olivLaw · European equity research
Oriola Oyj ORIOLA.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Oriola Oyj is a Nordic pharmaceutical distributor and healthcare services provider operating on thin margins. In fiscal 2025 the company reported net sales of 1906.2 million EUR but posted a loss, putting operating efficiency at the centre of investor attention.
At the close of 05 Nov 2026, Oriola Oyj (ORIOLA.HE) stock was 0.77 EUR (−1.40% on the day), with market capitalisation 140.4 m EUR, dividend yield 9.04%, beta 0.39, 52-week range 0.74–1.25 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.7
- neutral
- Bollinger (20, 2)
- 0.73 – 0.79
- in the upper half of the band · %B 0.72 · band width 8.9%
- SMA 50 / 200
- 0.83 / 0.94
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.02
- 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 | −0.8% | +0.4% | −1.1 pp | — |
| 3 months | −14.6% | −3.3% | −11.3 pp | — |
| 6 months | −14.2% | +4.0% | −18.1 pp | — |
| Year to date | −32.7% | +8.1% | −40.8 pp | — |
| 1 year | −33.3% | +10.7% | −44.0 pp | −1.2% |
| 3 years | −20.1% | +50.1% | −70.2 pp | +6.8% |
| 5 years | −60.8% | +43.6% | −104.4 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.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 1.7 bn | 1.9 bn |
| Revenue YoY | unavailable | +13.5% |
| Net income | -20.1 m | -27.2 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.11 | -0.15 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -1.2% | -1.4% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 152.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 100.8 m EUR
- Total assets
- 946.1 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.83x
- ROE
- -23.2%
- ROA
- -3.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.7 bn | 1.9 bn | esef· 04 Mar 2026verified |
| Operating income | 13.6 m | 2.6 m | esef· 04 Mar 2026verified |
| Pre-tax income | -18.6 m | -26.9 m | esef· 04 Mar 2026verified |
| Income tax | 1.5 m | 300.0 k | esef· 04 Mar 2026verified |
| Net income | -20.1 m | -27.2 m | esef· 04 Mar 2026verified |
| Diluted EPS | -0.11 | -0.15 | esef· 04 Mar 2026verified |
| Dividend per share | 0.07 | 0.07 | esef· 04 Mar 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 113.5 m | 152.2 m | esef· 04 Mar 2026verified |
| Inventories | 176.3 m | 188.5 m | esef· 04 Mar 2026verified |
| Current assets | 561.6 m | 656.9 m | esef· 04 Mar 2026verified |
| Goodwill | 35.1 m | 35.6 m | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 10.5 m | 7.8 m | esef· 04 Mar 2026verified |
| Total assets | 875.6 m | 946.1 m | esef· 04 Mar 2026verified |
| Current liabilities | 687.6 m | 790.1 m | esef· 04 Mar 2026verified |
| Equity | 133.4 m | 100.8 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 182.7 m | 181.3 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 38.7 m | 60.0 m | esef· 04 Mar 2026verified |
| Investing cash flow | -2.8 m | 400.0 k | esef· 04 Mar 2026verified |
| Financing cash flow | -60.7 m | -21.7 m | esef· 04 Mar 2026verified |
| Dividends paid | 12.7 m | 12.7 m | esef· 04 Mar 2026verified |
| Share repurchases | 100.0 k | 100.0 k | 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: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 140.4 m EUR
Key indicators
Coverage and freshness
Score by group
17% · 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: 0.95 – 1.30 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/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.95 – 1.30 (Mid 1.10)
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: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.4% | 18 (vs peers) | 38% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 3 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 9.1% | 100 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial3/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial18/100 · 1/3 factors with a value
- Returns· partial100/100 · 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
Oriola Oyj (ORIOLA.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.9 bn EUR in 2025; YoY growth 13.5%; net margin -1.4%; ROE -23.2%.
The estimated value range is 0.95–1.30 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.10 EUR, the price of 0.77 EUR leaves a potential of 41.9% (value / price − 1) and a margin of safety of 29.5% (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: 3 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 9.1%
- The price is below the estimated value range
What contradicts it
- Net margin: -1.4%
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| ORIOLA.HEOriola Oyj | 140.4 m | — | -23.2% | -1.4% | +13.5% | −31% / −26% |
| 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 ORIOLA.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
Oriola Oyj is a Nordic pharmaceutical distributor and healthcare services provider operating on thin margins. In fiscal 2025 the company reported net sales of 1906.2 million EUR but posted a loss, putting operating efficiency at the centre of investor attention.
SWOT
Strengths
- Solid position in pharmaceutical distribution in the Nordic region, backed by an extensive logistics network.
