olivLaw · European equity research
Kemira Oyj KEMIRA.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Kemira Oyj is a Finnish supplier of chemicals for water treatment, packaging and the pulp industry, with a focus on water treatment and renewable-based products. The company guides its growth through a strategy with three business units, while its 2026 outlook points to revenue of 2600-3000 million EUR amid economic uncertainty.
At the close of 05 Nov 2026, Kemira Oyj (KEMIRA.HE) stock was 16.06 EUR (+1.71% on the day), with market capitalisation 2.5 bn EUR, P/E 13.6 on diluted EPS of 1.18 EUR over the last 12 months, beta 0.65, 52-week range 14.95–21.42 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)
- 49.0
- neutral
- Bollinger (20, 2)
- 14.53 – 17.49
- in the upper half of the band · %B 0.52 · band width 18.5%
- SMA 50 / 200
- 16.77 / 17.90
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.39 / -0.43
- 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 | −5.6% | +0.4% | −6.0 pp | — |
| 3 months | −8.0% | −3.3% | −4.7 pp | — |
| 6 months | −7.8% | +4.0% | −11.8 pp | — |
| Year to date | −18.0% | +8.1% | −26.1 pp | — |
| 1 year | −13.2% | +10.7% | −23.9 pp | −1.2% |
| 3 years | +6.1% | +50.1% | −44.0 pp | +6.8% |
| 5 years | +18.7% | +43.6% | −24.9 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 50 percentile of its own 2-quarter history (min 12.1, median 14.4, max 16.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 2.9 bn | 2.8 bn |
| Revenue YoY | unavailable | −6.6% |
| Net income | 249.4 m | 181.2 m |
| Net income YoY | unavailable | −27.3% |
| Diluted EPS | 1.61 | 1.18 |
| Diluted EPS YoY | unavailable | −26.7% |
| net % | 8.5% | 6.6% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 242.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.7 bn EUR
- Total assets
- 3.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.4%
- ROA
- 5.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 2.9 bn | 2.8 bn | esef· 04 Mar 2026verified |
| Operating income | 363.2 m | 274.1 m | esef· 04 Mar 2026verified |
| Interest expense | 43.0 m | 36.8 m | esef· 04 Mar 2026verified |
| Pre-tax income | 336.3 m | 249.9 m | esef· 04 Mar 2026verified |
| Income tax | 73.6 m | 55.8 m | esef· 04 Mar 2026verified |
| Net income | 249.4 m | 181.2 m | esef· 04 Mar 2026verified |
| Diluted EPS | 1.61 | 1.18 | esef· 04 Mar 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 519.2 m | 242.3 m | esef· 04 Mar 2026verified |
| Receivables | 420.1 m | 399.3 m | esef· 04 Mar 2026verified |
| Inventories | 307.9 m | 306.9 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 964.5 m | 978.7 m | esef· 04 Mar 2026verified |
| Goodwill | 490.6 m | 535.3 m | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 44.5 m | 94.1 m | esef· 04 Mar 2026verified |
| Total assets | 3.4 bn | 3.1 bn | esef· 04 Mar 2026verified |
| Accounts payable | 517.8 m | 463.0 m | esef· 04 Mar 2026verified |
| Total liabilities | 1.6 bn | 1.4 bn | esef· 04 Mar 2026verified |
| Equity | 1.8 bn | 1.7 bn | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 154.0 m | 153.6 m | esef· 04 Mar 2026derived |
Cash flow · EUR
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: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.5 bn EUR
Key indicators
Coverage and freshness
Score by group
29% · 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: 9.72 – 21.83 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E9.72 – 21.83 (Mid 13.09)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: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.6% | 64 (vs peers) | 21% |
| 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 | 7.4x | 92 (on a fixed band) | 21% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 13.6x | 54 (vs peers) | 36% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.9% | 56 (on a fixed band) | 21% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial92/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial64/100 · 1/3 factors with a value
- Returns· partial56/100 · 1/2 factors with a value
- Valuation· partial54/100 · 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
Kemira Oyj (KEMIRA.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.8 bn EUR in 2025; YoY growth -6.6%; net margin 6.6%; ROE 10.5%.
The estimated value range is 9.72–21.83 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 13.09 EUR, the price of 16.06 EUR leaves a potential of -18.5% (value / price − 1) and a margin of safety of -22.6% (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 (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 7.4x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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 KEMIRA.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 | 8.59 Total return -47% · Per year -47% | 15.26 Total return -5% · Per year -5% | 23.09 Total return 44% · Per year 44% |
| 3 years | 6.82 Total return -58% · Per year -25% | 13.77 Total return -14% · Per year -5% | 23.09 Total return 44% · Per year 13% |
| 5 years | 5.41 Total return -66% · Per year -20% | 12.43 Total return -23% · Per year -5% | 23.09 Total return 44% · Per year 8% |
- Exit P/E± 3.44
- Net margin± 2.41
- Annual revenue growth± 2.18
- Annual dilution± 0.20
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
Kemira Oyj is a Finnish supplier of chemicals for water treatment, packaging and the pulp industry, with a focus on water treatment and renewable-based products. The company guides its growth through a strategy with three business units, while its 2026 outlook points to revenue of 2600-3000 million EUR amid economic uncertainty 1.
SWOT
Strengths
- A diversified portfolio across three business units, with a strong position in water treatment and a history of integrated acquisitions 1.
- Sustainability recognition, with a record high score in the EcoVadis assessment and a position in the renewable portfolio 1.
- A dividend policy aimed at growing dividends over time, supported by a actively managed balance sheet 1.
