olivLaw · European equity research
Nightingale Health Oyj HEALTH.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Nightingale Health Oyj is a Finnish company listed in Helsinki and focused on technology and research, according to its official governance documents. Its annual report for the year ended 30 June 2026 sets out management's growth targets for that period.
At the close of 06 Nov 2026, Nightingale Health Oyj (HEALTH.HE) stock was 2.00 EUR (+2.30% on the day), with beta 0.45, 52-week range 0.80–2.53 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)
- 85.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 0.84 – 1.85
- above the upper band · %B 1.15 · band width 75.5%
- SMA 50 / 200
- 1.13 / 1.15
- mixed trend
- MACD (12, 26, 9)
- 0.19 / 0.12
- 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 | +73.9% | −0.6% | +74.6 pp | — |
| 3 months | +135.3% | −4.2% | +139.5 pp | — |
| 6 months | +97.0% | +4.3% | +92.7 pp | — |
| Year to date | −2.4% | +7.5% | −9.9 pp | — |
| 1 year | −15.8% | +9.9% | −25.7 pp | −1.3% |
| 3 years | +92.7% | +49.8% | +42.8 pp | +2.9% |
| 5 years | −39.6% | +42.8% | −82.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 4.4 m | 4.7 m | 5.5 m |
| Revenue YoY | unavailable | +7.7% | +17.2% |
| Net income | -17.5 m | -18.5 m | -18.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -400.7% | -393.4% | -335.7% |
| Free cash flow | -10.6 m | -12.4 m | -11.8 m |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 36.8 m EUR
- Financial debt
- 0 EUR
- Net debt
- -36.8 m EUR
- Equity
- 48.7 m EUR
- Total assets
- 58.1 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 6.37x
- ROE
- -32.2%
- ROA
- -27.9%
- FCF margin
- -213.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.4 m | 4.7 m | 5.5 m | esef· 06 Oct 2026verified |
| Operating income | -18.6 m | -19.4 m | -18.8 m | esef· 06 Oct 2026verified |
| Interest expense | 798.0 k | 1.3 m | 378.0 k | esef· 06 Oct 2026verified |
| Pre-tax income | -17.4 m | -18.4 m | -18.5 m | esef· 06 Oct 2026verified |
| Income tax | 88.0 k | 54.0 k | -9.0 k | esef· 06 Oct 2026verified |
| Net income | -17.5 m | -18.5 m | -18.5 m | esef· 06 Oct 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 43.7 m | 41.3 m | 36.8 m | esef· 06 Oct 2026verified |
| Receivables | 1.7 m | 1.7 m | 1.9 m | esef· 06 Oct 2026verified |
| Inventories | 704.0 k | 1.7 m | 1.9 m | esef· 06 Oct 2026verified |
| Current assets | 68.4 m | 54.6 m | 40.7 m | esef· 06 Oct 2026verified |
| Property, plant & equipment, net | 6.8 m | 6.8 m | 6.1 m | esef· 06 Oct 2026verified |
| Goodwill | 1.0 m | 1.0 m | 1.0 m | esef· 06 Oct 2026verified |
| Intangibles (excl. goodwill) | 12.3 m | 8.3 m | 5.7 m | esef· 06 Oct 2026verified |
| Total assets | 90.8 m | 74.5 m | 58.1 m | esef· 06 Oct 2026verified |
| Long-term debt | 261.0 k | 0 | 0 | esef· 06 Oct 2026verified |
| Current liabilities | 7.0 m | 6.2 m | 6.4 m | esef· 06 Oct 2026verified |
| Total liabilities | 8.0 m | 8.3 m | 9.3 m | esef· 06 Oct 2026verified |
| Equity | 82.9 m | 66.2 m | 48.7 m | esef· 06 Oct 2026verified |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -8.4 m | -10.1 m | -10.9 m | esef· 06 Oct 2026verified |
| Capex | 2.2 m | 2.3 m | 878.0 k | esef· 06 Oct 2026verified |
| Free cash flow | -10.6 m ≈ | -12.4 m ≈ | -11.8 m ≈ | esef· 06 Oct 2026derived |
| Investing cash flow | -25.5 m | 9.5 m | 7.8 m | esef· 06 Oct 2026verified |
| Financing cash flow | -2.8 m | -1.6 m | -1.4 m | esef· 06 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -85.8% | 0 (vs peers) | 38% |
| Net margin · Quality | -335.7% | 0 (vs peers) | 23% |
| 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 | -49.7x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 6.4x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality0/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Nightingale Health Oyj (HEALTH.HE). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 5.5 m EUR in 2026; YoY growth 17.2%; net margin -335.7%; ROE -32.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 6.4x
What contradicts it
- ROIC: -85.8%
- Net margin: -335.7%
- Interest coverage: -49.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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 | 20.7 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% |
| KEMIRA.HEKemira Oyj | 2.4 bn | 13.5 | 10.5% | 6.6% | −6.6% | −18% / +3% |
| 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 HEALTH.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
Scenarios are not available. input data missing
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
Nightingale Health Oyj is a Finnish company listed in Helsinki and focused on technology and research, according to its official governance documents. Its annual report for the year ended 30 June 2026 sets out management's growth targets for that period.
