Neste Oyj (NESTE.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

-52.0%

€13.74

vs €28.65 price

Levered DCF

€21.70

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.99

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	102.16×	-101.08×	17.22×	17.49×	18.77×	63.61×	13.31×	22.84×
P/B	2.04×	1.26×	2.92×	3.97×	4.77×	7.66×	4.02×	3.83×
P/S	0.78×	0.45×	1.08×	1.29×	2.2×	3.87×	1.5×	1.19×
EV / EBITDA	14.59×	13.11×	10.55×	11.58×	12.9×	32.65×	9.04×	10.95×
Gross margin	5.9%	10.0%	16.0%	13.3%	18.6%	15.4%	19.6%	12.4%
Operating margin	2.6%	0.1%	7.3%	9.4%	13.4%	7.1%	14.1%	6.9%
Net margin	0.8%	-0.5%	6.3%	7.3%	11.7%	6.1%	11.3%	5.2%
Current ratio	1.89×	1.73×	2.1×	1.92×	1.95×	2.17×	2.31×	1.84×
Debt / equity	0.71×	0.69×	0.48×	0.31×	0.25×	0.22×	0.22×	0.25×
Interest coverage	3.19×	0.16×	13.9×	42.28×	39.67×	18×	44.58×	21.35×
Dividend yield	1.0%	9.9%	4.7%	1.9%	1.8%	1.7%	2.4%	2.5%
Payout ratio	106.9%	-970.5%	81.5%	33.4%	34.7%	110.0%	32.6%	55.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.0%	-1.3%	16.9%	22.7%	25.4%	12.0%	30.2%	16.8%
Return on invested capital	2.7%	0.2%	11.5%	17.2%	19.4%	9.6%	25.0%	13.4%
Return on assets	0.9%	-0.6%	9.0%	12.7%	14.3%	7.3%	18.3%	9.5%
Free cash flow yield	5.5%	-4.0%	3.4%	-1.7%	3.1%	2.9%	3.7%	6.0%
Earnings yield	1.0%	-1.0%	5.8%	5.7%	5.3%	1.6%	7.5%	4.4%
Enterprise value	€18.7B	€13.5B	€27.2B	€34.4B	€33.5B	€45.2B	€23.6B	€17.7B
Net debt / EBITDA	2.97×	4.07×	0.97×	0.45×	0.07×	-0.18×	-0.07×	0×
Cash conversion cycle (days)	53	55	62	58	64	22	52	42