BITTI Stock Analysis: Bittium | HE
Communication Equipment | HE, Finland | Market Cap: 1.427m EUR | 12M Return: 243.2% | FI0009007264 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.93M
Qual. Beats: 1
Rev. Trend: 93.7%
Qual. Beats: 1
Warnings
Tailwinds
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Bittium Oyj is a Finnish technology company headquartered in Oulu, founded in 1985 and formerly known as Elektrobit Corporation before adopting its current name in July 2015. It operates through three segments-Defense & Security, Medical, and Engineering Services-selling communications and connectivity solutions in Finland, the rest of Europe, the Americas, and Asia.
The Defense & Security segment offers rugged secure smartphones (Tough Mobile and Tough Mobile 2 series), device management and encryption software (Secure Suite, SafeMove VPN), and tactical radio and networking products such as Tactical Wireless IP Network and Tough SDR. The Medical segment focuses on cardiac and neurological diagnostics, including the Faros ECG monitor, OmegaSnap wearable patch electrode, BrainStatus EEG amplifier, Cardiac Navigator analysis software, and the cloud-based MedicalSuite platform.
The Engineering Services segment delivers product design, development, testing, certification, and production ramp-up for clients in defense, industrial IoT, medical, telecommunications, and satellite/wireless markets. Bittiums business model combines proprietary hardware and software products with contract engineering services, with secure tactical communications for defense and public safety being a core focus area tied to rising European defense and cybersecurity spending.
- Finland NATO membership drives Defense & Security segment order growth
- Medical ECG and EEG device sales expand in international markets
- Defense contract wins offset Engineering Services revenue decline
| Net Income: 31.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.31 > 0.02 and ΔFCF/TA 7.43 > 1.0 |
| NWC/Revenue: 40.22% < 20% (prev 44.05%; Δ -3.83% < -1%) |
| CFO/TA 0.33 > 3% & CFO 64.4m > Net Income 31.1m |
| Net Debt (-25.7m) to EBITDA (46.8m): -0.55 < 3 |
| Current Ratio: 2.35 > 1.5 & < 3 |
| Outstanding Shares: last quarter (35.5m) vs 12m ago 0.15% < -2% |
| Gross Margin: 58.80% > 18% (prev 42.34%; Δ 16.46% > 0.5%) |
| Asset Turnover: 91.49% > 50% (prev 61.85%; Δ 29.63% > 0%) |
| Interest Coverage Ratio: 36.50 > 6 (EBIT TTM 32.9m / Interest Expense TTM 900k) |
| A: 0.33 (Total Current Assets 114.6m - Total Current Liabilities 48.7m) / Total Assets 197.8m |
| B: 0.47 (Retained Earnings 93.1m / Total Assets 197.8m) |
| C: 0.18 (EBIT TTM 32.9m / Avg Total Assets 179.1m) |
| D: 2.07 (Book Value of Equity 133.3m / Total Liabilities 64.5m) |
| Altman-Z'' = 7.12 = AAA |
| DSRI: 0.88 (Receivables 42.2m/28.9m, Revenue 163.8m/99.2m) |
| GMI: 0.72 (GM 42.34% / 58.80%) |
| AQI: 0.78 (AQ_t 0.32 / AQ_t-1 0.41) |
| SGI: 1.65 (Revenue 163.8m / 99.2m) |
| TATA: -0.17 (NI 31.1m - CFO 64.4m) / TA 197.8m) |
| Beneish M = -3.06 (Cap -4..+1) = AA |
As of August 19, 2026, the stock is trading at EUR 39.90 with a total of 62,979 shares traded. Over the past week, the price has changed by +5.70%, over one month by +54.96%, over three months by +13.32% and over the past year by +243.17%.
Current recommended Stop Loss: 34.20 (which is 14.3% or 2.6 ATR below the current price).
Bittium has no consensus analysts rating.
P/E Trailing = 52.1429
P/E Forward = 54.6448
P/S = 10.5738
P/B = 10.4668
P/EG = 1.8283
Revenue TTM = 163.8m EUR
EBIT TTM = 32.9m EUR
EBITDA TTM = 46.8m EUR
Long Term Debt = 15.6m EUR (from longTermDebt, last fiscal year)
Short Term Debt = 3.20m EUR (from shortTermDebt, last quarter)
Debt = 20.8m EUR (from shortLongTermDebtTotal, last quarter) + Leases 2.03m
Net Debt = -25.7m EUR (calculated: Debt 20.8m - CCE 46.5m)
Enterprise Value = 1.40b EUR (1.43b + Debt 20.8m - CCE 46.5m)
Interest Coverage Ratio = 36.50 (Ebit TTM 32.9m / Interest Expense TTM 900k)
EV/FCF = 22.98x (Enterprise Value 1.40b / FCF TTM 61.0m)
FCF Yield = 4.35% (FCF TTM 61.0m / Enterprise Value 1.40b)
FCF Margin = 37.22% (FCF TTM 61.0m / Revenue TTM 163.8m)
Net Margin = 18.95% (Net Income TTM 31.1m / Revenue TTM 163.8m)
Gross Margin = 58.80% ((Revenue TTM 163.8m - Cost of Revenue TTM 67.5m) / Revenue TTM)
Gross Margin QoQ = 14.34% (prev 32.64%)
Tobins Q-Ratio = 7.09 (Enterprise Value 1.40b / Total Assets 197.8m)
Interest Expense / Debt = 4.32% (Interest Expense 900k / Debt 20.8m)
Taxrate = 5.32% (1.68m / 31.5m)
NOPAT = 31.1m (EBIT 32.9m * (1 - 5.32%))
Current Ratio = 2.35 (Total Current Assets 114.6m / Total Current Liabilities 48.7m)
Debt / Equity = 0.16 (Debt 20.8m / totalStockholderEquity, last quarter 133.3m)
Debt / EBITDA = -0.55 (Net Debt -25.7m / EBITDA 46.8m)
Debt / FCF = -0.42 (Net Debt -25.7m / FCF TTM 61.0m)
Total Stockholder Equity = 132.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 17.34% (Net Income 31.1m / Total Assets 197.8m)
RoE = 23.51% (Net Income TTM 31.1m / Total Stockholder Equity 132.1m)
RoCE = 22.24% (EBIT 32.9m / Capital Employed (Equity 132.1m + L.T.Debt 15.6m))
RoIC = 21.58% (NOPAT 31.1m / Invested Capital 144.1m)
WACC = 6.71% (E(1.43b)/V(1.45b) * Re(6.75%) + D(20.8m)/V(1.45b) * Rd(4.32%) * (1-Tc(0.05)))
Discount Rate = 6.75% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 41.73 | Cagr: 0.08%
[DCF] Terminal Value 77.97% ; FCFF base≈51.6m ; Y1≈59.2m ; Y5≈87.1m
[DCF] Fair Price = 37.58 (EV 1.31b - Net Debt -25.7m = Equity 1.34b / Shares 35.5m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.85 | # QB: 1
Revenue Correlation: 93.67 | Revenue CAGR: 28.46% | SUE: 4.0 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.17 | Chg30d=+22.22% | Revisions=+0% | Analysts=2
EPS current Year (2026-12-31): EPS=0.70 | Chg30d=-1.75% | Revisions=+0% | GrowthEPS=+16.7% | GrowthRev=+29.1%
EPS next Year (2027-12-31): EPS=0.96 | Chg30d=+1.05% | Revisions=-25% | GrowthEPS=+37.5% | GrowthRev=+20.4%
[Analyst] Revisions Ratio: -25% (up=0, down=1)