olivLaw · European equity research
Bittium Oyj BITTI.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Bittium Oyj is a Finnish electronics and software company serving defence, medical and embedded engineering customers, which grew quickly as European demand for secure tactical communications increased. Revenue for fiscal 2025 reached 119.3 million euros, and the company remains focused on international growth in its defence segment.
At the close of 05 Nov 2026, Bittium Oyj (BITTI.HE) stock was 33.45 EUR (−4.02% on the day), with market capitalisation 1.2 bn EUR, P/E 55.8 on diluted EPS of 0.60 EUR over the last 12 months, dividend yield 0.30%, beta 0.64, 52-week range 18.34–42.90 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)
- 41.0
- weak (30–45)
- Bollinger (20, 2)
- 32.70 – 38.98
- in the lower half of the band · %B 0.12 · band width 17.5%
- SMA 50 / 200
- 36.56 / 34.68
- mixed trend
- MACD (12, 26, 9)
- -0.22 / -0.06
- 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 | −14.3% | +0.4% | −14.7 pp | — |
| 3 months | +18.6% | −3.3% | +21.9 pp | — |
| 6 months | −1.2% | +4.0% | −5.1 pp | — |
| Year to date | +11.7% | +8.1% | +3.6 pp | — |
| 1 year | +80.4% | +10.7% | +69.7 pp | −2.6% |
| 3 years | +717.8% | +50.1% | +667.8 pp | +4.1% |
| 5 years | +535.9% | +43.6% | +492.3 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 100 percentile of its own 2-quarter history (min 31.0, median 40.5, max 49.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 85.2 m | 119.3 m |
| Revenue YoY | unavailable | +40.1% |
| Net income | 7.3 m | 21.3 m |
| Net income YoY | unavailable | +193.7% |
| Diluted EPS | 0.21 | 0.60 |
| Diluted EPS YoY | unavailable | +192.7% |
| net % | 8.5% | 17.9% |
| Free cash flow | 23.7 m | 11.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 20.9 m EUR
- Financial debt
- 19.9 m EUR
- Net debt
- -1.0 m EUR
- Equity
- 130.8 m EUR
- Total assets
- 190.4 m EUR
- Debt / equity
- 0.15x
- Current ratio
- 2.51x
- ROE
- 17.5%
- ROA
- 12.0%
- FCF margin
- 9.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 85.2 m | 119.3 m | esef· 07 Apr 2026verified |
| Operating income | 8.6 m | 19.4 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 8.6 m | 13.0 m | esef· 07 Apr 2026verified |
| EBITDA | 17.3 m ≈ | 32.4 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 1.6 m | 883.0 k | esef· 07 Apr 2026verified |
| Pre-tax income | 7.4 m | 19.0 m | esef· 07 Apr 2026verified |
| Income tax | 118.0 k | -2.4 m | esef· 07 Apr 2026verified |
| Net income | 7.3 m | 21.3 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.21 | 0.60 | esef· 07 Apr 2026verified |
| Weighted average diluted shares | 35.5 m | 35.5 m | esef· 07 Apr 2026verified |
| Dividend per share | 0.06 | 0.10 | esef· 07 Apr 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 21.8 m | 20.9 m | esef· 07 Apr 2026verified |
| Receivables | 35.8 m | 61.6 m | esef· 07 Apr 2026verified |
| Inventories | 24.8 m | 24.4 m | esef· 07 Apr 2026verified |
| Current assets | 82.4 m | 106.8 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 17.0 m | 19.3 m | esef· 07 Apr 2026verified |
| Goodwill | 5.8 m | 5.8 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 51.0 m | 45.0 m | esef· 07 Apr 2026verified |
| Total assets | 165.1 m | 190.4 m | esef· 07 Apr 2026verified |
| Short-term debt | 2.9 m | 3.1 m | esef· 07 Apr 2026verified |
| Long-term debt | 18.0 m | 16.8 m | esef· 07 Apr 2026verified |
| Current liabilities | 34.0 m | 42.6 m | esef· 07 Apr 2026verified |
| Total liabilities | 52.3 m | 59.6 m | esef· 07 Apr 2026verified |
| Equity | 112.8 m | 130.8 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 35.4 m | 35.5 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 24.4 m | 15.3 m | esef· 07 Apr 2026verified |
| Capex | 720.0 k | 4.0 m | esef· 07 Apr 2026verified |
| Free cash flow | 23.7 m ≈ | 11.3 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -6.7 m | -10.6 m | esef· 07 Apr 2026verified |
| Financing cash flow | -4.3 m | -5.6 m | esef· 07 Apr 2026verified |
| Dividends paid | 2.1 m | 3.5 m | esef· 07 Apr 2026verified |
| Share repurchases | 77.0 k | 0 | esef· 07 Apr 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: 45 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn EUR
Key indicators
Coverage and freshness
Score by group
- Quality63
- Returns43
- Valuation12
- Balance sheet71
