Bittium Oyj (BITTI) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Bittium Oyj €9.71, price €38.50, upside -74.8%, quality 74 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range €3.28 – €42.73 · fair‑value band €5.56 – €14.96 · the €38.50 price screens above the €9.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Bittium Oyj provides communications and connectivity solutions under the Bittium brand in Finland, the rest of Europe, the Americas, and Asia. It operates through Defense & Security, Medical, and Engineering Services segments.
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Bittium Oyj provides communications and connectivity solutions under the Bittium brand in Finland, the rest of Europe, the Americas, and Asia. It operates through Defense & Security, Medical, and Engineering Services segments. The company offers Faros, an ECG monitor for early detection of cardiac abnormalities; OmegaSnap, a wearable disposable patch electrode for long-term ECG measurements; Cardiac Navigator, a software solution for analyzing clinical Holter ECG recordings; MedicalSuite, a cloud-based software-as-a-service solution for data sharing and management; Respiro, a recording device for nocturnal polygraph examinations; BrainStatus, a wireless and compact EEG amplifier for continuous EEG measurements in intensive care units; and NeurOne, an EEG/ERP device. It also provides Tough Mobile, Tough Mobile 2, and Tough Mobile 2 Tactical smartphones; Secure Suite, a device management and encryption software; Secure Call, a communication application; SafeMove Mobile VPN; SafeMove Analytics, a monitoring and reporting module; Tactical Wireless IP Network, a software-defined radio-based wireless broadband network system; Tough SDR; Tough VoIP; Tough Comnode; Tough VoIP Field Phone; Tough VoIP Service; Tough VoIP Softphone; Tactical Power Pack; Tactical Device Management; Tactical Network Management, a visual system for managing tactical communication networks and network nodes; and lifecycle services. In addition, the company offers product design, development, and maintenance; feasibility study, mock-ups, proof-of-concept, and system architecture; and engineering design, build and manufacture, testing, certification, and production ramp-up services. It serves the defense and security, industrial IoT, medical and healthcare, telecommunications, and satellite and wireless industries. The company was formerly known as Elektrobit Corporation and changed its name to Bittium Oyj in July 2015. Bittium Oyj was founded in 1985 and is headquartered in Oulu, Finland.
Stock analysis
Bittium Oyj (BITTI) currently trades at €38.50, while our model-based Fair Value estimate is €9.71, implying the stock looks roughly 296.5% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €13.91 per share, and 0 of the 26 models we run sit above the €38.50 price.
Bear case: the Dividend Discount group reads lowest at €1.13, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: €5.56 (bear) to €14.96 (bull), the price of €38.50 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 74/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Bittium Oyj reported revenue of €119M in FY2025 versus €86.9M in FY2021, a compound +8.3%/yr. Reported net income was €21.3M in FY2025, compounding +59.1%/yr from FY2021.
Key figures
Market cap €1.4B · P/E ratio 64.2 · P/S ratio 11.5 · EPS (TTM) €0.6000 · Dividend yield 0.8% · Net margin 17.9% · Return on equity 17.5% · Return on assets (EBIT) 3.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 200% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −46% fair-value upside, at −75%, BITTI screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (€1.13 to €16.78). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear €5.56Fair Value €9.71Bull €14.96
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.2195 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.74/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+40.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.8%
Start year 2020 (pandemic). Over 10 years: +7.7% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.6%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+55.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+55.1%
Dividend (yield on the price)0.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.45% vs 20%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 16%
2025 sits 465% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+56.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+22.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +53.0% a year for the price and +20.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (17 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Communication Equipment · 311 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside−75% · Bottom 25%
Profitability
Return on equity (TTM)18% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)18% · Top 25%
Operating margin (TTM)23% · Top 25%
Growth and dividend
Revenue growth63% · Top 25%
Dividend yield (TTM)0.8% · Below median
Balance sheet
Debt / equity0.12× · Above median
Valuation Multiplesvs Communication Equipment median · lower = cheaper
P/E (TTM)64.2× · Pricier than median
P/B11.87× · Priciest 25%
P/S (TTM)12.97× · Priciest 25%
P/FCF221.8× · Priciest 25%
EV/EBITDA68.5× · Priciest 25%
PEG1.83× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 38
PAST (return on equity)70· sector 15
HEALTH (low debt)94· sector 98
DIVIDEND (yield)16· sector 23
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Bittium Oyj Fair Value". https://www.fairvalue-calculator.com/stock/BITTI
Frequently asked questions
Is Bittium Oyj (BITTI) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €9.71 versus a price of €38.50, about −75% upside (overvalued).
What is the fair value of BITTI?
Our model-based fair value for Bittium Oyj is €9.71 (as of Sep 23, 2026), built from audited fundamentals. The current price: €38.50.
What is the quality score of BITTI?
Bittium Oyj has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bittium Oyj (BITTI)?
Our model-based price target is the fair value of €9.71 (as of Sep 23, 2026) from 26 valuation models. Cautious scenario €5.56, optimistic scenario €14.96. It is a calculation from audited fundamentals, not an analyst target.
