olivLaw · European equity research
Tulikivi Oyj TULAV.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Tulikivi Oyj is a listed Finnish company known for soapstone and ceramic stoves and fireplaces, manufactured in Juuka and Heinävesi. The company is reducing its carbon footprint and modernising production amid a fall in sales, with net sales from customers at 29.5 million euro in 2025.
At the close of 05 Nov 2026, Tulikivi Oyj (TULAV.HE) stock was 0.45 EUR (−7.99% on the day), with market capitalisation 24.7 m EUR, beta 0.17, 52-week range 0.44–0.65 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)
- 35.9
- weak (30–45)
- Bollinger (20, 2)
- 0.46 – 0.54
- below the lower band · %B -0.16 · band width 15.6%
- SMA 50 / 200
- 0.51 / 0.53
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −8.9% | −0.6% | −8.3 pp | — |
| 3 months | −15.6% | −4.2% | −11.4 pp | — |
| 6 months | −25.9% | +4.3% | −30.2 pp | — |
| Year to date | −8.9% | +7.5% | −16.4 pp | — |
| 1 year | −0.2% | +9.9% | −10.1 pp | −1.2% |
| 3 years | +4.2% | +49.8% | −45.7 pp | +6.8% |
| 5 years | −16.9% | +42.8% | −59.7 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 | 45.3 m | 33.3 m | 29.5 m |
| Revenue YoY | unavailable | −26.5% | −11.4% |
| Net income | 3.8 m | 1.2 m | -1.1 m |
| Net income YoY | unavailable | −68.6% | −193.2% |
| Diluted EPS | 0.06 | 0.02 | -0.02 |
| Diluted EPS YoY | unavailable | −66.7% | −200.0% |
| net % | 8.3% | 3.5% | -3.7% |
| Free cash flow | 4.0 m | 3.4 m | 2.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 488.0 k EUR
- Financial debt
- 6.1 m EUR
- Net debt
- 5.6 m EUR
- Equity
- 17.0 m EUR
- Total assets
- 35.5 m EUR
- Debt / equity
- 0.36x
- Current ratio
- 1.16x
- ROE
- -6.2%
- ROA
- -3.1%
- FCF margin
- 9.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 45.3 m | 33.3 m | 29.5 m | esef· 07 Apr 2026verified |
| Operating income | 5.5 m | 2.1 m | -558.0 k | esef· 07 Apr 2026verified |
| Interest expense | 858.0 k | 782.0 k | 750.0 k | esef· 07 Apr 2026verified |
| Pre-tax income | 4.9 m | 1.4 m | -1.3 m | esef· 07 Apr 2026verified |
| Income tax | 1.1 m | 254.0 k | -192.0 k | esef· 07 Apr 2026verified |
| Net income | 3.8 m | 1.2 m | -1.1 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.06 | 0.02 | -0.02 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.7 m | 679.0 k | 488.0 k | esef· 07 Apr 2026verified |
| Receivables | 3.0 m | 2.9 m | 2.4 m | esef· 07 Apr 2026verified |
| Inventories | 9.6 m | 9.5 m | 9.0 m | esef· 07 Apr 2026verified |
| Current assets | 15.3 m | 13.1 m | 11.9 m | esef· 07 Apr 2026verified |
| Goodwill | 2.8 m | 2.8 m | 2.8 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 11.1 m | 12.0 m | 12.8 m | esef· 07 Apr 2026verified |
| Total assets | 38.7 m | 36.7 m | 35.5 m | esef· 07 Apr 2026verified |
| Accounts payable | 7.4 m | 6.6 m | 6.5 m | esef· 07 Apr 2026verified |
| Long-term debt | 8.5 m | 6.9 m | 6.1 m | esef· 07 Apr 2026verified |
| Current liabilities | 9.4 m | 8.6 m | 10.2 m | esef· 07 Apr 2026verified |
| Total liabilities | 20.6 m | 18.0 m | 18.5 m | esef· 07 Apr 2026verified |
| Equity | 18.1 m | 18.7 m | 17.0 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 62.7 m | 59.1 m | 55.1 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.9 m | 3.6 m | 2.9 m | esef· 07 Apr 2026verified |
| Capex | 895.0 k | 228.0 k | 179.0 k | esef· 07 Apr 2026verified |
| Free cash flow | 4.0 m ≈ | 3.4 m ≈ | 2.7 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -3.3 m | -2.3 m | -2.1 m | esef· 07 Apr 2026verified |
| Financing cash flow | -2.6 m | -3.3 m | -1.0 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 24.7 m EUR
Key indicators
Coverage and freshness
Score by group
35% · 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: 0.64 – 1.13 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)0.64 – 1.13 (Mid 0.82)WACC 7.6% · starting FCFF 3.3 m EUR · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -24.4%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -2.0% | 8 (vs peers) | 29% |
| Net margin · Quality | -3.7% | 15 (vs peers) | 18% |
| 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 | -0.7x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.2x | 30 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.9% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet12/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality11/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 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
Tulikivi Oyj (TULAV.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 29.5 m EUR in 2025; YoY growth -11.4%; net margin -3.7%; ROE -6.2%.