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: 4.99 – 11.05 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)5.93 – 9.28 (Mid 7.22)WACC 8.4% · starting FCFF 12.1 m EUR · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA5.60 – 5.69 (Mid 5.62)4 companies used · median multiple 6.1x · quartiles 6.1x – 6.2xANORA.HE, ETTE.HE, HONBS.HE, ICP1V.HE
- Peers: P/E4.99 – 11.05 (Mid 6.81)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)outside the aggregate1.36 – 1.85 (Mid 1.57)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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
Unattractive profile · Score 45/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.5% | 63 (vs peers) | 13% |
| Net margin · Quality | 17.9% | 92 (vs peers) | 8% |
| FCF conversion · Quality | 53.1% | 33 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.0x | 43 (vs peers) | 13% |
| Interest coverage · Balance sheet | 22.0x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 55.8x | 11 (vs peers) | 13% |
| EV/EBITDA · Valuation | 36.6x | 14 (vs peers) | 13% |
| FCF yield · Valuation | 1.0% | 12 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 0.3% | 4 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 31.3% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet71/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 3/3 factors with a value
- Returns43/100 · 2/2 factors with a value
- Valuation12/100 · 3/3 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
Bittium Oyj (BITTI.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 119.3 m EUR in 2025; YoY growth 40.1%; net margin 17.9%; ROE 17.5%; net debt/EBITDA -0.0x.
The estimated value range is 5.60–9.28 EUR per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 6.81 EUR, the price of 33.45 EUR leaves a potential of -79.6% (value / price − 1) and a margin of safety of -390.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 45/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 17.9%
- Interest coverage: 22.0x
- Current ratio: 2.5x
- Payout ratio (FCF): 31.3%
What contradicts it
- P/E (TTM): 55.8x
- EV/EBITDA: 36.6x
- FCF yield: 1.0%
- Shareholder yield (distributions): 0.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
Versus the vertical median
Listed companies from Finland · 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 | |
|---|---|---|---|---|---|---|
| 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 BITTI.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 21.89 Total return -34% · Per year -34% | 38.53 Total return 16% · Per year 16% | 57.80 Total return 73% · Per year 73% |
| 3 years | 25.97 Total return -22% · Per year -8% | 50.96 Total return 54% · Per year 15% | 83.23 Total return 150% · Per year 36% |
| 5 years | 30.81 Total return -6% · Per year -1% | 67.39 Total return 104% · Per year 15% | 119.85 Total return 261% · Per year 29% |
- Exit P/E± 12.74
- Net margin± 8.92
- Annual revenue growth± 6.65
- Annual dilution± 0.75
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
Bittium Oyj is a Finnish electronics and software company serving defence, medical and embedded engineering customers, which grew quickly as European demand for secure tactical communications increased. Revenue for fiscal 2025 reached 119.3 million euros 1, and the company remains focused on international growth in its defence segment.
SWOT
Strengths
- Proprietary tactical radio and secure communications technology, with evidence of international contracts in 2025.
- High equity ratio and relatively small interest-bearing debt at the end of 2025.
- Strong growth in revenue and operating margin in fiscal 2025.
Weaknesses
- Dependence on a few segments and large defence contracts, which makes revenue sensitive to customer timing.
- Higher working capital from sales concentrated towards year end, which reduced cash flow.
- The medical segment required reorganisation and restructuring costs in 2025.
Opportunities
- Licensing technology to partners in other European countries could expand the market without large production investment.
- European demand for sovereign technology suppliers could strengthen the company's position.
- Embedded artificial intelligence offerings could generate revenue from engineering services.
Threats
- Competition from large defence groups and American producers could reduce market share.
- Delays in defence budgets could postpone orders and affect the predictability of results.
- Pressure from healthcare customers could limit growth in the medical segment.
Risks
- Concentration on one segmenthigh
The large weight of defence means results depend on a few contracts and government decisions.
