olivLaw · European equity research
Revenio Group Oyj REG1V.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Revenio Group is an international supplier of comprehensive eye care solutions, with ophthalmological diagnostic devices and software sold under the iCare brand in nearly 100 countries. The company reported net sales of 109.7 million EUR in 2025 and guided exchange rate-adjusted net sales growth of 8-15 percent for 2026.
At the close of 05 Nov 2026, Revenio Group Oyj (REG1V.HE) stock was 10.62 EUR (−2.93% on the day), with market capitalisation 282.3 k EUR, P/E 0.0 on diluted EPS of 655.00 EUR over the last 12 months, dividend yield 3,768.53%, beta 0.69, 52-week range 10.30–23.60 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)
- 44.4
- weak (30–45)
- Bollinger (20, 2)
- 10.07 – 11.61
- in the lower half of the band · %B 0.36 · band width 14.2%
- SMA 50 / 200
- 11.66 / 14.52
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.26 / -0.31
- 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 | −6.7% | −0.6% | −6.0 pp | — |
| 3 months | −17.8% | −4.2% | −13.6 pp | — |
| 6 months | −23.0% | +4.3% | −27.4 pp | — |
| Year to date | −52.6% | +7.5% | −60.1 pp | — |
| 1 year | −53.9% | +9.9% | −63.8 pp | −1.2% |
| 3 years | −53.4% | +49.8% | −103.2 pp | +6.8% |
| 5 years | −81.5% | +42.8% | −124.3 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 0.0, median 0.0, max 0.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 96.6 m | 103.5 m | 109.7 m |
| Revenue YoY | unavailable | +7.2% | +6.0% |
| Net income | 19.1 m | 18.5 m | 17.4 m |
| Net income YoY | unavailable | −3.2% | −5.9% |
| Diluted EPS | 719.00 | 695.00 | 655.00 |
| Diluted EPS YoY | unavailable | −3.3% | −5.8% |
| net % | 19.8% | 17.9% | 15.9% |
| Free cash flow | 10.2 m | 22.7 m | 29.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 26.2 m EUR
- Financial debt
- 1.7 m EUR
- Net debt
- -24.6 m EUR
- Equity
- 114.7 m EUR
- Total assets
- 150.6 m EUR
- Debt / equity
- 0.01x
- Current ratio
- 2.05x
- ROE
- 15.7%
- ROA
- 11.9%
- FCF margin
- 26.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 96.6 m | 103.5 m | 109.7 m | esef· 24 Mar 2026verified |
| Cost of revenue | 28.3 m | 30.6 m | 31.9 m | esef· 24 Mar 2026verified |
| Gross profit | 68.2 m ≈ | 72.9 m ≈ | 77.8 m ≈ | esef· 24 Mar 2026derived |
| Operating income | 26.3 m | 25.1 m | 25.4 m | esef· 24 Mar 2026verified |
| Depreciation & amortisation | 3.9 m | 4.5 m | 4.5 m | esef· 24 Mar 2026verified |
| EBITDA | 30.3 m ≈ | 29.5 m ≈ | 29.9 m ≈ | esef· 24 Mar 2026derived |
| Interest expense | 1.7 m | 1.9 m | 3.5 m | esef· 24 Mar 2026verified |
| Pre-tax income | 25.4 m | 24.6 m | 22.8 m | esef· 24 Mar 2026verified |
| Income tax | 6.3 m | 6.1 m | 5.4 m | esef· 24 Mar 2026verified |
| Net income | 19.1 m | 18.5 m | 17.4 m | esef· 24 Mar 2026verified |
| Diluted EPS | 719.00 | 695.00 | 655.00 | esef· 24 Mar 2026verified |
| Dividend per share | 360.16 | 379.69 | 400.22 | esef· 24 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 21.5 m | 20.7 m | 26.2 m | esef· 24 Mar 2026verified |
| Current assets | 48.3 m | 47.0 m | 52.8 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 2.4 m | 2.4 m | 2.1 m | esef· 24 Mar 2026verified |
| Goodwill | 59.4 m | 63.3 m | 62.9 m | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 18.5 m | 22.0 m | 23.3 m | esef· 24 Mar 2026verified |
| Total assets | 137.4 m | 141.3 m | 150.6 m | esef· 24 Mar 2026verified |
