olivLaw · European equity research
Verkkokauppa.com Oyj VERK.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Verkkokauppa.com Oyj is a Finnish online retailer focused on electronics and home appliances, building its strategy on very fast deliveries and growth faster than the market. In fiscal 2025 revenue reached 526.5 million EUR and the company raised its operating margin to 3.3 percent, which makes the trend in profitability relevant.
At the close of 05 Nov 2026, Verkkokauppa.com Oyj (VERK.HE) stock was 3.50 EUR (−5.16% on the day), with market capitalisation 160.3 m EUR, P/E 12.9 on diluted EPS of 0.27 EUR over the last 12 months, beta 0.88, 52-week range 2.22–4.02 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)
- 40.8
- weak (30–45)
- Bollinger (20, 2)
- 3.51 – 4.02
- below the lower band · %B -0.03 · band width 13.4%
- SMA 50 / 200
- 3.64 / 3.37
- mixed trend
- MACD (12, 26, 9)
- -0.02 / 0.03
- 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 | −2.8% | −0.6% | −2.1 pp | — |
| 3 months | +1.9% | −4.2% | +6.1 pp | — |
| 6 months | +53.3% | +4.3% | +49.0 pp | — |
| Year to date | −11.3% | +7.5% | −18.8 pp | — |
| 1 year | −11.7% | +9.9% | −21.7 pp | −1.2% |
| 3 years | +50.6% | +49.8% | +0.8 pp | +6.8% |
| 5 years | −51.8% | +42.8% | −94.6 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 14.6, median 32.8, max 51.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 502.9 m | 467.8 m | 526.5 m |
| Revenue YoY | unavailable | −7.0% | +12.5% |
| Net income | 2.1 m | -803.0 k | 12.4 m |
| Net income YoY | unavailable | −138.8% | unavailable |
| Diluted EPS | 0.05 | -0.02 | 0.27 |
| Diluted EPS YoY | unavailable | −140.0% | unavailable |
| net % | 0.4% | -0.2% | 2.4% |
| Free cash flow | 20.0 m | 12.1 m | 20.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 47.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 39.4 m EUR
- Total assets
- 173.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.39x
- ROE
- 36.8%
- ROA
- 7.1%
- FCF margin
- 3.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 502.9 m | 467.8 m | 526.5 m | esef· 18 Mar 2026verified |
| Operating income | 4.7 m | 611.0 k | 17.4 m | esef· 18 Mar 2026verified |
| Depreciation & amortisation | 6.4 m | 6.9 m | 6.8 m | esef· 18 Mar 2026verified |
| EBITDA | 11.1 m ≈ | 7.5 m ≈ | 24.2 m ≈ | esef· 18 Mar 2026derived |
| Interest expense | 2.3 m | 2.4 m | 2.6 m | esef· 18 Mar 2026verified |
| Pre-tax income | 2.8 m | -1.4 m | 15.3 m | esef· 18 Mar 2026verified |
| Income tax | 704.0 k | -623.0 k | 2.9 m | esef· 18 Mar 2026verified |
| Net income | 2.1 m | -803.0 k | 12.4 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.05 | -0.02 | 0.27 | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 31.9 m | 35.6 m | 47.3 m | esef· 18 Mar 2026verified |
| Inventories | 62.7 m | 51.1 m | 64.9 m | esef· 18 Mar 2026verified |
| Current assets | 142.9 m | 132.5 m | 136.8 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 5.8 m | 5.5 m | 6.2 m | esef· 18 Mar 2026verified |
| Goodwill | 2.8 m | 2.8 m | 2.8 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 5.0 m | 4.5 m | 4.3 m | esef· 18 Mar 2026verified |
| Total assets | 179.3 m | 178.1 m | 173.2 m | esef· 18 Mar 2026verified |
| Current liabilities | 119.2 m | 110.3 m | 98.5 m | esef· 18 Mar 2026verified |
| Total liabilities | 150.8 m | 150.2 m | 133.8 m | esef· 18 Mar 2026verified |
| Equity | 28.5 m | 27.9 m | 39.4 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 41.4 m | 40.2 m | 45.9 m | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 20.3 m | 12.9 m | 21.6 m | esef· 18 Mar 2026verified |
| Capex | 335.0 k | 775.0 k | 1.5 m | esef· 18 Mar 2026verified |
| Free cash flow | 20.0 m ≈ | 12.1 m ≈ | 20.1 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -1.9 m | -1.8 m | -2.8 m | esef· 18 Mar 2026verified |
| Financing cash flow | -7.6 m | -7.5 m | -7.1 m | esef· 18 Mar 2026verified |
| Share repurchases | — | 0 | 992.0 k | esef· 18 Mar 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
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 160.3 m EUR
Key indicators
Coverage and freshness
Score by group
48% · 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: 2.22 – 4.99 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.22 – 4.99 (Mid 3.00)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)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: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.4% | 49 (vs peers) | 13% |
| FCF conversion · Quality | 162.3% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.7x | 80 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.4x | 49 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 12.9x | 54 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 12.5% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.6% | 9 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet68/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 2/3 factors with a value
- Returns· partial9/100 · 1/2 factors with a value
- Valuation74/100 · 2/3 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
Verkkokauppa.com Oyj (VERK.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 526.5 m EUR in 2025; YoY growth 12.5%; net margin 2.4%; ROE 36.8%.