What is the Bittium Oyj stock forecast for 2026?
Our models put fair value at €9.71, about −75% upside versus a price of €38.50 (overvalued). Cautious scenario €5.56, optimistic scenario €14.96. The calculation is refreshed regularly with new filings.
What is the revenue of Bittium Oyj (BITTI)?
Bittium Oyj reported trailing-twelve-month revenue of about €120M (latest available figure, as of Sep 23, 2026).
Does Bittium Oyj pay a dividend?
Bittium Oyj currently shows a dividend yield of about 0.78% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Bittium Oyj (BITTI)?
For today's price to be fair in a discounted-cash-flow model, Bittium Oyj would have to grow free cash flow by +56.3 % per year for five years (discount rate 9.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.8 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of BITTI use?
Our models discount Bittium Oyj at 9.9 %: a base by market capitalisation (small), damped by beta 0.25, country premium for Finland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Bittium Oyj that is +56.3 % per year a year over ten years, using the same discount rate (9.9 %) and the same formula as our fair value.
How much growth has Bittium Oyj (BITTI) delivered so far?
Over the past 5 years revenue at Bittium Oyj grew +8.8 % a year. The price currently implies +56.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Bittium Oyj (BITTI) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Bittium Oyj (+56.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bittium Oyj (BITTI)?
The free-cash-flow yield on the price is 0.51 %: that much free cash flow Bittium Oyj produces per unit of market value. When it exceeds the discount rate of our models (9.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bittium Oyj (BITTI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bittium Oyj it is €9.71 per share (as of Sep 23, 2026), against a price of €38.50. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Bittium Oyj stock overvalued or undervalued in 2026?
As of Sep 23, 2026, BITTI trades above its calculated fair value: price €38.50, fair value €9.71, a gap of about −75% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BITTI?
No. The price is what the market pays today (€38.50); the fair value is what the company's own numbers justify (€9.71). For Bittium Oyj the two are €28.79 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bittium Oyj worth?
The market values Bittium Oyj at about €1.4B (market capitalisation, as of Sep 23, 2026). Per share that is €38.50; our models calculate a fair value of €9.71 per share.
What do the bullish and bearish scenarios say about BITTI?
Our models span a range for Bittium Oyj: cautious scenario €5.56, base €9.71, optimistic €14.96 per share (as of Sep 23, 2026, price €38.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BITTI?
Bittium Oyj trades at a price-to-earnings ratio of 64.2 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €9.71 is built from several models across several years. Other multiples: PEG 1.8, P/B 11.9, P/S 13.0, EV/EBITDA 68.5.
What is the PEG ratio of BITTI?
The PEG ratio of Bittium Oyj is 1.83 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Bittium Oyj (BITTI)?
Balance-sheet figures for Bittium Oyj (as of Sep 23, 2026): return on equity 17.5%, debt of 0.12 per unit of equity. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is BITTI from its 52-week high?
Bittium Oyj trades at €38.50, about 10% below its 52-week high of €42.73 and 200% above the low of €12.85 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of €9.71 is for.
Which stocks are comparable to Bittium Oyj?
From the same area (Technology) we also value Cisco Systems, Inc, Zhongji Innolight Co, Foxconn Industrial Internet Co, Eoptolink Technology Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bittium Oyj stock attractive at the current price?
The data as of Sep 23, 2026: price €38.50, calculated fair value €9.71 (−75%), Quality Score 74/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BITTI calculated?
We run Bittium Oyj through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €9.71, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Bittium Oyj itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bittium Oyj (BITTI)?
The closing price on Sep 23, 2026 was €38.50. Our model-based fair value is €9.71, about −75% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bittium Oyj right now?
A high-quality business (quality 74/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (€14.96). The favourable scenario is already priced in. The model range is unusually wide (€5.56 to €14.96). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Key figures of Bittium Oyj
How large is the market capitalisation of Bittium Oyj (BITTI)?
The market capitalisation of Bittium Oyj is €1.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bittium Oyj (BITTI)?
The price-to-sales ratio of Bittium Oyj is 11.5 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bittium Oyj (BITTI)?
Earnings per share at Bittium Oyj are €0.6000 (price ÷ EPS = P/E 64.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bittium Oyj (BITTI)?
The dividend yield of Bittium Oyj is 0.8% (payout 50.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Bittium Oyj (BITTI)?
The net margin of Bittium Oyj is 17.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bittium Oyj (BITTI)?
The return on equity (ROE) of Bittium Oyj is 17.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bittium Oyj (BITTI)?
On an EBIT basis the return on assets of Bittium Oyj is 3.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bittium Oyj (BITTI)?
The operating margin of Bittium Oyj is 23.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bittium Oyj (BITTI)?
Revenue at Bittium Oyj is growing +63.3% versus a year earlier (3y avg +13.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Bittium Oyj (BITTI)?
Earnings per share at Bittium Oyj are growing +298% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Bittium Oyj (BITTI) hold?
Bittium Oyj holds more cash than debt, €1.0M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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