olivLaw · European equity research
SoftwareOne Holding AG SWON.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
SoftwareOne is a global software and cloud solutions provider that helps customers and partners optimize IT costs and modernize their technology. In 2025 the company strengthened its position through the Crayon acquisition, with reported revenue up 22.5%, which makes its profile relevant for investors tracking consolidation in the IT services market.
At the close of 06 Nov 2026, SoftwareOne Holding AG (SWON.OL) stock was 101.00 NOK (−1.37% on the day), with beta 0.34, 52-week range 71.60–115.92 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.9
- weak (30–45)
- Bollinger (20, 2)
- 101.37 – 109.65
- below the lower band · %B -0.04 · band width 7.9%
- SMA 50 / 200
- 104.62 / 95.98
- mixed trend
- MACD (12, 26, 9)
- -0.09 / 0.49
- MACD below 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 | +4.0% | −0.6% | +4.7 pp | — |
| 3 months | −9.3% | −4.2% | −5.2 pp | — |
| 6 months | +21.5% | +4.3% | +17.2 pp | — |
| Year to date | −12.9% | +7.5% | −20.4 pp | — |
| 1 year | +7.2% | +9.9% | −2.7 pp | −4.7% |
| 3 years | unavailable | +49.8% | unavailable | +12.7% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 1.0 bn | 1.2 bn |
| Revenue YoY | unavailable | +22.5% |
| Net income | -1.5 m | 900.0 k |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.01 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -0.1% | 0.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 419.1 m CHF
- Financial debt
- unavailable CHF
- Net debt
- unavailable CHF
- Equity
- 981.4 m CHF
- Total assets
- 6.8 bn CHF
- Debt / equity
- unavailable
- Current ratio
- 0.91x
- ROE
- 0.1%
- ROA
- 0.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (CHF)
Margins
Income statement · CHF
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.0 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Interest expense | 39.2 m | 66.1 m | esef· 21 Oct 2026verified |
| Pre-tax income | 31.9 m | 29.5 m | esef· 21 Oct 2026verified |
| Income tax | 33.5 m | 28.1 m | esef· 21 Oct 2026verified |
| Net income | -1.5 m | 900.0 k | esef· 21 Oct 2026verified |
| Diluted EPS | -0.01 | 0.00 | esef· 21 Oct 2026verified |
| Dividend per share | 0.36 | 0.30 | esef· 21 Oct 2026verified |
Balance sheet · CHF
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 271.3 m | 419.1 m | esef· 21 Oct 2026verified |
| Current assets | 3.2 bn | 4.2 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 32.2 m | 37.0 m | esef· 21 Oct 2026verified |
| Goodwill | 485.5 m | 1.4 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 177.0 m | 478.3 m | esef· 21 Oct 2026verified |
| Total assets | 4.3 bn | 6.8 bn | esef· 21 Oct 2026verified |
| Current liabilities | 3.4 bn | 4.6 bn | esef· 21 Oct 2026verified |
| Total liabilities | 3.7 bn | 5.8 bn | esef· 21 Oct 2026verified |
| Equity | 582.6 m | 981.4 m | esef· 21 Oct 2026verified |
Cash flow · CHF
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
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.1% | 34 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 9 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial9/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial34/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
SoftwareOne Holding AG (SWON.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.2 bn CHF in 2025; YoY growth 22.5%; net margin 0.1%; ROE 0.1%.
The estimated value range is 2.94–3.64 CHF per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for SWON.OL 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
SoftwareOne is a global software and cloud solutions provider that helps customers and partners optimize IT costs and modernize their technology. In 2025 the company strengthened its position through the Crayon acquisition, with reported revenue up 22.5% 1, which makes its profile relevant for investors tracking consolidation in the IT services market.
SWOT
Strengths
- Strong relationships with global cloud and software vendors give the company access to a broad product range and long-standing partnerships.
- Proprietary platforms such as Marketplace and Cloud-iQ automate procurement and subscription management, creating operational advantages.
- Broad geographic coverage and a large client base, from enterprises to SMEs, reduce dependence on a single segment.
Weaknesses
- Organic revenue declined in 2025, which suggests that reported growth depends heavily on acquisitions.
- The Direct line was affected by changes to Microsoft incentives, showing dependence on the terms of a single vendor.
- The company recorded a goodwill impairment in Latin America, pointing to performance problems in some markets.
Opportunities
- Demand for AI, cybersecurity and cloud migration could increase revenue from higher-value services.
- Geographic optimization and synergies after the Crayon acquisition could improve margins over the medium term.
- The global software and services market has a sustained growth rate, which leaves room for expansion.
Threats
- Customer pressure on IT costs could reduce purchase volumes and lengthen sales cycles.
- Changes to pricing and incentive policies of major vendors can directly affect reseller margins.
- Competition from global and regional players may limit the company's ability to maintain pricing.
Risks
- Dependence on cloud vendorshigh
Revenue depends heavily on the terms and incentive programs of major vendors. Changes to these can quickly affect volumes and margins.
