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Swedish (OMX) Tech Sector Analysis

UpdatedFeb 19, 2026
DataAggregated Company Financials
Companies138
  • 7D1.5%
  • 3M-3.3%
  • 1Y-12.7%
  • YTD-1.1%

In the last week, the Tech industry is up 1.5%, with Hexagon leading the way, up 3.2%. In the same time, Sinch was down 11%. However, the industry is down 13% over the past year. As for the next few years, earnings are expected to grow by 8.6% per annum.

Sector Valuation and Performance

Has the Swedish Tech Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 19 Feb 2026SEK 834.1bSEK 442.8bSEK 38.3b21.9x21.8x1.9x
Sat, 17 Jan 2026SEK 835.6bSEK 448.8bSEK 35.6b26.3x23.5x1.9x
Mon, 15 Dec 2025SEK 859.1bSEK 450.1bSEK 35.8b26.2x24x1.9x
Wed, 12 Nov 2025SEK 909.1bSEK 451.2bSEK 35.8b26.8x25.4x2x
Fri, 10 Oct 2025SEK 868.7bSEK 458.0bSEK 25.3b28.6x34.4x1.9x
Sun, 07 Sep 2025SEK 844.6bSEK 457.7bSEK 25.2b29.6x33.6x1.8x
Tue, 05 Aug 2025SEK 828.2bSEK 458.7bSEK 25.7b29.1x32.2x1.8x
Thu, 03 Jul 2025SEK 887.9bSEK 464.8bSEK 11.0b24.8x80.6x1.9x
Sat, 31 May 2025SEK 876.0bSEK 463.8bSEK 10.3b25.4x84.8x1.9x
Mon, 28 Apr 2025SEK 852.1bSEK 463.0bSEK 10.8b25.5x79.2x1.8x
Wed, 26 Mar 2025SEK 936.5bSEK 460.7bSEK 11.0b25.8x84.9x2x
Fri, 21 Feb 2025SEK 999.6bSEK 461.2bSEK 9.2b27.2x108.4x2.2x
Sun, 19 Jan 2025SEK 958.3bSEK 464.3bSEK 3.2b25.2x299.7x2.1x
Tue, 17 Dec 2024SEK 925.9bSEK 464.8bSEK 3.2b24.6x290x2x
Thu, 14 Nov 2024SEK 876.0bSEK 464.3bSEK 3.3b23.9x264.5x1.9x
Sat, 12 Oct 2024SEK 866.4bSEK 464.4b-SEK 27,442,004,535.7927.1x-31.6x1.9x
Mon, 09 Sep 2024SEK 835.8bSEK 464.9b-SEK 27,419,466,609.7927.6x-30.5x1.8x
Wed, 07 Aug 2024SEK 811.5bSEK 464.9b-SEK 27,427,349,266.7424.2x-29.6x1.7x
Fri, 05 Jul 2024SEK 877.5bSEK 467.6b-SEK 17,944,154,733.9329.5x-48.9x1.9x
Sun, 02 Jun 2024SEK 864.8bSEK 468.0b-SEK 17,563,338,813.3727.9x-49.2x1.8x
Tue, 30 Apr 2024SEK 843.3bSEK 473.0b-SEK 17,219,807,618.3328x-49x1.8x
Thu, 28 Mar 2024SEK 868.7bSEK 482.8b-SEK 18,702,759,685.7828.7x-46.4x1.8x
Sat, 24 Feb 2024SEK 851.0bSEK 482.5b-SEK 19,645,866,578.3932.5x-43.3x1.8x
Mon, 22 Jan 2024SEK 814.2bSEK 495.3b-SEK 16,245,416,983.0031.1x-50.1x1.6x
Wed, 20 Dec 2023SEK 842.1bSEK 494.7b-SEK 16,328,458,825.0029.2x-51.6x1.7x
Fri, 17 Nov 2023SEK 717.8bSEK 497.0b-SEK 16,256,117,181.0025.8x-44.2x1.4x
Sun, 15 Oct 2023SEK 707.2bSEK 499.3bSEK 17.3b21.6x41x1.4x
Tue, 12 Sep 2023SEK 709.5bSEK 501.9bSEK 17.6b23.5x40.3x1.4x
Thu, 10 Aug 2023SEK 734.8bSEK 500.0bSEK 17.4b23.6x42.3x1.5x
Sat, 08 Jul 2023SEK 817.5bSEK 495.9bSEK 23.6b23.2x34.6x1.6x
Mon, 05 Jun 2023SEK 839.4bSEK 493.7bSEK 23.5b23.1x35.8x1.7x
Wed, 03 May 2023SEK 803.4bSEK 490.6bSEK 23.5b26x34.2x1.6x
Fri, 31 Mar 2023SEK 817.1bSEK 478.5bSEK 24.1b27.3x33.8x1.7x
Sun, 26 Feb 2023SEK 790.9bSEK 452.5bSEK 23.9b27.1x33x1.7x
Price to Earnings Ratio

33x


Total Market Cap: SEK 790.9bTotal Earnings: SEK 23.9bTotal Revenue: SEK 452.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Tech Sector Price to Earnings3Y Average 38.5x202420252026
Current Industry PE
  • Investors are pessimistic on the Swedish Information Technology 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 21.8x which is lower than its 3-year average PE of 38.5x.
  • The industry is trading close to its 3-year average PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 17% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Swedish Tech sector?

