olivLaw · European equity research
Vaisala Oyj VAIAS.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Vaisala Oyj is a Finnish provider of instruments and systems for measuring weather, the environment and the atmosphere, used in meteorology, aviation and industry. The company reports net sales of 597 million euros for 2025 and expects growth in 2026 driven by demand from data centers and the semiconductor industry.
At the close of 05 Nov 2026, Vaisala Oyj (VAIAS.HE) stock was 63.10 EUR (−3.37% on the day), with market capitalisation 2.3 bn EUR, P/E 38.5 on diluted EPS of 1.64 EUR over the last 12 months, dividend yield 1.35%, beta 0.80, 52-week range 41.00–66.20 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)
- 49.5
- neutral
- Bollinger (20, 2)
- 61.90 – 66.97
- in the lower half of the band · %B 0.24 · band width 7.9%
- SMA 50 / 200
- 60.81 / 53.01
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.07 / 1.36
- 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 | +2.6% | −0.6% | +3.3 pp | — |
| 3 months | +10.5% | −4.2% | +14.7 pp | — |
| 6 months | +24.0% | +4.3% | +19.6 pp | — |
| Year to date | +43.2% | +7.5% | +35.7 pp | — |
| 1 year | +52.8% | +9.9% | +42.9 pp | −1.2% |
| 3 years | +91.2% | +49.8% | +41.4 pp | +6.8% |
| 5 years | +30.5% | +42.8% | −12.3 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 100 percentile of its own 3-quarter history (min 26.9, median 27.7, max 29.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 540.4 m | 564.6 m | 596.9 m |
| Revenue YoY | unavailable | +4.5% | +5.7% |
| Net income | 48.9 m | 63.7 m | 59.8 m |
| Net income YoY | unavailable | +30.3% | −6.1% |
| Diluted EPS | 1.35 | 1.75 | 1.64 |
| Diluted EPS YoY | unavailable | +29.6% | −6.3% |
| net % | 9.0% | 11.3% | 10.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 92.8 m EUR
- Financial debt
- 85.0 m EUR
- Net debt
- -7.8 m EUR
- Equity
- 325.9 m EUR
- Total assets
- 588.9 m EUR
- Debt / equity
- 0.26x
- Current ratio
- 1.99x
- ROE
- 18.8%
- ROA
- 10.2%
- 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 | 540.4 m | 564.6 m | 596.9 m | esef· 04 Mar 2026verified |
| Cost of revenue | 238.8 m | 246.5 m | 267.2 m | esef· 04 Mar 2026verified |
| Gross profit | 301.7 m | 318.1 m | 329.7 m | esef· 04 Mar 2026verified |
| Research & development | 67.7 m | 68.6 m | 68.3 m | esef· 04 Mar 2026verified |
| Operating income | 66.6 m | 82.9 m | 85.1 m | esef· 04 Mar 2026verified |
| Interest expense | 11.9 m | 11.8 m | 21.0 m | esef· 04 Mar 2026verified |
| Pre-tax income | 63.1 m | 80.8 m | 77.1 m | esef· 04 Mar 2026verified |
| Income tax | 14.2 m | 17.0 m | 17.4 m | esef· 04 Mar 2026verified |
| Net income | 48.9 m | 63.7 m | 59.8 m | esef· 04 Mar 2026verified |
| Diluted EPS | 1.35 | 1.75 | 1.64 | esef· 04 Mar 2026verified |
| Dividend per share | 0.72 | 0.85 | 0.85 | esef· 04 Mar 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 90.3 m | 88.8 m | 92.8 m | esef· 04 Mar 2026verified |
| Receivables | 85.5 m | 111.0 m | 99.0 m | esef· 04 Mar 2026verified |
| Inventories | 58.8 m | 57.8 m | 60.8 m | esef· 04 Mar 2026verified |
| Current assets | 261.7 m | 295.0 m | 301.4 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 95.0 m | 105.6 m | 110.4 m | esef· 04 Mar 2026verified |
| Total assets | 442.8 m | 589.4 m | 588.9 m | esef· 04 Mar 2026verified |
| Accounts payable | 66.5 m | 95.7 m | 89.2 m | esef· 04 Mar 2026verified |
| Short-term debt | 0 | 0 | 15.0 m | esef· 04 Mar 2026verified |
| Long-term debt | 50.0 m | 105.0 m | 70.0 m | esef· 04 Mar 2026verified |
| Current liabilities | 105.9 m | 139.7 m | 151.7 m | esef· 04 Mar 2026verified |
| Total liabilities | 175.0 m | 280.9 m | 262.9 m | esef· 04 Mar 2026verified |
| Equity | 267.9 m | 308.6 m | 325.9 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 36.2 m | 36.2 m | 36.2 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 83.8 m | 78.9 m | 90.4 m | esef· 04 Mar 2026verified |
