Stock

Bittium Oyj

0JG5.L
50
Communication Equipment · Technology
Price
36.20 GBp
-0.70 (-1.90%)
Market Cap
£1.29B
Exchange
London Stock Exchange
Winston Score
50
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
9/30
Growth
Mixed
7/20
Cash Flow
Exceptional
10/10
Stability
Good
5/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Good
3/5

50 of 100 counted points = Winston Score 50.

§Winston Score History

The full picture

Bittium Oyj is a Finnish technology company that makes secure communications equipment and software for defense forces, public safety agencies, and healthcare organizations. Its core products include encrypted tactical radios, secure smartphones, and connectivity solutions used by military and government customers who need communications that are very hard to intercept or hack. Bittium is one of the few European companies specializing in both defense-grade secure communications hardware and the software that runs on it.

The company earns revenue by selling hardware devices, software licenses, and related services, with a growing share coming from longer-term service and maintenance contracts. Bittium operates primarily in Finland and other European markets, with some exports to NATO-aligned countries, and generates roughly €100–120 million in annual revenue. Its main competitive advantage is deep expertise in secure, certified communications technology, which takes years and significant regulatory approvals to replicate — though its relatively small size and dependence on government procurement cycles remain key risks to consistent revenue growth.

Share count broadly stable

−0.7% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 35.7M (2021) → 35.4M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
14.3%
Thin — 14.3% gross margin
Profit after running costs
Operating Margin
16.8%
Healthy — 16.8% operating margin
Return on the money invested
ROCE
6.4%
Weak — 6.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
142%
Turns 142% of profit into real cash
Spare cash per sale
FCF Margin
27.0%
Converts sales into free cash efficiently (27.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.14
Conservative — low debt load (0.14)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
32.6x
Pricey — P/E 32.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+8.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (32.6 → 24.2)

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Dividends

Dividend
Dividend Yield
0.41%
Small dividend — 0.41% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+184.6%
Dividend growing fast (184.6% YoY)
Payout Ratio
26%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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