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Makes secure tactical radios and mobile devices for defense/government, plus wearable ECG monitors.
Makes secure tactical radios and mobile devices for defense/government, plus wearable ECG monitors.
Defence is the main earner: it supplies tactical radios mainly to Finland's armed forces and, increasingly, other European and NATO forces under multi-year framework contracts, with deliveries following orders. The medical-device unit, which sells ECG monitors, is smaller. It took the name Bittium in 2015 after selling its automotive software arm.
Moat: narrow (regulatory licence, IP / patents). Defense-grade secure communications require certifications and trusted-supplier status few competitors hold.
Headquarters: Oulu, Finland · Employees: 528
Size Bittium (BITTI.HE) is a Finland Information Technology company (Information Technology Services) with a market value of $1.31B, the 30th largest of 65 Finland companies the cockpit tracks. Shares closed at €32.80 on 6 Nov 2026.
Performance Over six months the shares fell 3.2%, against -12.3% for the median peer and -2.9% for the Finland market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 48.3% over the last twelve months (peer median +2.6%); the operating margin is 22.4% (peer median 0.1%).
Valuation It trades at 42.4× forward earnings against a peer median of 36.4× (8th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 11.8 points above its cost of capital (7.3% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €112M | €119M | €85.2M | €75.2M | €82.5M |
| Revenue growth | — | +40% | +13% | -9% | — |
| Gross profit | €22.6M | €40.5M | €22.8M | €10.6M | €17.1M |
| EBITDA | €34.3M | €26.4M | €14.6M | €1.50M | €9.41M |
| Net income | €25.0M | €21.3M | €7.27M | -€5.43M | €253,000 |
| Free cash flow | €40.6M | €11.3M | €23.7M | €882,000 | €7.07M |
| Capital expenditure | €7.42M | €8.32M | €6.69M | €7.72M | €8.05M |
| Total debt | n/a | €19.9M | €20.9M | €22.6M | €22.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bittium BITTI.HE | $1.31B | -3% | +48% | 22% | 42.4× | 18.4% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
| Nokia NOKIA.HE | $44.3B | -37% | +4% | 14% | 19.2× | 17.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BITTI.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.6% | -1.4% | 7th lowest of 21 |
| 6-month return | -3.2% | -12.3% | 9th highest of 20 |
| Distance from 52-week high | -24.9% | -39.5% | 7th highest of 21 |
| Revenue growth (TTM) | +48.3% | +2.6% | 2nd highest of 21 |
| Operating margin | 22.4% | 0.1% | 4th highest of 21 |
| Forward P/E | 42.4× | 36.4× | 8th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 18.4% | 3.4% | 5th most demanding of 13 |
| Growth delivered (Del g) | +8.8% | +10.4% | 6th lowest of 13 |
| Hurdle (Req g minus delivered) | +9.7 pp | -1.9 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | +11.8 pp | -7.4 pp | 3rd highest of 19 |
| EV / EBITDA | 33.2× | 10.3× | 2nd most expensive of 7 |
| Net debt / EBITDA | -0.8× | -1.0× | 4th most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bittium BITTI.HE | Finland | $1.31B | -3% | +48% | 22% | 42.4× | 18.4% | +8.8% |
| Both Engineering Technology 601133.SS | China | $1.34B | -26% | +14% | 5% | 35.7× | 24.3% | +16.2% |
| Doushen (Beijing) Education & Technology 300010.SZ | China | $1.34B | -15% | +24% | -31% | 31.1× | n/a | n/a |
| ZW Soft 688083.SS | China | $1.27B | -12% | +2% | -15% | 95.2× | 30.3% | +14.5% |
| Zhejiang Whyis Technology 301218.SZ | China | $1.27B | +147% | +23% | -15% | n/a | n/a | n/a |
| Bytes Technology BYIT.L | United Kingdom | $1.36B | +33% | +10% | 27% | 19.4× | 3.1% | -10.9% |
| Future 4722.T | Japan | $1.36B | +59% | +8% | 20% | 17.2× | -5.4% | +11.4% |
| Taiji Computer 002368.SZ | China | $1.24B | -23% | -37% | -27% | n/a | 4.1% | -1.8% |
| ESDS Software Solution ESDS.NS | India | $1.38B | n/a | +31% | 36% | 64.8× | 22.6% | +22.4% |
| Digital China Information Service 000555.SZ | China | $1.39B | -30% | -8% | 0% | 80.2× | n/a | n/a |
| Shanghai Fengyuzhu Culture Technology 603466.SS | China | $1.21B | +40% | -23% | -4% | 74.3× | n/a | n/a |
| Everforth EFOR | United States | $1.41B | +69% | 0% | 6% | 8.3× | -1.5% | +2.6% |
| VSTECS 0856.HK | Hong Kong | $1.42B | -30% | +11% | 2% | 6.4× | -12.2% | +6.9% |
| Quantum Computing QUBT | United States | $1.43B | -34% | +3,635% | -775% | n/a | n/a | n/a |
| Jiangsu Eazytec 688258.SS | China | $1.46B | -33% | 0% | 28% | 47.5× | 40.1% | +11.1% |
| Voyager Technologies VOYG | United States | $1.49B | -19% | +42% | -82% | n/a | n/a | n/a |
| DTS 9682.T | Japan | $1.14B | +14% | 0% | 12% | 15.5× | -9.1% | +8.4% |
| Neusoft 600718.SS | China | $1.51B | -3% | -5% | -5% | 37.1× | -6.1% | +9.7% |
| Guangzhou Sie Consulting 300687.SZ | China | $1.52B | 0% | +3% | -3% | 79.8× | n/a | n/a |
| Cetc Potevio Science & Technology 002544.SZ | China | $1.52B | -41% | 0% | 0% | 375.0× | n/a | n/a |
| Nagarro NA9.DE | Germany | $1.12B | +78% | +1% | 8% | 16.9× | 3.8% | +18.4% |