Fortum Oyj (FORTUM.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

+846.2%

€213.75

vs €22.59 price

Levered DCF

-€192.24

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.83

Grey 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	21.39×	10.4×	-5.65×	13.63×	-207.62×	9.61×	13.17×	20.34×
P/B	1.91×	1.34×	1.39×	1.8×	1.98×	1.35×	1.51×	1.45×
P/S	3.27×	2.09×	1.75×	1.57×	0.21×	0.36×	3.59×	3.27×
EV / EBITDA	13.61×	8.61×	6.02×	7.41×	7.02×	7.38×	10.06×	15.16×
Gross margin	27.4%	43.2%	43.3%	37.8%	6.4%	9.6%	47.6%	44.2%
Operating margin	18.8%	22.8%	24.8%	21.3%	5.5%	5.8%	36.1%	21.7%
Net margin	15.3%	20.1%	-30.8%	11.5%	-0.1%	3.7%	27.2%	16.1%
Current ratio	2.2×	3.48×	1.98×	1.08×	1×	1.08×	2.09×	1.13×
Debt / equity	0.57×	0.53×	0.73×	1.01×	1.42×	0.82×	0.52×	0.51×
Interest coverage	5.96×	8.72×	6.2×	7.48×	30.64×	16.69×	10.81×	7.69×
Dividend yield	7.7%	8.5%	7.0%	7.3%	4.2%	5.6%	5.0%	5.7%
Payout ratio	164.2%	88.7%	-39.5%	100.2%	-872.8%	53.6%	65.9%	115.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.0%	12.8%	-24.5%	13.2%	-0.9%	14.1%	11.4%	7.1%
Return on invested capital	5.0%	6.9%	9.6%	10.6%	4.2%	6.1%	7.7%	4.6%
Return on assets	4.7%	6.7%	-11.0%	4.3%	-0.1%	3.2%	6.3%	3.8%
Free cash flow yield	2.1%	7.6%	10.6%	-67.3%	15.8%	8.3%	6.8%	1.3%
Earnings yield	4.7%	9.6%	-17.7%	7.3%	-0.5%	10.4%	7.6%	4.9%
Enterprise value	€18.2B	€12.9B	€13.7B	€17.7B	€33.6B	€25.9B	€24.9B	€22.7B
Net debt / EBITDA	1.44×	0.52×	0.86×	1.62×	2.01×	2.38×	2.16×	3.7×
Cash conversion cycle (days)	73	87	57	193	47	33	98	114