Rankings Software, cloud & internet Qt Group

Qt Group

Software, cloud & internet · FinlandRank 404 of 829Prices 3 Nov 2026Model 1.4

15070100

A good business with a real question mark: the price, a crack, or both.

Biggest deductions

Margin−6
Quality of growth−5
Execution and guidance−5

Strengths

Recurring revenue+1
Cost savings+1

How the score is built

From 100 to 61, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

61Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 32.26 EUR
Median analyst target: 37.50 EUR
Upside to median: +16.2%
Analysts: 4
Target range: 36.50 – 38.00 EUR
52-week change: −12%
P/E (trailing): 36.5
Forward P/E: 19.1
PEG: 2.02

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 4 findings−17 of −30

Margin
EBITA margin 15.1% in Q2 and 12.6% in H1 vs 22.7% and 20.4% a year earlier; operating margin 14.7% (TTM) vs 30% in 2024. Guidance is only 'at least 15%' for 2026 – the original 2025 target was 30–40%.
inderes.se
−6
Quality of growth
Sales rose 19.6% in Q2, but Inderes writes that the IAR acquisition carried the growth; revenue grew only 3.5% in 2025, and EPS fell 52% (TTM).
inderes.fi
−5
ROIC
ROIC 8.3% (TTM) vs 45% in 2024 and 35% in 2023 – below the cost of capital (WACC about 11%).
stockanalysis.com
−3
Capital allocation
The debt-financed IAR purchase turned a net cash position into net debt of EUR 84m (gearing 40%); IAR's security business has already been closed, and up to 200 positions are being cut.
inderes.se
−3

Price

Today's multiples against the company's own history and its peers. · 2 findings−6 of −35

Multiples vs own history
Forward P/E 21.9 vs 20.9–36.1 in 2022–2025 and EV/EBITDA 18.9 vs 13.4–27.8 – low vs history, but for a company with flat EPS in 2026 (1.24 vs 1.25) and trailing P/E 38.
stockanalysis.com
−4
FCF yield
FCF yield 3.4% (TTM); on the expected FCF of EUR 39m in 2026 about 4.5%.
stockanalysis.com
−2

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−10 of −35

Execution and guidance
Two profit warnings in 2025 (April and October): the growth target was cut from 10–20% to 3–10% and the EBITA margin from 30–40% to 20–30%, because large agreements were not signed.
news.cision.com
−5
Management change
CFO Jouni Lintunen left the company in January 2026 in the middle of the IAR integration; the stock fell 10%, and the post is filled on an interim basis.
inderes.fi
−2
Customer behavior and macro
Management points to a 'challenging geopolitical and macroeconomic backdrop' that continues to hold back customers' investment decisions (especially industry and automotive).
inderes.se
−3

Plus

Only documented strengths. · 2 findings+2 of +15

Recurring revenue
ARR rose to EUR 160.4m (+32% at constant currencies), and IAR's sales have largely shifted to subscriptions.
inderes.se
+1
Cost savings
The restructuring is to deliver at least EUR 20m in annual savings plus about 3m from the closure of IAR's security business.
inderes.se
+1

Caveats

What the score does not capture, or where the data is weak.

Organic growth (excluding IAR, consolidated from Oct. 2025) is not stated directly; estimated from IAR's size (approx. EUR 10m per quarter), organic growth is low single digits. Only 4 analysts (one 'strong sell'). Technical AI threats to developer tools have not been examined in depth. Q3 report 29/10.