The estimated value range is 0.64–1.13 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.82 EUR, the price of 0.45 EUR leaves a potential of 82.3% (value / price − 1) and a margin of safety of 45.1% (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: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 10.9%
- The price is below the estimated value range
What contradicts it
- ROIC: -2.0%
- Net margin: -3.7%
- Interest coverage: -0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), 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 TULAV.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
Tulikivi Oyj is a listed Finnish company known for soapstone and ceramic stoves and fireplaces, manufactured in Juuka and Heinävesi. The company is reducing its carbon footprint and modernising production amid a fall in sales, with net sales from customers at 29.5 million euro in 2025 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on the Finnish markethigh
Finland makes up a majority of sales, so a local slowdown could directly affect results 1.
- Decline in net saleshigh
The fall in net sales from customers in 2025 could pressure profitability if the trend continues 1.
- Concentration on one main productmedium
The high share of natural stone products makes the company vulnerable to demand shifts in that segment 1.
- Supplier costsmedium
Rising material and service prices could reduce margins if they cannot be passed on to customers 1.
- Environmental and quarrying risklow
Quarrying and production require strict compliance with environmental rules, affecting costs 1.
Investment thesis
What would need to be true (bull case)
- If demand for sustainable products and recycled-material stoves grows, Tulikivi's positioning could support sales over the long term 1.
- A more balanced capital structure than in earlier years could give flexibility for investment 1.
- The shift to renewable energy and lower emissions could improve the brand and reach environmentally conscious customers 1.
What would break the thesis
What to watch
- Development of net sales from customers versus the 29.5 million euro level of 20252026
- Operating result and net result after the 2025 losses2026
- Export share and demand in markets outside Finland2026
- Update of the carbon footprint calculation announced for 20262026
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
Tulikivi makes stoves and fireplaces from soapstone (vuolukivi), from Kermansavi ceramic and from natural stone, as well as sauna stoves and natural stone products 1. Manufacturing is done in Finland by in-house staff, and the company presents itself as a listed family business aiming for long-term profitability 1. Net sales from customers were 29.5 million euro in 2025, compared with 33.3 million euro in 2024, with average headcount at 175 1.
Segments
Market context
Finland accounts for 54.0% of company sales, indicating significant dependence on the domestic market 1. The rest of sales come from other European countries and the USA, and the report shows an export share that varied between years 1. The soapstone stove market is a niche, and the report does not give its total size 1.
Trends
- Decline in net salesheadwind
Net sales from customers fell in 2025 compared with 2024, which could reflect weaker demand for premium heating products 1.
- Shift to renewable energytailwind
The company moved to emission-free, renewable electricity from January 2026, which could lower environmental costs and improve product image 1.
- Recycled materialstailwind
The share of recycled material in the body of ceramic stoves reaches 80%, supporting the sustainability case for the products 1.
- Cost and margin pressuremixed
Service and material costs, plus financial expenses, could limit margins if sales keep declining 1.
Competitive position
The annual report does not explicitly name competitors, so there is no reliable data on direct rivals in this source 1. The soapstone and ceramic stove market is served by European niche producers, but their list does not appear in the source provided 1.
- European soapstone and ceramic stove makers
Implicit competitors, not named in the annual report 1.
- Niche fireplace and stove producers
Competition in indoor stoves and fireplaces, without details in the source 1.
- Ceramic material suppliers
Indirect competition on materials used, not identified in the source 1.
- Other natural stone product producers
Competition in the natural stone segment, where the company has its largest share 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Tulikivi 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.