olivLaw · European equity research
Raisio Oyj RAIVV.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Raisio Oyj is a Finnish food-sector group whose shares are listed on Nasdaq Helsinki and which has two share classes with very different voting rights. For investors, the focus points are the dividend policy and the control structure, framed by a market value of 419.0 million euros at the end of 2025.
At the close of 05 Nov 2026, Raisio Oyj (RAIVV.HE) stock was 2.26 EUR (−1.09% on the day), with market capitalisation 349.5 m EUR, P/E 15.1 on diluted EPS of 0.15 EUR over the last 12 months, dividend yield 6.19%, beta 0.30, 52-week range 2.21–2.81 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)
- 46.3
- neutral
- Bollinger (20, 2)
- 2.21 – 2.32
- in the lower half of the band · %B 0.46 · band width 4.7%
- SMA 50 / 200
- 2.32 / 2.54
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- 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 | +0.2% | −0.6% | +0.9 pp | — |
| 3 months | −12.9% | −4.2% | −8.7 pp | — |
| 6 months | −10.8% | +4.3% | −15.2 pp | — |
| Year to date | −14.2% | +7.5% | −21.7 pp | — |
| 1 year | −10.0% | +9.9% | −19.9 pp | −1.2% |
| 3 years | +14.8% | +49.8% | −35.0 pp | +6.8% |
| 5 years | −33.1% | +42.8% | −76.0 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 3-quarter history (min 17.6, median 17.9, max 19.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 219.5 m | 226.8 m | 224.2 m |
| Revenue YoY | unavailable | +3.3% | −1.1% |
| Net income | 17.2 m | 16.9 m | 23.2 m |
| Net income YoY | unavailable | −1.7% | +37.3% |
| Diluted EPS | 0.11 | 0.11 | 0.15 |
| Diluted EPS YoY | unavailable | 0.0% | +36.4% |
| net % | 7.8% | 7.5% | 10.3% |
| Free cash flow | 29.5 m | 32.6 m | 22.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 14.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 255.7 m EUR
- Total assets
- 319.9 m EUR
- Debt / equity
- unavailable
- Current ratio
- 4.56x
- ROE
- 9.0%
- ROA
- 7.2%
- FCF margin
- 10.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 219.5 m | 226.8 m | 224.2 m | esef· 24 Mar 2026verified |
| Cost of revenue | 159.2 m | 161.7 m | 155.8 m | esef· 24 Mar 2026verified |
| Gross profit | 60.3 m | 65.2 m | 68.4 m | esef· 24 Mar 2026verified |
| Research & development | 3.0 m | 3.3 m | 3.2 m | esef· 24 Mar 2026verified |
| Operating income | 19.1 m | 19.9 m | 28.0 m | esef· 24 Mar 2026verified |
| Interest expense | 1.7 m | 1.8 m | 1.3 m | esef· 24 Mar 2026verified |
| Pre-tax income | 22.2 m | 23.4 m | 30.5 m | esef· 24 Mar 2026verified |
| Income tax | 4.6 m | 6.5 m | 7.3 m | esef· 24 Mar 2026verified |
| Net income | 17.2 m | 16.9 m | 23.2 m | esef· 24 Mar 2026verified |
| Diluted EPS | 0.11 | 0.11 | 0.15 | esef· 24 Mar 2026verified |
| Dividend per share | 0.14 | 0.14 | 0.14 | esef· 24 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 31.1 m | 26.6 m | 14.4 m | esef· 24 Mar 2026verified |
| Receivables | 28.9 m | 26.5 m | 28.1 m | esef· 24 Mar 2026verified |
| Inventories | 34.3 m | 29.8 m | 32.8 m | esef· 24 Mar 2026verified |
| Current assets | — | 145.6 m | 155.0 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 66.8 m | 69.2 m | 64.6 m | esef· 24 Mar 2026verified |
| Goodwill | 47.9 m | 49.7 m | 47.3 m | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 32.4 m | 32.5 m | 30.8 m | esef· 24 Mar 2026verified |
| Total assets | 323.8 m | 321.4 m | 319.9 m | esef· 24 Mar 2026verified |
| Accounts payable | 26.4 m | 28.6 m | 30.8 m | esef· 24 Mar 2026verified |
| Current liabilities | — | 32.8 m | 34.0 m | esef· 24 Mar 2026verified |
| Total liabilities | 63.7 m | 63.2 m | 64.1 m | esef· 24 Mar 2026verified |
| Equity | 260.1 m | 258.2 m | 255.7 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 156.4 m | 153.6 m | 154.7 m | esef· 24 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 36.7 m | 39.3 m | 27.5 m | esef· 24 Mar 2026verified |
| Capex | 7.2 m | 6.7 m | 5.0 m | esef· 24 Mar 2026verified |
| Free cash flow | 29.5 m ≈ | 32.6 m ≈ | 22.5 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -700.0 k | -7.0 m | 300.0 k | esef· 24 Mar 2026verified |
| Financing cash flow | -25.3 m | -26.9 m | -24.5 m | esef· 24 Mar 2026verified |
