10 Impressive Nordic Mid/Small Cap Companies You Should Know About

1 minutes reading time
Published 26 Sep 2023
Reviewed by: Peter Westberg
Updated 21 Mar 2024

The Nordic region, comprising Denmark, Finland, Iceland, Norway, and Sweden, has long been recognized for its robust economies, innovation, and a flair for producing globally recognized companies. While giants like Novo Nordisk, Sandvik, and Kone might come to mind immediately, the region is also home to a plethora of mid and small-cap companies that are making waves in their respective industries.

Key Insights

  • The Nordic region, known for robust economies and innovation, houses numerous mid and small-cap companies that have shown remarkable performance in their sectors, outpacing giants like Novo Nordisk, Sandvik, and Kone in some cases.

  • Examples such as Medistim with a stock rise of 2,610% since its public introduction in 2004, and AQ Group with an increase of 8,470% since its 2001 public debut, showcase the tremendous growth potential of these lesser-known Nordic firms across various industries.

  • The stellar performances of these companies underscore the Nordic values of innovation and sustainable business practices, emphasizing the region's capacity to produce global leaders beyond the well-recognized giants.

10 Nordic Mid/Small Cap companies you should be aware of

Let’s explore 10 companies and their impressive track records (data from June 2023).

1. Admicom

Admicom provides ERP/accounting software to the Finnish construction industry. Since going public in 2018, Admicom's stock is up 274% excl. Dividends.

5-year CAGRs:

  • Revenue +31%

  • EBIT +34%

  • ROE (avg) 29%

2. Musti

Musti is a leading Nordic pet care group operating both through e-commerce channels and its unmatched physical retail store network. Since going public in early 2020, Musti Group's stock is up 71% excl. dividends.


  • Revenue +14%

  • EBIT +84%

  • ROE (avg) 11%

3. Medistim

Medistim makes medical devices for measurement of blood flow during surgeries and to visualize atherosclerosis. Since going public in 2004, Medistim's stock is up 2,610% excl. dividends.


  • Revenue +9%

  • EBIT +14%

  • ROIC (avg) 53%

4. New Wave Group

New Wave Group designs, acquires and develops brands and products (such as Craft, Cutter & Buck, and Orrefors) in the corporate promo, gifts and home furnishings space. Since 1998, New Wave Group's stock is up 2,700% excl. dividends.


  • Revenue +8%

  • EBIT +27%

  • ROE (avg) 15%

5. Nordnet

Nordnet is the leading pan-Nordic online investment platform – having closer to two million customers across Sweden, Norway, Denmark, and Finland. Since going public (again) in late 2020, Nordnet's stock is up 38% excl. dividends.


  • Revenue +23%

  • EBIT +71%

  • ROE (avg) 25%

Quartr Pro is revolutionizing professional public market research

Request a personal demo to learn why Quartr Pro is quickly being adopted by leading asset managers, hedge funds, investor relations departments, and sell-side analysts worldwide.


6. QT Group

QT Group offers Development, Design, and Quality Assurance software tools for 1.5+ million developers across the globe. Since 2016, Qt Group's stock is up 1,690%.


  • Revenue +29%

  • EBIT +79%

  • ROIC (avg) 52%

7. Volati

Volati is an industrial group who acquires and develops niche businesses with a long-term focus on value creation. Over the last 5 years, Volati's stock is up 182% excl. dividends.


  • Revenue +6%

  • EBIT +13%

  • ROE (avg) 15%

8. Hexatronic

Hexatronic offers a complete range of fiber optic infrastructure with compatible solutions for fast installation and low total cost of ownership. Over the last 5 years, Hexatronic's stock is up 600% excl. dividends.


  • Revenue +36%

  • EBIT +67%

  • ROE (avg) 21%

9. Note

Note is a leading northern European EMS partner with an international platform for manufacturing electronics-based products that require high technology competence and flexibility. Over the last 5 years, NOTE's stock is up 945%.


  • Revenue +23%

  • EBIT +35%

  • ROE (avg) 22%

10. AQ Group

AQ Group is a global manufacturer of components and systems for industrial customers with high demands – currently present in 16 countries. Since going public in 2001, AQ Group's stock is up 8,470%


  • Revenue +10%

  • EBIT +22%

  • ROIC (avg) 15%

In Conclusion

The Nordics' reputation for innovation and sustainable business practices is well-reflected in these mid/small-cap companies. Each of them has demonstrated a commitment to excellence in their niche, offering products and services that stand out not just in the Nordic region but globally. Investing time to understand their operations and growth potential can provide insights into the unique business dynamics of the Nordic countries.

Keep Track of Company Mentions

Ensures you stay updated when your company—or any other you wish to track or analyze—is mentioned by customers, suppliers, competitors, or any other participant in the public markets. We cover events such as earnings calls, capital markets days, and investor conferences from companies of all sizes worldwide.

Why are finance professionals around the world choosing Quartr Pro?

With a broad global customer base spanning from equity analysts, portfolio managers, to IR departments, the reasons naturally vary, but here are four that we often hear:

Increase productivity

Eliminate hours of searching for specific data points buried deep inside company material.

Get a one-stop-shop solution

Everything you need for qualitative public market research in one single platform.

Uncover rare insights

Understand the qualitative aspects of entire industries or specific companies.

Leverage the power of AI

Incorporate AI functionality into your daily workflow.