olivLaw · European equity research
Kalmar Oyj KALMAR.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Kalmar Oyj designs and services equipment and services for heavy materials handling in ports, terminals, distribution centres and heavy logistics. Sales in fiscal 2025 reached 1741 million EUR, and the eco-solutions product group accounted for 44 percent of total sales, a metric that matters to customers cutting emissions.
At the close of 05 Nov 2026, Kalmar Oyj (KALMAR.HE) stock was 37.34 EUR (−0.69% on the day), with market capitalisation 2.4 bn EUR, P/E 14.7 on diluted EPS of 2.54 EUR over the last 12 months, dividend yield 2.68%, beta 1.04, 52-week range 35.26–51.00 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)
- 51.3
- neutral
- Bollinger (20, 2)
- 35.98 – 37.64
- in the upper half of the band · %B 0.82 · band width 4.5%
- SMA 50 / 200
- 38.07 / 41.29
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.23 / -0.41
- 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 | −3.1% | +0.4% | −3.4 pp | — |
| 3 months | −3.3% | −3.3% | −0.0 pp | — |
| 6 months | −10.2% | +4.0% | −14.2 pp | — |
| Year to date | −7.9% | +8.1% | −16.0 pp | — |
| 1 year | +5.1% | +10.7% | −5.6 pp | −2.6% |
| 3 years | unavailable | +50.1% | unavailable | +5.4% |
| 5 years | unavailable | +43.6% | unavailable | — |
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 16.0, median 16.0, max 16.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.0 bn | 1.7 bn | 1.7 bn |
| Revenue YoY | unavailable | −16.1% | +1.2% |
| Net income | 193.8 m | 127.9 m | 163.3 m |
| Net income YoY | unavailable | −34.0% | +27.7% |
| Diluted EPS | 3.01 | 1.99 | 2.54 |
| Diluted EPS YoY | unavailable | −33.9% | +27.6% |
| net % | 9.5% | 7.4% | 9.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 278.4 m EUR
- Financial debt
- 280.7 m EUR
- Net debt
- 2.3 m EUR
- Equity
- 717.8 m EUR
- Total assets
- 1.7 bn EUR
- Debt / equity
- 0.39x
- Current ratio
- 1.72x
- ROE
- 24.1%
- ROA
- 9.5%
- 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 | 2.0 bn | 1.7 bn | 1.7 bn | esef· 04 Mar 2026verified |
| Cost of revenue | 1.5 bn | 1.3 bn | 1.3 bn | esef· 04 Mar 2026verified |
| Gross profit | 509.3 m | 452.5 m | 455.7 m | esef· 04 Mar 2026verified |
| Research & development | 54.3 m | 54.0 m | 53.8 m | esef· 04 Mar 2026verified |
| Operating income | 240.2 m | 174.4 m | 220.4 m | esef· 04 Mar 2026verified |
| Interest expense | 14.0 m | 19.0 m | 16.7 m | esef· 04 Mar 2026verified |
| Pre-tax income | 241.5 m | 172.5 m | 211.2 m | esef· 04 Mar 2026verified |
| Income tax | 47.7 m | 44.6 m | 47.8 m | esef· 04 Mar 2026verified |
| Net income | 193.8 m | 127.9 m | 163.3 m | esef· 04 Mar 2026verified |
| Diluted EPS | 3.01 | 1.99 | 2.54 | esef· 04 Mar 2026verified |
| Dividend per share | — | 0.00 | 1.00 | esef· 04 Mar 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 82.6 m | 260.6 m | 278.4 m | esef· 04 Mar 2026verified |
| Inventories | 460.9 m | 437.3 m | 460.6 m | esef· 04 Mar 2026verified |
| Current assets | 1.2 bn | 1.1 bn | 1.1 bn | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 272.9 m | 265.2 m | — | esef· 04 Mar 2025verified |
| Goodwill | 260.2 m | 261.9 m | 256.3 m | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 17.4 m | 6.5 m | 5.8 m | esef· 04 Mar 2026verified |
| Total assets | 1.8 bn | 1.7 bn | 1.7 bn | esef· 04 Mar 2026verified |
| Short-term debt | 14.5 m | 16.9 m | 18.4 m | esef· 04 Mar 2026verified |
| Long-term debt | 114.0 m | 315.7 m | 262.3 m | esef· 04 Mar 2026verified |
| Current liabilities | 784.9 m | 620.6 m | 645.0 m | esef· 04 Mar 2026verified |
| Equity | 818.2 m | 638.2 m | 717.8 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 64.4 m | 64.3 m | 64.0 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 221.3 m | 176.2 m | 209.3 m | esef· 04 Mar 2026verified |
| Investing cash flow | -43.3 m | -27.9 m | -43.7 m | esef· 04 Mar 2026verified |
| Financing cash flow | -193.7 m | 25.7 m | -132.2 m | esef· 04 Mar 2026verified |
| Dividends paid | — | 200.0 k | 64.0 m | esef· 04 Mar 2026verified |
| Share repurchases | 0 | 8.0 m | 0 | esef· 04 Mar 2026verified |
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: 2.4 bn 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: 13.59 – 46.99 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E20.91 – 46.99 (Mid 28.19)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, KAMUX.HE, KCR.HE, KEMIRA.HE
- Dividend discount (DDM)13.59 – 18.53 (Mid 15.68)
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 | 23.8% | 96 (vs peers) | 24% |
| Net margin · Quality | 9.4% | 69 (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 | 13.2x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.7x | 77 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 14.7x | 50 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.7% | 38 (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 sheet91/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality86/100 · 2/3 factors with a value
- Returns· partial38/100 · 1/2 factors with a value
- Valuation· partial50/100 · 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
Kalmar Oyj (KALMAR.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.7 bn EUR in 2025; YoY growth 1.2%; net margin 9.4%; ROE 24.1%.