| Dividends paid | 22.1 m | 22.1 m | — | esef· 18 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 weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 349.5 m EUR
Key indicators
Coverage and freshness
Score by group
52% · 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: 1.24 – 2.77 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/E1.24 – 2.77 (Mid 1.66)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)1.90 – 2.60 (Mid 2.20)
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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.3% | 72 (vs peers) | 12% |
| FCF conversion · Quality | 97.0% | 96 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 21.5x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 4.6x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 15.1x | 50 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.4% | 80 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 6.3% | 90 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 98.2% | 31 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality84/100 · 2/3 factors with a value
- Returns67/100 · 2/2 factors with a value
- Valuation64/100 · 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
Raisio Oyj (RAIVV.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 224.2 m EUR in 2025; YoY growth -1.1%; net margin 10.3%; ROE 9.0%.
The estimated value range is 1.57–2.69 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 1.93 EUR, the price of 2.26 EUR leaves a potential of -14.6% (value / price − 1) and a margin of safety of -17.1% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 10.3%
- FCF conversion: 97.0%
- Interest coverage: 21.5x
- Current ratio: 4.6x
- FCF yield: 6.4%
- Shareholder yield (distributions): 6.3%
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, 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% |
| 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% |
| RAIVV.HERaisio Oyj | 349.5 m | 15.1 | 9.0% | 10.3% | −1.1% | −14% / +15% |
| 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 RAIVV.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 | 1.26 Total return -40% · Per year -40% | 2.23 Total return 5% · Per year 5% | 3.37 Total return 57% · Per year 57% |
| 3 years | 1.09 Total return -39% · Per year -15% | 2.18 Total return 15% · Per year 5% | 3.64 Total return 84% · Per year 23% |
| 5 years | 0.94 Total return -38% · Per year -9% | 2.13 Total return 24% · Per year 4% | 3.92 Total return 114% · Per year 16% |
- Exit P/E± 0.55
- Net margin± 0.38
- Annual revenue growth± 0.33
- Annual dilution± 0.03
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
Raisio Oyj is a Finnish food-sector group whose shares are listed on Nasdaq Helsinki and which has two share classes with very different voting rights. For investors, the focus points are the dividend policy and the control structure, framed by a market value of 419.0 million euros at the end of 2025 1.
SWOT
Strengths
- The two-share-series structure provides stable control for reference shareholders, according to the annual report 1.
- Earnings per share rose in 2025 compared with prior years, showing a growing ability to generate results 1.
- The company has a clearly formulated dividend policy, offering shareholders a predictable reference point 1.
Weaknesses
- Equity per share has declined slightly in recent years, limiting financial headroom 1.
- Liquidity of K shares is low and many are in a waiting list, which can influence price formation 1.
- Reliance on a small number of major shareholders for governance decisions can be a weakness for minority investors 1.
Opportunities
- Use of buyback and issuance authorisations could finance acquisitions or growth investments if applied prudently 1.
- A growing share of foreign investors, who already hold a significant part of the capital, could improve share liquidity 1.
- Continued earnings growth could support a positive revision of the dividend policy in coming years 1.
Threats
Risks
- Concentrated voting controlhigh
K shares hold most voting rights, which could limit minority shareholders' influence over strategic decisions 1.