- Integration of Crayonhigh
Integrating the Crayon acquisition involves cost synergies and reorganization. Failure to achieve the expected synergies could slow margin improvement.
- Currency exposuremedium
Revenue is reported in Swiss francs, and exchange rate movements had a significant negative impact in 2025. The effect may continue if the franc strengthens further.
- Latin America performancemedium
The impairment and the decision to exit four markets in the region show that some investments did not deliver expected results. Other markets could be reviewed in the future.
- Pressure on IT budgetslow
Clients optimizing spending may postpone new projects, which could reduce revenue from services and the channel.
Investment thesis
What would need to be true (bull case)
- If the Crayon integration delivers the announced synergies, the adjusted EBITDA margin could continue to rise, supported by a larger client base and scalable digital platforms.
- Relationships with global vendors and the extensive partner network could support growth in the channel segment, which showed the strongest momentum in 2025.
- Structural demand for cloud, AI and security could expand services revenue in a global market with a high compound annual growth rate.
What would break the thesis
- If organic revenue keeps declining, reported growth could continue to depend on acquisitions, and investors may question the quality of growth.
- Changes to major vendors' incentives could again affect the Direct line and reduce margins in ways that are hard to predict.
- Competition and customer cost pressure could limit the company's ability to sustain revenue and margins in the coming period.
What to watch
- Progress of Crayon integration synergies and the trajectory of EBITDA marginQ1 2027
- Development of organic revenue and the Direct line after Microsoft incentive changes2027
- Effect of exiting four Latin American markets on profitabilitynext 10-K
- Impact of the Swiss franc exchange rate on reported revenue2027
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
SoftwareOne operates through three synergistic business lines that follow the customer journey from optimization to innovation. The company has a presence in over 70 countries and serves more than 70,000 clients 1, from large enterprises to SMEs and the public sector. Its proprietary platforms, SoftwareOne Marketplace and Cloud-iQ, are central to its operating model.
The company describes its vendor relationships as one of its core assets. Partnerships with Microsoft, AWS and Google Cloud are complemented by a network of more than 10,000 software providers 1. Management argues that its scale and geographic reach make it attractive to vendors looking to expand into new markets.
The company uses AI both in customer solutions and in internal operations, and for 2026 it plans to optimize its geographic footprint and service portfolio. This could change the revenue mix if less profitable markets are exited.
Segments
Software & Cloud Direct
This line lets customers buy and manage software and cloud directly, with a focus on procurement, billing and subscription management. Revenue declined in 2025, affected by changes to Microsoft incentives that gradually subsided toward the end of the year.
Software & Cloud Channel
The channel line enables partners to deliver software and cloud solutions to their customers, supported by the Cloud-iQ platform. It was the only line that grew meaningfully in 2025, driven by strong channel performance.
Software & Cloud Services
Services cover the full technology lifecycle, from optimization to modernization and innovation, including data and AI, cloud, ITAM, FinOps and cybersecurity. This line grew moderately in 2025 and remains important to the company's innovation strategy.
Market context
The global software and services spending market is projected to reach 4.45 trillion USD in 2029, with a 2024–2029 compound annual growth rate of 10.28% 1. The market remains fragmented, which offers opportunity to players with comprehensive capabilities.
Demand for cloud migration, cybersecurity and artificial intelligence stayed strong in 2025, while customers optimized existing investments. The shift to subscription and consumption-based models continues, supporting the relevance of managed services.
Trends
- Demand for cloud and AItailwind
Digitalization and the shift to hybrid and multi-cloud environments support demand for migration, data analytics and AI services. If this trend holds, it could support the company's services revenue.
- Customer cost optimizationheadwind
Customers are prioritizing cost efficiency and management of existing licenses, which may reduce new purchase volumes. Price pressure is a factor the company has to account for.
- Subscription-based modelmixed
The move from perpetual licenses to subscriptions and consumption increases the need for license management, but also changes the revenue recognition timing for vendors and resellers.
- Currency volatilityheadwind
A stronger Swiss franc against key currencies had a negative translation effect on reported revenue in 2025. If the currency trend reverses, the effect could become positive for reported figures.
Competitive position
The software resale and IT services market is competitive, with global and regional players competing for the same enterprise clients and partner channel. The company's advantages lie in scale, vendor relationships and digital platforms.
The combination with Crayon could strengthen the company's position in certain regions, but integration and geographic optimization carry operational risks. Competition could intensify if vendors build their own direct channels.
- Insight EnterprisesNSIT
Global IT reseller and integrator competing in services and cloud solutions for enterprise clients.
- Softchoice
North American provider of software and cloud solutions, active in licensing and subscription management.
- Computacenter
European IT services integrator with a strong presence in the same regions as SoftwareOne, including DACH and the United Kingdom.
- CDWCDW
Technology and services reseller serving corporate and public sector clients, competing in cloud and software solutions.
News & filings
In the press
- Global anime fans flock to Tokyo suburbs on hunt for 'Crayon Shin-chan'Nikkei Asia · 27 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202521 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SoftwareOne Holding AG · 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.