olivLaw · European equity research
Terveystalo Plc TTALO.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Terveystalo Plc is the largest private healthcare service provider in Finland and a leading occupational health provider in Finland and Sweden. Revenue dipped slightly in 2025 while adjusted profitability improved, which makes it relevant to watch how the company balances growth with efficiency. Revenue reached 1278.9 million EUR and adjusted operating profit 156.3 million EUR.
At the close of 05 Nov 2026, Terveystalo Plc (TTALO.HE) stock was 6.18 EUR (−1.12% on the day), with market capitalisation 783.9 m EUR, P/E 8.5 on diluted EPS of 0.73 EUR over the last 12 months, dividend yield 7.77%, beta 0.40, 52-week range 5.96–10.34 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)
- 35.0
- weak (30–45)
- Bollinger (20, 2)
- 5.58 – 7.31
- in the lower half of the band · %B 0.35 · band width 26.7%
- SMA 50 / 200
- 7.14 / 8.08
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.32 / -0.34
- 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 | −17.4% | −0.6% | −16.7 pp | — |
| 3 months | −18.3% | −4.2% | −14.1 pp | — |
| 6 months | −21.4% | +4.3% | −25.7 pp | — |
| Year to date | −36.8% | +7.5% | −44.3 pp | — |
| 1 year | −32.7% | +9.9% | −42.6 pp | −1.2% |
| 3 years | −10.4% | +49.8% | −60.3 pp | +6.8% |
| 5 years | −46.0% | +42.8% | −88.8 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 2-quarter history (min 13.4, median 15.9, max 18.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 1.3 bn | 1.3 bn |
| Revenue YoY | unavailable | −4.6% |
| Net income | 71.7 m | 92.6 m |
| Net income YoY | unavailable | +29.1% |
| Diluted EPS | 0.57 | 0.73 |
| Diluted EPS YoY | unavailable | +28.1% |
| net % | 5.4% | 7.2% |
| Free cash flow | 196.4 m | 176.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 75.2 m EUR
- Financial debt
- 381.1 m EUR
- Net debt
- 305.9 m EUR
- Equity
- 584.2 m EUR
- Total assets
- 1.4 bn EUR
- Debt / equity
- 0.65x
- Current ratio
- unavailable
- ROE
- 16.4%
- ROA
- 6.5%
- FCF margin
- 13.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.3 bn | 1.3 bn | esef· 04 Mar 2026verified |
| Operating income | 116.1 m | 137.5 m | esef· 04 Mar 2026verified |
| Interest expense | 28.6 m | 23.0 m | esef· 04 Mar 2026verified |
| Pre-tax income | 89.6 m | 116.2 m | esef· 04 Mar 2026verified |
| Income tax | 18.0 m | 23.5 m | esef· 04 Mar 2026verified |
| Net income | 71.7 m | 92.6 m | esef· 04 Mar 2026verified |
| Diluted EPS | 0.57 | 0.73 | esef· 04 Mar 2026verified |
| Dividend per share | 0.30 | 0.48 | esef· 04 Mar 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 65.2 m | 75.2 m | esef· 04 Mar 2026verified |
| Receivables | 135.0 m | 124.2 m | esef· 04 Mar 2026verified |
| Inventories | 7.2 m | 7.6 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 87.7 m | 96.0 m | esef· 04 Mar 2026verified |
| Goodwill | 829.4 m | 838.8 m | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 82.0 m | 80.3 m | esef· 04 Mar 2026verified |
| Total assets | 1.4 bn | 1.4 bn | esef· 04 Mar 2026verified |
| Accounts payable | 230.3 m | 212.4 m | esef· 04 Mar 2026verified |
| Short-term debt | 29.7 m | 48.8 m | esef· 04 Mar 2026verified |
| Long-term debt | 348.5 m | 332.3 m | esef· 04 Mar 2026verified |
| Total liabilities | 850.2 m | 856.9 m | esef· 04 Mar 2026verified |
| Equity | 548.2 m | 584.2 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 125.8 m | 126.8 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 223.7 m | 207.0 m | esef· 04 Mar 2026verified |
| Capex | 27.3 m | 30.8 m | esef· 04 Mar 2026verified |
| Free cash flow | 196.4 m ≈ | 176.2 m ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | -47.4 m | -69.6 m | esef· 04 Mar 2026verified |
| Financing cash flow | -148.8 m | -126.8 m | esef· 04 Mar 2026verified |
| Dividends paid | 38.0 m | 60.8 m | esef· 04 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 weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 783.9 m EUR
Key indicators
Coverage and freshness
Score by group
58% · 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: 6.01 – 34.77 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)18.47 – 34.77 (Mid 24.20)WACC 7.0% · starting FCFF 194.5 m EUR · terminal value share of EV 78%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/EBITDAunavailable · input data missing
- Peers: P/E6.01 – 13.50 (Mid 8.10)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)6.53 – 8.90 (Mid 7.53)
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: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.5% | 60 (vs peers) | 18% |
| Net margin · Quality | 7.2% | 64 (vs peers) | 11% |
| FCF conversion · Quality | 190.3% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.0x | 69 (on a fixed band) | 11% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 8.5x | 75 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 22.5% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 7.8% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 34.5% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial69/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality72/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation86/100 · 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
Terveystalo Oyj (TTALO.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.3 bn EUR in 2025; YoY growth -4.6%; net margin 7.2%; ROE 16.4%.
