Orion Oyj (ORNBV.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

-10.1%

€89.35

vs €99.40 price

Levered DCF

€85.42

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

17.08

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	17.88×	18.2×	25.5×	20.58×	26.46×	23.9×	28.86×	13.22×
P/B	6.97×	5.98×	6.19×	7.93×	6.86×	7.21×	7.44×	5.65×
P/S	4.74×	3.9×	4.63×	5.37×	4.93×	4.89×	5.52×	4.47×
EV / EBITDA	13.35×	11.94×	17.08×	14.46×	17.36×	15.14×	18.4×	14.49×
Gross margin	64.2%	61.4%	55.3%	63.3%	57.0%	60.4%	60.3%	60.3%
Operating margin	33.1%	27.0%	23.1%	32.8%	23.4%	26.0%	24.1%	25.9%
Net margin	26.5%	21.4%	18.2%	26.1%	18.6%	20.4%	19.1%	33.8%
Current ratio	2.4×	3.71×	3.12×	3.19×	3.3×	3.47×	3.2×	2.32×
Debt / equity	0.24×	0.33×	0.22×	0.24×	0.15×	0.15×	0.01×	0.2×
Interest coverage	71.84×	49.6×	48.23×	244.22×	187.15×	233.42×	93.63×	54.96×
Dividend yield	2.6%	3.8%	4.1%	2.9%	4.1%	4.0%	3.6%	4.7%
Payout ratio	46.2%	69.1%	103.7%	60.4%	109.0%	96.0%	105.4%	61.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	38.9%	32.8%	24.4%	38.5%	25.9%	30.1%	25.7%	42.7%
Return on invested capital	30.4%	24.0%	18.2%	28.0%	21.4%	24.5%	23.7%	20.4%
Return on assets	24.9%	20.3%	15.1%	23.2%	17.4%	19.7%	19.3%	28.8%
Free cash flow yield	2.4%	3.4%	0.0%	5.0%	2.5%	4.9%	4.0%	3.8%
Earnings yield	5.6%	5.5%	3.9%	4.9%	3.8%	4.2%	3.5%	7.6%
Enterprise value	€9.1B	€6.1B	€5.6B	€7.1B	€5B	€5.1B	€5.7B	€4.3B
Net debt / EBITDA	0.21×	0.24×	0.28×	-0.24×	-0.37×	-0.55×	-0.34×	-0.33×
Cash conversion cycle (days)	320	292	269	212	214	211	208	215