Weaknesses
- Demand in packaging and pulp markets has fallen in volumes, and exposure to industrial customers brings volatility 1.
- The reduction of the 2025 outlook in July shows the sensitivity of results to market conditions 1.
- Dependence on fossil-based raw materials and oil and gas derivatives, although the company is working on alternatives 1.
Opportunities
- Expanding industrial water treatment through acquisitions, including Water Engineering and AquaBlue, could support growth 1.
- Growing demand for renewable materials and bio-based packaging opens opportunities through partnerships and joint investments 1.
- Developing activated carbon and the Kuura fibre could diversify revenue sources 1.
Threats
- Global economic uncertainty and industrial demand volatility could reduce volumes in several segments 1.
- Changes in trade policy and rising external costs could affect margins and competitiveness 1.
- Customers pursuing climate neutrality could reduce their use of intensive chemicals, changing demand 1.
Risks
- Weaker demand in packaging and pulphigh
Global economic uncertainty has led to weaker demand in these markets, and the 2026 outlook depends on volumes recovering 1.
- Climate risks and supply chainmedium
Extreme weather events, such as hurricanes and floods, could disrupt the supply chain and production facilities 1.
- Customer climate transitionmedium
Customers' climate neutrality goals could change requirements for chemicals used in processes 1.
- Acquisition integrationmedium
Recent acquisitions in the US and Germany require integration and competition authority approvals, which may delay expected benefits 1.
- Currency risklow
Forecasts assume a weaker US dollar, and a different movement could affect reported results 1.
Investment thesis
What would need to be true (bull case)
- If demand for water treatment accelerates and acquisitions integrate well, the company could exceed its long-term growth target 1.
- The renewable materials portfolio and packaging partnerships could open new revenue sources with better margins 1.
- Capital discipline through share buybacks and the dividend policy could support shareholder returns 1.
What would break the thesis
- If demand in packaging and pulp does not recover, the 2026 guidance could be reached only at the lower end 1.
- Forecast volatility, visible in the 2025 reduction, shows that results may remain sensitive to market conditions 1.
- Trade tensions and rising costs could reduce competitiveness if customers refuse the surcharges 1.
What to watch
- Delivery of the 2026 revenue and operating EBITDA outlook2026
- Completion of the SIDRA Wasserchemie acquisition after German authority approvalfirst half of 2026
- Development of packaging and pulp demand in quarterly reportsQ1 2026
- Commissioning of the new strength chemicals capacity in ThailandAugust 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
Kemira Oyj describes itself as a supplier of chemical solutions for water treatment, packaging and the pulp industry, and since January 2025 it reports three externally visible business units: Water Solutions, Packaging & Hygiene Solutions and Fiber Essentials 1. Fiscal 2025 closed with revenue of 2753.5 million EUR and operating EBITDA of 524.6 million EUR 1. The new organisation, launched on 1.1.2025, aims at greater customer focus and faster growth 1.
Segments
Water Solutions
This is the largest business unit and reflects the company's aim to expand its water business significantly both organically and through acquisitions 1. In 2025 the company extended its industrial water treatment services through the acquisition of Water Engineering, Inc., at a price of about 150 million USD 1. The company also targets doubling this business over the long term, as a stated strategic goal 1.
Packaging & Hygiene Solutions
The unit focuses on the growing market for renewable materials, especially for packaging, where the bio-based portfolio supports customers' sustainability goals 1. The company announced a joint venture with IFF with an estimated investment of about 130 million EUR for renewable materials, with production expected from late 2027 1.
Market context
Management expects the water treatment market to grow, while packaging and pulp markets are affected by global economic uncertainty and weaker demand measured in volumes 1. For 2026 the company shows an operating EBITDA range of 470-570 million EUR, versus 524.6 million EUR in 2025 1. The outlook assumes raw material prices remain stable and that the US dollar weakens slightly from the end-2025 level 1.
Trends
- Growing demand for water treatmenttailwind
Management sees the water treatment market growing and stresses the urgent need for water resilience, especially in regions under climate and water body pressure 1. If this demand is confirmed, it could support growth in the Water Solutions unit 1.
- Global economic uncertaintyheadwind
Uncertainty in the global economy has led to weaker demand in packaging and pulp markets, and industrial customers add extra volatility 1. This pressure could limit revenue if it does not improve quickly 1.
- Rising costs and trade tariffsmixed
The company introduced a surcharge of at least 5% for products sold in the US, in response to rising external costs linked to global trade policy, and raised AKD prices in APAC 1. These measures may support margins but could reduce volumes if customers react 1.
- Sustainability and renewable materialstailwind
Customer demand for lower-footprint products and renewable materials is rising, and Kemira invests in these solutions, including partnerships for PHA and bio-based alternatives 1. If this trend strengthens, it could open new markets for the company's portfolio 1.
Competitive position
The analysed sources describe Kemira's position in water treatment, packaging and pulp, but do not explicitly identify direct competitors in the documents provided 1. The most relevant competitive forces mentioned relate to demand volatility, raw material prices and customer pressure to move toward solutions with fewer chemicals 1.
- Coagulant and water chemical suppliers
Competitors in the coagulant segment, where Kemira is expanding capacity and acquisitions, including through SIDRA Wasserchemie 1.
- Packaging solution suppliers
Players in the packaging market, where Kemira competes through renewable products and customer partnerships 1.
- Pulp chemical suppliers
Producers serving the pulp industry, a segment where Kemira plays a central role in the value chain 1.
- Alternative textile fibre developers
Companies in the lyocell fibre segment, which the Kuura partnership with Metsä Group targets 1.
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
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Kemira 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.