The estimated value range is 6.53–13.50 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 8.10 EUR, the price of 6.18 EUR leaves a potential of 31.1% (value / price − 1) and a margin of safety of 23.7% (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: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 190.3%
- P/E (TTM): 8.5x
- FCF yield: 22.5%
- Shareholder yield (distributions): 7.8%
- Payout ratio (FCF): 34.5%
- 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, Net debt / EBITDA, Current ratio, 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 |
| TTALO.HETerveystalo Oyj | 783.9 m | 8.5 | 16.4% | 7.2% | −4.6% | −34% / −15% |
| 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 TTALO.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 | 3.32 Total return -41% · Per year -41% | 5.90 Total return 3% · Per year 3% | 8.92 Total return 53% · Per year 53% |
| 3 years | 2.66 Total return -42% · Per year -17% | 5.37 Total return 8% · Per year 3% | 9.00 Total return 73% · Per year 20% |
| 5 years | 2.13 Total return -43% · Per year -11% | 4.89 Total return 13% · Per year 2% | 9.08 Total return 92% · Per year 14% |
- Exit P/E± 1.34
- Net margin± 0.94
- Annual revenue growth± 0.85
- Annual dilution± 0.08
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
Terveystalo Plc is the largest private healthcare service provider in Finland and a leading occupational health provider in Finland and Sweden. Revenue dipped slightly in 2025 while adjusted profitability improved, which makes it relevant to watch how the company balances growth with efficiency. Revenue reached 1278.9 million EUR and adjusted operating profit 156.3 million EUR.
SWOT
Strengths
- Leading private position in healthcare services in Finland, with a broad service range for corporate, private and public customers.
- Adjusted profitability improved across all segments in 2025, supported by operational efficiency.
- Improving financial structure, with lower indebtedness and a defined dividend policy.
Weaknesses
- Total revenue fell in 2025, and occupational health recorded fewer visits.
- Reliance on the seasonal prevalence of respiratory infections makes short-term volumes hard to predict.
- The Swedish business remains loss-making on an adjusted basis, with declining revenue.
Opportunities
- A recovery in occupational health demand and visit volumes could support revenue growth.
- Growing consumer demand for dental care could expand the Portfolio Businesses segment.
- Acquisitions of clinics and diagnostic services could complement the offering if well integrated.
Threats
- Weaker demand from client companies could further reduce occupational health contracts.
- Pressure from competitors and the public system could affect pricing and market share.
- Regulatory or public funding changes could influence public-sector contracts.
Risks
- Lower occupational health volumeshigh
Fewer visits and fewer connected corporate customers weighed on revenue in 2025. If demand does not recover, results could stay below expectations.
- Seasonality of respiratory infectionsmedium
Low prevalence of respiratory infections in the first half of the year could reduce profitability in that period.
- Expiry of outsourcing contractsmedium
Contracts expiring in Portfolio Businesses could reduce revenue during 2026, as management indicates.
