olivLaw · European equity research
Sanoma Oyj SANOMA.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Sanoma Oyj is a Finnish learning and media group, with its main activity in education (printed and digital materials for schools) and in news media. For 2026 the company expects net sales of EUR 1.29–1.34 billion, compared with EUR 1.30 billion in 2025, supported by curriculum renewals in some markets.
At the close of 06 Nov 2026, Sanoma Oyj (SANOMA.HE) stock was 8.80 EUR (−1.57% on the day), with market capitalisation 2.9 bn EUR, P/E 146.7 on diluted EPS of 0.06 EUR over the last 12 months, dividend yield 4.43%, beta 0.28, 52-week range 8.46–10.78 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.5
- weak (30–45)
- Bollinger (20, 2)
- 8.19 – 11.59
- in the lower half of the band · %B 0.18 · band width 34.3%
- SMA 50 / 200
- 9.81 / 9.26
- mixed trend
- MACD (12, 26, 9)
- -0.33 / -0.16
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.2% | −0.6% | −11.5 pp | — |
| 3 months | −3.6% | −4.2% | +0.6 pp | — |
| 6 months | −1.3% | +4.3% | −5.7 pp | — |
| Year to date | −7.4% | +7.5% | −14.9 pp | — |
| 1 year | −13.4% | +9.9% | −23.3 pp | −1.3% |
| 3 years | +22.7% | +49.8% | −27.1 pp | +4.4% |
| 5 years | −36.9% | +42.8% | −79.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 40.4, median 99.4, max 158.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.3 bn |
| Revenue YoY | unavailable | −3.5% | −3.1% |
| Net income | 3.3 m | 40.5 m | 19.9 m |
| Net income YoY | unavailable | +1,127.3% | −50.9% |
| Diluted EPS | -0.03 | 0.19 | 0.06 |
| Diluted EPS YoY | unavailable | unavailable | −68.4% |
| net % | 0.2% | 3.0% | 1.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 19.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 730.9 m EUR
- Total assets
- 1.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.42x
- ROE
- 2.6%
- ROA
- 1.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Operating income | 51.7 m | 81.8 m | 48.6 m | esef· 07 Apr 2026verified |
| Interest expense | 39.1 m | 40.3 m | 30.3 m | esef· 07 Apr 2026verified |
| Pre-tax income | 20.6 m | 48.4 m | 24.3 m | esef· 07 Apr 2026verified |
| Income tax | 16.5 m | 7.8 m | 4.5 m | esef· 07 Apr 2026verified |
| Net income | 3.3 m | 40.5 m | 19.9 m | esef· 07 Apr 2026verified |
| Diluted EPS | -0.03 | 0.19 | 0.06 | esef· 07 Apr 2026verified |
| Dividend per share | — | 0.37 | 0.39 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 65.9 m | 21.1 m | 19.7 m | esef· 07 Apr 2026verified |
| Receivables | 139.4 m | 141.7 m | 127.2 m | esef· 07 Apr 2026verified |
| Inventories | 53.5 m | 45.0 m | 38.3 m | esef· 07 Apr 2026verified |
| Current assets | 273.2 m | 216.9 m | 198.2 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 40.3 m | 37.4 m | 37.0 m | esef· 07 Apr 2026verified |
| Goodwill | 812.2 m | 809.8 m | 810.0 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 720.5 m | 646.1 m | 557.8 m | esef· 07 Apr 2026verified |
| Total assets | 2.0 bn | 1.9 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Accounts payable | 242.1 m | 239.4 m | 219.5 m | esef· 07 Apr 2026verified |
| Current liabilities | 738.3 m | 524.4 m | 471.3 m | esef· 07 Apr 2026verified |
| Total liabilities | 1.2 bn | 1.1 bn | 998.5 m | esef· 07 Apr 2026verified |
| Equity | 799.4 m | 771.7 m | 730.9 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | — | 213.2 m | 331.7 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 148.2 m | 183.0 m | 198.8 m | esef· 07 Apr 2026verified |
| Investing cash flow | -28.5 m | -27.8 m | -32.5 m | esef· 07 Apr 2026verified |
| Financing cash flow | -95.8 m | -199.9 m | -167.2 m | esef· 07 Apr 2026verified |
| Dividends paid | 61.1 m | 60.5 m | 63.6 m | esef· 07 Apr 2026verified |
| Share repurchases | — | 1.9 m | 4.0 m | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 2.9 bn EUR
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.49 – 7.23 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.49 – 1.10 (Mid 0.67)23 companies used · median multiple 11.2x · quartiles 8.2x – 18.3xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE
- Dividend discount (DDM)5.30 – 7.23 (Mid 6.12)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.5% | 44 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.6x | 2 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 146.7x | 4 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.3% | 33 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet1/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial44/100 · 1/3 factors with a value
- Returns· partial33/100 · 1/2 factors with a value
- Valuation· partial4/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Sanoma Oyj (SANOMA.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.3 bn EUR in 2025; YoY growth -3.1%; net margin 1.5%; ROE 3.3%.
