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olivLaw · European equity research

Rapala VMC Oyj RAP1V.HE

Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland

1.64EUR−0.91% · 1 dayClose 05 Nov 2026

Rapala VMC is a Finnish group specialised in fishing tackle for sport and recreational fishing, with brands such as Rapala, VMC, Sufix and Storm sold through a global distribution network. North America is its largest market, and the group's own manufactured products make up a significant share of net sales.

At the close of 05 Nov 2026, Rapala VMC Oyj (RAP1V.HE) stock was 1.64 EUR (−0.91% on the day), with market capitalisation 34.8 m EUR, beta 0.42, 52-week range 0.95–1.72 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
34.8 m EUR
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -0.23 · TTM to 31 Dec 2025
E/P (TTM)
-14.07%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.42
Volatility (1y) 32%
52-week range
0.951.72

Price history

Loading chart…

Technical reading

RSI (14)
41.2
weak (30–45)
Bollinger (20, 2)
1.64 – 1.73
below the lower band · %B -0.07 · band width 5.5%
SMA 50 / 200
1.68 / 1.31
mixed trend
MACD (12, 26, 9)
-0.00 / 0.01
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−2.7%+0.4%−3.1 pp—
3 months+23.9%−3.3%+27.1 pp—
6 months+52.1%+4.0%+48.1 pp—
Year to date+27.7%+8.1%+19.6 pp—
1 year+32.4%+10.7%+21.7 pp−1.2%
3 years−44.9%+50.1%−95.0 pp+6.8%
5 years−82.2%+43.6%−125.8 pp—
Max drawdown (1y)
−25.9%
30 Dec 2025 → 24 Mar 2026
Max drawdown (5y)
−90.1%
17 Nov 2021 → 24 Mar 2026
Compound annual growth (5y)
−29.2%
EURO STOXX 50 +7.5%

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 year202320242025
Revenue221.6 m220.9 m227.5 m
Revenue YoYunavailable−0.3%+3.0%
Net income-7.3 m400.0 k-4.9 m
Net income YoYunavailableunavailable−1,325.0%
Diluted EPS-0.20-0.07-0.23
Diluted EPS YoYunavailableunavailableunavailable
net %-3.3%0.2%-2.2%
Free cash flow14.9 m19.5 m1.7 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
18.2 m EUR
Financial debt
82.0 m EUR
Net debt
63.8 m EUR
Equity
136.4 m EUR
Total assets
276.9 m EUR
Debt / equity
0.60x
Current ratio
2.19x
ROE
-3.4%
ROA
-1.7%
FCF margin
0.7%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
221.6 m
2024
220.9 m
2025
227.5 m

