olivLaw · European equity research
YIT Oyj YIT.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
YIT Oyj is a Finnish developer and builder active in residential, construction and infrastructure, with operations in Finland and in the Baltic and Central and Eastern European countries. In 2025 the company reported revenue of 1757 million euros, down from the prior year, which makes its trajectory relevant amid regional property market shifts.
At the close of 05 Nov 2026, YIT Oyj (YIT.HE) stock was 3.65 EUR (−0.95% on the day), with market capitalisation 625.7 m EUR, dividend yield 0.00%, beta 0.79, 52-week range 2.45–4.56 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)
- 35.6
- weak (30–45)
- Bollinger (20, 2)
- 3.59 – 4.55
- in the lower half of the band · %B 0.07 · band width 23.6%
- SMA 50 / 200
- 3.94 / 3.05
- mixed trend
- MACD (12, 26, 9)
- -0.09 / 0.00
- 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 | −19.9% | −0.6% | −19.2 pp | — |
| 3 months | +21.7% | −4.2% | +25.8 pp | — |
| 6 months | +42.0% | +4.3% | +37.7 pp | — |
| Year to date | +16.9% | +7.5% | +9.4 pp | — |
| 1 year | +26.1% | +9.9% | +16.2 pp | −1.2% |
| 3 years | +107.6% | +49.8% | +57.8 pp | +6.8% |
| 5 years | −25.4% | +42.8% | −68.2 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 | 2.2 bn | 1.8 bn | 1.8 bn |
| Revenue YoY | unavailable | −15.9% | −3.5% |
| Net income | 3.0 m | -112.0 m | -24.0 m |
| Net income YoY | unavailable | −3,833.3% | unavailable |
| Diluted EPS | -0.01 | -0.51 | -0.14 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 0.1% | -6.2% | -1.4% |
| Free cash flow | -143.0 m | 53.0 m | 10.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 116.0 m EUR
- Financial debt
- 298.0 m EUR
- Net debt
- 182.0 m EUR
- Equity
- 792.0 m EUR
- Total assets
- 2.3 bn EUR
- Debt / equity
- 0.38x
- Current ratio
- 1.87x
- ROE
- -3.1%
- ROA
- -1.0%
- FCF margin
- 0.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.2 bn | 1.8 bn | 1.8 bn | esef· 04 Mar 2026verified |
| Operating income | 51.0 m | -55.0 m | 45.0 m | esef· 04 Mar 2026verified |
| Depreciation & amortisation | 29.0 m | 33.0 m | — | esef· 11 Mar 2025verified |
| EBITDA | 80.0 m ≈ | -22.0 m ≈ | — | esef· 11 Mar 2025derived |
| Interest expense | 56.0 m | 68.0 m | 60.0 m | esef· 04 Mar 2026verified |
| Pre-tax income | -5.0 m | -118.0 m | -10.0 m | esef· 04 Mar 2026verified |
| Income tax | -8.0 m | -6.0 m | 14.0 m | esef· 04 Mar 2026verified |
| Net income | 3.0 m | -112.0 m | -24.0 m | esef· 04 Mar 2026verified |
| Diluted EPS | -0.01 | -0.51 | -0.14 | esef· 04 Mar 2026verified |
| Dividend per share | — | 0.00 | 0.00 | esef· 04 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 | 128.0 m | 137.0 m | 116.0 m | esef· 04 Mar 2026verified |
| Receivables | 255.0 m | 181.0 m | 168.0 m | esef· 04 Mar 2026verified |
| Current assets | — | 1.7 bn | 1.6 bn | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 22.0 m | 19.0 m | 18.0 m | esef· 04 Mar 2026verified |
| Goodwill | 248.0 m | 248.0 m | 248.0 m | esef· 04 Mar 2026verified |
| Total assets | 2.8 bn | 2.5 bn | 2.3 bn | esef· 04 Mar 2026verified |
| Long-term debt | 328.0 m | 403.0 m | 298.0 m | esef· 04 Mar 2026verified |
| Current liabilities | — | 929.0 m | 873.0 m | esef· 04 Mar 2026verified |
| Total liabilities | 2.0 bn | 1.7 bn | 1.5 bn | esef· 04 Mar 2026verified |
| Equity | 845.0 m | 770.0 m | 792.0 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | — | 219.6 m | 171.4 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -139.0 m | 60.0 m | 13.0 m | esef· 04 Mar 2026verified |
| Capex | 4.0 m | 7.0 m | 3.0 m | esef· 04 Mar 2026verified |
| Free cash flow | -143.0 m ≈ | 53.0 m ≈ | 10.0 m ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | 2.0 m | 50.0 m | 52.0 m | esef· 04 Mar 2026verified |
| Financing cash flow | 57.0 m | -102.0 m | -87.0 m | esef· 04 Mar 2026verified |
| Dividends paid | 38.0 m | 0 | — | esef· 11 Mar 2025verified |
≈ 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: 26 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 625.7 m EUR
Key indicators
Coverage and freshness
Score by group
- Quality22
- Returns40
- Balance sheet18
- Valuation30