The estimated value range is 2.90–4.17 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.39 EUR, the price of 8.80 EUR leaves a potential of -61.4% (value / price − 1) and a margin of safety of -159.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: 1.6x
- Current ratio: 0.4x
- P/E (TTM): 146.7x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.7 bn | 27.1 | 8.7% | 15.3% | −14.0% | +31% / +80% |
| ELISA.HEElisa Oyj | 5.5 bn | 16.0 | 27.0% | 15.2% | +3.0% | −10% / −17% |
| SANOMA.HESanoma Oyj | 2.9 bn | 146.7 | 3.3% | 1.5% | −3.1% | −6% / +27% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.6 | 24.1% | 9.4% | +1.2% | −0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −5% / +132% |
| EXEL.HEExel Composites Oyj | 1.7 bn | — | -18.5% | -5.3% | +3.6% | +157% / +71% |
| BITTI.HEBittium Oyj | 1.2 bn | 54.7 | 17.5% | 17.9% | +40.1% | +69% / +589% |
| ALMA.HEAlma Media Oyj | 1.1 bn | 20.8 | 23.0% | 16.9% | +4.6% | +7% / +54% |
| FIA1S.HEFinnair Oyj | 1.0 bn | 55.3 | 2.9% | 0.6% | +1.9% | +69% / +34% |
| HARVIA.HEHarvia Oyj | 767.8 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| GRK.HEGRK Infra Oyj | 758.7 m | 17.6 | 27.8% | 4.9% | +19.7% | +46% / unavailable |
| ATRAV.HEAtria Oyj | 453.9 m | 11.2 | 9.8% | 2.2% | +3.3% | +13% / +58% |
| ANORA.HEAnora Group Oyj | 316.3 m | 57.5 | 1.4% | 0.8% | −4.9% | +25% / +10% |
| CAPMAN.HECapMan Oyj | 283.3 m | 21.8 | 6.8% | 20.9% | +9.4% | −13% / −24% |
| ICP1V.HEIncap Oyj | 266.0 m | 19.0 | 10.4% | 6.5% | −6.7% | −1% / +40% |
| FSECURE.HEF-Secure Oyj | 239.5 m | 10.7 | 43.4% | 15.3% | −0.4% | −19% / −24% |
| ASPO.HEAspo Oyj | 216.1 m | 9.2 | 15.4% | 5.0% | +2.1% | 0% / +7% |
| ETTE.HEEtteplan Oyj | 180.2 m | 17.0 | 8.8% | 2.9% | +0.1% | −25% / −49% |
| DIGIA.HEDigia Oyj | 131.1 m | 10.4 | 14.5% | 5.9% | +5.5% | −17% / −12% |
| ILKKA.HEIlkka Oyj | 93.0 m | 8.0 | 6.2% | 30.8% | +22.6% | −1% / +20% |
| CONSTI.HEConsti Oyj | 77.5 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 71.5 m | 71.3 | 3.1% | 0.4% | −27.7% | +7% / +4% |
| CTH1V.HEComponenta Oyj | 65.7 m | 322.0 | 0.8% | 0.2% | −4.6% | +48% / +180% |
| KAMUX.HEKamux Oyj | 49.4 m | 10.8 | 4.2% | 0.5% | +0.8% | −37% / −76% |
1- and 3-year price returns: for SANOMA.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.80 Total return -45% · Per year -45% | 8.52 Total return -2% · Per year -2% | 12.88 Total return 47% · Per year 47% |
| 3 years | 3.97 Total return -54% · Per year -23% | 8.00 Total return -7% · Per year -2% | 13.37 Total return 54% · Per year 16% |
| 5 years | 3.28 Total return -61% · Per year -17% | 7.50 Total return -12% · Per year -2% | 13.87 Total return 62% · Per year 10% |
- Exit P/E± 2.00
- Net margin± 1.40
- Annual revenue growth± 1.24
- Annual dilution± 0.12
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sanoma Oyj is a Finnish learning and media group, with its main activity in education (printed and digital materials for schools) and in news media. For 2026 the company expects net sales of EUR 1.29–1.34 billion, compared with EUR 1.30 billion in 2025, supported by curriculum renewals in some markets 1.
