# Qt Group Oyj (QTCOM.HE)

Canonical: https://gigainvestors.com/s/QTCOM.HE

Analysis as of: 2026-10-16T07:44:19.152Z. Financial observations: FY2014–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 32.40 per share; close as of 2026-10-15.

Estimated value: low EUR 22.26 per share, central EUR 30.22 per share, high EUR 35.19 per share. Buy at or below the central value EUR 30.22 per share. Valuation as of 2026-10-16T07:44:19.152Z; scenarios are not confidence intervals.

Expected annual return: 9.5% at the stated quote. About 9.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FI 10-year bond 3.8% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 4

- Operating margin variation: 1.15×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.05×

- FY2017: -0.09×

- FY2018: -0.05×

- FY2019: 0.00×

- FY2020: 0.21×

- FY2021: 0.24×

- FY2022: 0.24×

- FY2023: 0.26×

- FY2024: 0.30×

- FY2025: 0.20×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 38.3%

- ROIC, second-lowest year: -92.0%

- Typical minus recent gross margin: 2.0 pp

- Typical gross margin (annual median): 42.0%

- Recent gross margin (lower of latest and 3-year median): 40.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 13.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -92.0%

- FY2017: -92.4%

- FY2018: -68.3%

- FY2019: 5.7%

- FY2020: >100%

- FY2021: 85.4%

- FY2022: 53.6%

- FY2023: 57.7%

- FY2024: 70.0%

- FY2025: 23.0%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 163M

- Net income, five-year total: EUR 181M

- Return on incremental invested capital: 79.0%

- Working capital / revenue, annual change: 2.5 pp

- Working capital / revenue, change between three-year averages: 22.5 pp

- Working capital / revenue, final three-year average: 35.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.53×

- FY2022: 0.51×

- FY2023: 1.27×

- FY2024: 0.90×

- FY2025: 1.17×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -92.0% vs 57.7%

- Per-share earnings: -0.11 to 1.38 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: EUR 759M

- Cumulative retained earnings: EUR 167M

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 1.50

- Per-share value, starting three-year median: EUR -0.11

- Per-share value, ending three-year median: EUR 1.38

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.4%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 298M

- Cumulative net income, 10 years: EUR 186M

- ROIC, first three-year median: -92.0%

- ROIC, last three-year median: 57.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -0.11

- FY2017: EUR -0.13

- FY2018: EUR -0.10

- FY2019: EUR -0.02

- FY2020: EUR 0.52

- FY2021: EUR 0.87

- FY2022: EUR 1.35

- FY2023: EUR 1.38

- FY2024: EUR 2.26

- FY2025: EUR 1.24

### accounting: pass

- Sloan accruals: -1.9%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.40×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.2%

- FY2017: -0.8%

- FY2018: -2.1%

- FY2019: -12.9%

- FY2020: 0.1%

- FY2021: 5.4%

- FY2022: 21.4%

- FY2023: -2.2%

- FY2024: 1.5%

- FY2025: -1.9%

## Holders

## Price story

Down 77% since Oct 2021 · sales +3.5%

Story as of 2026-10-16T10:00:13.004Z; price observation 2026-10-15.

