olivLaw · European equity research
Atria Oyj ATRAV.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Atria Oyj is a Finnish food group active in meat and meat products, with operations in Finland, Sweden, Denmark and Estonia. In 2025 the group reported revenue of 1 813,7 million euros, and for 2026 management expects adjusted operating profit to be higher than in the previous year, while the European pork market remains volatile.
At the close of 05 Nov 2026, Atria Oyj (ATRAV.HE) stock was 15.98 EUR (−0.12% on the day), with market capitalisation 451.7 m EUR, P/E 11.1 on diluted EPS of 1.44 EUR over the last 12 months, dividend yield 4.32%, beta 0.41, 52-week range 13.80–18.70 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)
- 55.1
- strong (55–70)
- Bollinger (20, 2)
- 15.40 – 16.02
- in the upper half of the band · %B 0.94 · band width 3.9%
- SMA 50 / 200
- 15.93 / 16.16
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.06
- 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 | +2.6% | +0.4% | +2.2 pp | — |
| 3 months | +1.3% | −3.3% | +4.5 pp | — |
| 6 months | +8.7% | +4.0% | +4.7 pp | — |
| Year to date | +4.4% | +8.1% | −3.7 pp | — |
| 1 year | +16.2% | +10.7% | +5.5 pp | −2.6% |
| 3 years | +50.5% | +50.1% | +0.4 pp | +4.1% |
| 5 years | +40.2% | +43.6% | −3.4 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 100 percentile of its own 2-quarter history (min 7.7, median 9.1, max 10.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.8 bn | 1.8 bn | 1.8 bn |
| Revenue YoY | unavailable | +0.2% | +3.3% |
| Net income | -19.8 m | 39.7 m | 40.7 m |
| Net income YoY | unavailable | unavailable | +2.6% |
| Diluted EPS | -0.70 | 1.41 | 1.44 |
| Diluted EPS YoY | unavailable | unavailable | +2.1% |
| net % | -1.1% | 2.3% | 2.2% |
| Free cash flow | -16.3 m | 53.7 m | 65.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 30.9 m EUR
- Financial debt
- 226.0 m EUR
- Net debt
- 195.1 m EUR
- Equity
- 454.8 m EUR
- Total assets
- 999.4 m EUR
- Debt / equity
- 0.50x
- Current ratio
- 1.04x
- ROE
- 9.3%
- ROA
- 4.1%
- FCF margin
- 3.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.8 bn | 1.8 bn | 1.8 bn | esef· 18 Mar 2026verified |
| Cost of revenue | 1.6 bn | 1.6 bn | 1.6 bn | esef· 18 Mar 2026verified |
| Gross profit | 171.5 m | 191.3 m | 198.0 m | esef· 18 Mar 2026verified |
| Operating income | 369.0 k | 66.4 m | 64.0 m | esef· 18 Mar 2026verified |
| Interest expense | 27.5 m | 25.0 m | 18.1 m | esef· 18 Mar 2026verified |
| Pre-tax income | -11.2 m | 52.1 m | 53.6 m | esef· 18 Mar 2026verified |
| Income tax | 4.1 m | 9.1 m | 10.0 m | esef· 18 Mar 2026verified |
| Net income | -19.8 m | 39.7 m | 40.7 m | esef· 18 Mar 2026verified |
| Diluted EPS | -0.70 | 1.41 | 1.44 | esef· 18 Mar 2026verified |
| Dividend per share | 0.70 | 0.68 | 0.69 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.1 m | 19.9 m | 30.9 m | esef· 18 Mar 2026verified |
| Receivables | 111.1 m | 105.0 m | 105.9 m | esef· 18 Mar 2026verified |
| Inventories | 128.8 m | 125.9 m | 128.3 m | esef· 18 Mar 2026verified |
| Current assets | 259.5 m | 259.6 m | 269.9 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 535.8 m | 524.0 m | 530.1 m | esef· 18 Mar 2026verified |
| Goodwill | 81.0 m | 82.3 m | 84.5 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 53.8 m | 59.7 m | 59.7 m | esef· 18 Mar 2026verified |
| Total assets | 989.0 m | 984.8 m | 999.4 m | esef· 18 Mar 2026verified |
| Long-term debt | 256.4 m | 253.6 m | 226.0 m | esef· 18 Mar 2026verified |
| Current liabilities | 261.2 m | 245.5 m | 259.3 m | esef· 18 Mar 2026verified |
| Total liabilities | 577.6 m | 561.1 m | 544.6 m | esef· 18 Mar 2026verified |
| Equity | 411.4 m | 423.7 m | 454.8 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 28.3 m | 28.1 m | 28.3 m | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 93.2 m | 92.4 m | 120.0 m | esef· 18 Mar 2026verified |
| Capex | 109.5 m | 38.7 m | 54.1 m | esef· 18 Mar 2026verified |
| Free cash flow | -16.3 m ≈ | 53.7 m ≈ | 65.9 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -105.7 m | -50.8 m | -50.2 m | esef· 18 Mar 2026verified |