esef· 09 Apr 2026verified

Operating income
2023
4.0 m
2024
8.6 m
2025
4.2 m

esef· 09 Apr 2026verified

Depreciation & amortisation
2023
11.6 m
2024
12.5 m
2025
—

esef· 15 Apr 2025verified

EBITDA
2023
15.6 m ≈
2024
21.1 m ≈
2025
—

esef· 15 Apr 2025derived

Interest expense
2023
13.5 m
2024
11.7 m
2025
—

esef· 15 Apr 2025verified

Pre-tax income
2023
-6.7 m
2024
500.0 k
2025
-4.4 m

esef· 09 Apr 2026verified

Income tax
2023
600.0 k
2024
0
2025
500.0 k

esef· 09 Apr 2026verified

Net income
2023
-7.3 m
2024
400.0 k
2025
-4.9 m

esef· 09 Apr 2026verified

Diluted EPS
2023
-0.20
2024
-0.07
2025
-0.23

esef· 09 Apr 2026verified

Weighted average diluted shares
2023
39.0 m
2024
39.0 m
2025
38.6 m

esef· 09 Apr 2026verified

Balance sheet · EUR

Cash
2023
20.0 m
2024
21.7 m
2025
18.2 m

esef· 09 Apr 2026verified

Receivables
2023
34.8 m
2024
31.2 m
2025
29.1 m

esef· 09 Apr 2026verified

Inventories
2023
87.5 m
2024
84.2 m
2025
84.4 m

esef· 09 Apr 2026verified

Current assets
2023
145.6 m
2024
138.6 m
2025
132.6 m

esef· 09 Apr 2026verified

Property, plant & equipment, net
2023
25.8 m
2024
22.9 m
2025
20.3 m

esef· 09 Apr 2026verified

Goodwill
2023
64.3 m
2024
66.3 m
2025
61.5 m

esef· 09 Apr 2026verified

Intangibles (excl. goodwill)
2023
37.5 m
2024
38.0 m
2025
34.9 m

esef· 09 Apr 2026verified

Total assets
2023
300.2 m
2024
293.6 m
2025
276.9 m

esef· 09 Apr 2026verified

Accounts payable
2023
28.3 m
2024
40.1 m
2025
36.1 m

esef· 09 Apr 2026verified

Short-term debt
2023
21.7 m
2024
22.4 m
2025
18.5 m

esef· 09 Apr 2026verified

Long-term debt
2023
66.0 m
2024
49.4 m
2025
63.5 m

esef· 09 Apr 2026verified

Current liabilities
2023
57.4 m
2024
70.1 m
2025
60.6 m

esef· 09 Apr 2026verified

Equity
2023
156.3 m
2024
155.3 m
2025
136.4 m

esef· 09 Apr 2026verified

Shares outstanding at year end
2023
36.5 m
2024
—
2025
21.3 m

esef· 09 Apr 2026derived

Cash flow · EUR

Operating cash flow
2023
20.6 m
2024
23.4 m
2025
5.5 m

esef· 09 Apr 2026verified

Capex
2023
5.7 m
2024
3.9 m
2025
3.8 m

esef· 09 Apr 2026verified

Free cash flow
2023
14.9 m ≈
2024
19.5 m ≈
2025
1.7 m ≈

esef· 09 Apr 2026derived

Investing cash flow
2023
-9.5 m
2024
4.6 m
2025
-2.7 m

esef· 09 Apr 2026verified

Financing cash flow
2023
-19.6 m
2024
-24.8 m
2025
-7.6 m

esef· 09 Apr 2026verified

Share repurchases
2023
—
2024
—
2025
1.0 m

esef· 09 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
3.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-51.2%
computed by olivLawFY 2025
Net income growth (YoY)
-1,325.0%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-91.3%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
7.3%
computed by olivLawFY 2025
EBIT margin
1.8%
computed by olivLawFY 2025
Net margin
-2.2%
computed by olivLawFY 2025
FCF margin
0.7%
computed by olivLawFY 2025

Returns

ROE
-4.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-1.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
1.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
1.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
63.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
3.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
0.4x
computed by olivLawFY 2025

Liquidity

Current ratio
2.2x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
5.5 m EUR
computed by olivLawFY 2025
Capital expenditure
3.8 m EUR
computed by olivLawFY 2025
Free cash flow
1.7 m EUR
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
32.9%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
48 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
34.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
98.6 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-14.1%
computed by olivLawFY 2025
P/B
0.3x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
5.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBIT
23.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
0.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
20.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
4.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
2.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 38 / 100

A scoring methodology on indicators and valuation, not investment advice.

score < 40

Closing price

1.64 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 34.8 m EUR

Key indicators

Market capitalisation
34.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
0.3x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
5.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROE
-4.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-2.2%
computed by olivLawFY 2025
Revenue growth (YoY)
3.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 09 Apr 2026
verified 88derived 2

Score by group

  • Quality18
  • Returns41
  • Balance sheet20
  • Valuation76

Estimated value range

Low
5.15
EUR per share
Mid
7.52
EUR per share
High
13.48
EUR per share
Price: 1.64 EUR
The price is below the range
Potential to the central value: 359.9% (value / price − 1)
Margin of safety: 78.3% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