| Investing cash flow | -13.7 m | -105.6 m | -23.1 m | esef· 04 Mar 2026verified |
| Financing cash flow | -34.1 m | 24.2 m | -60.0 m | esef· 04 Mar 2026verified |
| Dividends paid | 26.1 m | 27.2 m | 30.9 m | esef· 04 Mar 2026verified |
| Share repurchases | 2.1 m | 800.0 k | 3.0 m | esef· 04 Mar 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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn EUR
Key indicators
Coverage and freshness
Score by group
44% · 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: 11.60 – 30.34 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 · input data missing
- Peers: P/E13.50 – 30.34 (Mid 18.20)23 companies used · median multiple 11.1x · quartiles 8.2x – 18.5xALMA.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)11.60 – 15.81 (Mid 13.38)
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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 20.5% | 88 (vs peers) | 24% |
| Net margin · Quality | 10.0% | 72 (vs peers) | 14% |
| 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 | 4.1x | 39 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.0x | 99 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 38.5x | 18 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.5% | 21 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet63/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns· partial21/100 · 1/2 factors with a value
- Valuation· partial18/100 · 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
Vaisala Oyj (VAIAS.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 596.9 m EUR in 2025; YoY growth 5.7%; net margin 10.0%; ROE 18.8%.
The estimated value range is 12.55–23.08 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 15.79 EUR, the price of 63.10 EUR leaves a potential of -75.0% (value / price − 1) and a margin of safety of -299.6% (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 (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 20.5%
- Net margin: 10.0%
- Current ratio: 2.0x
What contradicts it
- P/E (TTM): 38.5x
- Shareholder yield (distributions): 1.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): 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 | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| VAIAS.HEVaisala Oyj | 2.3 bn | 38.5 | 18.8% | 10.0% | +5.7% | +45% / +74% |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 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 | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for VAIAS.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 | 37.99 Total return -39% · Per year -39% | 67.12 Total return 8% · Per year 8% | 101.04 Total return 62% · Per year 62% |
| 3 years | 37.78 Total return -37% · Per year -14% | 75.02 Total return 23% · Per year 7% | 123.87 Total return 102% · Per year 26% |
| 5 years | 37.57 Total return -35% · Per year -8% | 83.84 Total return 41% · Per year 7% | 151.85 Total return 151% · Per year 20% |
- Exit P/E± 18.75
- Net margin± 13.13
- Annual revenue growth± 10.65
- Annual dilution± 1.10
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
Vaisala Oyj is a Finnish provider of instruments and systems for measuring weather, the environment and the atmosphere, used in meteorology, aviation and industry. The company reports net sales of 597 million euros for 2025 and expects growth in 2026 driven by demand from data centers and the semiconductor industry.
SWOT
Strengths
- Diversified product portfolio for atmospheric and industrial measurement.
- Presence in markets with sustained demand, such as data centers and semiconductors.
- Stable shareholder structure with known institutional and family holders.
Weaknesses
- Project revenue is irregular and can vary widely between quarters.
- Dependence on component deliveries and logistics chains can cause delays.
