olivLaw · European equity research
Glaston Oyj Abp GLA1V.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Glaston Oyj Abp is a Finnish supplier of glass processing equipment and services used mainly in architecture, automotive and display markets. In fiscal 2025 demand was weak, with orders falling, and the company launched a cost reduction programme, which makes construction demand and the service business the key items to watch. Revenue reached 208.8 million EUR and orders 177.4 million EUR.
At the close of 05 Nov 2026, Glaston Oyj Abp (GLA1V.HE) stock was 0.99 EUR (−1.98% on the day), with market capitalisation 42.1 m EUR, P/E 35.4 on diluted EPS of 0.03 EUR over the last 12 months, beta 0.27, 52-week range 0.97–1.32 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)
- 48.9
- neutral
- Bollinger (20, 2)
- 0.96 – 1.01
- in the upper half of the band · %B 0.58 · band width 4.8%
- SMA 50 / 200
- 1.01 / 1.07
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.01
- MACD above 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 | +2.1% | −0.6% | +2.7 pp | — |
| 3 months | −9.2% | −4.2% | −5.0 pp | — |
| 6 months | −10.0% | +4.3% | −14.3 pp | — |
| Year to date | −12.2% | +7.5% | −19.7 pp | — |
| 1 year | −12.0% | +9.9% | −21.9 pp | −1.2% |
| 3 years | −33.1% | +49.8% | −83.0 pp | +6.8% |
| 5 years | −59.6% | +42.8% | −102.4 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 26.5, median 33.4, max 40.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 217.9 m | 208.8 m |
| Revenue YoY | unavailable | −4.2% |
| Net income | 2.5 m | 1.2 m |
| Net income YoY | unavailable | −51.9% |
| Diluted EPS | 0.06 | 0.03 |
| Diluted EPS YoY | unavailable | −52.5% |
| net % | 1.1% | 0.6% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.9 m EUR
- Financial debt
- 31.8 m EUR
- Net debt
- 22.9 m EUR
- Equity
- 63.8 m EUR
- Total assets
- 172.4 m EUR
- Debt / equity
- 0.50x
- Current ratio
- 1.03x
- ROE
- 1.8%
- ROA
- 0.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 217.9 m | 208.8 m | esef· 07 Apr 2026verified |
| Operating income | 5.8 m | 4.4 m | esef· 07 Apr 2026verified |
| Interest expense | 2.4 m | 3.1 m | esef· 07 Apr 2026verified |
| Pre-tax income | 3.8 m | 1.9 m | esef· 07 Apr 2026verified |
| Income tax | 1.3 m | 712.0 k | esef· 07 Apr 2026verified |
| Net income | 2.5 m | 1.2 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.06 | 0.03 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 12.3 m | 8.9 m | esef· 07 Apr 2026verified |
| Receivables | 19.3 m | 19.6 m | esef· 07 Apr 2026verified |
| Inventories | 37.0 m | 28.0 m | esef· 07 Apr 2026verified |
| Current assets | 77.7 m | 70.9 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 23.1 m | 21.5 m | esef· 07 Apr 2026verified |
| Goodwill | 58.5 m | 57.8 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 17.1 m | 14.3 m | esef· 07 Apr 2026verified |
| Total assets | 186.5 m | 172.4 m | esef· 07 Apr 2026verified |
| Accounts payable | 70.2 m | 55.2 m | esef· 07 Apr 2026verified |
| Short-term debt | 2.0 m | 2.9 m | esef· 07 Apr 2026verified |
| Long-term debt | 22.9 m | 28.9 m | esef· 07 Apr 2026verified |
| Current liabilities | 81.8 m | 68.7 m | esef· 07 Apr 2026verified |
| Total liabilities | 119.7 m | 108.5 m | esef· 07 Apr 2026verified |
| Equity | 66.8 m | 63.8 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 42.0 m | 42.5 m | esef· 07 Apr 2026derived |
Cash flow · EUR
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: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 42.1 m EUR
Key indicators
Coverage and freshness
Score by group
38% · 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: 0.23 – 0.49 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/E0.23 – 0.49 (Mid 0.31)23 companies used · median multiple 11.1x · quartiles 8.2x – 17.4xALMA.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, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE, KEMIRA.HE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.3% | 21 (vs peers) | 28% |
| Net margin · Quality | 0.6% | 33 (vs peers) | 17% |
| 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 | 1.4x | 0 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.0x | 19 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 35.4x | 18 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet8/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality26/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 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
Glaston Oyj Abp (GLA1V.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 208.8 m EUR in 2025; YoY growth -4.2%; net margin 0.6%; ROE 1.8%.