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: 1.69 – 7.50 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)3.80 – 7.50 (Mid 5.11)WACC 7.1% · starting FCFF 60.4 m EUR · terminal value share of EV 78%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): -14.1%
- Peers: EV/EBITDA1.69 – 1.82 (Mid 1.73)6 companies used · median multiple 6.1x · quartiles 6.1x – 6.3xANORA.HE, ETTE.HE, HARVIA.HE, HONBS.HE, ICP1V.HE, KAMUX.HE
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
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
Unattractive profile · Score 26/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.8% | 24 (vs peers) | 16% |
| Net margin · Quality | -1.4% | 18 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.3x | 0 (vs peers) | 16% |
| Interest coverage · Balance sheet | 0.8x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.9x | 89 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 10.4x | 38 (vs peers) | 16% |
| FCF yield · Valuation | 1.6% | 20 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet18/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality22/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation30/100 · 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
YIT Oyj (YIT.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.8 bn EUR in 2025; YoY growth -3.5%; net margin -1.4%; ROE -3.6%; net debt/EBITDA 2.3x.
The estimated value range is 2.75–4.66 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.42 EUR, the price of 3.65 EUR leaves a potential of -6.4% (value / price − 1) and a margin of safety of -6.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 26/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
- Payout ratio (FCF): 0.0%
What contradicts it
- ROIC: 3.8%
- Net margin: -1.4%
- Net debt / EBITDA: 2.3x
- Interest coverage: 0.8x
- FCF yield: 1.6%
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM).
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% |
| YIT.HEYIT Oyj | 625.7 m | — | -3.6% | -1.4% | −3.5% | +16% / +90% |
| 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% |
1- and 3-year price returns: for YIT.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
YIT Oyj is a Finnish developer and builder active in residential, construction and infrastructure, with operations in Finland and in the Baltic and Central and Eastern European countries. In 2025 the company reported revenue of 1757 million euros, down from the prior year, which makes its trajectory relevant amid regional property market shifts 1.
SWOT
Strengths
- Well-established presence in Finland and the Baltic states, with a substantial order backlog at the end of 2025.
- The Central and Eastern European housing segment benefits from market conditions that management considers favourable.
- The governance framework includes an audit committee and an investment committee with clearly defined roles in risk oversight.
Weaknesses
- The high level of net debt and the significant adjusted EBITDA leverage limit financial flexibility.
- Return on capital employed is low, and net result remained negative in fiscal 2025.
- Revenue declined compared with the prior year, and the company does not propose a dividend for 2025.
Opportunities
- A recovery in the Baltic and Central European housing markets could support higher segment profitability.
- Divesting non-strategic assets could reduce debt and focus the company on its core activities.
- Better performance in non-residential construction could offset weakness in the Finnish housing segment.
Threats
- Weak demand for new housing in Finland could persist and limit the company's results.
- Macroeconomic developments and a possible escalation of geopolitical risks could affect demand and investment value.
- An uncertain timing of project completions could shift revenue between periods and create volatility.
Risks
- High leveragehigh
Interest-bearing net debt and a high ratio of net debt to adjusted EBITDA could limit access to financing and operational flexibility.
- Weak demand in Finlandmedium
The lack of growth in new housing sales in Finland could reduce volumes and margins in the segment.
- Geopolitical and macroeconomic risksmedium
A possible escalation of geopolitical risks could affect demand and the value of the company's investments.