The estimated value range is 2.22–4.99 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.00 EUR, the price of 3.50 EUR leaves a potential of -14.3% (value / price − 1) and a margin of safety of -16.6% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 162.3%
- Interest coverage: 6.7x
- FCF yield: 12.5%
What contradicts it
- Shareholder yield (distributions): 0.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| VERK.HEVerkkokauppa.com Oyj | 160.3 m | 12.9 | 36.8% | 2.4% | +12.5% | −4% / +33% |
| 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 VERK.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 | 2.23 Total return -36% · Per year -36% | 3.93 Total return 13% · Per year 13% | 5.91 Total return 69% · Per year 69% |
| 3 years | 2.53 Total return -28% · Per year -10% | 4.98 Total return 43% · Per year 13% | 8.16 Total return 133% · Per year 33% |
| 5 years | 2.87 Total return -18% · Per year -4% | 6.31 Total return 81% · Per year 13% | 11.27 Total return 222% · Per year 26% |
- Exit P/E± 1.25
- Net margin± 0.87
- Annual revenue growth± 0.66
- Annual dilution± 0.07
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
Verkkokauppa.com Oyj is a Finnish online retailer focused on electronics and home appliances, building its strategy on very fast deliveries and growth faster than the market. In fiscal 2025 revenue reached 526.5 million EUR and the company raised its operating margin to 3.3 percent, which makes the trend in profitability relevant.
SWOT
Strengths
- Delivery speed the company describes as unique in Finland, supported by its distribution network and in-house logistics infrastructure.
- Improved gross margin and operating result in fiscal 2025 compared with the prior year, with an assortment concentrated on core categories.
- In-house software development capability and a dedicated team that supports rapid adoption of new technologies.
Weaknesses
- Operating profitability is still modest, and the comparable result depends on items outside normal operations.
- Strongly seasonal business, with revenue and profit concentrated in the final quarter of the year.
- Reliance on external suppliers and geographic concentration of manufacturing, which can affect availability and costs.
Opportunities
- Growth in retail media and advertising across digital and physical stores could diversify revenue sources.
- Expansion in Sweden through the Amazon.se partnership and new wholesale collaborations could open new markets.
- Artificial intelligence and circular economy models such as trade-in could raise efficiency and attract customers.
Threats
- Price pressure from cross-border and direct-to-consumer models could reduce margins.
- Macroeconomic uncertainty, trade tensions and interest rate changes could weigh on consumer spending.
- Growing cyber threats and tightening EU regulation could bring operational disruption and sanctions.
Risks
- Competitive and pricing pressurehigh
Intensified competition and cross-border commerce could reduce margins and market share, according to the annual report.
- Revenue seasonalityhigh
Revenue and profitability are concentrated in the fourth quarter, so weaker demand in that period would have a large effect on the annual result.
- Cyber and operational risksmedium
IT system outages, security incidents or supplier delays could affect sales and service continuity.
