olivLaw · European equity research
Marimekko Oyj MEKKO.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Marimekko Oyj is a Finnish designer of textiles and apparel, with sales concentrated in its home market and expanding in Asia-Pacific. For 2026 the company guides to growth in net sales in an uncertain economic environment, with a comparable operating profit margin that remains high. Net sales reached 189.6 million euros in 2025.
At the close of 05 Nov 2026, Marimekko Oyj (MEKKO.HE) stock was 9.62 EUR (−0.41% on the day), with market capitalisation 391.2 m EUR, P/E 16.0 on diluted EPS of 0.60 EUR over the last 12 months, dividend yield 6.75%, beta 0.63, 52-week range 9.00–13.22 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)
- 61.6
- strong (55–70)
- Bollinger (20, 2)
- 8.84 – 9.55
- above the upper band · %B 1.10 · band width 7.7%
- SMA 50 / 200
- 9.32 / 10.34
- mixed trend
- MACD (12, 26, 9)
- 0.03 / -0.04
- 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 | +3.8% | −0.6% | +4.4 pp | — |
| 3 months | −9.4% | −4.2% | −5.2 pp | — |
| 6 months | −4.0% | +4.3% | −8.3 pp | — |
| Year to date | −25.7% | +7.5% | −33.2 pp | — |
| 1 year | −23.2% | +9.9% | −33.1 pp | −1.2% |
| 3 years | −15.2% | +49.8% | −65.1 pp | +6.8% |
| 5 years | −37.6% | +42.8% | −80.4 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 0 percentile of its own 3-quarter history (min 20.2, median 21.6, max 23.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 174.1 m | 182.6 m | 189.6 m |
| Revenue YoY | unavailable | +4.9% | +3.8% |
| Net income | 23.6 m | 24.4 m | 24.4 m |
| Net income YoY | unavailable | +3.4% | 0.0% |
| Diluted EPS | 0.58 | 0.60 | 0.60 |
| Diluted EPS YoY | unavailable | +3.4% | 0.0% |
| net % | 13.6% | 13.4% | 12.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 36.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 74.3 m EUR
- Total assets
- 130.4 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.71x
- ROE
- 32.6%
- ROA
- 18.7%
- 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 | 174.1 m | 182.6 m | 189.6 m | esef· 18 Mar 2026verified |
| Operating income | 31.4 m | 31.4 m | 31.8 m | esef· 18 Mar 2026verified |
| Interest expense | 2.1 m | 1.6 m | 1.9 m | esef· 18 Mar 2026verified |
| Pre-tax income | 29.7 m | 31.0 m | 30.4 m | esef· 18 Mar 2026verified |
| Income tax | 6.1 m | 6.6 m | 6.1 m | esef· 18 Mar 2026verified |
| Net income | 23.6 m | 24.4 m | 24.4 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.58 | 0.60 | 0.60 | esef· 18 Mar 2026verified |
| Dividend per share | 0.34 | 0.65 | 0.65 | esef· 18 Mar 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 37.0 m | 40.4 m | 36.6 m | esef· 18 Mar 2026verified |
| Receivables | 19.7 m | 17.7 m | 20.7 m | esef· 18 Mar 2026verified |
| Inventories | 29.3 m | 35.4 m | 35.6 m | esef· 18 Mar 2026verified |
| Current assets | 86.0 m | 93.9 m | 93.6 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 453.0 k | 1.6 m | 3.1 m | esef· 18 Mar 2026verified |
| Total assets | 123.3 m | 130.3 m | 130.4 m | esef· 18 Mar 2026verified |
| Accounts payable | 24.6 m | 24.2 m | 26.4 m | esef· 18 Mar 2026verified |
| Current liabilities | 32.5 m | 32.5 m | 34.6 m | esef· 18 Mar 2026verified |
| Total liabilities | 57.5 m | 54.8 m | 56.1 m | esef· 18 Mar 2026verified |
| Equity | 65.7 m | 75.5 m | 74.3 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 40.7 m | 40.7 m | 40.7 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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 391.2 m EUR
Key indicators
Coverage and freshness
Score by group
33% · 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: 4.94 – 12.04 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E4.94 – 11.10 (Mid 6.66)23 companies used · median multiple 11.1x · quartiles 8.2x – 18.5xALMA.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)8.83 – 12.04 (Mid 10.19)
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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.9% | 74 (vs peers) | 19% |
| 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 | 16.7x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 16.0x | 50 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.7% | 96 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial74/100 · 1/3 factors with a value
- Returns· partial96/100 · 1/2 factors with a value
- Valuation· partial50/100 · 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
Marimekko Oyj (MEKKO.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 189.6 m EUR in 2025; YoY growth 3.8%; net margin 12.9%; ROE 32.6%.
