olivLaw · European equity research
Hiab Oyj HIAB.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Hiab Oyj designs and makes cargo handling equipment, such as loader cranes and hydraulic systems for trucks, used in logistics and industrial sectors. Its annual report for fiscal 2025 shows the company steering strategy toward low-emission solutions and tighter control of supply chain risks, as customers increasingly ask for sustainable products.
At the close of 05 Nov 2026, Hiab Oyj (HIAB.HE) stock was 49.40 EUR (−0.20% on the day), with beta 1.12, 52-week range 40.44–65.45 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)
- 40.2
- weak (30–45)
- Bollinger (20, 2)
- 43.92 – 57.08
- in the lower half of the band · %B 0.42 · band width 26.1%
- SMA 50 / 200
- 56.54 / 53.03
- mixed trend
- MACD (12, 26, 9)
- -2.53 / -2.81
- 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 | −16.4% | +0.4% | −16.8 pp | — |
| 3 months | −19.2% | −3.3% | −16.0 pp | — |
| 6 months | −6.0% | +4.0% | −10.0 pp | — |
| Year to date | −0.2% | +8.1% | −8.3 pp | — |
| 1 year | +5.0% | +10.7% | −5.7 pp | −2.6% |
| 3 years | +24.5% | +50.1% | −25.6 pp | +4.1% |
| 5 years | +3.2% | +43.6% | −40.4 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.8 bn | 1.6 bn | 1.6 bn |
| Revenue YoY | unavailable | −7.8% | −5.5% |
| Net income | 346.9 m | 1.1 bn | 164.0 m |
| Net income YoY | unavailable | +207.5% | −84.6% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 19.4% | 64.8% | 10.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 459.7 m EUR
- Financial debt
- 250.8 m EUR
- Net debt
- -208.9 m EUR
- Equity
- 1.0 bn EUR
- Total assets
- 1.6 bn EUR
- Debt / equity
- 0.25x
- Current ratio
- unavailable
- ROE
- 16.1%
- ROA
- 8.0%
- 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 | 1.8 bn | 1.6 bn | 1.6 bn | esef· 04 Mar 2026verified |
| Cost of revenue | 1.3 bn | 1.2 bn | 1.1 bn | esef· 04 Mar 2026verified |
| Gross profit | 480.2 m | 478.6 m | 469.1 m | esef· 04 Mar 2026verified |
| Research & development | 34.7 m | 38.5 m | 36.7 m | esef· 04 Mar 2026verified |
| Operating income | 219.2 m | 217.1 m | 207.6 m | esef· 04 Mar 2026verified |
| Interest expense | 19.6 m | 18.3 m | 14.6 m | esef· 04 Mar 2026verified |
| Pre-tax income | 205.4 m | 213.4 m | 202.2 m | esef· 04 Mar 2026verified |
| Income tax | 52.0 m | 58.4 m | 51.0 m | esef· 04 Mar 2026verified |
| Net income | 346.9 m | 1.1 bn | 164.0 m | esef· 04 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 684.7 m | 439.1 m | 459.7 m | esef· 04 Mar 2026verified |
| Inventories | 1.0 bn | 333.8 m | 284.8 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 444.9 m | 159.1 m | — | esef· 04 Mar 2025verified |
| Goodwill | 878.1 m | 240.1 m | 234.9 m | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 118.4 m | 23.2 m | 16.5 m | esef· 04 Mar 2026verified |
| Total assets | 4.4 bn | 2.5 bn | 1.6 bn | esef· 04 Mar 2026verified |
| Short-term debt | 142.9 m | 148.6 m | 174.7 m | esef· 04 Mar 2026verified |
| Long-term debt | 708.2 m | 220.9 m | 76.1 m | esef· 04 Mar 2026verified |
| Equity | 1.8 bn | 1.0 bn | 1.0 bn | esef· 04 Mar 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 435.9 m | 476.1 m | 189.3 m | esef· 04 Mar 2026verified |
| Investing cash flow | -61.8 m | -16.5 m | 35.7 m | esef· 04 Mar 2026verified |
| Financing cash flow | -132.1 m | -311.5 m | -333.0 m | esef· 04 Mar 2026verified |
| Dividends paid | 87.3 m | 138.6 m | 178.4 m | esef· 04 Mar 2026verified |
| Share repurchases | 17.5 m | 28.0 m | 0 | 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
- indicators available: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
23% · 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 · input data missing
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: 3 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.7% | 83 (vs peers) | 45% |
| Net margin · Quality | 10.5% | 74 (vs peers) | 27% |
| 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 | 14.2x | 100 (on a fixed band) | 27% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| 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 sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality80/100 · 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
Hiab Oyj (HIAB.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.6 bn EUR in 2025; YoY growth -5.5%; net margin 10.5%; ROE 16.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% 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
- ROIC: 17.7%
- Net margin: 10.5%
- Interest coverage: 14.2x
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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 | 20.8 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 HIAB.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
Hiab Oyj designs and makes cargo handling equipment, such as loader cranes and hydraulic systems for trucks, used in logistics and industrial sectors. Its annual report for fiscal 2025 shows the company steering strategy toward low-emission solutions and tighter control of supply chain risks, as customers increasingly ask for sustainable products.1
SWOT
Strengths
- The company has a light-asset business model based on assembly and services, which limits the fixed investment required.