- Financing covenantsmedium
Certain financing arrangements include covenants that, if not met, could trigger early repayment or renegotiation.
- Growing EU regulationlow
Compliance requirements on product safety, sustainability, data protection and artificial intelligence are rising, and non-compliance could bring sanctions.
Investment thesis
What would need to be true (bull case)
- If the shift to online shopping continues, the delivery speed advantage could support growth above the market, in line with the stated strategic targets.
- Gross margin gains and diversification through retail media and new partnerships could lift profitability in the coming years.
What would break the thesis
- Price pressure from cross-border commerce could limit margin improvement, and the operating result remains modest.
- A non-recurring gain from asset sales contributed to the 2025 result, which could make profit hard to repeat in later years.
- Pronounced seasonality and sensitivity to consumer spending could amplify the effects of an economic slowdown.
What to watch
- Trend in operating margin and comparable operating resultQ1 2026
- Fourth-quarter results and revenue seasonality2026
- Payment of the proposed dividend and board authorization for remaining instalments2026
- Development of the Amazon.se partnership and Swedish revenuenext 10-K
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
Verkkokauppa.com is an online retailer focused on consumer electronics and home appliances, active in Finland and, since 2025, in a strategic partnership with Amazon.se in Sweden. It operates through digital channels and physical stores and has no own production facilities. Its strategy rests on four cornerstones: fastest fulfilment, operational excellence, curated assortment and new business models.
Revenue rose from 467.8 million EUR in 2024 to 526.5 million EUR in 2025, and gross margin climbed to 17.1 percent, according to the annual report. The operating result improved significantly on the prior year, partly helped by a non-recurring gain of 3.2 million EUR from the sale of the consumer finance business, so the comparable result should be read separately.
Segments
Online retail of electronics and home appliances
Core categories, electronics and home appliances, are the focus of the assortment, selected to suit fast deliveries, be competitively priced and consistently available. The company also develops own brands to differentiate its offer and support margins.
Retail media and services
Retail media has grown as a strategic revenue stream, supported by a broader customer base and new digital signage in physical stores. The trade-in service and a wider range of recycled products support the company's circular economy direction.
Consumer financing and payment services
In September 2025 the company sold its consumer financing business to Norion Bank AB and its payment unit Walley, reducing its exposure to this segment. The change could alter its revenue mix in coming periods.
Market context
The Finnish consumer electronics market is highly competitive, and cross-border e-commerce and direct-to-consumer models intensify pricing pressure, according to the annual report 1. Seasonality is significant, with revenue and profitability concentrated in the fourth quarter.
The continued shift from traditional retail to online shopping gives the company a growth base, but macroeconomic conditions, inflation, interest rate changes and trade tensions can affect purchasing power and consumer behaviour. The company aims for growth that outpaces the market.
Trends
- Shift from traditional retail to e-commercetailwind
The company invests in seamless online shopping and an expanded distribution network, which could support market share if the shift continues.
- Price pressure from cross-border commerceheadwind
Cross-border e-commerce and direct-to-consumer models intensify pricing pressure and could limit margins.
- Artificial intelligence in operationstailwind
Exploration of several hundred AI use cases could improve operational efficiency and customer experience, if implementation succeeds.
- Macroeconomic and geopolitical uncertaintymixed
Trade tensions, inflation and interest rate changes can affect supply chains and consumer spending, with a mixed effect on sales.
Competitive position
The Finnish electronics market includes online and physical retailers as well as international platforms entering through cross-border commerce. The annual report names intensified competition and pricing pressure as a main strategic risk.
The company's stated advantages are its delivery speed, which it describes as unique in Finland, and its partnership with Amazon.se in Sweden. Differentiation depends, however, on keeping these advantages as competitors expand.
- AmazonAMZN
Strategic partner in Sweden through Amazon.se, and also a potential competitor in online electronics retail.
- Cross-border electronics sellers
Cross-border platforms that intensify pricing pressure, cited in the annual report as a market risk.
- Physical electronics retailers
Traditional chains competing on assortment and availability, though through different sales channels.
- Direct-to-consumer brands
Manufacturers selling directly to customers, reducing the role of intermediaries and affecting price competition.
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 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Verkkokauppa.com 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.