olivLaw · European equity research
Martela Oyj MARAS.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Martela Oyj is one of the Nordic leaders in workplace solutions, designing, implementing and maintaining work and learning environments from specification to maintenance. In fiscal 2025 revenue returned to growth, but the company still reported a slightly negative operating result and negative equity in a Nordic market that remains weak.
At the close of 05 Nov 2026, Martela Oyj (MARAS.HE) stock was 0.60 EUR (+0.33% on the day), with market capitalisation 2.8 m EUR, dividend yield 0.00%, beta 0.33, 52-week range 0.43–1.13 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)
- 56.9
- strong (55–70)
- Bollinger (20, 2)
- 0.52 – 0.64
- in the upper half of the band · %B 0.68 · band width 19.8%
- SMA 50 / 200
- 0.55 / 0.56
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 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 | +21.7% | −0.6% | +22.4 pp | — |
| 3 months | +5.3% | −4.2% | +9.4 pp | — |
| 6 months | +27.7% | +4.3% | +23.3 pp | — |
| Year to date | −16.7% | +7.5% | −24.2 pp | — |
| 1 year | −41.7% | +9.9% | −51.7 pp | −1.2% |
| 3 years | −54.2% | +49.8% | −104.0 pp | +6.8% |
| 5 years | −73.9% | +42.8% | −116.7 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 94.4 m | 86.7 m | 93.7 m |
| Revenue YoY | unavailable | −8.2% | +8.1% |
| Net income | -3.5 m | -8.7 m | -3.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.77 | -1.87 | -0.75 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -3.7% | -10.0% | -3.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.6 m EUR
- Financial debt
- 13.2 m EUR
- Net debt
- 10.6 m EUR
- Equity
- -2.0 m EUR
- Total assets
- 45.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.75x
- ROE
- unavailable
- ROA
- -6.9%
- 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 | 94.4 m | 86.7 m | 93.7 m | esef· 18 Mar 2026verified |
| Operating income | -2.4 m | -6.5 m | -1.1 m | esef· 18 Mar 2026verified |
| Interest expense | 1.6 m | 1.8 m | 2.3 m | esef· 18 Mar 2026verified |
| Pre-tax income | -3.3 m | -8.2 m | -3.2 m | esef· 18 Mar 2026verified |
| Income tax | 222.0 k | 482.0 k | 304.0 k | esef· 18 Mar 2026verified |
| Net income | -3.5 m | -8.7 m | -3.5 m | esef· 18 Mar 2026verified |
| Diluted EPS | -0.77 | -1.87 | -0.75 | esef· 18 Mar 2026verified |
| Dividend per share | 0.10 | 0.00 | — | esef· 18 Mar 2025derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.1 m | 3.9 m | 2.6 m | esef· 18 Mar 2026verified |
| Receivables | 19.1 m | 18.6 m | 15.2 m | esef· 18 Mar 2026verified |
| Inventories | 9.2 m | 10.9 m | 7.8 m | esef· 18 Mar 2026verified |
| Current assets | 33.4 m | 33.4 m | 25.6 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 14.4 m | 14.7 m | 14.7 m | esef· 18 Mar 2026verified |
| Total assets | 55.7 m | 54.7 m | 45.8 m | esef· 18 Mar 2026verified |
| Short-term debt | 4.3 m | 7.2 m | — | esef· 18 Mar 2025verified |
| Long-term debt | 13.8 m | 13.5 m | 13.2 m | esef· 18 Mar 2026verified |
| Current liabilities | 31.9 m | 39.6 m | 34.2 m | esef· 18 Mar 2026verified |
| Total liabilities | 46.1 m | 53.5 m | 47.7 m | esef· 18 Mar 2026verified |
| Equity | 9.6 m | 1.2 m | -2.0 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 4.6 m | 4.6 m | 4.6 m | esef· 18 Mar 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: 4 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: 2.8 m EUR
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 · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
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: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.7% | 15 (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 | -0.5x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial15/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 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
Martela Oyj (MARAS.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 93.7 m EUR in 2025; YoY growth 8.1%; net margin -3.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 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
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
- Net margin: -3.7%
- Interest coverage: -0.5x
- Current ratio: 0.7x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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 |
| 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% |
| GLA1V.HEGlaston Oyj Abp | 42.1 m | 35.4 | 1.8% | 0.6% | −4.2% | −12% / −32% |
1- and 3-year price returns: for MARAS.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Martela Oyj is one of the Nordic leaders in workplace solutions, designing, implementing and maintaining work and learning environments from specification to maintenance. In fiscal 2025 revenue returned to growth, but the company still reported a slightly negative operating result and negative equity in a Nordic market that remains weak.
SWOT
Strengths
- Leading position in Nordic workplace solutions, with a Lifecycle model that covers design, implementation and maintenance.