SE Market-0.44%
Tech1.52%
Tech Hardware4.97%
Electronic Equipment and Components3.22%
Communications2.10%
Semiconductors-3.39%
IT-4.57%
Software-10.06%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 36.6x.
    • Analysts are expecting annual earnings growth of 17.0%, which is higher than its past year's earnings decline of 7.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 68% over the next 5 years.
  • In contrast, the Communications industry is expected to see its earnings decline by 4.9% 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
HEXA B HexagonSEK 97.983.2%
+SEK 8.1b		-23.4%PE40.1x
ERIC B Telefonaktiebolaget LM EricssonSEK 100.952.3%
+SEK 7.6b		19.0%PE11.8x
NCAB NCAB GroupSEK 50.6526.6%
+SEK 2.0b		-5.6%PE46x
LAGR B Lagercrantz GroupSEK 212.403.6%
+SEK 1.5b		-9.8%PE38.3x
MYCR MycronicSEK 197.943.0%
+SEK 1.1b		-19.5%PE24.8x

Latest News

LIME
SEK 185.00
Lime Technologies
7D
-18.5%
1Y
-50.2%
SEYE
SEK 58.65
Smart Eye
7D
-21.0%
1Y
-4.6%
SINCH
SEK 21.83
Sinch
7D
-11.1%
1Y
-12.6%
HEXA B
SEK 97.98
Hexagon
7D
3.2%
1Y
-23.4%

HEXA B: Refined Assumptions Will Support Future Share Outperformance Despite SEK 5 Trim

Analysts have lowered their Hexagon price target by SEK 5, reflecting updated views on fair value, the discount rate, and long-term assumptions on revenue growth, profit margins, and future P/E multiples. Analyst Commentary Bullish analysts see the SEK 5 adjustment to the Hexagon price target as a fine tuning of assumptions rather than a shift in overall conviction.
TRUE B
SEK 10.27
Truecaller
7D
-28.1%
1Y
-87.2%
HANZA
SEK 133.60
Hanza
7D
-2.9%
1Y
64.9%

HANZA: Higher Assumptions And HANZA 2028 Plan Will Likely Prove Overstretched

Analysts have raised their price target for Hanza from SEK 80.0 to SEK 118.5, citing updated assumptions on revenue growth, profit margins and a lower future P/E multiple as the key drivers of the change. What's in the News Hanza plans an Analyst and Investor Day focused on summarizing the implementation of HANZA 2025 and presenting the next phase, HANZA 2028, along with other company matters (Key Developments).
ERIC B
SEK 100.95
Telefonaktiebolaget LM Ericsson
7D
2.3%
1Y
19.0%
NCAB
SEK 50.65
NCAB Group
7D
26.6%
1Y
-5.6%
YUBICO
SEK 50.88
Yubico
7D
-20.3%
1Y
-75.9%
CLAV
SEK 4.64
Clavister Holding AB (publ.)
7D
28.4%
1Y
111.9%
VIT B
SEK 236.60
Vitec Software Group
7D
-5.5%
1Y
-61.7%

Swedens Constellation Software

1. The Narrative: The Vertical Market Software (VMS) Fortress Vitecs story is built on three specific pillars: The BuyToKeepForever Philosophy: Unlike PE, Vitec never sells.
ANOD B
SEK 70.00
Addnode Group
7D
-5.7%
1Y
-40.0%
NOTE
SEK 179.20
NOTE
7D
9.4%
1Y
18.9%

NOTE: Refined Assumptions And Steady Fair Value Will Support Future Upside

Analysts have slightly adjusted their price target on NOTE to reflect updated assumptions around discount rate, revenue growth, profit margin and future P/E, while keeping fair value broadly aligned with prior estimates. Valuation Changes Fair Value: Held steady at SEK 200.0, indicating no change in the central valuation output.
DYVOX
SEK 83.25
Dynavox Group
7D
5.6%
1Y
22.2%

DYVOX: Higher Discount Rate Will Still Support Future Fair Value

Analysts have reduced their fair value estimate for Dynavox Group from $107.00 to $103.00. They now apply a higher discount rate and more cautious assumptions for revenue growth, profit margins and future P/E.
LAGR B
SEK 212.40
Lagercrantz Group
7D
3.6%
1Y
-9.8%

Analysts Have Made A Financial Statement On Lagercrantz Group AB (publ)'s (STO:LAGR B) Third-Quarter Report

Feb 10
Analysts Have Made A Financial Statement On Lagercrantz Group AB (publ)'s (STO:LAGR B) Third-Quarter Report
MYCR
SEK 197.94
Mycronic
7D
3.0%
1Y
-19.5%

MYCR: Asian Orders And Higher Margins Will Support Bullish Outlook

Analysts have trimmed their price target on Mycronic to SEK215 from about SEK218.67, citing updated assumptions that include a slightly higher discount rate, adjusted revenue growth and profit margin expectations, and a lower future P/E multiple. What's in the News Mycronic announced an annual dividend of SEK 3.25 per share, with an ex dividend date set for May 7, 2026, a record date on May 8, 2026, and a payment date on May 13, 2026 (company announcement).