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Swedish (OMX) Tech Sector Analysis

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies136
  • 7D2.8%
  • 3M-0.2%
  • 1Y-7.8%
  • YTD2.9%

Over the last 7 days, the Tech industry has risen 2.8%, driven by gains in Hexagon and Telefonaktiebolaget LM Ericsson of 3.3% and 2.4%, respectively. Meanwhile, Done.ai Group actually underperformed within the industry, shrinking 23% in the last week. In the past year, the industry is down 7.8%. Earnings are forecast to grow by 8.2% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 01 Mar 2026SEK 868.8bSEK 441.3bSEK 34.9b22.5x24.9x2x
Tue, 27 Jan 2026SEK 843.2bSEK 444.6bSEK 39.3b25.5x21.5x1.9x
Thu, 25 Dec 2025SEK 852.5bSEK 448.6bSEK 35.6b27.3x23.9x1.9x
Sat, 22 Nov 2025SEK 859.3bSEK 451.4bSEK 35.9b26.3x23.9x1.9x
Mon, 20 Oct 2025SEK 883.5bSEK 452.2bSEK 32.6b28.2x27.1x2x
Wed, 17 Sep 2025SEK 837.3bSEK 457.4bSEK 25.1b29.8x33.4x1.8x
Fri, 15 Aug 2025SEK 831.9bSEK 458.4bSEK 25.6b30.2x32.5x1.8x
Sun, 13 Jul 2025SEK 889.3bSEK 464.8bSEK 11.2b26.5x79.7x1.9x
Tue, 10 Jun 2025SEK 887.7bSEK 464.2bSEK 10.6b25.7x83.4x1.9x
Thu, 08 May 2025SEK 854.8bSEK 461.9bSEK 10.2b25.8x84x1.9x
Sat, 05 Apr 2025SEK 826.1bSEK 461.4bSEK 9.0b24.3x92x1.8x
Mon, 03 Mar 2025SEK 979.8bSEK 462.8bSEK 11.4b26.4x85.7x2.1x
Wed, 29 Jan 2025SEK 951.0bSEK 465.1bSEK 4.5b26x209x2x
Fri, 27 Dec 2024SEK 917.1bSEK 465.5bSEK 3.2b24.9x283.7x2x
Sun, 24 Nov 2024SEK 864.8bSEK 463.9bSEK 3.3b23.6x258.4x1.9x
Tue, 22 Oct 2024SEK 896.3bSEK 462.8bSEK 7.0b26.9x128.1x1.9x
Thu, 19 Sep 2024SEK 843.4bSEK 464.4b-SEK 27,426,638,605.0427.8x-30.8x1.8x
Sat, 17 Aug 2024SEK 852.3bSEK 464.9b-SEK 27,474,172,324.7326.1x-31x1.8x
Mon, 15 Jul 2024SEK 905.3bSEK 464.9b-SEK 28,179,751,338.1129x-32.1x1.9x
Wed, 12 Jun 2024SEK 867.1bSEK 467.3b-SEK 18,023,282,374.5327.8x-48.1x1.9x
Fri, 10 May 2024SEK 850.4bSEK 473.0b-SEK 17,158,671,525.8627.3x-49.6x1.8x
Sun, 07 Apr 2024SEK 843.6bSEK 483.0b-SEK 18,688,692,728.3928.2x-45.1x1.7x
Tue, 05 Mar 2024SEK 857.7bSEK 482.4b-SEK 19,290,117,594.3327.1x-44.5x1.8x
Thu, 01 Feb 2024SEK 816.9bSEK 480.3b-SEK 19,062,379,593.0031.2x-42.9x1.7x
Sat, 30 Dec 2023SEK 858.9bSEK 494.5b-SEK 16,342,005,402.0030.3x-52.6x1.7x
Mon, 27 Nov 2023SEK 731.5bSEK 497.0b-SEK 16,324,474,167.0027.7x-44.8x1.5x
Wed, 25 Oct 2023SEK 658.9bSEK 497.4b-SEK 18,454,170,514.0022.9x-35.7x1.3x
Fri, 22 Sep 2023SEK 699.4bSEK 502.0bSEK 17.5b21.7x39.9x1.4x
Sun, 20 Aug 2023SEK 712.2bSEK 501.6bSEK 17.5b23.4x40.7x1.4x
Tue, 18 Jul 2023SEK 767.4bSEK 496.6bSEK 18.3b24.9x42x1.5x
Thu, 15 Jun 2023SEK 852.8bSEK 494.2bSEK 23.4b23.1x36.5x1.7x
Sat, 13 May 2023SEK 802.5bSEK 491.1bSEK 23.4b25.1x34.4x1.6x
Mon, 10 Apr 2023SEK 820.4bSEK 479.7bSEK 24.2b26.8x33.8x1.7x
Wed, 08 Mar 2023SEK 815.9bSEK 453.9bSEK 24.0b28x34.1x1.8x
Price to Earnings Ratio

