Fiskars Oyj Abp (FSKRS.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

+36.6%

€18.30

vs €13.40 price

Levered DCF

€5.80

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.14

Grey zone

Rating

C+

Overall 2 / 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	105.67×	45.27×	20.53×	12.61×	21.7×	18.05×	17.87×	15.26×
P/B	1.44×	1.55×	1.76×	1.51×	2.31×	1.61×	1.21×	1.03×
P/S	0.9×	1.06×	1.28×	0.99×	1.5×	1.09×	0.84×	1.11×
EV / EBITDA	12.14×	13.01×	11.32×	7.96×	9.63×	8.49×	9.3×	9.68×
Gross margin	46.9%	44.7%	45.3%	44.5%	43.0%	40.5%	41.0%	43.4%
Operating margin	4.6%	3.2%	8.8%	10.8%	11.4%	8.8%	5.5%	8.2%
Net margin	0.8%	2.3%	6.2%	7.9%	6.9%	6.1%	4.7%	7.3%
Current ratio	1.42×	1.55×	1.71×	1.45×	1.22×	1.27×	1.17×	3.28×
Debt / equity	0.84×	0.7×	0.7×	0.54×	0.22×	0.27×	0.36×	0.13×
Interest coverage	1.64×	1.08×	3.13×	10.36×	14.72×	18.49×	14.31×	25.44×
Dividend yield	6.6%	5.1%	4.5%	5.1%	2.6%	3.7%	5.6%	4.8%
Payout ratio	721.3%	233.6%	92.7%	64.1%	56.4%	67.6%	98.6%	72.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.3%	3.4%	8.5%	12.0%	10.7%	8.9%	6.8%	6.8%
Return on invested capital	2.9%	2.6%	6.0%	8.2%	8.3%	7.3%	4.6%	5.1%
Return on assets	0.6%	1.6%	4.0%	6.2%	6.0%	5.0%	3.8%	4.7%
Free cash flow yield	5.6%	4.9%	11.8%	-8.8%	4.7%	13.8%	6.1%	4.8%
Earnings yield	0.9%	2.2%	4.8%	7.9%	4.6%	5.5%	5.6%	6.5%
Enterprise value	€1.5B	€1.7B	€1.9B	€1.6B	€2B	€1.4B	€1.2B	€1.4B
Net debt / EBITDA	4.06×	3.73×	2.68×	1.65×	0.69×	0.9×	2.06×	0.96×
Cash conversion cycle (days)	219	213	212	210	153	129	145	73