- Dilution from share issuancemedium
The board's authority to issue new shares could dilute existing holdings if used 1.
- Limited liquidity in K sharesmedium
Many K shares sit on a waiting list and trading volume is low, which may make selling more difficult 1.
- Erosion of book value per sharelow
The slight decline in equity per share could narrow room for investment if the trend continues 1.
- Dependence on dividends for appeallow
A high payout policy may attract income-focused shareholders but could limit funding of organic growth 1.
Investment thesis
What would need to be true (bull case)
- Rising earnings per share in 2025 and a clearly defined dividend policy may sustain interest from income-oriented shareholders 1.
- A stable control structure could provide long-term strategic continuity if reference shareholders keep their commitment 1.
- The clear 2026 reporting calendar makes it easier to follow quarterly results 1.
What would break the thesis
What to watch
- First-quarter report and trajectory of earnings per shareQ1 2026
- Half-year report and dividend confirmation, with attention to equity per shareQ2 2026
- Use of share issuance and buyback authorisations as they expire2026
- Next annual report, with sector data on competition and market sharenext 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
According to the 2025 annual report, Raisio Oyj is the parent company of a group operating in the consumer goods sector, food subsector, with shares traded on Nasdaq Helsinki 1. The company has two share series: K shares, carrying 20 votes each, and V shares, carrying one vote each, both with the same rights to capital and profit 1. The dividend policy aims to distribute 50–100 percent of earnings per share annually, and for 2025 the board proposes 0.15 euro per share 1.
The capital structure is unusual: although K shares represent only 18.8 percent of the total number of shares, they hold 82.2 percent of voting rights at the end of 2025 1. This gap gives the founding family and reference shareholders far more influence than their economic stake would suggest. Transfer rules for K shares, which require board consent, complete this structure 1.
Segments
Market context
Raisio is listed on Nasdaq Helsinki in the consumer staples category, food subcategory, and the V series is included in the mid-cap group 1. Total market value of the shares at the end of 2025 was 419.0 million euros, and the value of shares traded during the year was about 54.4 million euros 1.
Foreign shareholders, including nominee-registered holdings, own 12.62 percent of shares, and the ownership breakdown shows private households hold more than half the capital 1. The large base of individual shareholders means liquidity and retail investor behaviour are factors to consider 1.
Trends
- Rising earnings per sharetailwind
Earnings per share rose in 2025 to 0.15 euro from 0.11 euro in prior years, suggesting an improvement in operating profitability 1. If this trend holds, it could support the capacity to pay dividends.
- Declining book value per shareheadwind
Equity per share fell from 1.65 euro in 2023 to 1.62 euro in 2025, indicating a slight erosion of the capital base relative to the share count 1. This could limit financial flexibility if unexpected investments arise.
- Dividend policy and shareholder returnsmixed
The dividend proposed for 2025 sits in the upper part of the distribution policy, which may attract shareholders seeking regular income but could reduce resources for internal investment 1. The balance between these two directions depends on future results.
- Treasury share reservemixed
The company still holds treasury shares, and buyback and issuance authorisations granted by the general meeting run until the 2026 meeting, offering flexibility in capital management 1. Using these authorisations could, however, dilute existing shareholders.
Competitive position
The supplied materials do not describe the company's direct competitors and include no market-share analysis; therefore a comparison with other food-sector players cannot be made from the available sources 1. A full assessment would require additional sector data.
The control structure, with voting rights concentrated in K shares, is a differentiating feature versus many listed companies but not a competitive advantage in itself 1. Comparative performance analysis remains open until data from external sources are published.
- No data in the supplied sources
The official sources reviewed do not identify competitors, so no comparable firms are indicated.
- Unnamed Finnish food-sector competitors
Direct comparisons would need independent sector sources rather than the company's documents.
- Other food producers listed on Nasdaq Helsinki
The peer group in the same listing subcategory is not detailed in the annual report.
- Consumer companies listed in Northern Europe
Comparison should be made with their public financial data, which is not included in the analysed source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202418 Mar 2025
- Annual report 202318 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Raisio 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.