SWOT
Strengths
- Sanoma owns high-quality educational content and has long-standing relationships with schools and teachers 1.
- The combined offer of printed and digital products supports customer relationships and a base for new products 1.
- Solid positions in key markets, backed by well-established media and educational brands 1.
Weaknesses
- The Learning segment is seasonal, with sales and earnings concentrated in the second and third quarters, which raises pressure to react quickly 1.
- Printed news media depends on a declining model, and adapting to digital channels requires time and investment 1.
- Integrating recent acquisitions involves uncertainties, and the anticipated benefits are not assured 1.
Opportunities
Threats
Risks
- Acquisitions and integrationmedium
Sanoma aims to grow through acquisitions, but it is not certain that suitable targets will be found or that the expected synergies will materialise 1.
- Changing customer preferences and technologyhigh
If products are not adapted to digital and AI, the company could lose market share in its established businesses 1.
- Competition in learning and mediamedium
New entrants or market consolidation could intensify competitive pressure 1.
- Changes in laws and regulationhigh
Changes in education, data and AI rules could affect the business model and costs 1.
- Economic and geopolitical conditionsmedium
Trade uncertainties, inflation and public spending could influence operational and financial performance 1.
Investment thesis
What would need to be true (bull case)
- If curriculum renewals materialise in several markets, demand for learning content could accelerate growth in the Learning segment 1.
- Owned high-quality content could become an advantage against AI-generated material, especially if personalised learning expands 1.
- A dividend policy linked to 40–60% of free cash flow offers a predictable framework for distributing value 1.
What would break the thesis
- The decline of printed advertising could continue and reduce revenue in Media Finland 1.
- Competition from digital platforms and educational technology could limit the ability to sustain margins 1.
- Legislative risk in Poland and Spain could significantly affect the Learning segment if changes are abrupt 1.
What to watch
- Delivery of the 2026 net sales and adjusted operating profit outlook2026
- Integration of the Mr. Chadd platform and its impact on the personalised learning offer2026
- Annual General Meeting and payment of the proposed 2025 dividendMay 2026
- Development of digital advertising and media revenue in Finlandnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The dividend policy aims at an increasing dividend equal to 40–60% of annual free cash flow 1. The Board proposes a dividend of EUR 0.42 per share for 2025, paid in three instalments 1.
The shareholder structure is concentrated: the Jane and Aatos Erkko Foundation held 24.3% of shares at 31 December 2025, and the group had 25,322 registered shareholders at the same date 1.
Segments
Learning
Learning provides educational materials and platforms for schools, especially K12, with pronounced seasonality in the second and third quarters when the school year starts. The company's outlook points to higher demand for learning content, driven by curriculum renewals in some operating markets 1.
Media Finland
Media Finland comprises publications and media brands in Finland. The company assumes the advertising market in Finland will be relatively stable in 2026, which supports the segment 1.
Market context
The learning and media markets in which Sanoma operates are highly competitive, with many regional, national and international companies 1. Sanoma holds solid positions in its key markets, but keeping them depends on continuous investment in sales, marketing and technology 1.
Advertising demand for printed media has been declining as advertisers shift to digital channels, and free-to-air television viewing is decreasing while online video consumption grows 1.
Trends
- Shift to digital and blended learningmixed
Digital and blended learning materials are gaining ground, and the pace of this shift could influence the performance of Learning 1.
- Generative artificial intelligencemixed
AI could bring efficiency in creating learning methods and opens possibilities for personalisation, but it may also add competitive pressure and risks to data and content trust 1.
- Curriculum renewalstailwind
Curriculum renewals in some operating countries could increase demand for educational content in the coming years 1.
- Decline of printed advertisingheadwind
Advertisers moving to digital channels could continue to reduce revenue from printed advertising 1.
Competitive position
In learning, Sanoma faces international media companies, digital entrants, educational technology companies, open educational resources and traditional publishers in different countries 1.
In media, competition is shaped by market consolidation and the emergence of alternative distribution channels, especially for digital products 1.
- International media and edtech companies
International media companies and digital education providers that could enter Sanoma's markets or expand their distribution 1.
- Digital learning platforms
Educational technology companies and open resources that compete for schools and students 1.
- Traditional textbook publishers
Local publishers in various countries offering printed and digital materials to schools 1.
- Digital media channels
Digital platforms attracting advertising and audiences away from traditional press 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sanoma Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.