Finnair Oyj (FIA1S.HE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-349.1%

-€10.69

vs €4.29 price

Levered DCF

€63.26

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.98

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	34.89×	12.28×	1.76×	-1.15×	-1.8×	-1.52×	12.04×	6×
P/B	1.01×	0.73×	0.66×	1.33×	1.76×	0.89×	0.78×	0.88×
P/S	0.21×	0.15×	0.13×	0.23×	1×	0.96×	0.24×	0.32×
EV / EBITDA	5.94×	4.45×	3.81×	43.77×	-16.76×	-10.33×	4.38×	2.78×
Gross margin	5.9%	10.9%	12.1%	-1.2%	-42.3%	-57.2%	13.3%	18.3%
Operating margin	-0.8%	3.7%	6.4%	-11.3%	-54.2%	-56.0%	5.2%	7.3%
Net margin	0.6%	1.2%	8.5%	-20.2%	-55.4%	-63.1%	2.4%	5.3%
Current ratio	0.98×	0.86×	0.98×	1.34×	1.24×	1.61×	1.02×	1.18×
Debt / equity	2.8×	2.98×	3.51×	6.4×	5.91×	2.43×	1.63×	0.66×
Interest coverage	-0.3×	1.07×	1.35×	-1.93×	-4.04×	-5.35×	1.91×	2.45×
Dividend yield	3.5%	0.0%	0.0%	3.8%	2.4%	2.3%	4.7%	4.2%
Payout ratio	122.2%	0.0%	0.0%	-4.3%	-4.4%	-3.5%	47.0%	25.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	5.9%	44.1%	-116.0%	-97.6%	-58.4%	7.7%	14.7%
Return on invested capital	-0.8%	3.5%	7.0%	-8.2%	-10.4%	-11.5%	4.5%	8.3%
Return on assets	0.5%	1.0%	6.9%	-11.5%	-11.5%	-14.4%	1.9%	5.1%
Free cash flow yield	30.0%	82.7%	17.9%	31.3%	-12.1%	-171.7%	11.5%	6.2%
Earnings yield	2.9%	8.1%	66.8%	-87.1%	-55.5%	-65.6%	9.9%	16.7%
Enterprise value	€1.9B	€2.1B	€2.3B	€2.4B	€2.9B	€2.5B	€2.2B	€1.4B
Net debt / EBITDA	3.92×	3.48×	3.17×	33.76×	-11.94×	-7.05×	2.87×	0.97×
Cash conversion cycle (days)	18	18	13	23	49	33	20	15