olivLaw · European equity research
Kone Oyj KNEBV.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
At the close of 06 Nov 2026, Kone Oyj (KNEBV.HE) stock was 58.24 EUR (−1.25% on the day), with market capitalisation 30.2 bn EUR, P/E 30.8 on diluted EPS of 1.89 EUR over the last 12 months, dividend yield 3.09%, beta 0.48, 52-week range 46.72–64.02 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.5
- strong (55–70)
- Bollinger (20, 2)
- 52.39 – 58.77
- in the upper half of the band · %B 0.92 · band width 11.5%
- SMA 50 / 200
- 52.92 / 53.84
- mixed trend
- MACD (12, 26, 9)
- 1.46 / 1.21
- 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 | +11.2% | −0.6% | +11.9 pp | — |
| 3 months | +13.4% | −4.2% | +17.6 pp | — |
| 6 months | +13.9% | +4.3% | +9.5 pp | — |
| Year to date | −3.8% | +7.5% | −11.3 pp | — |
| 1 year | −0.5% | +9.9% | −10.4 pp | −1.3% |
| 3 years | +39.1% | +49.8% | −10.8 pp | +4.4% |
| 5 years | −3.7% | +42.8% | −46.5 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 25.5, median 28.8, max 32.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 11.1 bn | 11.2 bn |
| Revenue YoY | unavailable | +1.3% |
| Net income | 951.3 m | 980.1 m |
| Net income YoY | unavailable | +3.0% |
| Diluted EPS | 1.84 | 1.89 |
| Diluted EPS YoY | unavailable | +2.7% |
| net % | 8.6% | 8.7% |
| Free cash flow | 1.1 bn | 1.2 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 440.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 2.8 bn EUR
- Total assets
- 9.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.08x
- ROE
- 34.3%
- ROA
- 10.7%
- FCF margin
- 10.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 11.1 bn | 11.2 bn | esef· 17 Feb 2026verified |
| Operating income | 1.2 bn | 1.3 bn | esef· 17 Feb 2026verified |
| Interest expense | 43.1 m | 49.7 m | esef· 17 Feb 2026verified |
| Pre-tax income | 1.3 bn | 1.3 bn | esef· 17 Feb 2026verified |
| Income tax | 293.1 m | 334.8 m | esef· 17 Feb 2026verified |
| Net income | 951.3 m | 980.1 m | esef· 17 Feb 2026verified |
| Diluted EPS | 1.84 | 1.89 | esef· 17 Feb 2026verified |
| Dividend per share | 1.75 | 1.80 | esef· 17 Feb 2026derived |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 576.0 m | 440.5 m | esef· 17 Feb 2026verified |
| Inventories | 856.7 m | 843.1 m | esef· 17 Feb 2026verified |
| Current assets | 6.0 bn | 5.7 bn | esef· 17 Feb 2026verified |
| Goodwill | 1.6 bn | 1.6 bn | esef· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 333.3 m | 336.7 m | esef· 17 Feb 2026verified |
| Total assets | 9.3 bn | 9.1 bn | esef· 17 Feb 2026verified |
| Current liabilities | 5.3 bn | 5.3 bn | esef· 17 Feb 2026verified |
| Equity | 2.9 bn | 2.8 bn | esef· 17 Feb 2026verified |
| Shares outstanding at year end | 517.0 m | 518.6 m | esef· 17 Feb 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 1.2 bn | 1.3 bn | esef· 17 Feb 2026verified |
| Capex | 168.4 m | 153.9 m | esef· 17 Feb 2026verified |
| Free cash flow | 1.1 bn ≈ | 1.2 bn ≈ | esef· 17 Feb 2026derived |
| Investing cash flow | -287.4 m | -284.0 m | esef· 17 Feb 2026verified |
| Financing cash flow | -813.0 m | -1.1 bn | esef· 17 Feb 2026verified |
| Dividends paid | 905.5 m | 931.9 m | esef· 17 Feb 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 30.2 bn EUR
Key indicators
Coverage and freshness
Score by group
52% · 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: 15.50 – 34.65 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E15.50 – 34.65 (Mid 21.08)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)24.44 – 33.33 (Mid 28.20)
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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.7% | 64 (vs peers) | 12% |
| FCF conversion · Quality | 118.6% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 26.9x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 30.8x | 21 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.8% | 48 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 3.1% | 44 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 80.2% | 57 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet69/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns49/100 · 2/2 factors with a value
- Valuation33/100 · 2/3 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
KONE OYJ (KNEBV.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 11.2 bn EUR in 2025; YoY growth 1.3%; net margin 8.7%; ROE 34.6%.
The estimated value range is 19.97–33.99 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 24.64 EUR, the price of 58.24 EUR leaves a potential of -57.7% (value / price − 1) and a margin of safety of -136.4% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 118.6%
- Interest coverage: 26.9x
What contradicts it
- Current ratio: 1.1x
- P/E (TTM): 30.8x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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 | |
|---|---|---|---|---|---|---|
| KNEBV.HEKone Oyj | 30.2 bn | 30.8 | 34.6% | 8.7% | +1.3% | −1% / +43% |
| 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% |
| 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 KNEBV.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 | 33.33 Total return -40% · Per year -40% | 59.01 Total return 4% · Per year 4% | 89.01 Total return 57% · Per year 57% |
| 3 years | 30.31 Total return -41% · Per year -16% | 60.58 Total return 14% · Per year 4% | 100.63 Total return 85% · Per year 23% |
| 5 years | 27.57 Total return -42% · Per year -10% | 62.19 Total return 23% · Per year 4% | 113.75 Total return 117% · Per year 17% |
- Exit P/E± 15.15
- Net margin± 10.60
- Annual revenue growth± 8.98
- Annual dilution± 0.89
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202517 Feb 2026
- Annual report 202517 Feb 2026
- Annual report 202517 Feb 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.