Price needs cash profits to grow 6.6% a year for ten years

### Sales · FY2024–2025

sales +3.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 32M 

- FY2017: EUR 36M 

- FY2018: EUR 46M 

- FY2019: EUR 58M 

- FY2020: EUR 79M 

- FY2021: EUR 121M 

- FY2022: EUR 155M 

- FY2023: EUR 181M 

- FY2024: EUR 209M 

- FY2025: EUR 216M 

### Gross margin · FY2025

gross margin 40%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.4% 

- FY2017: 28.5% 

- FY2018: 24.1% 

- FY2019: 94.7% 

- FY2020: 41.3% 

- FY2021: 44.7% 

- FY2022: 47.4% 

- FY2023: 42.8% 

- FY2024: 52.5% 

- FY2025: 40.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are EUR 216.3 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); FY2025: revenue 216281000; grossProfit 86617000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); QTCOM.HE: Qt Group Oyj offers cross-platform solutions for the software development lifecycle in Finland, rest of Europe, the Asia Pacific, and North America. The company offers Qt Design Studio, which turns design visions into production-ready UIs; Qt Creator IDE, a cross-platform integrated development environment for software development; Qt Framework, a comprehensive set of libraries and APIs; Qt AI Assistant that offloads developers from tasks to free time for coding; Qt for MCUs designs, develops, and tests modern applications for microcontrollers; and Figma to Qt, a plugin that helps to reduce iterations and ensure design comes to life. It also provides quality assurance tools comprising Squish, an automated GUI testing for cross-platform desktop, mobile, embedded, and web applications; Coco for code coverage analysis and tool qualification; Test Center, a test result management platform; Axivion Static Code Analysis, a static code analysis that checks software for style violations; and Axivion Architecture Verification, an automated architecture check that guarantees necessary conformance. In addition, the company offers professional and support services. It serves the automotive, aviation and aerospace, industrial vehicle, micro-mobility interface, consumer electronics, industrial automation, and medical device industries. Qt Group Oyj was founded in 1995 and is headquartered in Espoo, Finland.

### Why customers stay

Margins ranged from 40% to 52.5% during 2023–25; it earns 38.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); FY2023: grossProfit / revenue = 42.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); FY2024: grossProfit / revenue = 52.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); FY2025: grossProfit / revenue = 40%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); 10-year return on capital observations [[2016,-0.91981220657277],[2017,-0.9243576642335767],[2018,-0.6831955307262569],[2019,0.05660039761431412],[2020,3.3998670646937286],[2021,0.8542783746671712],[2022,0.5358912511443958],[2023,0.5771185851246158],[2024,0.6999152750547819],[2025,0.2304422571422658]]; median 0.3831667541433308. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); FY2019: growth capex 0; upkeep 465000; owner earnings 938800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); FY2020: growth capex 0; upkeep 630000; owner earnings 14097000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); FY2021: growth capex 0; upkeep 1014000; owner earnings 11800400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); FY2022: growth capex 0; upkeep 1190000; owner earnings 17427400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); FY2023: growth capex 0; upkeep 807000; owner earnings 44996200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); FY2024: growth capex 0; upkeep 1255000; owner earnings 51544800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); FY2025: growth capex 0; upkeep 1112000; owner earnings 37343400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 30.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); QTCOM.HE SharesStats.PercentInsiders = 30.801000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.6% yearly over ten years; actual growth was 36.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:19.152Z); Ten-year compound average after fade. Initial solved rate 0.08175965981784084. Price 32.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.06506812655788846 → FY2025 1.461409619222792. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 4.97 per share

