1Y
-1.3%
LEADD
€3.99
LeadDesk Oyj
7D
-2.7%
1Y
-35.6%

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

Analysts keep the fair value estimate for LeadDesk Oyj steady at €6.80, indicating only small model adjustments in the discount rate and long term profit and P/E assumptions rather than any shift in their core view of the shares. Valuation Changes Fair Value: €6.80 remains unchanged, indicating no revision to the headline valuation outcome.
QTCOM
€18.60
Qt Group Oyj
7D
-3.3%
1Y
-72.4%

QTCOM: Long Term Margin Delivery Will Support Recalibrated Upside Potential

Analysts have trimmed their price outlook for Qt Group Oyj, cutting the average target by €0.07 to €29.25. They are factoring in a slightly lower assumed P/E multiple alongside modest tweaks to the discount rate and long term margin and growth inputs, following more cautious research commentary including a recent downgrade from Danske Bank.
LEMON
€4.96
Lemonsoft Oyj
7D
2.3%
1Y
-3.1%
BITTI
€37.60
Bittium Oyj
7D
-3.7%
1Y
393.4%

BITTI: Defence Contracts And NATO Deal Will Support But Not Justify Elevated P/E

Analysts have lifted their price target for Bittium Oyj by €2.07 to €33.80. This reflects updated views on fair value, discount rate assumptions, revenue growth, profit margin expectations and future P/E levels.
ADMCM
€29.25
Admicom Oyj
7D
-3.6%
1Y
-36.3%
LOIHDE
€13.80
Loihde Oyj
7D
8.7%
1Y
11.7%
SOLTEQ
€0.35
Solteq Oyj
7D
-5.1%
1Y
-46.3%
VINCIT
€1.20
Vincit Oyj
7D
-2.4%
1Y
-30.2%
SSH1V
€2.21
SSH Communications Security Oyj
7D
0.9%
1Y
116.7%

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?
EASOR
€0.68
Easor Oyj
7D
0.1%
1Y
n/a
TEM1V
€5.42
Tecnotree Oyj
7D
-1.5%
1Y
73.2%
QPR1V
€0.58
QPR Software Oyj
7D
2.9%
1Y
-38.7%