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: 1.75 – 24.99 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)8.54 – 24.99 (Mid 13.23)
    WACC 5.5% · starting FCFF 11.5 m EUR · terminal value share of EV 85%
    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/EBITDA1.75 – 1.96 (Mid 1.81)
    6 companies used · median multiple 6.1x · quartiles 6.1x – 6.3x
    ANORA.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 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

Unattractive profile · Score 38/100

FactorValueScoreWeight used
ROIC · Quality1.7%20 (vs peers)17%
Net margin · Quality-2.2%15 (vs peers)10%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet3.8x0 (vs peers)17%
Interest coverage · Balance sheet0.4x0 (on a fixed band)10%
Current ratio · Balance sheet2.2x100 (on a fixed band)7%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuation5.9x88 (vs peers)17%
FCF yield · Valuation4.9%61 (on a fixed band)13%
Shareholder yield (distributions) · Returns2.9%41 (on a fixed band)10%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet20/100 · 3/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality18/100 · 2/3 factors with a value
  • Returns· partial41/100 · 1/2 factors with a value
  • Valuation76/100 · 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

Rapala VMC Oyj (RAP1V.HE). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 227.5 m EUR in 2025; YoY growth 3.0%; net margin -2.2%; ROE -4.1%; net debt/EBITDA 3.8x.

The estimated value range is 5.15–13.48 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 7.52 EUR, the price of 1.64 EUR leaves a potential of 359.9% (value / price − 1) and a margin of safety of 78.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 38/100, 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, returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 2.2x
  • EV/EBITDA: 5.9x
  • The price is below the estimated value range

What contradicts it

  • ROIC: 1.7%
  • Net margin: -2.2%
  • Net debt / EBITDA: 3.8x
  • Interest coverage: 0.4x
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), Payout ratio (FCF).

Versus the vertical median

Listed companies from Finland · same country · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 15.5x
EV/EBITDA
5.9x
vertical median 6.3x
below median (−5.7%)
P/S
0.2x
vertical median 0.5x
below median (−68.2%)
P/B
0.3x
vertical median 1.4x
below median (−78.1%)
ROE
-4.1%
vertical median 7.5%
below median (−155.1%)
Net margin
-2.2%
vertical median 2.9%
below median (−173.6%)
EBIT margin
1.8%
vertical median 4.9%
below median (−62.7%)
Revenue YoY
3.0%
vertical median 1.2%
above median (+146.0%)
Net debt/EBITDA
3.8x
vertical median -0.1x
above median
Dividend yield
—
vertical median 4.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
FORTUM.HEFortum Oyj20.8 bn27.28.7%15.3%−14.0%+32% / +81%
ELISA.HEElisa Oyj5.6 bn16.327.0%15.2%+3.0%−8% / −15%
KALMAR.HEKalmar Oyj2.4 bn14.724.1%9.4%+1.2%+0% / unavailable
KCR.HEKonecranes Oyj2.2 bn5.620.3%9.5%−0.9%−4% / +134%
EXEL.HEExel Composites Oyj1.8 bn—-18.5%-5.3%+3.6%+163% / +74%
BITTI.HEBittium Oyj1.2 bn55.817.5%17.9%+40.1%+73% / +603%
ALMA.HEAlma Media Oyj1.2 bn21.223.0%16.9%+4.6%+9% / +57%
FIA1S.HEFinnair Oyj927.4 m50.42.9%0.6%+1.9%+54% / +22%
GRK.HEGRK Infra Oyj788.5 m18.327.8%4.9%+19.7%+52% / unavailable
HARVIA.HEHarvia Oyj768.7 m29.321.0%13.3%+13.5%−1% / +64%
ATRAV.HEAtria Oyj451.7 m11.19.8%2.2%+3.3%+13% / +57%
ANORA.HEAnora Group Oyj317.6 m57.81.4%0.8%−4.9%+26% / +11%
CAPMAN.HECapMan Oyj300.2 m23.16.8%20.9%+9.4%−8% / −20%
ICP1V.HEIncap Oyj261.0 m18.710.4%6.5%−6.7%−3% / +37%
FSECURE.HEF-Secure Oyj243.7 m10.943.4%15.3%−0.4%−17% / −23%
ASPO.HEAspo Oyj219.4 m9.315.4%5.0%+2.1%+2% / +9%
ETTE.HEEtteplan Oyj173.7 m16.48.8%2.9%+0.1%−27% / −51%
DIGIA.HEDigia Oyj131.6 m10.514.5%5.9%+5.5%−16% / −12%
ILKKA.HEIlkka Oyj93.8 m8.16.2%30.8%+22.6%+0% / +21%
CONSTI.HEConsti Oyj77.4 m11.615.3%2.0%+2.9%−8% / −6%
APETIT.HEApetit Oyj75.6 m8.48.2%5.4%+3.1%−14% / −3%
ESENSE.HEEnersense International Oyj74.9 m74.73.1%0.4%−27.7%+12% / +9%
CTH1V.HEComponenta Oyj66.1 m324.00.8%0.2%−4.6%+49% / +182%
KAMUX.HEKamux Oyj47.4 m10.34.2%0.5%+0.8%−40% / −77%
GLA1V.HEGlaston Oyj Abp42.1 m35.41.8%0.6%−4.2%−12% / −32%