| Long-term debt | 10.1 m | 5.9 m | 1.7 m | esef· 24 Mar 2026verified |
| Current liabilities | 21.2 m | 21.6 m | 25.8 m | esef· 24 Mar 2026verified |
| Total liabilities | 37.5 m | 33.6 m | 35.9 m | esef· 24 Mar 2026verified |
| Equity | 99.9 m | 107.7 m | 114.7 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 26.6 k | 26.6 k | 26.6 k | esef· 24 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 10.9 m | 23.9 m | 30.2 m | esef· 24 Mar 2026verified |
| Capex | 653.0 k | 1.2 m | 1.1 m | esef· 24 Mar 2026verified |
| Free cash flow | 10.2 m ≈ | 22.7 m ≈ | 29.1 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -6.0 m | -8.8 m | -5.2 m | esef· 24 Mar 2026verified |
| Financing cash flow | -15.0 m | -16.1 m | -16.6 m | esef· 24 Mar 2026verified |
| Dividends paid | 9.6 m | 10.1 m | 10.6 m | esef· 24 Mar 2026verified |
≈ 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: 92 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 282.3 k EUR
Key indicators
Coverage and freshness
Score by group
- Quality92
- Returns100
- Balance sheet78
- Valuation100
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: 5,393.27 – 132,629.29 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)34,958.57 – 132,629.29 (Mid 54,493.93)WACC 4.5% · starting FCFF 31.8 m EUR · terminal value share of EV 89%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/EBITDA7,737.11 – 8,036.80 (Mid 7,812.35)6 companies used · median multiple 6.1x · quartiles 6.1x – 6.3xANORA.HE, ETTE.HE, HARVIA.HE, HONBS.HE, ICP1V.HE, KAMUX.HE
- Peers: P/E5,393.27 – 12,117.04 (Mid 7,268.68)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)5,442.97 – 7,422.23 (Mid 6,280.35)
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
Attractive profile · Score 92/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 21.2% | 92 (vs peers) | 13% |
| Net margin · Quality | 15.9% | 85 (vs peers) | 8% |
| FCF conversion · Quality | 167.3% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.8x | 63 (vs peers) | 13% |
| Interest coverage · Balance sheet | 7.4x | 90 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 0.0x | 100 (vs peers) | 13% |
| EV/EBITDA · Valuation | -0.8x | 100 (vs peers) | 13% |
| FCF yield · Valuation | 10,320.9% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 3,768.5% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 36.5% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet78/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality92/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation100/100 · 3/3 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
Revenio Group Oyj (REG1V.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 109.7 m EUR in 2025; YoY growth 6.0%; net margin 15.9%; ROE 15.7%; net debt/EBITDA -0.8x.
The estimated value range is 6,590.04–10,076.92 EUR per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 7,540.52 EUR, the price of 10.62 EUR leaves a potential of 70,903.0% (value / price − 1) and a margin of safety of 99.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 92/100, methodological classification: attractive 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
- ROIC: 21.2%
- Net margin: 15.9%
- FCF conversion: 167.3%
- Interest coverage: 7.4x
- Current ratio: 2.0x
- P/E (TTM): 0.0x
- EV/EBITDA: -0.8x
- FCF yield: 10,320.9%
- Shareholder yield (distributions): 3,768.5%
- Payout ratio (FCF): 36.5%
- The price is below the estimated value range
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): Revenue CAGR 3Y, EPS CAGR 3Y.