| Financing cash flow | -7.8 m | -32.3 m | -58.7 m | esef· 18 Mar 2026verified |
| Dividends paid | 20.7 m | 19.0 m | 20.8 m | esef· 18 Mar 2026verified |
| Share repurchases | 1.1 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: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 451.7 m EUR
Key indicators
Coverage and freshness
Score by group
- Balance sheet27
- Valuation78
- Returns79
- Quality63
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: 9.38 – 76.86 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)39.89 – 76.86 (Mid 52.88)WACC 7.0% · starting FCFF 80.6 m EUR · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E11.86 – 26.64 (Mid 16.73)23 companies used · median multiple 11.6x · quartiles 8.2x – 18.5xALMA.HE, APETIT.HE, ASPO.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, KEMIRA.HE
- Dividend discount (DDM)9.38 – 12.80 (Mid 10.83)
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
Neutral profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.0% | 50 (vs peers) | 17% |
| Net margin · Quality | 2.2% | 46 (vs peers) | 10% |
| FCF conversion · Quality | 162.0% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.5x | 31 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.0x | 20 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 11.1x | 61 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 14.6% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.6% | 66 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 31.6% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet27/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 3/3 factors with a value
- Returns79/100 · 2/2 factors with a value
- Valuation78/100 · 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
Atria Oyj (ATRAV.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 3.3%; net margin 2.2%; ROE 9.8%.
The estimated value range is 11.86–26.64 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 16.73 EUR, the price of 15.98 EUR leaves a potential of 4.7% (value / price − 1) and a margin of safety of 4.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: neutral 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
- FCF conversion: 162.0%
- FCF yield: 14.6%
- Payout ratio (FCF): 31.6%
What contradicts it
- Current ratio: 1.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| KEMIRA.HEKemira Oyj | 2.5 bn | 13.6 | 10.5% | 6.6% | −6.6% | −17% / +4% |
| 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% |
1- and 3-year price returns: for ATRAV.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 | 9.33 Total return -38% · Per year -38% | 16.51 Total return 8% · Per year 8% | 24.88 Total return 61% · Per year 61% |
| 3 years | 8.85 Total return -35% · Per year -13% | 17.63 Total return 24% · Per year 7% | 29.20 Total return 100% · Per year 26% |
| 5 years | 8.38 Total return -32% · Per year -7% | 18.82 Total return 42% · Per year 7% | 34.26 Total return 146% · Per year 20% |
- Exit P/E± 4.41
- Net margin± 3.08
- Annual revenue growth± 2.56
- Annual dilution± 0.26
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
Atria Oyj is a Finnish food group active in meat and meat products, with operations in Finland, Sweden, Denmark and Estonia. In 2025 the group reported revenue of 1 813,7 million euros, and for 2026 management expects adjusted operating profit to be higher than in the previous year, while the European pork market remains volatile 1.
SWOT
Strengths
- The group holds a good market position, strong brands and solid customer relationships, supported by reliable industrial processes.
- The cooperative structure and stable shareholder base give continuity in strategy and in access to raw material.
- The group has maintained a high level of transparency towards shareholders, with clear information on remuneration and dividends.
Weaknesses
- Margins depend heavily on the pig cycle, which makes results hard to predict from one year to the next.
- Activity is concentrated in a few Nordic and Baltic markets, which limits geographic diversification.
- Low consumer confidence in home markets puts pressure on sales volumes.
