olivLaw · European equity research
Gofore Oyj GOFORE.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Gofore Oyj is a Finnish digital services company that delivers digitalisation and technology projects, with a significant share of its work in the Finnish public sector. In 2025 the company integrated the Huld group through an acquisition, which makes 2025 a year of transformation for both the business and its reporting, according to its annual report.
At the close of 05 Nov 2026, Gofore Oyj (GOFORE.HE) stock was 11.96 EUR (−3.39% on the day), with market capitalisation 187.4 m EUR, P/E 20.6 on diluted EPS of 0.58 EUR over the last 12 months, dividend yield 4.01%, beta 0.28, 52-week range 9.68–14.42 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.8
- neutral
- Bollinger (20, 2)
- 10.66 – 12.80
- in the upper half of the band · %B 0.61 · band width 18.2%
- SMA 50 / 200
- 11.47 / 11.59
- mixed trend
- MACD (12, 26, 9)
- 0.30 / 0.27
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.2% | +0.4% | +10.8 pp | — |
| 3 months | +15.0% | −3.3% | +18.3 pp | — |
| 6 months | +8.7% | +4.0% | +4.8 pp | — |
| Year to date | −11.3% | +8.1% | −19.4 pp | — |
| 1 year | −14.6% | +10.7% | −25.3 pp | −1.9% |
| 3 years | −47.1% | +50.1% | −97.2 pp | +5.4% |
| 5 years | −46.8% | +43.6% | −90.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 19.6, median 21.8, max 23.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 17.9 m | 16.3 m | 9.2 m |
| Net income YoY | unavailable | −9.1% | −43.3% |
| Diluted EPS | 1.15 | 1.02 | 0.58 |
| Diluted EPS YoY | unavailable | −11.3% | −43.1% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 17.6 m | 35.7 m | 21.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 43.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 111.4 m EUR
- Total assets
- 221.9 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.27x
- ROE
- 8.5%
- ROA
- 4.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 23.0 m | 20.8 m | 11.7 m | esef· 24 Mar 2026verified |
| Interest expense | 725.0 k | 785.0 k | 1.2 m | esef· 24 Mar 2026verified |
| Pre-tax income | 22.9 m | 21.3 m | 11.5 m | esef· 24 Mar 2026verified |
| Income tax | 4.6 m | 4.5 m | 1.7 m | esef· 24 Mar 2026verified |
| Net income | 17.9 m | 16.3 m | 9.2 m | esef· 24 Mar 2026verified |
| Diluted EPS | 1.15 | 1.02 | 0.58 | esef· 24 Mar 2026verified |
| Dividend per share | — | 0.47 | 0.48 | esef· 24 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 38.5 m | 56.8 m | 43.2 m | esef· 24 Mar 2026verified |
| Inventories | 472.0 k | 634.0 k | 610.0 k | esef· 24 Mar 2026verified |
| Current assets | 80.0 m | 87.6 m | 83.7 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 2.0 m | 3.0 m | 2.9 m | esef· 24 Mar 2026verified |
| Goodwill | 49.1 m | 49.1 m | 88.8 m | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 21.7 m | 17.7 m | 28.5 m | esef· 24 Mar 2026verified |
| Total assets | 167.1 m | 171.7 m | 221.9 m | esef· 24 Mar 2026verified |
| Accounts payable | 21.7 m | 19.2 m | 21.6 m | esef· 24 Mar 2026verified |
| Current liabilities | 48.5 m | 46.3 m | 65.9 m | esef· 24 Mar 2026verified |
| Total liabilities | 73.6 m | 66.0 m | 110.5 m | esef· 24 Mar 2026verified |
| Equity | 93.5 m | 105.7 m | 111.4 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 15.6 m | 15.7 m | 15.7 m | esef· 24 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 19.2 m | 37.1 m | 22.0 m | esef· 24 Mar 2026verified |
| Capex | 1.6 m | 1.4 m | 230.0 k | esef· 24 Mar 2026verified |
| Free cash flow | 17.6 m ≈ | 35.7 m ≈ | 21.8 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -10.9 m | -3.6 m | -36.2 m | esef· 24 Mar 2026verified |
| Financing cash flow | -14.0 m | -15.1 m | 495.0 k | esef· 24 Mar 2026verified |
| Share repurchases | 2.3 m | 0 | 1.1 m | esef· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 187.4 m EUR
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.82 – 10.68 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E4.82 – 10.68 (Mid 6.59)24 companies used · median multiple 11.4x · quartiles 8.3x – 18.4xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE, KEMIRA.HE
- Dividend discount (DDM)6.53 – 8.90 (Mid 7.53)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 235.8% | 100 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.9x | 100 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.3x | 39 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 20.6x | 34 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 11.6% | 100 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 0.6% | 8 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partial8/100 · 1/2 factors with a value
- Valuation64/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Gofore Oyj (GOFORE.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 8.6%.
The estimated value range is 5.68–9.79 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 7.06 EUR, the price of 11.96 EUR leaves a potential of -41.0% (value / price − 1) and a margin of safety of -69.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 235.8%
- Interest coverage: 9.9x
- FCF yield: 11.6%
What contradicts it
- Shareholder yield (distributions): 0.6%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KEMIRA.HEKemira Oyj | 2.5 bn | 13.6 | 10.5% | 6.6% | −6.6% | −17% / +4% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for GOFORE.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Gofore Oyj is a Finnish digital services company that delivers digitalisation and technology projects, with a significant share of its work in the Finnish public sector. In 2025 the company integrated the Huld group through an acquisition, which makes 2025 a year of transformation for both the business and its reporting, according to its annual report 1.