The estimated value range is 17.25–32.76 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 21.93 EUR, the price of 37.34 EUR leaves a potential of -41.3% (value / price − 1) and a margin of safety of -70.2% (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: 23.8%
- Interest coverage: 13.2x
- Current ratio: 1.7x
What contradicts it
- The price is above the estimated value range
- The valuation methods diverge
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% |
| 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 KALMAR.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 | 21.43 Total return -41% · Per year -41% | 37.94 Total return 4% · Per year 4% | 57.24 Total return 57% · Per year 57% |
| 3 years | 19.44 Total return -42% · Per year -17% | 38.87 Total return 12% · Per year 4% | 64.57 Total return 83% · Per year 22% |
| 5 years | 17.65 Total return -43% · Per year -11% | 39.82 Total return 21% · Per year 4% | 72.85 Total return 114% · Per year 16% |
- Exit P/E± 9.72
- Net margin± 6.80
- Annual revenue growth± 5.77
- Annual dilution± 0.57
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
Kalmar Oyj designs and services equipment and services for heavy materials handling in ports, terminals, distribution centres and heavy logistics. Sales in fiscal 2025 reached 1741 million EUR, and the eco-solutions product group accounted for 44 percent of total sales, a metric that matters to customers cutting emissions.
SWOT
Strengths
- Broad range of equipment and lifecycle services that keeps customer relationships going after purchase.
- Global commercial presence and local service network in many regions.
- Well-developed eco-solutions range that supports customers' decarbonisation goals.
Weaknesses
- Dependence on external suppliers for engines, batteries and electronic components.
- Assembly-based model that relies in some categories on a few key suppliers.
- Risk of human error in sustainability reporting, with responsibilities concentrated in a few people.
Opportunities
- Rising demand for electric and automated equipment could expand the eco-solutions range.
- Customer sustainability goals may open modernisation contracts for existing fleets.
- Expanding lifecycle services could bring recurring revenue.
Threats
- A decline in global trade volumes could reduce orders for port equipment.
- Supply chain disruptions in steel and components could delay deliveries.
- Competitor price pressure could reduce margins.
Risks
- Dependence on key suppliersmedium
Engines and batteries come from limited sources, and a disruption could affect production and deliveries.
- Availability of raw materialsmedium
Depletion of limited resources could raise costs and slow production.
- Errors in sustainability reportinglow
Manual data entry and reliance on specific people could lead to reporting errors.
- Cyclicality of global trademedium
Demand for port and logistics equipment can fall when trade volumes decline.
- Competitive pressuremedium
Competitors could offer lower prices or comparable electric solutions, which could affect margins.
Investment thesis
What would need to be true (bull case)
- If customers keep buying eco-solutions, the low-emission line could grow as a share of sales, supported by structural demand for decarbonisation.
- The service and maintenance base could generate steadier revenue than one-off equipment sales.
- Global presence and service network could allow growth in markets where customers require local support.
What would break the thesis
- If global trade volumes fall, orders for port equipment could slow at the same time in several regions.
- Dependence on external suppliers for critical components could bring delays or higher costs.
- Price competition could limit the company's ability to maintain current margins.
What to watch
- Development of the eco-solutions share of sales and order backlogQ1 2027
- Pace of service sales relative to equipment sales2027
- Situation of suppliers for engines and batteries2027
- Emission reduction targets in the next annual reportnext annual report
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
Kalmar is an engineering company focused on heavy materials handling, offering container handlers, forklifts, terminal tractors and container spreaders, along with service, spare parts and equipment lifecycle solutions. Of 1741 million EUR in fiscal 2025 sales, 1137 million EUR came from equipment and 602 million EUR from services 1. Its business model is asset-light, with assembly-focused production and external suppliers for most components 1.
Segments
Market context
Kalmar serves ports and terminals, distribution, manufacturing and heavy logistics, with a commercial presence in more than 120 countries and subsidiaries in more than 30 countries 1. Customers increasingly seek electrified and automated equipment, which supports demand for the eco-solutions range 1.
Trends
- Electrification of equipmenttailwind
Customers increasingly choose low-emission products, which could support orders for electric and eco-solutions ranges if the trend continues 1.
- Decarbonisation of supply chainstailwind
Climate targets of customers and the company, aligned with a 1.5 degree pathway, support demand for low-emission solutions 1.
- Dependence on materials and componentsheadwind
Production relies on steel, engines, electronic components, batteries and other materials from external sources, and their availability can affect deliveries 1.
- Limited raw material resourcesmixed
Products are made from limited raw materials, and their depletion could create cost and supply pressures; the company works to renew material flows 1.
Competitive position
The supplied sources do not explicitly name the company's competitors, so relative market positions cannot be stated from them. The competitive analysis stays open until the sources are supplemented with information on other port and materials handling equipment producers.
- Port and container handling equipment producers
The sources do not name competitors; this category needs to be completed from additional documents before any comparison.
- Forklift and industrial equipment makers
General category indicated as a possible source of competition, without names from the sources.
- Equipment maintenance service providers
Possible competition in services, not identified by name in the supplied sources.
- Electrification providers for handling equipment
Possible competition in the electric range, not identified in the supplied texts.
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 202504 Mar 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Kalmar 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.