- Leverage and acquisitionsmedium
Acquisitions could temporarily push indebtedness above the target level, which could limit financial flexibility.
- Performance in Swedenlow
Weaker demand and ended contracts could prolong adjusted losses in that market.
Investment thesis
What would need to be true (bull case)
- If occupational health demand recovers in the second half of 2026, profitability could keep growing on efficiency gains already achieved.
- A leading private position in Finland and combined offers for corporate clients could support market share over the medium term.
- The dividend policy and lower indebtedness could offer a steadier financial profile if the targets are met.
What would break the thesis
- If revenue keeps falling, the medium-term goal of growing earnings per share could prove hard to reach.
- Dependence on infection seasonality and corporate contracts could make results volatile.
- Future acquisitions could raise indebtedness and could reduce capacity to distribute dividends.
What to watch
- Delivery of the adjusted EBIT guidance range of 135 to 165 million EUR2026
- Development of occupational health revenue and visit volumesQ2 2026
- Effect of the Hohde transaction and other acquisitions on indebtedness2026
- Results of the Sweden segment and the effect of the profitability improvement programmenext 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
Terveystalo Plc is a Finnish public limited liability company domiciled in Helsinki and listed on Nasdaq Helsinki. The Group consists of the parent and 25 subsidiaries and offers general medicine, occupational health and specialised care, diagnostics, outpatient surgery, oral health and other complementary health services. Its customers are companies, private individuals and the public sector. The company describes itself as the largest private healthcare service provider in Finland by revenue.
Operations are organised into three reported segments, Healthcare Services, Portfolio Businesses and Sweden, plus unallocated Group items. Healthcare Services accounts for most revenue, while Portfolio Businesses includes outsourcing operations that are partly being reduced. The company reports adjusted measures such as adjusted EBITDA and adjusted EBIT as alternative performance measures.
For 2026 management estimates adjusted EBIT of 135 to 165 million EUR, based on a gradually improving demand environment. The estimates exclude the Hohde transaction and other significant acquisitions or divestments. Medium-term targets aim at profitable growth in earnings per share, a moderate leverage ratio and distribution of at least 80 percent of the net result as dividends.
Segments
Healthcare Services
The segment generated 1031.0 million EUR in 2025, down 1.1 percent year-on-year, due to fewer occupational health visits and fewer connected corporate customers. Adjusted operating profit of the segment rose on operational efficiency and a better sales mix.
Market context
The Finnish private healthcare market depends on corporate demand for occupational health, direct-paying consumers and public-sector contracts. Visit volumes are seasonal, especially with the prevalence of upper respiratory infections, which was low in the first half of 2025. The company expects this prevalence to return to the long-term average in the second half of 2026.
The Swedish market is smaller and more contract-sensitive, with occupational health as the main driver. If demand improves gradually, segment revenue could recover, although the sources do not give figures on the total market size.
Trends
- Recovery in occupational health demandtailwind
Management anticipates gradually improving demand, which could support visit volumes in the second half of 2026.
- Respiratory infection prevalencemixed
Consultation volumes depend on the seasonal prevalence of upper respiratory infections. A low level in the first half of the year could weigh on profitability in that period.
- Expiry of outsourcing contractsmixed
The planned reduction of outsourcing in Portfolio Businesses lowers revenue but removed low-margin contracts and supported profitability.
- Leverage and acquisitionsheadwind
The leverage target may be temporarily exceeded around acquisitions, and recent acquisitions at the end of 2025 could change the revenue mix.
Competitive position
Terveystalo competes with other private healthcare and occupational health providers in Finland and Sweden, as well as with the public health system, which remains an important provider. The sources do not detail the market share of each competitor.
The company's advantage stems from its leading private position in Finland and from combining healthcare and occupational health services for corporate clients. Competitive pressure is most visible in occupational health, where the number of connected customers declined.
- Private healthcare providers in Finland
Local competitors in general and specialised medicine, not identified in detail in the source.
- Occupational health providers in Sweden
Competitors in the Swedish segment, where the company reported falling revenue.
- Public health system
Public provider that both competes and cooperates with the company in certain services.
- Dental and diagnostic clinics
Competitors in dental and diagnostic segments, where the company reported growth in dental care.
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 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Terveystalo Plc · 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.