SWOT
Strengths
- Gofore holds a strong position in digitalising public services in Finland, where its services are widely used by citizens 1.
- The company runs an information security management system developed in line with the ISO 27001 standard and has a formal commitment on the ethical use of artificial intelligence 1.
- The long-term strategy makes sustainability a central theme, which allows it to offer services linked to the green transition 1.
Weaknesses
- The recent integration of the Huld group is still in progress, which may complicate operations and reporting 1.
- Sustainability reporting for Huld is not yet applied in full, which limits the comparability of this year's data 1.
- The company has no separate internal audit function, and internal control relies on business line management and the board 1.
Opportunities
- Sustainability regulation could create additional demand for data and digital infrastructure services in both the public and private sectors 1.
- Projects on resource efficiency and value chain transparency could raise the share of higher value-added services for clients 1.
- Expanding through acquisitions, such as the Huld group, could open access to new clients and capabilities 1.
Threats
- A cybersecurity incident or a data breach in client projects could have significant financial and reputational effects 1.
- Unethical use of artificial intelligence could harm the company's reputation and lead to financial losses 1.
- Dependence on the Finnish public sector exposes the company to changes in public budgets and procurement policies 1.
Risks
- Cybersecurity and data protectionhigh
Security and confidentiality risks in client projects are considered by the company to be its most significant financial risk, especially in client projects 1.
- Use of artificial intelligencemedium
Improper use of artificial intelligence technologies could damage reputation and lead to financial losses 1.
- Integration of the Huld groupmedium
The unfinished integration process could generate additional costs, delays and reporting difficulties for the acquired companies 1.
- Attracting and retaining staffmedium
Low employee wellbeing or insufficient professional development opportunities could reduce productivity and make recruitment harder 1.
- Corruption and briberylow
Activity in the Finnish public sector and in some markets with higher corruption risk could expose the company to compliance risks, although activity in such markets has been limited 1.
Investment thesis
What would need to be true (bull case)
- If sustainability and cybersecurity regulation keeps expanding, demand for the company's digital services could grow on a sustained basis 1.
- A consolidated position in the Finnish public sector and security expertise could support growth in complex projects 1.
- If the Huld integration succeeds, the acquisition could widen the company's client base and delivery capabilities 1.
What would break the thesis
- The still incomplete integration of the acquisition could bring higher costs and operational difficulties than currently expected 1.
- Dependence on Finnish public budgets could limit growth if procurement policies or funding change 1.
- A serious security incident or misuse of artificial intelligence could weaken client trust and financial results 1.
What to watch
- Progress of the Huld group integration and its sustainability reporting2026
- Development of demand for sustainability and data services in client projects2026
- Implementation of NIS2 requirements and the anti-corruption policy approved in December 20252026
- Trend in employee wellbeing and staff turnover, measured through internal surveys2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Gofore provides digital consulting, software development and digital transformation solutions for public and private sector clients. According to the annual report for the year ended 31 December 2025, the company expanded its activities through the acquisition of the Huld group, consolidated from 1 September 2025 1. The report notes that the Huld integration is still in progress and that some reporting requirements do not yet apply fully to these companies 1.
The business model is based on delivering projects to clients that consume digital services, and the 2025-2027 strategy includes sustainability as one of four focus themes 1. The company sees the transition to sustainability as a business opportunity, through projects related to equipment lifecycles, resource efficiency and value chain transparency 1.
Gofore's activity has a direct impact on citizens' access to digital public services in Finland, which brings responsibilities around data ethics, information security and data protection 1. The company identifies these aspects as essential to its sustainability strategy 1.
Segments
Digital services for the public sector
Gofore delivers digital services for public institutions in Finland, and these services are widely used by citizens 1. The report states that information security and data protection are considered especially important in this segment 1.
Market context
The market for digital services and technology consulting in Finland depends largely on public sector investment and on private clients' demand for digital transformation. The annual report shows that sustainability regulation and cybersecurity requirements, including the NIS2 directive, are important themes for clients and for the company 1.
Demand for sustainability data and digital infrastructure able to manage corporate responsibility information could grow as regulation expands 1. The report notes that these trends apply to both private and public sector clients 1.
Trends
- Sustainability regulationtailwind
Expanding reporting and sustainability requirements could increase demand for digital services that manage sustainability data, according to the company 1.
- Clients' green transitiontailwind
Projects related to resource efficiency, equipment lifecycles and value chain transparency are part of the company's growing activity 1.
- Cybersecurity and NIS2mixed
Security and data protection requirements, including NIS2, are considered important themes, but they also bring compliance costs and reputational risks 1.
- Acquisition integrationheadwind
The integration of the Huld group is still in progress, which introduces operational and reporting complexity in the period ahead 1.
Competitive position
The annual report does not explicitly name the company's competitors, and the information in the source does not allow a detailed analysis of its competitive position. The company describes its strategy through digitalisation projects for public and private clients, which places its activity in a market with several IT service providers 1.
The company's stated advantage rests on combining digitalisation with requirements for ethics, security and sustainability, an area where clients increasingly seek specialised expertise 1.
- Local Finnish IT service providers
Regional competitors offering similar services to public and private sector clients, referred to generically without identification in the source.
- International IT consulting companies
Global digital transformation providers that compete for large projects, with no names specified in the report.
- Systems integrators for the public sector
Firms delivering digital projects to public institutions, and potential competitors for the same contracts.
- Cybersecurity specialist firms
Specialised providers that may take over security components of digitalisation projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Gofore Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.