- High customer satisfaction, supported by independent surveys cited by the company.
- Own production in Finland and Poland, with a short and local supplier chain.
Weaknesses
- Equity is negative at the end of fiscal 2025, which raises questions about solvency.
- The operating result remains negative, although it improved from the previous year.
- The business depends on projects, which makes short-term predictability difficult.
Opportunities
- The return to the office and the need for spaces suited to hybrid work could increase demand for transformation services.
- The Workplace as a Service model and digital sales channels could bring more stable revenue.
- Demand for sustainable and refurbishable furniture could favour the company's circular solutions.
Threats
- A weak Nordic economy and geopolitical uncertainty could lead clients to postpone investments.
- Price competition could prevent margins from recovering.
- Short-term financing conditions could weaken liquidity if demand remains low.
Risks
- Demand uncertaintyhigh
An uncertain economic environment and postponed investments could reduce revenue and results, especially in large projects.
- Liquidity and negative equityhigh
Negative equity and lease liabilities could make financing more costly if liquidity deteriorates.
- Margin pressuremedium
Price competition could limit the improvement in profitability even if volumes grow.
- Project predictabilitymedium
The project-based nature of the industry makes short-term forecasts of revenue and cash receipts difficult.
- Component deliverieslow
Delays in components needed for production could affect delivery times of final products.
Investment thesis
What would need to be true (bull case)
- If the return to the office and the need for hybrid spaces materialise, demand for Martela's transformation services could rise significantly.
- The company has returned revenue to growth and reduced operating losses, and efficiency measures could keep improving profitability.
- Leadership in customer satisfaction and the circular model could support market share over the long term.
What would break the thesis
- If the Nordic economy remains weak, clients could keep postponing purchases and revenue could fall again.
- Negative equity and high debt could limit the company's financial flexibility.
- Price competition could prevent margins from recovering even if volumes stabilise.
What to watch
- Revenue development against the guidance of a slight decline for 20262026
- Comparable operating result and the effect of efficiency measures2026
- Liquidity and any changes in financing terms2026
- The annual general meeting decision on no 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
Final assembly and remanufacturing take place at the Nummela logistics centre in Finland, which also houses most R&D and purchasing. Upholstery components are assembled at the company's own plant in Poland, and table top and storage components are mainly made at subsidiary Kidex Oy in Kitee. In other countries sales are mostly made through a dealer network.
In 2025 the company introduced new products, including the Oona family extended with stools, the PoGo and PreGo tables for collaborative learning and the Sono Work range. The company describes its strategy as focused on services across the whole life of the space rather than large one-off investments.
Segments
Furniture and workplace solutions
The core segment includes office furniture, phone booths and ergonomic solutions for hybrid offices. In 2025 the company extended the Oona range and launched Sono Work, responding to demand for adaptable spaces.
Transformation and Workplace as a Service services
Services include planning, implementation, relocations and maintenance of spaces, together with the flexible Workplace as a Service model. They are an increasingly important part of the business, and management expects the share of services to grow.
Market context
The Nordic economy was weak in 2023-2025, which made customers cautious in purchasing decisions. Forecasts cited by the company indicate a slight growth in Nordic office furniture markets, with demand that could strengthen in the years ahead. Office occupancy rates have not yet returned to pre-pandemic levels.
Price competition has increased because of the market decline in recent years, which pressures margins. The company does not expect a significant strengthening of demand in its main markets in 2026.
Trends
- Return to the office and hybrid worktailwind
Companies are reconsidering office spaces to support hybrid work and collaboration, which can create demand for transformation projects and adaptable furniture.
- Weak Nordic economyheadwind
Economic weakness and geopolitical uncertainty are leading clients to postpone investments, which could prolong the period of low demand.
- Focus on sustainability and the circular economytailwind
EU circular economy rules and sustainability reporting push companies toward durable, refurbishable and leased furniture, an advantage for the Martela model.
- Pressure on pricesheadwind
Price competition in the industry has grown and weighs on profitability, which could limit the recovery of margins.
Competitive position
Martela operates in a Nordic market for office furniture and workplace services with many regional and international competitors. Competition runs on price, services and durable design, and the company differentiates itself through its Lifecycle model and transformation services.
The company states that it achieved the highest customer satisfaction in its industry for the eleventh consecutive time in a survey commissioned from Taloustutkimus, which supports its market position. Price pressure nevertheless remains high.
- Regional Nordic office furniture makers
Local and regional manufacturers in the Nordics and Europe competing on furniture and fit-out services.
- European office furniture manufacturers
European companies with comparable office furniture ranges competing on design and sustainability.
- International workplace solution providers
International furniture and fit-out companies offering solutions for hybrid offices.
- Office fit-out distributors and integrators
Fit-out firms and integrators competing on workplace transformation projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2025
- Annual report 202318 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Martela 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.