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Swedish software group that owns vertical-market software companies serving niche industries like real estate, care and media.
Swedish software group that owns vertical-market software companies serving niche industries like real estate, care and media.
Earns mainly recurring fees: subscriptions and maintenance paid by customers that run its software in daily operations, which makes revenue steady. It buys small software firms in narrow niches and keeps them long term rather than reselling, so growth comes from acquisitions as well as from selling more to existing customers.
In one line: A vertical-market software roll-up like a smaller Constellation Software.
Moat: narrow (switching costs, installed base, customer qualification). Deeply embedded, mission-critical niche software creates high switching costs once adopted by customers.
Headquarters: Ostersund, Sweden · Founded: 1985 · Employees: 1,770
Size Vitec Software (VIT-B.ST) is a Sweden Information Technology company (Packaged Software) with a market value of $1.22B, the 122nd largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 299.80 on 6 Nov 2026.
Performance Over six months the shares gained 18.5%, against -3.7% for the median peer and +8.2% for the Sweden market (cap-weighted) — 7th highest of 19 in its peer set.
Growth Revenue grew 5.5% over the last twelve months (peer median +15.1%); the operating margin is 21.2% (peer median 6.6%).
Valuation It trades at 24.0× forward earnings against a peer median of 16.1× (4th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points above its cost of capital (6.4% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 3.80B | SEK 3.63B | SEK 3.33B | SEK 2.78B | SEK 1.98B |
| Revenue growth | — | +9% | +20% | +40% | — |
| Gross profit | SEK 804M | SEK 919M | SEK 882M | SEK 760M | SEK 486M |
| EBITDA | SEK 1.49B | SEK 1.14B | SEK 1.12B | SEK 980M | SEK 658M |
| Net income | SEK 471M | SEK 435M | SEK 410M | SEK 339M | SEK 245M |
| Free cash flow | SEK 1.15B | SEK 1.08B | SEK 924M | SEK 693M | SEK 545M |
| Capital expenditure | SEK 478M | SEK 456M | SEK 403M | SEK 377M | SEK 285M |
| Total debt | SEK 3.74B | SEK 3.04B | SEK 2.54B | SEK 2.26B | SEK 1.63B |
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 |
|---|---|---|---|---|---|---|
| Vitec Software VIT-B.ST | $1.22B | +18% | +6% | 21% | 24.0× | 3.8% |
| Constellation Software CSU.TO | $53.3B | +37% | +17% | 16% | 19.7× | 11.2% |
| Addnode ANOD-B.ST | $859M | +35% | +5% | 10% | 16.0× | 4.5% |
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 | VIT-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.9% | -6.4% | 2nd highest of 21 |
| 6-month return | +18.5% | -3.7% | 7th highest of 19 |
| Distance from 52-week high | -7.5% | -39.5% | highest of 21 |
| Revenue growth (TTM) | +5.5% | +15.1% | 8th lowest of 21 |
| Operating margin | 21.2% | 6.6% | highest of 21 |
| Forward P/E | 24.0× | 16.1× | 4th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 3.8% | 16.2% | 3rd least demanding of 15 |
| Growth delivered (Del g) | +22.6% | +14.5% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -18.8 pp | +1.6 pp | 4th least demanding of 15 |
| ROIC minus cost of capital | +1.1 pp | -6.1 pp | 6th highest of 21 |
| EV / EBITDA | 10.2× | 12.9× | 3rd cheapest of 11 |
| Net debt / EBITDA | 2.1× | 1.1× | 6th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vitec Software VIT-B.ST | Sweden | $1.22B | +18% | +6% | 21% | 24.0× | 3.8% | +22.6% |
| Modern Times Group MTG MTG-A.ST | Sweden | $1.22B | +16% | +42% | 11% | 6.6× | -8.4% | +23.7% |
| InnovAge INNV | United States | $1.22B | +18% | +15% | 8% | 19.8× | -6.7% | +9.2% |
| Cyient CYIENT.NS | India | $1.23B | +24% | +10% | 9% | 20.2× | 20.3% | +12.0% |
| PagerDuty PD | United States | $1.23B | +115% | +2% | 7% | 11.1× | 12.8% | +18.2% |
| Infomart 2492.T | Japan | $1.24B | +70% | +11% | 19% | 65.9× | 14.5% | +16.5% |
| Datang Telecom Technology 600198.SS | China | $1.25B | -24% | -11% | -30% | n/a | n/a | n/a |
| Beijing Zhongke WengeAI Science and Technology 1956.HK | Hong Kong | $1.19B | n/a | +28% | -54% | n/a | n/a | n/a |
| ICkey (Shanghai) Internet & Technology 301563.SZ | China | $1.19B | -26% | +26% | 4% | n/a | n/a | n/a |
| Digital Turbine APPS | United States | $1.26B | +200% | +19% | 10% | 14.7× | 33.1% | +12.5% |
| Chinasoft International 0354.HK | Hong Kong | $1.18B | 0% | +3% | 2% | 12.4× | 17.8% | +3.1% |
| Merit Interactive 300766.SZ | China | $1.17B | -30% | +30% | -2% | n/a | n/a | n/a |
| Fengzhushou 301382.SZ | China | $1.28B | -32% | +28% | 8% | n/a | n/a | n/a |
| Corsair Gaming CRSR | United States | $1.28B | +63% | +3% | 3% | 16.1× | 24.3% | -2.9% |
| Shenzhen HQVT Technology 1392.HK | Hong Kong | $1.28B | n/a | +28% | 5% | n/a | n/a | n/a |
| Genimous Technology 000676.SZ | China | $1.30B | -7% | +3% | 6% | n/a | 14.1% | -17.5% |
| CHAPTERS CHG.DE | Germany | $1.30B | +48% | +63% | -21% | 294.5× | 43.9% | +178.6% |
| Richinfo Technology 300634.SZ | China | $1.30B | -15% | -11% | 10% | 31.2× | 20.8% | +19.9% |
| Bandwidth BAND | United States | $1.31B | -19% | +15% | -1% | 19.6× | 19.3% | +17.0% |
| Shanghai Yaoji Technology 002605.SZ | China | $1.14B | -11% | -3% | 20% | 15.0× | 6.4% | +1.0% |
| Opera Limited Sponsored ADR OPRA | United States | $1.31B | -21% | +23% | 16% | 11.9× | 4.5% | +30.1% |