- The dealer and commercial partner network allows equipment sales across several regions.
- Its equipment serves essential industrial sectors, creating a stable customer base.
Weaknesses
- The company depends on materials-intensive inputs and external suppliers, which exposes margins to price swings.
- Low-emission products cost more than traditional ones, which can make customer adoption harder.
- Audits found real cases of supply chain problems that require continuous corrective measures.
Opportunities
- Growing demand for low-emission solutions could open new market segments for the company.
- Optimising maintenance services could reduce customers' resource use and could increase service revenue.
- Investment in research and development could bring technologies that strengthen the competitive edge.
Threats
- Competitors developing low-emission technologies faster could erode the company's market share.
- Limited availability of key materials could raise costs and slow production.
- Customer demand for pricier products could become uncertain if the price gap stays wide.
Risks
- Supply chain disruptionhigh
Dependence on external suppliers for steel, hydraulic and electrical components could lead to delays or extra costs.
- Uncertain demand for low-emission productsmedium
The report warns that higher prices for sustainable products could make customer demand more volatile.
- Delay in sustainable technologiesmedium
If development of low-emission solutions falls behind competitors, the company could lose market share.
- Workers' rights risks in the value chainhigh
Audits identified real cases of forced labour and insufficient pay at suppliers, which could bring legal and reputational consequences.
- Reporting and compliancelow
Sustainability reporting requirements could raise administrative costs and expose the company to data errors.
Investment thesis
What would need to be true (bull case)
- If demand for low-emission solutions keeps growing, the company could benefit from its sustainable product range and distribution network.
- The light-asset model and focus on services could support recurring revenue and financial flexibility.
- If research and development investment yields competitive technologies, the company could gain share in emerging segments.
What would break the thesis
- If competitors develop low-emission technologies faster, the company could lose its current competitive edge.
- Dependence on materials-intensive inputs and external suppliers could squeeze margins if prices rise.
- If supply chain issues are not resolved, the company could face reputational and compliance costs.
What to watch
- Demand trends for low-emission products and the price gap versus traditional equipment2026
- Results of the planned update to the double materiality assessment2026
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
Hiab runs a light-asset business model built on assembling cargo handling equipment, maintenance and customer services. The company depends on materials-intensive inputs, notably steel, rubber, oils and minerals, bought from external suppliers. Sales go through dealers, importers and other commercial partners.1
Segments
Cargo handling equipment
The main segment includes loader cranes and vehicle-mounted equipment used in transporting and distributing goods. The annual report stresses that assembly, maintenance and support happen in-house, while research and development targets more efficient and less polluting solutions.1
Services and spare parts
Maintenance services and spare parts complement equipment sales. The company notes that optimising these services can reduce customers' energy and resource use, supporting environmental goals across the logistics chain.1
Market context
Hiab is active in markets where road transport and urban logistics require handling equipment. The annual report notes that the company's equipment serves essential industrial sectors and that demand for lower-emission solutions is rising. The source gives no market size figures, so the overall market cannot be sized from this document.1
The handling equipment market is shaped by the cost and availability of materials, especially steel and components for electric vehicles. The annual report warns that higher prices for low-emission products could make customer demand less certain.1
Trends
- Demand for low-emission solutionstailwind
Customers and investors increasingly ask for products with a smaller climate impact. If Hiab expands its low-emission range, it could gain market share in this segment.
- Cost and availability of materialsheadwind
The annual report signals that materials important for emission cuts have limited availability and high costs, and components for electric vehicles could become more expensive as demand rises.
- Sustainability regulationmixed
Reporting requirements under European sustainability standards increase pressure on the company to document impacts across its value chain. These requirements may raise administrative costs but could also open access to customers who ask for verified data.
- Supply chain risksheadwind
Supplier audits identified real cases linked to forced labour and insufficient pay. If these issues are not corrected, they could affect the company's reputation and commercial relationships.
Competitive position
The annual report does not name direct competitors, so the list below relies only on what the document states explicitly. Competition could intensify as other producers develop low-emission technologies faster, according to the report's warnings.1
Hiab differentiates through its dealer network and maintenance services, which are part of its business model. The company suggests that investment in research and development could bring a competitive edge if it launches sustainable solutions ahead of rivals.1
- Producers of low-emission equipment
The annual report says other producers are developing new low-emission technologies faster than Hiab, which could reduce the company's share in this segment.
- Suppliers of hydraulic and electrical components
The document shows reliance on external suppliers for hydraulic systems and electrical components, meaning the same suppliers could also serve competitors.
- Integrated logistics and handling equipment companies
The report suggests integrated logistics solutions could compete with individual equipment if customers choose complete packages.
- Producers of electric vehicle equipment
Rising demand for electric vehicle components could draw automotive industry players who compete for the same materials.
News & filings
In the press
- Helsingin pörssissä Nokia heiluu rysähdyksen jälkeen – Hiab tulosjulkistajien laskukärjessäSurge — GDELT DOC · 23 Oct 2026 · RO
- Hiab Agrees to Acquire Truck Maker Labrie for $1.04 BillionBloomberg Markets · 01 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Hiab 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.