olivLaw · European equity research
Orthex Oyj ORTHEX.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
At the close of 05 Nov 2026, Orthex Oyj (ORTHEX.HE) stock was 4.55 EUR (+8.08% on the day), with market capitalisation 81.1 m EUR, P/E 12.0 on diluted EPS of 0.38 EUR over the last 12 months, dividend yield 4.82%, beta 0.42, 52-week range 4.12–4.97 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.3
- strong (55–70)
- Bollinger (20, 2)
- 4.09 – 4.61
- in the upper half of the band · %B 0.88 · band width 12.0%
- SMA 50 / 200
- 4.55 / 4.56
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.09
- 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 | +1.1% | −0.6% | +1.8 pp | — |
| 3 months | −1.1% | −4.2% | +3.1 pp | — |
| 6 months | +5.6% | +4.3% | +1.2 pp | — |
| Year to date | −2.2% | +7.5% | −9.7 pp | — |
| 1 year | −2.4% | +9.9% | −12.3 pp | −1.2% |
| 3 years | −3.4% | +49.8% | −53.2 pp | +6.8% |
| 5 years | −61.0% | +42.8% | −103.8 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 2-quarter history (min 12.2, median 13.5, max 14.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 89.7 m | 87.2 m |
| Revenue YoY | unavailable | −2.8% |
| Net income | 6.1 m | 6.8 m |
| Net income YoY | unavailable | +10.9% |
| Diluted EPS | 0.34 | 0.38 |
| Diluted EPS YoY | unavailable | +11.8% |
| net % | 6.8% | 7.8% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.8 m EUR
- Financial debt
- 16.4 m EUR
- Net debt
- 4.6 m EUR
- Equity
- 40.4 m EUR
- Total assets
- 86.3 m EUR
- Debt / equity
- 0.41x
- Current ratio
- 1.87x
- ROE
- 17.8%
- ROA
- 7.9%
- 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 | 89.7 m | 87.2 m | esef· 18 Mar 2026verified |
| Cost of revenue | 64.0 m | 62.2 m | esef· 18 Mar 2026verified |
| Gross profit | 25.7 m | 25.0 m | esef· 18 Mar 2026verified |
| Operating income | 9.8 m | 9.8 m | esef· 18 Mar 2026verified |
| Pre-tax income | 7.8 m | 8.6 m | esef· 18 Mar 2026verified |
| Income tax | 1.7 m | 1.8 m | esef· 18 Mar 2026verified |
| Net income | 6.1 m | 6.8 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.34 | 0.38 | esef· 18 Mar 2026verified |
| Dividend per share | 0.21 | 0.22 | esef· 18 Mar 2026derived |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 10.5 m | 11.8 m | esef· 18 Mar 2026verified |
| Receivables | 18.0 m | 16.0 m | esef· 18 Mar 2026verified |
| Inventories | 12.5 m | 12.1 m | esef· 18 Mar 2026verified |
| Current assets | 41.1 m | 40.7 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 15.1 m | 15.1 m | esef· 18 Mar 2026verified |
| Total assets | 85.6 m | 86.3 m | esef· 18 Mar 2026verified |
| Accounts payable | 17.4 m | 15.2 m | esef· 18 Mar 2026verified |
| Short-term debt | 3.0 m | 3.0 m | esef· 18 Mar 2026verified |
| Long-term debt | 16.4 m | 13.4 m | esef· 18 Mar 2026verified |
| Current liabilities | 22.7 m | 21.7 m | esef· 18 Mar 2026verified |
| Total liabilities | 49.7 m | 45.9 m | esef· 18 Mar 2026verified |
| Equity | 35.8 m | 40.4 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 18.0 m | 17.8 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: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 81.1 m EUR
Key indicators
Coverage and freshness
Score by group
38% · 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: 2.98 – 7.03 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 · input data missing
- Peers: P/E3.13 – 7.03 (Mid 4.22)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)2.98 – 4.06 (Mid 3.44)
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: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.2% | 76 (vs peers) | 28% |
| Net margin · Quality | 7.8% | 64 (vs peers) | 17% |
| 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 | 1.9x | 89 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 12.0x | 54 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.8% | 69 (on a fixed band) | 17% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial89/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality72/100 · 2/3 factors with a value
- Returns· partial69/100 · 1/2 factors with a value
- Valuation· partial54/100 · 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
Orthex Oyj (ORTHEX.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 87.2 m EUR in 2025; YoY growth -2.8%; net margin 7.8%; ROE 17.8%.
The estimated value range is 3.05–5.55 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 3.83 EUR, the price of 4.55 EUR leaves a potential of -15.9% (value / price − 1) and a margin of safety of -18.9% (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: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.2%
- Current ratio: 1.9x
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, Interest coverage, 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% |
| ORTHEX.HEOrthex Oyj | 81.1 m | 12.0 | 17.8% | 7.8% | −2.8% | −2% / −14% |
| 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 ORTHEX.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 | 2.49 Total return -42% · Per year -42% | 4.42 Total return 2% · Per year 2% | 6.68 Total return 53% · Per year 53% |
| 3 years | 2.08 Total return -45% · Per year -18% | 4.18 Total return 5% · Per year 2% | 6.98 Total return 71% · Per year 20% |
| 5 years | 1.73 Total return -47% · Per year -12% | 3.95 Total return 9% · Per year 2% | 7.29 Total return 90% · Per year 14% |
- Exit P/E± 1.04
- Net margin± 0.73
- Annual revenue growth± 0.65
- Annual dilution± 0.06
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 202518 Mar 2026
- Annual report 202518 Mar 2026
- Annual report 202518 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.