olivLaw · European equity research
Pihlajalinna Oyj PIHLIS.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Pihlajalinna Oyj is a Finnish healthcare services provider whose annual report for fiscal 2025 describes a reorganised operating model taking effect on 1 January 2026. The company matters to Romanian readers because it shows how a Helsinki-listed healthcare group manages governance, risk and funding pressures amid public-system reform.
At the close of 05 Nov 2026, Pihlajalinna Oyj (PIHLIS.HE) stock was 8.48 EUR (−2.19% on the day), with market capitalisation 201.7 m EUR, P/E 5.4 on diluted EPS of 1.58 EUR over the last 12 months, dividend yield 4.48%, beta 0.31, 52-week range 8.43–14.90 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)
- 30.8
- weak (30–45)
- Bollinger (20, 2)
- 7.48 – 11.33
- in the lower half of the band · %B 0.26 · band width 40.9%
- SMA 50 / 200
- 10.24 / 11.37
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.57 / -0.52
- MACD below 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 | −19.8% | +0.4% | −20.2 pp | — |
| 3 months | −18.1% | −3.3% | −14.9 pp | — |
| 6 months | −23.7% | +4.0% | −27.7 pp | — |
| Year to date | −41.9% | +8.1% | −50.0 pp | — |
| 1 year | −43.1% | +10.7% | −53.8 pp | −1.2% |
| 3 years | +15.4% | +50.1% | −34.7 pp | +6.8% |
| 5 years | −29.9% | +43.6% | −73.5 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 0 percentile of its own 3-quarter history (min 9.2, median 9.3, max 37.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 720.0 m | 704.4 m | 652.3 m |
| Revenue YoY | unavailable | −2.2% | −7.4% |
| Net income | 5.7 m | 27.4 m | 37.6 m |
| Net income YoY | unavailable | +377.6% | +37.4% |
| Diluted EPS | 0.19 | 1.13 | 1.58 |
| Diluted EPS YoY | unavailable | +494.7% | +39.8% |
| net % | 0.8% | 3.9% | 5.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 30.7 m EUR
- Financial debt
- 106.4 m EUR
- Net debt
- 75.7 m EUR
- Equity
- 192.6 m EUR
- Total assets
- 598.1 m EUR
- Debt / equity
- 0.55x
- Current ratio
- 0.73x
- ROE
- 20.8%
- ROA
- 6.1%
- 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 | 720.0 m | 704.4 m | 652.3 m | esef· 10 Mar 2026verified |
| Operating income | 20.6 m | 48.5 m | 52.7 m | esef· 10 Mar 2026verified |
| Interest expense | 12.7 m | 10.9 m | 8.0 m | esef· 10 Mar 2026verified |
| Pre-tax income | 8.2 m | 38.6 m | 45.8 m | esef· 10 Mar 2026verified |
| Income tax | 3.6 m | 8.5 m | 7.2 m | esef· 10 Mar 2026verified |
| Net income | 5.7 m | 27.4 m | 37.6 m | esef· 10 Mar 2026verified |
| Diluted EPS | 0.19 | 1.13 | 1.58 | esef· 10 Mar 2026verified |
| Dividend per share | — | 0.07 | 0.38 | esef· 10 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 24.5 m | 30.9 m | 30.7 m | esef· 10 Mar 2026verified |
| Receivables | 61.5 m | 61.2 m | 55.1 m | esef· 10 Mar 2026verified |
| Inventories | 4.5 m | 4.5 m | 4.0 m | esef· 10 Mar 2026verified |
| Current assets | 92.5 m | 97.4 m | 91.1 m | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 65.8 m | 62.8 m | 52.3 m | esef· 10 Mar 2026verified |
| Goodwill | 251.8 m | 254.9 m | 253.8 m | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 21.1 m | 15.7 m | 14.8 m | esef· 10 Mar 2026verified |
| Total assets | 657.5 m | 630.2 m | 598.1 m | esef· 10 Mar 2026verified |
| Accounts payable | 125.3 m | 121.1 m | 88.7 m | esef· 10 Mar 2026verified |
| Short-term debt | 3.0 m | 1.8 m | 3.3 m | esef· 10 Mar 2026verified |
| Long-term debt | 144.5 m | 114.6 m | 103.1 m | esef· 10 Mar 2026verified |
| Current liabilities | 159.3 m | 154.8 m | 125.6 m | esef· 10 Mar 2026verified |
| Total liabilities | 512.9 m | 461.2 m | 405.5 m | esef· 10 Mar 2026verified |
| Equity | 144.6 m | 169.0 m | 192.6 m | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 30.2 m | 24.2 m | 23.8 m | esef· 10 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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 201.7 m EUR
Key indicators
Coverage and freshness
Score by group
44% · 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: 13.01 – 29.23 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E13.01 – 29.23 (Mid 17.53)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)outside the aggregate5.17 – 7.05 (Mid 5.96)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.0% | 76 (vs peers) | 24% |
| Net margin · Quality | 5.8% | 59 (vs peers) | 14% |
| 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 | 6.6x | 78 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 5.4x | 86 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.5% | 22 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet47/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality70/100 · 2/3 factors with a value
- Returns· partial22/100 · 1/2 factors with a value
- Valuation· partial86/100 · 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
Pihlajalinna Oyj (PIHLIS.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 652.3 m EUR in 2025; YoY growth -7.4%; net margin 5.8%; ROE 20.8%.
