Qt Group Oyj

0RG5.L

Software - Application · Technology

Price

34.66 GBp

+0.88 (+2.60%)

Market Cap

£880.1M

Exchange

London Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

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Winston Score History

The full picture

Qt Group is a Finnish software company that makes a toolkit developers use to build applications that run on many different devices and operating systems. Its main product is the Qt framework — a set of tools and code libraries that let programmers write software once and deploy it on touchscreens, desktops, cars, medical devices, and industrial machines. Customers include companies in automotive, industrial automation, consumer electronics, and healthcare.

Qt earns money through software licenses and annual subscriptions, with larger commercial customers paying for professional support and additional tools. The company operates globally, with strong roots in Europe and growing business in North America and Asia, and generates roughly $200 million in annual revenue. Its main competitive advantage is that Qt is deeply embedded in product development workflows, making it costly and time-consuming for customers to switch. The key growth driver is the expanding demand for graphical user interfaces in embedded systems, particularly in automotive and industrial devices, though competition from open-source alternatives and larger platform vendors remains a persistent risk.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-65.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

26.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€48M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Qt Group Oyj is a rare growth stock that's already generating positive cash flow while growing at 20%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.3% over 4y

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

Diluted shares outstanding: 25.5M (2021) → 25.4M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

29.2%

Modest — 29.2% gross margin

Profit after running costs

Operating Margin

9.9%

Modest — 9.9% operating margin

Return on the money invested

ROCE

10.0%

Below par — 10.0% 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

+10.9%

Steady sales growth (+10.9% YoY)

Profit growth

EPS YoY

-52.9%

Earnings shrinking (-52.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

140%

Turns 140% of profit into real cash

Spare cash per sale

FCF Margin

12.9%

Converts sales into free cash efficiently (12.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.60

Conservative — low debt load (0.60)

Covers its interest

Interest Cover

12.69x

Comfortably covers interest (12.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

38.8x

Pricey — P/E 38.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+18.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (38.8 → 20.6)

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Dividends

Not applicable for this business.

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