- Working capitalmedium
Rapid growth in sales has increased receivables, which could slow the conversion of profit into cash.
- Dependence on external manufacturersmedium
Production relies on Finnish manufacturing partners, and supply chain disruptions could delay deliveries.
- Capitalisation of development costslow
Capitalising research spending on the balance sheet could mask the real costs in the profit and loss account over the long term.
- Currency and geopolitical exposuremedium
International contracts can be affected by sanctions, export restrictions or currency movements.
Investment thesis
What would need to be true (bull case)
- If European demand for tactical communications holds, international defence growth could support sustained expansion of revenue and margins.
- Technology licensing and local presence for customers could turn single-project contracts into recurring revenue.
- The solid balance sheet gives flexibility to invest in software and artificial intelligence without major financing pressure.
What would break the thesis
- Dependence on public budgets could make revenue volatile, and a weak year for orders could reverse the recent growth.
- Large receivables and modest cash flow show that accounting profit does not fully convert into cash.
- The medical segment could remain under pressure from customers reducing costs.
What to watch
- Development of the order backlog and new defence contractsQ1 2027
- Level of trade receivables and operating cash flow2026
- Progress of technology licensing to new European partners2027
- Pace of revenue growth against the long-term target of 20 to 30 percentnext 10-K
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
Bittium develops and sells tactical radios, communication systems, secure phones and medical products for cardiac and sleep monitoring, as well as product development services for external clients. Revenue comes from both products and services, and in 2025 product revenue rose considerably from the prior year 1. The company is pursuing international growth built on technology licensing and local presence for customers.
The business is organised in three operating segments, and in 2025 the focus shifted strongly towards defence. Bittium signed a licensing agreement for its radio technology and opened a subsidiary in the United Kingdom to support international sales 1. Operating margin also increased in the same year, showing that scaling the business brought better returns 1.
The financial structure is solid, with a high equity ratio and relatively modest interest-bearing debt at the end of 2025 1. Development work is largely capitalised, meaning part of research spending does not appear directly in the profit and loss account 1.
Segments
Defense & Security
The largest growth driver, covering tactical radios, communication networks and secure software. Demand rose alongside geopolitical tensions, and international contracts and technology licensing extended the customer base across several European countries 1.
Medical
Includes electrocardiography and sleep monitoring equipment. The company concentrated resources on its Cardiac and Sleep product families, and a three-year agreement with a global cardiac diagnostics partner supports longer-term volumes 1.
Engineering Services
Provides product development and embedded software for customers in manufacturing and defence, including a newly launched embedded artificial intelligence offering 1.
Market context
The European defence market is expanding because of a deteriorating security environment and a desire to reduce dependence on suppliers outside the continent, which favours European providers of tactical communications 1. Revenue remained concentrated in Europe, while the share from the Americas declined in the second half of 2025 1.
In the medical segment, demand depends on healthcare budgets and partnerships with large diagnostic equipment makers, and this segment is less dynamic than defence. For Bittium, the relevance of this market depends on its ability to focus sales on a few product families 1.
Trends
- Rearmament and European sovereigntytailwind
Higher defence spending and a preference for European technology support demand for secure radios and communications. If these trends persist, they could support Defense & Security volumes for several years.
- Delays in public procurementheadwind
Defence contracts depend on the budget calendars of governments, and postponed orders could slow collections and increase working capital needs.
- Edge artificial intelligencemixed
Demand for embedded software with artificial intelligence features is rising in industry and defence, opening opportunities for the company's engineering services.
- Pressure on healthcare budgetsheadwind
Customers in the medical system are cutting costs, which could limit volumes of cardiac and sleep monitoring equipment.
Competitive position
Bittium competes with makers of tactical radios and military communication systems in Europe and other regions, as well as with embedded device software companies. The company's stated advantages are technological sovereignty and local service presence for customers.
In the medical area, competition comes from established makers of cardiac diagnostic equipment. The company defends its position through long-standing partnerships and by focusing on a few product lines rather than high volume.
- Thales Group
Strong European competitor in military communication systems and tactical radios.
- Saab AB
Nordic supplier of defence and communication systems, present in the same European markets.
- Boston ScientificBSX
Partner and competitor in cardiac diagnostics, whose contractual relationship with the company was extended.
- Harris Corporation (L3Harris)LHX
American maker of tactical radios and a direct competitor in military communications.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202507 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Bittium 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.