Orthex Oyj (ORTHEX.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

+88.6%

€8.02

vs €4.25 price

Levered DCF

€8.04

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.03

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	FY2020	FY2019	FY2018
P/E	12.24×	14.71×	14.36×	39×	31.54×	15.79×	67.45×	-46.38×
P/B	2.04×	2.48×	2.89×	2.8×	6.05×	7.1×	9.17×	10.93×
P/S	0.95×	0.99×	1.16×	0.99×	2.17×	1.59×	1.98×	2.11×
EV / EBITDA	6.54×	7.4×	7.93×	13.07×	16.43×	9.56×	18.68×	195.56×
Gross margin	28.7%	28.6%	28.3%	21.3%	26.2%	32.4%	27.5%	31.2%
Operating margin	11.1%	11.0%	12.5%	4.8%	10.4%	16.2%	7.3%	1.4%
Net margin	7.8%	6.8%	8.0%	2.5%	6.8%	10.1%	3.0%	-4.6%
Current ratio	1.87×	1.81×	2.01×	1.97×	2.1×	1.65×	1.87×	1.94×
Debt / equity	0.61×	0.76×	0.88×	1.12×	1.12×	2.32×	2.92×	3.81×
Interest coverage	8.17×	4.98×	5.58×	3.56×	6.82×	5.65×	1.94×	0.23×
Dividend yield	4.7%	4.2%	2.0%	3.8%	0.0%	0.0%	0.0%	0.0%
Payout ratio	57.7%	61.0%	28.3%	150.7%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.8%	17.1%	20.0%	7.1%	19.0%	45.2%	14.1%	-24.1%
Return on invested capital	11.0%	11.5%	12.6%	4.3%	10.0%	15.5%	6.7%	1.4%
Return on assets	7.9%	7.1%	8.1%	2.6%	6.8%	10.2%	2.8%	-4.1%
Free cash flow yield	11.7%	8.5%	7.6%	3.2%	2.2%	7.9%	4.4%	5.1%
Earnings yield	8.2%	6.9%	6.9%	2.6%	3.1%	6.4%	1.5%	-2.2%
Enterprise value	€95.3M	€105.4M	€118.2M	€106M	€213.5M	€155M	€168.6M	€173.7M
Net debt / EBITDA	0.87×	1.17×	1.26×	2.82×	1.63×	2.11×	4.08×	47.22×
Cash conversion cycle (days)	49	45	92	92	94	-39	96	103