The estimated value range is 13.01–29.23 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 17.53 EUR, the price of 8.48 EUR leaves a potential of 106.8% (value / price − 1) and a margin of safety of 51.6% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.0%
- Interest coverage: 6.6x
- P/E (TTM): 5.4x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.7x
- Shareholder yield (distributions): 1.5%
Not assessed (insufficient data or a ratio without meaning): 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% |
| 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% |
| PIHLIS.HEPihlajalinna Oyj | 201.7 m | 5.4 | 20.8% | 5.8% | −7.4% | −40% / +18% |
| 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 PIHLIS.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 | 4.53 Total return -43% · Per year -43% | 8.06 Total return -1% · Per year -1% | 12.19 Total return 49% · Per year 49% |
| 3 years | 3.60 Total return -49% · Per year -20% | 7.27 Total return -2% · Per year -1% | 12.19 Total return 59% · Per year 17% |
| 5 years | 2.86 Total return -53% · Per year -14% | 6.56 Total return -3% · Per year -1% | 12.19 Total return 70% · Per year 11% |
- Exit P/E± 1.82
- Net margin± 1.27
- Annual revenue growth± 1.15
- Annual dilution± 0.11
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
Pihlajalinna Oyj is a Finnish healthcare services provider whose annual report for fiscal 2025 describes a reorganised operating model taking effect on 1 January 2026. The company matters to Romanian readers because it shows how a Helsinki-listed healthcare group manages governance, risk and funding pressures amid public-system reform.
SWOT
Strengths
- Corporate governance is well structured, with specialised committees and clear procedures for related-party transactions 1.
- The company has a stable shareholder base, with a significant share of shares represented on the Nomination Board 1.
- Sustainability reporting is extensive and covers the value chain, supporting transparency 1.
Weaknesses
Opportunities
Risks
- Operational risk of the new modelhigh
Implementing the new operating model from 2026 could cause disruption or unforeseen costs if processes are not ready 1.
- Staff availability riskhigh
A shortage of qualified staff could affect the ability to deliver services and patient safety 1.
- Regulatory riskmedium
Changes in supervision and funding of healthcare services could materially alter operating conditions 1.
- Cybersecurity riskmedium
An information security incident could expose sensitive patient data and harm the company's reputation 1.
- Reporting and compliance risklow
Sustainability reporting and related-party rules require continuous monitoring; non-compliance could bring sanctions 1.
Investment thesis
What would need to be true (bull case)
- If the new operating model lowers costs and improves efficiency, margins could develop favourably in the coming years 1.
- Solid governance and specialised committees could support strategy execution and investor confidence 1.
- A concentrated and stable shareholder base could reduce volatility in long-term strategic decisions 1.
What would break the thesis
- If implementation of the new operating model is delayed, costs could rise and efficiency could fall 1.
- Dependence on regulation and public funding could limit the company's flexibility in the face of change 1.
- Staffing problems and cybersecurity weaknesses could simultaneously affect service quality and reputation 1.
What to watch
- First-year results of the new operating model2026
- Trends in clinical staff availability2026
- Updates on regulatory risks in the healthcare sectornext 10-K
- Sustainability reporting and progress on CSRD obligations2027
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
According to the annual report for fiscal 2025, Pihlajalinna operates through a group that includes health and social service units, and group management approved in 2025 a new operating model applicable from 1 January 2026 1. The Board of Directors reviews and decides on strategy, the annual plan and budget, and significant investments and external financing 1. The company operates under a Finnish corporate governance framework with an annual general meeting, a Board and specialised committees 1.
The governance structure provides for a Board of four to ten members elected annually by the general meeting, plus an Audit Committee and a People and Sustainability Committee 1. The Audit Committee oversees financial reporting, internal control and auditor independence, with Ernst & Young Oy as auditor for fiscal 2025 1.
The sustainability statement covers the whole group and partly the upstream and downstream value chain, including patients, service providers and service partners 1. It was prepared under the European ESRS standards 1.
Segments
Healthcare services through own units
Pihlajalinna delivers healthcare services through its own group units, and risk management applies at group, business unit, service and process level under a policy approved by the Board 1.
Services through partners
The company also works with service partners and suppliers, and the impact on patients and supply-chain workers is addressed in the sustainability statement 1.
Market context
The annual report gives no detailed market description; it does name the changing operating environment and supervisory work as risk factors 1. Demand dynamics depend on how healthcare services are funded and regulated in Finland 1.
Operational risks identified by management include the changing operating environment, resources and supervisory work, staff availability and information security 1. For a Romanian reader, the Finnish health system and its reforms are the central external factors 1.
Trends
- New operating model from 2026mixed
Management evaluated risk processes in view of the new operating model applicable from 1 January 2026 1. The transition could bring efficiency gains but also implementation pressure if processes are not adapted quickly 1.
- Pressure on clinical staffheadwind
Staff availability and work ability are among the main targets of risk management identified in 2025 1. If recruitment stays difficult, costs and service continuity could be affected 1.
- Focus on sustainability reportingtailwind
The Audit Committee increasingly monitors sustainability reporting, CSRD obligations and the EU Taxonomy, which could raise transparency for investors 1.
- Data protection and cybersecurityheadwind
Data protection, information security and patient safety are priorities in the 2025 risk plan 1. Greater digitalisation could increase exposure to cyber incidents if controls do not keep pace 1.
Competitive position
The annual report does not explicitly name competitors. The Finnish healthcare market includes both public and private providers, and direct comparisons would require data from independent sources 1.
Pihlajalinna defines its position through service quality, patient safety and operational efficiency, monitored through external ESG assessments such as EcoVadis and CDP 1.
- Finnish public healthcare providers
Indirect competition for patients and funding; not named in the source.
- Private hospitals in Finland
Direct competition in some service segments; not identified in the source.
- Digital healthcare service providers
Possible competition in telemedicine; not mentioned in the report.
- International healthcare service groups
Could compete in the same markets through acquisitions or partnerships; not identified in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Pihlajalinna 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.