1- and 3-year price returns: for RAP1V.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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
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
What moves the 3-year price the most

    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

    Rapala VMC is a Finnish group specialised in fishing tackle for sport and recreational fishing, with brands such as Rapala, VMC, Sufix and Storm sold through a global distribution network. North America is its largest market, and the group's own manufactured products make up a significant share of net sales 1.

    SWOT

    Strengths

    • A strong portfolio of recognised brands in sport fishing and a leading position in the artificial lure segment.
    • The combination of own manufacturing and a global distribution network gives control over quality and access to varied customers.
    • Wide presence across many countries, with customers ranging from independent shops to large retail chains.

    Weaknesses

    • Heavy dependence on the North American market could expose the group to local shifts in demand.
    • The sustainability reporting framework is still being developed, with incomplete documentation and standardisation.
    • Variable pay for executives included no sustainability-linked targets in 2025.

    Opportunities

    • Demand for soft plastic lures could support growth if the group reduces their environmental impact.
    • Recycled materials and eco-design could open new products and positioning in sustainability-sensitive markets.
    • Emission reductions, supported by the new carbon footprint analysis, could improve operational efficiency.

    Threats

    • Local rules on product substances, such as those on lead, could restrict the range in some countries.
    • A changing legislative landscape can create uncertainty for long-term sustainability planning.
    • Difficulties in data collection and cooperation with value chain partners could affect reporting reliability.

    Risks

    • Concentration in North Americahigh

      Most sales come from a single region, so a fall in demand there would have a major effect on the group's results.

    • Rules on product substancesmedium

      Local bans, such as those on lead lures, can limit sales and require product reformulation.

    • Quality of sustainability datamedium

      Reporting relies on data and cooperation with value chain partners, and the lack of standardisation can affect the reliability of information.

    • Impact of soft plastic luresmedium

      The short lifecycle of these products can increase waste and environmental regulatory pressure.

    • Sustainability strategy still taking shapelow

      Setting quantified targets only in autumn 2025 could delay progress toward emission reduction goals.

    Investment thesis

    What would need to be true (bull case)

    • A leading position in artificial lures in North America and strong brands could support sales if demand stays stable.
    • Own manufacturing for roughly a third of sales gives an advantage in cost and quality control.
    • The 2026-2028 strategy with annual interim targets could speed up progress on sustainability and efficiency.

