Marimekko Oyj (MEKKO.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

+139.6%

€22.47

vs €9.38 price

Levered DCF

€19.15

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

7.81

Safe zone

Rating

A-

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	FY2020	FY2019	FY2018
P/E	21.57×	20.2×	22.95×	15.64×	28.23×	27.61×	22.38×	12.88×
P/B	7.07×	6.48×	8.21×	6.42×	9.84×	7×	7.45×	4.42×
P/S	2.77×	2.68×	3.1×	2.14×	4.51×	2.99×	2.31×	1.58×
EV / EBITDA	12.76×	11.55×	13.32×	8.96×	15.13×	12×	10.11×	7.64×
Gross margin	60.5%	60.5%	61.1%	61.3%	61.7%	60.7%	64.2%	63.4%
Operating margin	16.8%	17.2%	18.0%	18.2%	20.5%	15.7%	13.6%	15.8%
Net margin	12.9%	13.3%	13.6%	13.6%	16.0%	10.8%	10.4%	12.2%
Current ratio	2.71×	2.89×	2.64×	2.32×	2.38×	2.13×	1.82×	3.09×
Debt / equity	0.69×	0.41×	0.5×	0.61×	0.46×	0.72×	0.94×	0.01×
Interest coverage	16.74×	19.77×	23.86×	28.77×	30.67×	17.96×	16.85×	134.25×
Dividend yield	5.0%	3.1%	2.6%	10.5%	1.1%	0.0%	5.2%	2.3%
Payout ratio	108.2%	61.6%	58.4%	164.6%	29.9%	0.0%	115.2%	29.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	32.8%	32.3%	35.9%	41.0%	35.0%	25.2%	33.4%	34.2%
Return on invested capital	24.4%	21.6%	25.3%	26.4%	24.3%	16.5%	17.9%	34.2%
Return on assets	18.7%	18.7%	19.1%	19.8%	18.4%	11.6%	13.4%	24.0%
Free cash flow yield	6.0%	5.5%	5.1%	5.4%	5.1%	6.8%	9.5%	6.3%
Earnings yield	4.6%	5.0%	4.4%	6.4%	3.6%	3.6%	4.5%	7.7%
Enterprise value	€539.6M	€479.6M	€535.9M	€357.1M	€659.6M	€366.2M	€300.3M	€154.2M
Net debt / EBITDA	0.35×	-0.23×	-0.1×	0.03×	-0.63×	-0.1×	0.35×	-1.13×
Cash conversion cycle (days)	85	168	140	162	123	125	139	161