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% |
| 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% |
| GLA1V.HEGlaston Oyj Abp | 42.1 m | 35.4 | 1.8% | 0.6% | −4.2% | −12% / −32% |
1- and 3-year price returns: for REG1V.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 | 6.37 Total return 2,973% · Per year 2,973% | 11.25 Total return 3,999% · Per year 3,999% | 16.94 Total return 4,868% · Per year 4,868% |
| 3 years | 6.36 Total return 8,996% · Per year 350% | 12.63 Total return 12,724% · Per year 404% | 20.85 Total return 16,159% · Per year 446% |
| 5 years | 6.36 Total return 15,012% · Per year 173% | 14.18 Total return 22,519% · Per year 196% | 25.67 Total return 30,058% · Per year 213% |
- Exit P/E± 3.16
- Net margin± 2.21
- Annual revenue growth± 1.79
- Annual dilution± 0.19
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
Revenio Group is an international supplier of comprehensive eye care solutions, with ophthalmological diagnostic devices and software sold under the iCare brand in nearly 100 countries. The company reported net sales of 109.7 million EUR in 2025 and guided exchange rate-adjusted net sales growth of 8-15 percent for 2026 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Strategic competition riskmedium
Competition in all sectors and new products from rivals could change the company's competitive position 1.
- Research and development riskmedium
Failure to commercialize certain projects could lead to write-downs and affect results 1.
- Acquisition riskmedium
The success of acquisitions influences the achievement of growth targets, and acquisitions may change the risk profile 1.
- Regulatory and geopolitical riskhigh
Changes in regulation and geopolitical tensions could affect demand and expansion into new markets 1.
- Cyber and reputational riskhigh
Cyber attacks or leakage of sensitive data could have notable financial and reputational consequences 1.
Investment thesis
What would need to be true (bull case)
- If the 2026 growth guidance is confirmed, the company could continue expanding on a solid financial base 1.
- Its leading position in ophthalmological diagnostics and demand for screening could support long-term growth 1.
- A conservative capital structure gives flexibility for acquisitions and dividends 1.
What to watch
- Delivery of exchange rate-adjusted net sales growth of 8-15 percent2026
- Development of operating margin compared with the 2025 level2026
- Permanent appointment of the CFO following the interim arrangement2026
- Board decision on a dividend of up to 0.44 EUR per share2026
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
Revenio Group Oyj is listed on Nasdaq Helsinki and presents itself as a global leader in ophthalmological devices and software solutions 1. Its products are sold under the iCare brand, and the company promotes eye health by expanding screening coverage 1. In 2025 net sales reached 109.7 million EUR and the operating profit margin was 23.2 percent 1.
Research and development is central to the company: expenditure was 11.6 million EUR in 2025, part of which was capitalized 1. Technology development runs through several group entities, including Icare Finland Oy, Revenio Research Oy, CenterVue Spa and iCare World Australia Pty Ltd 1.
The financial structure is solid, with an equity ratio of 76.1 percent at the end of 2025 1. The board notes that consolidation in the industry continues, so maintaining financial flexibility is important 1.
Segments
Market context
Trends
- Ageing population and screening needstailwind
If demand for early diagnosis of eye diseases grows, the company could benefit from wider screening coverage, which is part of its stated mission 1.
- Industry consolidationmixed
Continued consolidation of the sector could reduce competition in some segments, but it also requires the company to keep financial flexibility for possible acquisitions 1.
- Geopolitical and trade tensionsheadwind
Economic, political and trade uncertainties, along with changes in government legislation, may affect demand and group operations 1.
- Digitalization and softwaremixed
Growth in the software component and predictive solutions could support product differentiation, while the availability of electronic components remains an operational risk 1.
Competitive position
The company cites competition in all sectors, new competing products and actions by rivals that may change the competitive situation 1. The provided sources do not name direct competitors, so the analysis stays at the level of the risks the company discloses 1.
Competitive pressure could increase if rivals launch new products or change pricing, and maintaining a competitive product mix depends on the success of research projects 1.
- Competitors named in the source
The analyzed source does not name direct competitors; competitive risk is described only in general terms 1.
- New products from rivals
The emergence of new competing products is cited as a strategic risk, without identifying suppliers 1.
- Players in sector consolidation
Industry consolidation is cited as a factor requiring financial flexibility, without naming companies 1.
- Electronic component suppliers
Global availability of electronic components is an operational vulnerability rather than a competitor 1.
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 202524 Mar 2026
- Annual report 202424 Sept 2025
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Revenio Group 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.