SWOT
Strengths
- Management has experience in founding and developing the company, with long-standing members in the executive team 1.
- The board has a diverse composition, with experience in medicine, finance, technology and management 1.
- Governance includes annual assessments of board member independence and documented internal control procedures 1.
Weaknesses
- The absence of separate audit and remuneration committees concentrates oversight duties in the board 1.
- Several board members are not independent of the company or its major shareholders, which may limit oversight 1.
- The document provided contains no detailed financial data, which limits the assessment of performance 1.
Opportunities
- The target of accelerated revenue growth could open expansion opportunities in the APAC and EMEA regions 1.
- The governance structure allows the board to support new strategies if they are approved and monitored effectively 1.
- Share option programmes linked to management could align team interests with value creation if targets are met 1.
Threats
Risks
- Lack of specialised committeesmedium
The board also performs audit and remuneration functions, which could reduce the depth of oversight if the workload grows 1.
- Board independencemedium
Some members are not independent of major shareholders, which could create conflicts of interest in strategic decisions 1.
- Execution of the growth targethigh
Reaching at least 50% revenue growth depends on market conditions and operational execution, both of which are uncertain 1.
- Dependence on managementmedium
Continuity depends on a few key executives, and their departure could disrupt strategy 1.
- Missing financial data in sourcelow
A financial risk analysis cannot be completed from the document provided, which limits assessment of liquidity and other exposures 1.
Investment thesis
What would need to be true (bull case)
- If the accelerated revenue growth target is met, the company could demonstrate that its business model is scalable 1.
- The founders' experience and the continuity of the executive team could support long-term strategy execution 1.
- A commercial presence in the APAC and EMEA regions could open additional revenue sources if developed 1.
What would break the thesis
- If the growth target is not met, investor confidence could be affected in the absence of clear financial data 1.
- Concentrating oversight in the board without separate committees could limit control over sensitive decisions 1.
- Limited independence of some board members could raise doubts about the impartiality of decisions 1.
What to watch
- Achievement of the revenue growth target for 2025–2026next 10-K
- Revenue trends in the APAC and EMEA regions2027
- Any creation of separate audit or remuneration committees2027
- Changes in board composition and the management teamnext 10-K
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 annual report for the year ended 30 June 2026, the board of directors sets the company's strategy and the chief executive officer runs day-to-day operations 1. The management team includes the CEO, the technology director, the operations director, the research and development director and commercial directors for the APAC and EMEA regions 1. For the 2025–2026 financial year, management aimed to grow revenue by at least 50% compared with the previous year 1.
The source provided is a corporate governance report, so a detailed description of products and the business model cannot be fully reconstructed from this document. The management structure, board composition and internal control processes are described in detail 1. No consolidated financial figures are included in the available text.
The company has no separate audit or remuneration committee, and the board performs these functions 1. An independent external auditor audits the accounts annually 1.
Segments
Operational structure
The available text does not detail separate reporting segments. Management is organised by function: technology, research and development, operations, and commercial directors for the APAC and EMEA regions 1.
Commercial regions
Commercial activity is coordinated across two regions, APAC and EMEA, each with its own commercial director in the management team 1.
Market context
The source provided contains no market data, market shares or industry size. The available analysis is limited to the governance structure and management's growth targets for the year ended 30 June 2026 1.
The target of growing revenue at least 50% over the prior year points to an emphasis on expansion, but without sector data the company's position against the market cannot be assessed 1.
Trends
- Accelerated growth targettailwind
Management set a target for 2025–2026 of at least 50% revenue growth, which could reflect sustained expansion if achieved 1.
- Regulation and governancemixed
The governance structure follows Finnish requirements for public limited companies and the Finnish Corporate Governance Code, which may influence compliance costs 1.
- Diversity in leadershiptailwind
The board and management team include a notable share of women in management, reflecting the company's diversity policies 1.
- Reliance on foundersmixed
Several members of management and the board are founders or have held long-standing positions, which can provide continuity but may also concentrate decision-making 1.
Competitive position
The source provided does not identify competitors. No data on market share or competitor positions appears in the available documents 1.
A full competitive analysis would require documents describing products, markets and competition, which are not part of the source provided 1.
- Not identified in source
The document provided does not name direct competitors of the company.
- Not identified in source
Data needed to identify other companies in the same sector is missing.
- Not identified in source
The report available contains no references to comparable companies.
- Not identified in source
Competitive comparison cannot be made from the document provided.
News & filings
In the press
Annual reports (ESEF)
- Annual report 202606 Oct 2026
- Annual report 202514 Oct 2025
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Nightingale Health Oyj · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.