    What would break the thesis

    • Dependence on the North American market could amplify the impact of any local slowdown on results.
    • Stricter rules on substances and waste could raise costs or narrow the product range.
    • The absence of sustainability targets in executive pay and incomplete reporting documentation could slow strategy execution.

    What to watch

    • Sales development by region, especially North America2026
    • Progress against interim targets in the 2026-2028 strategy2027
    • New local regulations on substances in fishing products2027
    • Employee safety and wellbeing indicators such as LTIF and eNPSnext 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

    Rapala VMC is a fishing tackle company focused on sport and recreational fishing, operating in over 40 countries 1. Its business model rests on a brand portfolio including Rapala, VMC, Sufix, Storm, Blue Fox and Dynamite Baits. The group has its own factories in Finland, France, Estonia, the UK and Indonesia, while a sourcing unit in Taiwan manages subcontracted products such as lines, reels, rods and accessories 1.

    Own manufactured products account for approximately 42% of net sales, and distribution runs through nearly 50,000 retail outlets across 120 countries 1. The customer base ranges from small independent fishing tackle shops to large multinational retail chains and regional distributors, giving broad market coverage 1.

    Segments

    North America

    North America is the group's most important market, driven by its leadership in the fishing lure segment and by nearly all revenue coming from Group branded products 1. In 2025 net sales from this region were 122.8 million euros 1.

    Europe and other regions

    Net sales in 2025 were 23.4 million euros in the Nordics, 56.2 million euros in the rest of Europe and 25.0 million euros in the rest of the world 1. These regions complement North America and diversify the group's geographic exposure 1.

    Market context

    The group operates in the market for sport and recreational fishing equipment, with a focus on North America and Europe 1. Total 2025 net sales are roughly the sum of the reported regions, namely 122.8, 23.4, 56.2 and 25.0 million euros 1. Own manufactured products make up about 42% of net sales, with the rest coming from other sources and third-party brands 1.

    The distribution network reaches nearly 50,000 outlets in 120 countries, which shows the reach to end customers in the fishing market 1. Demand for soft plastic lures, which have a shorter lifecycle than hardbaits, is both a growth opportunity and a sustainability challenge 1.

    Trends

    • Shift to soft plastic luresmixed

      Rising demand for soft plastic lures could support sales, but their shorter lifecycle increases pressure on waste and harmful substances 1.

    • Local rules on productsheadwind

      Existing restrictions are typically local, for example Denmark's ban on selling lead-containing lures, which the group does not sell in that market 1. If environmental rules extend further, the product range could need adaptation 1.

    • Sustainability and recycled materialstailwind

      The 2026-2028 strategy focuses on sustainable materials, CO2 reduction and eco-design, which could support efficiency and long-term competitiveness 1.

    • Reorganised sustainability strategymixed

      The group moved to a rolling strategy process, and quantified targets were only set in autumn 2025, which could slow measurable progress in the near term 1.

    Competitive position

    The fishing equipment market is fragmented, with branded manufacturers, regional distributors and retail chains selling private-label goods 1. The group competes mainly through its leadership in artificial lures in North America and its brand portfolio 1.

    The analysed sources do not explicitly name the group's competitors, so it remains unclear how far its share differs from regional players and private-label retailers 1. The current advantage rests on its distribution footprint and own manufacturing 1.

    • Regional fishing equipment manufacturers and distributors

      Not named in the analysed sources; their direct competition with the group cannot be assessed from the available text.

    • Large retail chains with private-label products

      The group's customers include large retail chains, which may compete indirectly through their own products; the sources do not detail this effect.

    • Independent fishing tackle shops

      These are customers of the group, but they also compete for the same end customers commercially, with no detail in the source.

    • Other artificial lure producers

      Artificial lures are the segment where the group leads in North America, but the source does not name the competitors.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Rapala VMC 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.

    Rapala VMC Oyj (RAP1V.HE): stock, results, valuation and forecast · olivLaw