- High activity volume and stable relationships with institutional healthcare customers.
- Stable shareholder base with important institutional investors and a clear governance structure.
Weaknesses
- Very thin operating margins leave little room to absorb cost shocks.
- Negative net result in fiscal 2025 and declining equity.
- High inventory levels tie up working capital and raise the risk of write-downs.
Opportunities
- Logistics and inventory optimisation could improve margins if implemented effectively.
- Digital services for pharmacies and healthcare providers could bring higher-margin revenue.
- Expanding services to the healthcare system could diversify revenue sources.
Threats
- Price pressure in the healthcare system can reduce distributor margins.
- Competition from integrated chains and larger distributors may limit market share.
- Regulatory changes in the pharmaceutical sector could affect the business model.
Risks
- Negative net resulthigh
The loss in fiscal 2025 shows profitability is not yet stable, and its persistence could weigh on available capital.
- Declining equityhigh
Lower equity per share may limit financial flexibility in periods of pressure.
- High inventoriesmedium
Large inventories could lead to value losses if demand falls or products approach expiry.
- Financing costsmedium
Interest-bearing debt adds pressure on financial results, especially if credit conditions worsen.
- Regulation and pricingmedium
Changes in regulation or pricing policy could directly affect distribution revenue.
Investment thesis
What would need to be true (bull case)
- If lower logistics and inventory costs materialise, margins could return to a more sustainable level.
- A leading regional position in distribution gives a scale advantage that new entrants find hard to replicate.
- Growth in digital and healthcare-system services could diversify revenue.
What would break the thesis
- The negative net result and declining equity could limit the company's capacity to invest.
- Very thin margins leave little room for errors or additional cost pressure.
- If healthcare prices keep falling, distributor revenue could be significantly affected.
What to watch
- Trend in net result and EBIT after the 2025 loss2026
- Inventory level and working capitalnext annual report
- Payment of the proposed dividend and any second instalment authorisedQ4 2026
- Development of equity and interest-bearing debt2026
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
Oriola Oyj, headquartered in Finland, is active in pharmaceutical and medical product distribution, services for pharmacies and supplies to the healthcare system. According to the 2025 annual report, net sales were 1906.2 million EUR and adjusted EBITDA was 35.1 million EUR 1. The net result was negative at -27.2 million EUR 1, and the balance sheet shows lower equity, which stood at 100.8 million EUR 1.
The business relies on high volumes and low margins, so changes in logistics and inventory costs have a significant effect on results. The report shows inventories of 188.5 million EUR at the end of 2025 1, underlining the importance of working capital management.
The company is held by several institutional investors and corporate shareholders, and its market capitalisation at 31 December 2025 was 213.1 million EUR 1. The governance structure includes a Board of Directors of seven members 1.
Segments
Pharmaceutical distribution and services
This segment is the core of the business, with deliveries to pharmacies and medical institutions. Operating margins remain small, and logistics efficiency is the key driver of results.
Services and products for the healthcare system
This segment covers advisory services and products for healthcare providers. The report notes executive reorganisations during 2025, pointing to a focus on developing these activities.
Market context
The Nordic pharmaceutical market is dominated by a few large operators, and distribution carries low margins and relatively stable volumes. Net sales of 1906.2 million EUR in fiscal 2025 1 show the scale of the activity, but profitability depends on price pressure and operating costs.
Demand for medical products remains broadly steady, but regulation and price pressure in healthcare systems could limit margin growth for distributors.
Trends
- Logistics efficiency and inventory managementmixed
If the company succeeds in reducing inventories and distribution costs, margins could become more stable. The high inventory level in the report suggests this process is still under way.
- Price pressure in healthcareheadwind
Lower medicine prices and public procurement policies could narrow distributor margins, directly affecting results.
- Digitalisation of distributiontailwind
Digital solutions for orders and inventory management could reduce operating costs over the long term, especially if investments are implemented efficiently.
- Financing costsheadwind
Financing costs and interest-bearing debt weigh on net results, particularly in a loss year, and reducing them could support a return to profitability.
Competitive position
Oriola competes with other pharmaceutical distributors and pharmacy chains in the Nordics, where margin pressure is constant. Its competitive edge depends on the density of its logistics network and its ability to serve institutional customers.
Competition appears mainly through prices and delivery services, and companies that optimise costs can gain market share.
- Nordic pharmaceutical distributors
Regional operators competing directly on distribution and services to pharmacies.
- Integrated pharmacy chains
Players that can supply their own network, reducing dependence on external distributors.
- Pan-European distributors
Larger companies that can benefit from economies of scale and international contracts.
- Digital healthcare service providers
New entrants that may compete through ordering platforms and digital services.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202504 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Oriola 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.