34.1x


Total Market Cap: SEK 815.9bTotal Earnings: SEK 24.0bTotal Revenue: SEK 453.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Swedish Tech Sector Price to Earnings3Y Average 38.4x202420252026
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 24.9x which is lower than its 3-year average PE of 38.4x.
  • 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 13% 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 Market1.16%
Tech2.77%
Electronic Equipment and Components3.45%
Communications2.77%
Semiconductors2.66%
Tech Hardware1.53%
IT0.14%
Software-0.58%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry which is trading above its 3-year average PE ratio of 36.9x.
    • Analysts are expecting annual earnings growth of 16.3%, which is higher than its past year's earnings decline of 7.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Tech Hardware industry, expecting annual earnings growth of 35% over the next 5 years.
  • This is better than its past earnings decline of 9.0% per year.
  • 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 102.903.3%
+SEK 8.8b		-16.0%PE41.9x
ERIC B Telefonaktiebolaget LM EricssonSEK 104.552.4%
+SEK 8.3b		18.6%PE12.3x
HMS HMS NetworksSEK 426.207.8%
+SEK 1.5b		-12.6%PE49.2x
MYCR MycronicSEK 205.303.7%
+SEK 1.4b		-9.5%PE25.7x
HANZA HanzaSEK 156.0016.2%
+SEK 1.4b		92.9%PE39.9x

Latest News

NOTE
SEK 196.70
NOTE
7D
6.7%
1Y
27.1%
DONE
SEK 9.36
Done.ai Group
7D
-22.6%
1Y
-51.9%
HANZA
SEK 156.00
Hanza
7D
16.2%
1Y
92.9%
LAGR B
SEK 220.80
Lagercrantz Group
7D
3.0%
1Y
-2.3%
ERIC B
SEK 104.55
Telefonaktiebolaget LM Ericsson
7D
2.4%
1Y
18.6%
SKOLON
SEK 20.40
Skolon
7D
-16.7%
1Y
-30.4%
HMS
SEK 426.20
HMS Networks
7D
7.8%
1Y
-12.6%

HMS: Recent Rating Upgrades And Dividend Proposal Will Support Future Upside

Analysts have lifted their price target on HMS Networks to SEK 550, up from SEK 480, citing updated research that points to slightly stronger assumptions for long term growth and profitability, supported by recent rating upgrades. Analyst Commentary Recent research has pointed to a more constructive view on HMS Networks, with bullish analysts updating their models and signalling greater confidence in the company’s long term growth and profitability assumptions.
MYCR
SEK 205.30
Mycronic
7D
3.7%
1Y
-9.5%

MYCR: Asian Orders And 2026 Guidance Will Shape Balanced Outlook

Analysts now keep their SEK 215.0 price target for Mycronic broadly unchanged, with slight adjustments in the discount rate, revenue growth expectations, profit margin assumptions, and future P/E multiples shaping the latest narrative update. What's in the News Mycronic issued earnings guidance for 2026, indicating expected net sales of SEK 8.25b for the period (company guidance).
VIT B
SEK 239.20
Vitec Software Group
7D
-1.6%
1Y
-60.2%

VIT B: Higher Future P/E And Buybacks Will Likely Support Stronger Share Price

Analysts have trimmed their price target on Vitec Software Group from SEK 450 to SEK 400, citing more cautious assumptions on revenue growth, profit margins and discount rate. At the same time, they are factoring in a higher future P/E multiple supported by recent research such as the SEB Equities upgrade.
DUST
SEK 1.50
Dustin Group
7D
-4.7%
1Y
-61.5%
YUBICO
SEK 51.06
Yubico
7D
-2.9%
1Y
-77.2%

YUBICO: Expanded Security Accreditation In Spain Will Support Future Upside

Analysts have revised their SEK 108.00 price target on Yubico to SEK 78.33. The change reflects updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions.
SINCH
SEK 22.97
Sinch
7D
3.2%
1Y
-3.1%
ADVE
SEK 15.24
Advenica
7D
-9.3%
1Y
12.9%
HEXA B
SEK 102.90
Hexagon
7D
3.3%
1Y
-16.0%

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.
BRIX
SEK 19.40
Briox
7D
-9.3%
1Y
331.1%

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Feb 13
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BERNER B
SEK 111.00
Berner Industrier
7D
-3.1%
1Y
174.8%