- Delays in project completionmedium
Changes in the timing of housing completions could shift revenue between quarters or years.
- Greenwashing risk in sustainability reportinglow
The audit committee has identified greenwashing risk in sustainability reporting, and external assurance is seen as a way to reduce it.
Investment thesis
What would need to be true (bull case)
- If housing markets in the Baltic states and Central Europe continue to develop favourably, the housing segment could become a solid driver of profitability.
- A substantial order backlog and an operational recovery in non-residential construction could support revenue in the coming period.
- If the divestment of non-strategic assets is completed at the estimated value, debt could fall significantly and the balance sheet could strengthen.
What would break the thesis
- If demand in Finland stays weak, results in the home market could continue to deteriorate.
- High leverage could limit the company's ability to invest and could amplify the effects of an economic shock.
- The negative net result and low return on capital could make a sustained recovery in shareholder value difficult.
What to watch
- Trend in the net debt to adjusted EBITDA ratio and progress of the non-strategic asset divestment2026
- Performance of the Housing CEE segment and timing of housing project completions2026
- Development of demand for new housing in Finland2026
- Change in the definition of operating profit adjustments starting in 2026Annual report 2026
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
YIT Oyj operates in construction and property development, with segments covering housing, non-residential construction and infrastructure. According to the 2025 annual report, the company closed the year with revenue of 1757 million euros and an operating profit of 45 million euros, after an operating loss in 2024 1. The report also cites an order backlog of 2915 million euros at 31 December 2025 1.
The company remained in 2025 in a phase of strategic reconfiguration, with a programme to divest non-strategic assets. Their carrying value was about 340 million euros at the end of 2025, and the company intends to exit them during its 2025–2029 strategy period 1.
Debt remains a central concern: interest-bearing net debt stood at 560 million euros at the end of 2025, and the net debt to adjusted EBITDA ratio of 7.8 times indicates considerable financial pressure 1. The company does not propose a dividend for fiscal 2025 1.
Segments
Housing CEE
The housing segment in the Baltic and Central and Eastern European countries is seen by management as the main driver of profitability in 2026, with favourable market conditions expected in these countries 1.
Housing Finland
In Finland, sales volumes for new housing are not expected to rise in 2026, and the low number of housing completions could limit the segment's earnings capacity 1.
Construction and Infrastructure
For non-residential construction, management expects operational performance to improve in 2026, while for infrastructure it expects performance to remain stable 1.
Market context
The housing market in the Baltic and Central and Eastern European countries is described as developing favourably, while in Finland demand for new housing remains weak. The company notes that macroeconomic changes and geopolitical risks could affect demand and the value of investments 1.
Revenue from outside Finland was 492 million euros in 2025, down from 511 million euros in 2024, showing that international exposure remains significant but is declining 1.
Trends
- Recovery of the Central and Baltic housing markettailwind
Favourable conditions in the Baltic and CEE housing markets support segment profitability, but the timing of project completions could shift revenue between quarters or years 1.
- Weak housing demand in Finlandheadwind
The lack of growth in new housing sales and the low number of completions in Finland limit results in the home market 1.
- Macroeconomic and geopolitical uncertaintyheadwind
Changes in the macroeconomic environment and a possible escalation of geopolitical risks could affect demand and the company's financial position 1.
- Divestment of non-strategic assetsmixed
The programme to exit non-strategic assets could release capital and reduce debt, but it also carries effects on operating results that need to be considered 1.
Competitive position
YIT operates in competitive local construction and property development markets across northern and eastern Europe, where it competes with regional developers and builders. The supplied sources do not name competitors explicitly, so the analysis is limited to the context described in the annual report 1.
The company's competitive position depends on its ability to convert the order backlog and reduce debt, while margins in construction and development remain under pressure in several markets 1.
- Regional developers and builders in Finland and the Baltic states
Local competitors in the housing and construction markets where YIT is active; the sources do not name them.
- Infrastructure builders in Central and Eastern Europe
Competitors in the infrastructure segment, where the company expects stable performance; not named in the source.
- International residential developers active in the region
External players competing for land and buyers in the regional markets; the source gives no further detail.
- Non-residential construction firms
Competitors in non-residential buildings, where the company anticipates improved performance in 2026.
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 202411 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / YIT 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.