The estimated value range is 6.88–11.57 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 8.42 EUR, the price of 9.62 EUR leaves a potential of -12.4% (value / price − 1) and a margin of safety of -14.2% (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: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.9%
- Interest coverage: 16.7x
- Current ratio: 2.7x
- Shareholder yield (distributions): 6.7%
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): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| MEKKO.HEMarimekko Oyj | 391.2 m | 16.0 | 32.6% | 12.9% | +3.8% | −24% / −22% |
| 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 MEKKO.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 | 5.65 Total return -36% · Per year -36% | 9.99 Total return 10% · Per year 10% | 15.05 Total return 64% · Per year 64% |
| 3 years | 5.41 Total return -29% · Per year -11% | 10.77 Total return 32% · Per year 10% | 17.83 Total return 111% · Per year 28% |
| 5 years | 5.18 Total return -23% · Per year -5% | 11.61 Total return 56% · Per year 9% | 21.12 Total return 166% · Per year 22% |
- Exit P/E± 2.69
- Net margin± 1.88
- Annual revenue growth± 1.56
- Annual dilution± 0.16
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
Marimekko Oyj is a Finnish designer of textiles and apparel, with sales concentrated in its home market and expanding in Asia-Pacific. For 2026 the company guides to growth in net sales in an uncertain economic environment, with a comparable operating profit margin that remains high 1. Net sales reached 189.6 million euros in 2025 1.
SWOT
Strengths
- Marimekko has a recognized brand and renowned design prints that support pricing and customer loyalty.
- The company owns a textile printing factory, giving it control over a key part of production.
- The comparable operating profit margin remains high, pointing to cost discipline and pricing power.
Weaknesses
- Dependence on the Finnish market exposes the company to low consumer confidence in its home country.
- Early product order commitments limit the ability to quickly adjust production to changes in demand.
- The company is small, which makes it difficult to attract and retain the talent needed for international expansion.
Opportunities
- Store expansion in Asia-Pacific could open new sources of sales growth.
- Developing licensing and partnerships could generate additional income with limited inventory risk.
- Adopting less emission-intensive materials and new technologies, including artificial intelligence, could strengthen competitive position.
Threats
- Trade tariffs and geopolitical tensions can raise costs and disrupt deliveries.
- Climate change can affect the availability of cotton and interrupt production or logistics.
- Cyber attacks and personal data breaches can lead to lost sales, fines and reputational damage.
Risks
- Supply chainhigh
Delays or quality fluctuations at partner suppliers can affect sales, cash flow and profitability 1.
- Tariffs and international trademedium
Higher tariffs can increase logistics costs and may force a partial shift to more emission-intensive air freight 1.
- Demand and consumer confidencehigh
Changes in consumer confidence and purchasing power can affect sales, especially in the Finnish market 1.
- IT security and personal datamedium
Cyber attacks, system failures and data breaches can disrupt operations and attract sanctions 1.
- Talent and key personnelmedium
The small size of the company makes the loss of key people or a shortage of skilled staff a significant risk to growth 1.
Investment thesis
What would need to be true (bull case)
- If expansion in Asia-Pacific proceeds as planned, the company could grow sales outside the Finnish market.
- A high operating margin and a recognized brand could allow profitability to be maintained even in a price-sensitive environment.