- 2016-11: EUR 4.88 per share

- 2016-12: EUR 5.44 per share

- 2017-01: EUR 5.79 per share

- 2017-02: EUR 6.72 per share

- 2017-03: EUR 7.00 per share

- 2017-04: EUR 6.98 per share

- 2017-05: EUR 6.97 per share

- 2017-06: EUR 6.96 per share

- 2017-07: EUR 6.80 per share

- 2017-08: EUR 6.83 per share

- 2017-09: EUR 6.60 per share

- 2017-10: EUR 5.80 per share

- 2017-11: EUR 5.79 per share

- 2017-12: EUR 5.21 per share

- 2018-01: EUR 5.12 per share

- 2018-02: EUR 5.66 per share

- 2018-03: EUR 6.30 per share

- 2018-04: EUR 6.00 per share

- 2018-05: EUR 6.74 per share

- 2018-06: EUR 6.70 per share

- 2018-07: EUR 6.56 per share

- 2018-08: EUR 8.60 per share

- 2018-09: EUR 8.46 per share

- 2018-10: EUR 7.96 per share

- 2018-11: EUR 8.18 per share

- 2018-12: EUR 7.90 per share

- 2019-01: EUR 9.74 per share

- 2019-02: EUR 9.94 per share

- 2019-03: EUR 9.00 per share

- 2019-04: EUR 12.45 per share

- 2019-05: EUR 11.35 per share

- 2019-06: EUR 13.20 per share

- 2019-07: EUR 13.10 per share

- 2019-08: EUR 13.55 per share

- 2019-09: EUR 14.00 per share

- 2019-10: EUR 15.30 per share

- 2019-11: EUR 17.75 per share

- 2019-12: EUR 21.00 per share

- 2020-01: EUR 22.30 per share

- 2020-02: EUR 20.90 per share

- 2020-03: EUR 18.30 per share

- 2020-04: EUR 22.80 per share

- 2020-05: EUR 23.80 per share

- 2020-06: EUR 27.00 per share

- 2020-07: EUR 28.20 per share

- 2020-08: EUR 36.10 per share

- 2020-09: EUR 35.40 per share

- 2020-10: EUR 41.50 per share

- 2020-11: EUR 51.60 per share

- 2020-12: EUR 57.60 per share

- 2021-01: EUR 68.20 per share

- 2021-02: EUR 80.80 per share

- 2021-03: EUR 89.40 per share

- 2021-04: EUR 98.50 per share

- 2021-05: EUR 108.00 per share

- 2021-06: EUR 98.70 per share

- 2021-07: EUR 114.20 per share

- 2021-08: EUR 155.40 per share

- 2021-09: EUR 145.20 per share

- 2021-10: EUR 139.60 per share

- 2021-11: EUR 134.20 per share

- 2021-12: EUR 133.60 per share

- 2022-01: EUR 101.40 per share

- 2022-02: EUR 110.80 per share

- 2022-03: EUR 126.20 per share

- 2022-04: EUR 84.12 per share

- 2022-05: EUR 80.50 per share

- 2022-06: EUR 70.40 per share

- 2022-07: EUR 78.46 per share

- 2022-08: EUR 50.72 per share

- 2022-09: EUR 39.25 per share

- 2022-10: EUR 43.26 per share

- 2022-11: EUR 45.17 per share

- 2022-12: EUR 44.50 per share

- 2023-01: EUR 53.64 per share

- 2023-02: EUR 70.22 per share

- 2023-03: EUR 67.04 per share

- 2023-04: EUR 77.94 per share

- 2023-05: EUR 83.76 per share

- 2023-06: EUR 76.46 per share

- 2023-07: EUR 75.44 per share

- 2023-08: EUR 58.92 per share

- 2023-09: EUR 52.04 per share

- 2023-10: EUR 55.10 per share

- 2023-11: EUR 63.48 per share

- 2023-12: EUR 64.16 per share

- 2024-01: EUR 65.72 per share

- 2024-02: EUR 77.98 per share

- 2024-03: EUR 76.50 per share

- 2024-04: EUR 72.65 per share

- 2024-05: EUR 80.95 per share

- 2024-06: EUR 77.55 per share

- 2024-07: EUR 82.10 per share

- 2024-08: EUR 95.50 per share

- 2024-09: EUR 93.20 per share

- 2024-10: EUR 69.80 per share

- 2024-11: EUR 68.45 per share

- 2024-12: EUR 67.20 per share

- 2025-01: EUR 78.85 per share

- 2025-02: EUR 83.45 per share

- 2025-03: EUR 74.80 per share

- 2025-04: EUR 57.25 per share

- 2025-05: EUR 59.10 per share

- 2025-06: EUR 57.45 per share

- 2025-07: EUR 60.50 per share

- 2025-08: EUR 47.06 per share

- 2025-09: EUR 45.66 per share

- 2025-10: EUR 35.50 per share

- 2025-11: EUR 32.06 per share

- 2025-12: EUR 32.94 per share

- 2026-01: EUR 26.56 per share

- 2026-02: EUR 21.98 per share

- 2026-03: EUR 18.94 per share

- 2026-04: EUR 19.21 per share

- 2026-05: EUR 29.46 per share

- 2026-06: EUR 23.16 per share

- 2026-07: EUR 25.06 per share

- 2026-08: EUR 35.94 per share

- 2026-09: EUR 33.82 per share

- 2026-10: EUR 33.10 per share

## Annual estimated value (EUR per share)

- FY2021: low EUR 1.41 per share, central EUR 1.53 per share, high EUR 1.68 per share

- FY2022: low EUR 12.12 per share, central EUR 13.76 per share, high EUR 15.95 per share

- FY2023: low EUR 17.41 per share, central EUR 19.65 per share, high EUR 22.63 per share

- FY2024: low EUR 22.29 per share, central EUR 30.82 per share, high EUR 35.79 per share

- FY2025: low EUR 20.66 per share, central EUR 28.04 per share, high EUR 32.64 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:50:07.340Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations