Kalmar Oyj (KALMAR.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

+20.8%

€44.16

vs €36.56 price

Levered DCF

€70.55

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.39

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	15.9×	15.98×	8.77×	18.21×	6.45×
P/B	3.62×	3.2×	2.08×	1.98×	2.18×
P/S	1.49×	1.19×	0.83×	0.87×	1.12×
EV / EBITDA	9.73×	8.48×	5.78×	10.62×	4.81×
Gross margin	26.2%	26.3%	24.8%	19.2%	20.4%
Operating margin	12.6%	10.1%	11.7%	7.1%	4.8%
Net margin	9.4%	7.4%	9.5%	4.8%	17.3%
Current ratio	1.72×	1.7×	1.52×	1.43×	1.39×
Debt / equity	0.51×	0.53×	0.23×	0.2×	0.26×
Interest coverage	13.19×	10.26×	17.16×	68.7×	13.57×
Dividend yield	2.5%	0.0%	6.3%	3.3%	1.0%
Payout ratio	39.2%	0.2%	55.4%	59.6%	6.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	22.8%	20.0%	23.7%	10.9%	33.7%
Return on invested capital	15.1%	11.8%	16.9%	9.3%	5.4%
Return on assets	9.3%	7.5%	10.5%	4.9%	14.9%
Free cash flow yield	5.5%	6.6%	9.7%	6.8%	2.6%
Earnings yield	6.3%	6.3%	11.4%	5.5%	15.5%
Enterprise value	€2.7B	€2.1B	€1.8B	€1.8B	€1.8B
Net debt / EBITDA	0.32×	0.32×	0.35×	0.43×	0.27×
Cash conversion cycle (days)	143	136	170	172	192