- A stable dividend policy and the intention to distribute at least half of earnings could support the company's appeal to long-term shareholders.
What would break the thesis
- Dependence on the Finnish market, where consumer confidence is low, could limit overall growth.
- Early order commitments and supply chain risks could lead to inventory that is hard to manage and pressure on cash flow.
- Rising fixed costs and wage inflation could compress the operating margin if sales do not grow enough.
What to watch
- Development of net sales and comparable operating margin against the 2026 guidanceQ1 2026
- Sales results in Finland and Asia-Pacific, especially the effect of non-recurring wholesale deliveries2026
- Number of new stores opened in Asia against the target of 10 to 15 units2026
- Impact of US tariffs and logistics costs on marginsnext 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
Marimekko designs and sells textiles, apparel and design products, with its own textile printing factory and store network as key assets. Production is mainly carried out by partner suppliers, which makes the supply chain a key driver of profitability 1. The company also earns licensing income, forecast for 2026 at roughly the previous year's level 1.
Sales in Finland have traditionally represented about half of net sales, so domestic market performance weighs heavily on total results 1. The seasonality of the business means a major portion of euro-denominated net sales and operating result is generated in the second half of the year 1. The proposed dividend for 2025 is 0.42 euro per share 1.
The company aims for scalable profitable growth over the long term, with fixed costs expected to rise in 2026 and a goal to distribute at least half of earnings per share as dividends 1. The dividend policy is described as stable and active, broadly reflecting the earnings trend 1.
Segments
Finland
The Finnish market remains the most important but is affected by low consumer confidence and weak purchasing power, and the trading environment is tactical and price sensitive. Non-recurring wholesale promotional deliveries are weighted to the second half of the year, and net sales in Finland are nevertheless expected to increase in 2026 1.
Asia-Pacific
Asia-Pacific is the second-largest market area, with sales expected to grow in 2026 and new store openings concentrated in Asia. All brick-and-mortar stores in Asia and most online stores are partner-owned, which changes the operational control model 1.
North America
The North American market accounted for a small share of group net sales in 2025, and higher US tariffs affect only a limited part of the business 1.
Market context
Marimekko's core markets are sensitive to geopolitical uncertainty and trade policy, which shape consumer confidence and purchasing power. If these conditions deteriorate, demand and results could be affected, especially in Finland 1.
Expansion in Asia and the development of licensing are the main growth directions, while disruptions in global production and logistics chains can raise costs and delay deliveries 1.
Trends
- Tariffs and trade policyheadwind
US tariffs and trade tensions raise costs and complicate inventory management, although the direct impact remains limited to the North American market 1.
- Consumer confidence in Finlandheadwind
Low confidence and weak purchasing power weigh on domestic demand, where trading remains cautious and price sensitive 1.
- Expansion in Asia-Pacifictailwind
Opening new stores and growing sales in Asia could offset weakness in Europe if expansion plans materialize 1.
- Sustainability and regulationmixed
Transparency requirements and legislative changes on materials and the supply chain can add costs, but they may also open opportunities for less emission-intensive materials 1.
Competitive position
Marimekko operates in a design and fashion segment where competition turns on brand identity, design and the ability to respond quickly to demand. The company notes that early product order commitments to partner suppliers limit its flexibility in the face of rapid change 1.
Competitive advantage depends on protecting intellectual property rights in renowned prints and on maintaining a reliable supply chain, which the company considers essential to its success 1.
- Mass-market and premium fashion brands
The annual report does not name competitors; brands in apparel and design targeting the same customer segments can be considered comparable.
- International fashion retailers
Large fashion chains can affect market share, particularly in Asia and in online retail.
- Textile printing producers
Competitors in textile production can influence material costs and the availability of printing services.
- Scandinavian design brands
Nordic companies in the same segment can compete for the same audience and retail space.
News & filings
In the press
- Casalux.ro - Marimekko sărbătorește 75 de ani cu o colecție aniversară de ceramicăProfit.ro · 24 Oct 2026 · RO
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- 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 / Marimekko 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.