- Mature meteorology and aviation markets no longer offer the strong growth of earlier years.
Opportunities
- Rising investment in digital infrastructure could open new industrial contracts.
- Xweather subscriptions could grow as a share of revenue if demand develops as expected.
- Life science and energy markets could offer additional growth.
Threats
- New trade tariffs could slow the economy and customer demand.
- Preference for local manufacturing could reduce demand for imported products.
- Depreciation of the dollar or yuan could reduce revenue reported in euros.
Risks
- Tariffs and trade policyhigh
Escalating trade measures could affect operational efficiency and financial results, and the duration of the impact is hard to estimate.
- Currency fluctuationsmedium
Depreciation of currencies such as the US dollar or Chinese yuan could materially reduce net sales expressed in euros.
- Supply chain disruptionsmedium
Disruptions at suppliers, in production or in logistics could delay deliveries and generate additional material costs.
- Customer budgets and slow decisionsmedium
Budget constraints and complex customer decision-making could postpone infrastructure contracts in the Weather and Environment segment.
- Cyber risklow
Cyber attacks or long IT system outages could affect operations and delivery capability.
Investment thesis
What would need to be true (bull case)
- If demand from data centers and the semiconductor industry holds, the industrial segment could become the main driver of growth.
- If Xweather subscriptions grow as a share of the business, revenue could become more predictable than project revenue.
- Guidance for 2026 implies moderate growth in sales and operating result, which could support the company's value.
What would break the thesis
- If mature meteorology and aviation markets stay flat without recovery, overall growth could remain limited.
- Trade tensions and currency depreciation could reduce sales expressed in euros.
- Irregular project revenue could make quarterly results hard to anticipate.
What to watch
- Delivery against 2026 guidance for net sales and EBITA2026
- Development of orders in the industrial segment, especially data centers and semiconductors2026
- Effect of trade tariffs on demand and costs2026
- Annual general meeting decision on the proposed dividend for 20252026
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
According to the 2025 annual report, Vaisala operates in business areas focused on measuring and analysing atmospheric and industrial data. Revenue comes from both equipment and infrastructure projects and software subscriptions, so order flow varies from quarter to quarter. The company is listed on Nasdaq Helsinki and is largely controlled by Finnish shareholders.
Segments
Weather and Environment
This business area delivers weather observation systems, radars and solutions for infrastructure projects. The report notes that project deliveries can cause significant quarterly variation, and customers in this segment may postpone contracts due to budget constraints.
Industrial and Life Science
This segment targets measurement for industry, data centers, semiconductors and life sciences, markets management expects to grow in 2026.
Market context
The annual report expects industrial markets to grow in 2026, especially in data centers and semiconductors, while life science and energy markets could also grow. Mature meteorology and aviation markets normalised in 2025 after two years of exceptionally high demand and are expected to remain stable. The renewable energy market declined in 2025 and is expected to remain stable in 2026.
Trends
- Data center and semiconductor demandtailwind
Rising investment in data centers and semiconductor production could support orders in the industrial segment.
- Normalisation in meteorology and aviationheadwind
After two years of very high demand, mature markets have stabilised, which limits predictable revenue growth in these areas.
- Slowdown in wind energyheadwind
Wind resource assessment markets slowed significantly in 2025, and a recovery is not yet visible.
- Trade and currency tensionsmixed
The risk of new tariffs and possible depreciation of the US dollar or the yuan could affect results and demand for products made outside customers' regions.
Competitive position
The annual report does not name direct competitors or analyse market share. It does, however, cite customer preference for local manufacturing as a factor that could reduce demand for its products, suggesting competition from regional producers.
- Regional measurement equipment manufacturers
The report mentions customer preference for local manufacturing but does not name competing companies.
- Weather data providers
The company mentions growth of Xweather subscriptions, a segment where competition is not detailed in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202504 Mar 2026
- Annual report 202404 Mar 2025
- Annual report 202304 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Vaisala 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.