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Provides IT services and software for businesses and public-sector clients across the Nordic region.
Provides IT services and software for businesses and public-sector clients across the Nordic region.
Earns through long outsourcing and software contracts, billed monthly or on usage, and through consulting billed for time, so contract renewals and the number of billable consultants matter. It was formed by the 2019 merger of Finland's Tieto and Norway's EVRY.
Moat: narrow (switching costs, installed base). Long-term outsourcing/software contracts with Nordic institutions are sticky and costly to switch.
Headquarters: Espoo, Finland · Founded: 1968 · Employees: 14,246
Size Tieto (TIETO.HE) is a Finland Information Technology company (Information Technology Services) with a market value of $2.26B, the 22nd largest of 65 Finland companies the cockpit tracks. Shares closed at €18.48 on 6 Nov 2026.
Performance Over six months the shares fell 4.9%, against -12.2% for the median peer and -2.9% for the Finland market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 17.2% over the last twelve months (peer median +9.5%); the operating margin is 19.8% (peer median 8.9%).
Valuation It trades at 10.4× forward earnings against a peer median of 31.8× (2nd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is -8%, so the hurdle is +1 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 9.6 points above its cost of capital (7.8% WACC).
Credit Tieto has 1 bond outstanding ($334M) and trading like BB+ at a weighted spread of 183 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.73B | €1.85B | €1.88B | €2.85B | €2.93B |
| Revenue growth | — | -1% | -34% | -3% | — |
| Gross profit | €350M | €289M | €274M | €572M | €627M |
| EBITDA | €405M | €293M | €265M | €399M | €386M |
| Net income | €226M | €25.6M | €70.2M | €172M | €189M |
| Free cash flow | €152M | €224M | €240M | €182M | €182M |
| Capital expenditure | €58.3M | €71.4M | €85.6M | €84.1M | €95.4M |
| Total debt | €723M | €706M | €1.10B | €1.16B | €960M |
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 |
|---|---|---|---|---|---|---|
| Tieto TIETO.HE | $2.26B | -5% | -17% | 20% | 10.4× | -6.4% |
| Netcompany Group A/S NETC.CO | $2.44B | +1% | +30% | 11% | 20.4× | n/a |
| Capgemini CAP.PA | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% |
| CGI GIB-A.TO | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% |
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 | TIETO.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.0% | -0.4% | 10th lowest of 21 |
| 6-month return | -4.9% | -12.2% | 9th highest of 21 |
| Distance from 52-week high | -15.5% | -34.7% | 4th highest of 21 |
| Revenue growth (TTM) | -17.2% | +9.5% | lowest of 21 |
| Operating margin | 19.8% | 8.9% | 6th highest of 21 |
| Forward P/E | 10.4× | 31.8× | 2nd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -6.4% | 21.7% | least demanding of 14 |
| Growth delivered (Del g) | -7.8% | +10.2% | 2nd lowest of 14 |
| Hurdle (Req g minus delivered) | +1.5 pp | +8.8 pp | 6th least demanding of 14 |
| ROIC minus cost of capital | +9.6 pp | +4.7 pp | 5th highest of 18 |
| EV / EBITDA | 6.2× | 16.7× | 2nd cheapest of 9 |
| Net debt / EBITDA | 1.2× | 0.9× | 6th most indebted of 12 |
| Bond spread | 183 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tieto TIETO.HE | Finland | $2.26B | -5% | -17% | 20% | 10.4× | -6.4% | -7.8% |
| Hand Enterprise Solutions 300170.SZ | China | $2.24B | -26% | +7% | 6% | 48.8× | 27.4% | +6.5% |
| Posco Dx 022100.KS | South Korea | $2.24B | -43% | -15% | 3% | 69.6× | 34.8% | +2.2% |
| Glodon 002410.SZ | China | $2.15B | -21% | -4% | 8% | 31.6× | 5.4% | +8.8% |
| HMS Networks HMS.ST | Sweden | $2.41B | -17% | +15% | 27% | 31.9× | 14.3% | +19.5% |
| OVH Groupe OVH.PA | France | $2.41B | +17% | +6% | 38% | 46.6× | n/a | n/a |
| Beijing Ultrapower Software 300002.SZ | China | $2.43B | -14% | +9% | 15% | 20.4× | 4.2% | +10.2% |
| Netcompany Group A/S NETC.CO | Denmark | $2.44B | +1% | +30% | 11% | 20.4× | n/a | n/a |
| Beijing Teamsun Technology 600410.SS | China | $2.09B | -42% | +19% | -9% | n/a | 26.0% | +3.6% |
| Globant GLOB | United States | $2.05B | +21% | -1% | 10% | 8.0× | -1.2% | +24.7% |
| Tata Elxsi TATAELXSI.NS | India | $2.52B | -10% | +10% | 20% | 32.7× | 25.3% | +15.5% |
| Fastly FSLY | United States | $2.52B | -23% | +20% | -12% | 24.4× | 37.8% | +16.5% |
| PC Connection CNXN | United States | $2.00B | +19% | +10% | 4% | 16.6× | n/a | n/a |
| Hangzhou Turbine Power 300277.SZ | China | $2.57B | -37% | +1,784% | 3% | 33.2× | 36.4% | -10.7% |
| Atea ATEA.OL | Norway | $1.99B | +6% | +12% | 4% | 16.4× | -5.0% | -1.1% |
| GMO Internet 9449.T | Japan | $1.94B | -4% | +6% | 21% | 13.4× | n/a | n/a |
| Kainos KNOS.L | United Kingdom | $1.92B | +57% | +17% | 11% | 23.2× | 21.7% | +12.9% |
| Shanghai AtHub 603881.SS | China | $2.66B | -33% | -5% | 16% | 101.4× | 16.9% | +13.6% |
| Shanghai Sunmi Technology 6810.HK | Hong Kong | $2.70B | -10% | +10% | 7% | n/a | n/a | n/a |
| Runjian 002929.SZ | China | $2.71B | +6% | -11% | 0% | 49.7× | n/a | n/a |
| Computer Age Management Services CAMS.NS | India | $1.87B | -15% | +9% | 39% | 32.3× | n/a | n/a |
Tieto has 1 bond outstanding with $334M face value. Weighted yield 4.83%, a spread of 183 bp over government bonds.