The estimated value range is 0.23–0.49 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.31 EUR, the price of 0.99 EUR leaves a potential of -68.6% (value / price − 1) and a margin of safety of -218.6% (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 (indicators available: 5 of at least 6; score weight coverage: 37.5% 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
- ROIC: 3.3%
- Interest coverage: 1.4x
- Current ratio: 1.0x
- P/E (TTM): 35.4x
- 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, Shareholder yield (distributions), 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% |
| KEMIRA.HEKemira Oyj | 2.5 bn | 13.6 | 10.5% | 6.6% | −6.6% | −17% / +4% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| 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 GLA1V.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 | 0.53 Total return -46% · Per year -46% | 0.95 Total return -4% · Per year -4% | 1.43 Total return 45% · Per year 45% |
| 3 years | 0.43 Total return -56% · Per year -24% | 0.87 Total return -12% · Per year -4% | 1.46 Total return 47% · Per year 14% |
| 5 years | 0.35 Total return -65% · Per year -19% | 0.80 Total return -19% · Per year -4% | 1.48 Total return 50% · Per year 8% |
- Exit P/E± 0.22
- Net margin± 0.15
- Annual revenue growth± 0.14
- Annual dilution± 0.01
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
Glaston Oyj Abp is a Finnish supplier of glass processing equipment and services used mainly in architecture, automotive and display markets. In fiscal 2025 demand was weak, with orders falling, and the company launched a cost reduction programme, which makes construction demand and the service business the key items to watch. Revenue reached 208.8 million EUR and orders 177.4 million EUR 1.
SWOT
Strengths
- A broad installed base and service portfolio provide recurring revenue and durable customer relationships.
- Global presence across Europe, the Americas and Asia-Pacific reduces dependence on any single market.
- A diversified technology range spanning architectural glass, displays and solar applications.
Weaknesses
- Reliance on construction investment makes revenue sensitive to economic cycles.
- Orders declined in 2025 and comparable profitability fell from earlier years.
- The change of chief executive and reorganisation could slow strategy execution in the short term.
Opportunities
- If construction demand recovers, equipment orders could rise quickly.
- Growth in services and upgrades for installed lines could reduce revenue volatility.
- Vehicle electrification and energy solutions for buildings open new segments of demand.
Threats
- Tariffs and trade policy uncertainty could delay customer investments.
- Lower-cost competitors, especially from China, could pressure prices in some markets.
- Weak demand in Asia-Pacific and in the display segment could persist longer than expected.
Risks
- Weak construction demandhigh
If investment in architecture stays subdued, orders and revenue could continue to decline.
- Effectiveness of cost reductionmedium
If savings do not fully materialise, operating margins could remain under pressure.
- Tariffs and trade policymedium
Tariff changes could delay customer investment and raise supply chain costs.
- Leadership transitionlow
The new chief executive and reorganisation could slow strategic execution.
- Price competitionmedium
Lower-cost suppliers could erode market share in certain regions.
Investment thesis
What would need to be true (bull case)
- If construction demand recovers, the broad installed base and service portfolio could support a quick order rebound.
- The cost reduction programme could improve margins if volumes remain stable.
- Expansion into new segments, such as the Uniglass launch, could reduce reliance on the residential market.
What would break the thesis
- If architecture and display markets stay weak, the decline in orders could continue into the following year.
- Tariffs and trade uncertainty could delay customer investment for longer periods.
- Pressure from lower-cost competitors could limit price increases and margins.
What to watch
- Order trends in the architecture segment and in servicesQ1 2026
- Effects of the cost reduction programme on profitability2026
- Demand from China for mobility and display equipment2026
- Management outlook for 2026 and the updated strategynext 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
Glaston designs, manufactures and sells tempering, laminating and insulating glass lines, as well as processing technologies for architectural, automotive, display and solar glass 1. The company operates globally, with operations in Europe, the Americas and Asia-Pacific. In 2025 it reorganised into three business functions: market areas, Solutions & Operations and Services 1.
Beyond new equipment sales, Glaston offers spare parts, field service and upgrades for installed lines. This service component supports revenue stability because it depends less on the new investment cycle. Management highlighted improving customer experience in services as a priority 1.
2025 was shaped by a change of chief executive, a strategy update and the cost reduction programme announced in August, designed to align the structure with weaker than expected demand 1. The company also launched Uniglass to widen its addressable market 1.
Market context
The architectural glass market stayed quiet through 2025 as residential and commercial investment slowed and economic uncertainty persisted 1. Tempering equipment demand was largely capacity-driven, and service demand was weak in most regions 1.
In mobility and display, demand in China remained relatively active on the back of vehicle electrification, but tariffs and uncertain exports made the market less predictable 1.
Trends
- Slowdown in constructionheadwind
Investment in commercial and residential construction declined, directly weighing on orders for architectural glass equipment 1.
- Vehicle electrificationmixed
Growth in electric vehicles supports demand for curved automotive glass, although market development depends on exports from China 1.
- Tariffs and trade uncertaintyheadwind
Tariff measures, particularly in the United States, created volatility and delayed customer investment decisions 1.
- European investment stimulustailwind
Anticipated stimulus programmes in Europe, notably in Germany, could revive demand for glass equipment if they materialise 1.
Competitive position
Glaston competes with specialised tempering and laminating equipment makers, as well as local suppliers in China that can bring lower cost products to market 1. The company's advantage lies in its installed base and after-sales services.
In services, competition also comes from independent maintenance providers, and price and availability of spare parts are decisive factors for customers 1.
- Bystronic
European supplier of metal and glass processing technology, active in similar industrial equipment segments.
- Lisec
Austrian maker of flat and insulating glass processing lines, a direct competitor in processing equipment.
- Bottero
Italian manufacturer of flat glass equipment and glass processing for construction.
- Chinese glass equipment suppliers
Local producers in China competing on price and offering an alternative for customers in the Asian market.
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 202507 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Glaston Oyj Abp · 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.