Opportunities
- The expected rise in adjusted operating profit for 2026 could strengthen the group's financial position.
- Growing exports and cross-border sales could reduce dependence on domestic markets.
- Remuneration programmes tied to efficiency and emissions could support continued operational improvement.
Threats
- Animal diseases can affect production and may restrict access to certain export markets.
- Instability in the European pork market can lead to pressure on prices and margins.
- Competition from regional producers and importers may limit the ability to raise prices.
Risks
- Animal diseaseshigh
An outbreak of disease in animals could affect production volumes and access to export markets.
- Pork price volatilityhigh
Instability in the European market could compress margins if raw material prices rise faster than selling prices.
- Low consumer confidencemedium
If consumer confidence stays low, demand in home markets could decline.
- Geographic concentrationmedium
Dependence on a few Nordic and Baltic markets could amplify the impact of a local fall in demand.
- Dividend pressurelow
If profit does not grow in 2026, sustaining the proposed dividend could become harder.
Investment thesis
What would need to be true (bull case)
- If adjusted operating profit rises in 2026 as management anticipates, the market position and strong brands could support a recovery in margins.
- The cooperative structure and transparency towards shareholders could provide long-term stability in strategy.
- If exports and cross-border sales grow, the group could reduce its dependence on domestic markets.
What would break the thesis
- If animal diseases spread, production and exports could be seriously affected and profit could fall.
- Instability in the pork market could compress margins and make results hard to predict.
- Low consumer confidence could limit demand and selling prices in home markets.
What to watch
- Delivery of the expected rise in adjusted operating profit for 20262026
- Development of European pork prices2026
- Any animal disease cases in production areasnext 10-K
- Approval of the proposed dividend of 0,75 euro per share for 20252026
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
Atria is a Finnish food group that produces and sells meat and meat products under several strong brands. The group is cooperatively owned, mainly by agricultural cooperatives, which is reflected in its two-series share structure 1. In 2025 the group employed on average 3 785 people 1.
The group's activities are organised by region, with a focus on Nordic and Baltic markets. Competitiveness rests on market position, established brands, customer relationships and reliable industrial processes, which management cites as support for profitability 1.
The company has kept a high level of transparency for shareholders, publishing details on its shareholder structure, remuneration programmes and the dividend proposed for 2025 1.
Segments
Atria Finland
The Finnish segment is the largest part of the business and includes the group's core brands on the domestic market. Its performance depends on domestic consumer demand and raw material costs 1.
Atria Sweden
The Swedish segment operates as a separate unit with its own contribution to revenue and profitability. Its results are influenced by demand in Sweden and selling prices in that market 1.
Atria Denmark and Estonia
This segment combines the Danish and Estonian operations and contributes less than the Finnish segment. These units depend on local markets and on the group's exports 1.
Market context
Atria operates in mature European food markets, where competition is tight and meat demand grows slowly. Management describes the European pork market as unstable, with risks from animal diseases and weak consumer confidence in its home markets 1.
Raw material and finished product prices move with the pig cycle and market conditions, which makes margins hard to predict in the short term 1.
Trends
- Pork market volatilitymixed
Instability in the European pork market can affect prices and the group's margins. If prices stabilise, profitability could benefit.
- Animal disease riskheadwind
Animal diseases are a risk to production and exports, and management explicitly names them among factors that could influence operating profit.
- Profitability improvementtailwind
Management expects adjusted operating profit to rise in 2026, supported by market position and industrial processes. Achieving this depends on how markets develop.
- Weak consumer confidenceheadwind
Low consumer confidence in home markets could limit demand and selling prices.
Competitive position
Atria competes in Nordic and Baltic markets with other food groups and meat producers, which also hold strong regional brands. The sources do not identify competitors listed in the US, so the profile limits itself to describing competition in general.
- Other Nordic meat producers
Regional competitors in Finland and Sweden, with no US listing identified in the official sources.
- Baltic food groups
Producers in Estonia and the Baltic region competing for the same consumer segments.
- European meat importers
Foreign suppliers selling meat into Nordic markets, adding pressure on selling prices.
- Retailer private labels
Store-owned products that compete with the group's brands.
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 202411 Mar 2025
- Annual report 202418 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Atria 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.