Qt Group Oyj stock came into the Q3 2026 release at €33.78, roughly flat over the past month but sharply higher over three months, with sentiment already heating up. The headline result was a clear margin story. Quarterly revenue landed at €51.7m while net income was €1.0m, and the trailing net profit margin now sits at 9.3% compared with 20.1% a year earlier. Short term traders see a software winner with a premium P/E of 38.2x. Long term holders are now forced to weigh that thinner profitability against analyst models that still flag a large DCF upside.
Love the premium growth profile at Qt Group Oyj but uneasy about net margins sliding from 20.1% to 9.3%? Screen for peers that combine richer profitability with support from solid balance sheets in our list of solid balance sheet and fundamentals stocks (202 results)
Q3 2026 Earnings Summary
- Revenue (Q3 2026 vs. Q3 2025): €51.725m vs. €40.722m (up about 27% year on year)
- Net Income (Excl. Extra Items, Q3 2026 vs. Q3 2025): €1.026m vs. €1.426m (down about 28% year on year)
- Basic EPS (Q3 2026 vs. Q3 2025): €0.04 vs. €0.06 (declined about 33% year on year)
- Trailing Net Profit Margin (TTM vs. prior year): 9.3% vs. 20.1% (compressed by 10.8 percentage points over the year)
Qt Group is talking 30% profitability after heavy restructuring. Ask Charlie what makes Qt Group’s 30% margin goal believable.
Qt Group Oyj: Usage Ambitions Meet Early Execution
For Qt Group Oyj, the bullish story hangs on deeper usage based monetisation and safety critical depth turning today’s toolkit into a broader platform with richer recurring cash flows.
"The main thing that has to go right is the multi year shift of IAR and Qt licenses toward subscription and usage based models, while the company executes the planned €20 million cost reduction without hurting sales momentum."
Q3 shows that theory starting to collide with reality. IAR conversion is lifting ARR about 32% on a currency adjusted basis and management still targets €20m in cost savings. At the same time, reported net margin is 9.3% and restructuring charges of €5.3m are still needed to reset the cost base, so profitability is not yet where the bullish narrative points.
Not everyone reads the same price the same way. → See the lower figure this Narrative lands on, and how it gets there.
Qt Group Oyj: Bearish Concerns On Deal Quality Tested
The cautious view argues that Qt Group Oyj is working with smaller, slower projects that blunt operating leverage even as the toolkit spreads.
"Customers are stretching project timelines, choosing smaller initial license packages and shifting from 3 year to 1 year contracts. This reduces average deal size and delays revenue recognition, putting pressure on net sales and EBITA margins over a multi year period."
Q3 revenue of €51.7m and ARR up about 32% indicate that demand is present. At the same time, the reported net margin of 9.3% and 11% EBITA show that profitability pressure is real. Underlying EBITA near 20% suggests that restructuring and IAR mix are masking earnings power. However, guidance of at least 15% EBITA for 2026 means the multi year margin improvement is still unproven rather than secured.
Hunt For Quiet Disconnects
Qt Group Oyj just showed how revenue growth can appear alongside margins that stay tight for an extended period. The real opening could sit in stocks that could be undervalued before sentiment catches up.
- Company 1 - 44% below our estimate - uses expanded production capacity and new export programs to push higher value light commercial volumes through an integrated partner network.
- Company 2 - 41% below our estimate - sells treatment planning software hospitals adopt as they replace legacy oncology systems with AI supported, integrated decision tools for complex cancer cases.
- Company 3 - 21% below our estimate - targets ventilation projects that shift toward energy efficient systems, using new facilities and footprint optimisation to support more consistent equipment margins.
That is three of the list. See the full list of 201 companies trading below our fair value estimates →
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