Solteq Oyj (SOLTEQ.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

-38.4%

€0.18

vs €0.29 price

Levered DCF

-€1.60

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.78

Distress zone

Rating

Overall 2 / 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	-5.91×	-9.78×	-2.71×	-4.39×	22.29×	28×	9.93×	68.65×
P/B	0.55×	0.74×	0.85×	1.06×	3.24×	2.04×	1.17×	1.12×
P/S	0.17×	0.23×	0.25×	0.35×	1.31×	0.89×	0.49×	0.43×
EV / EBITDA	14.17×	9.61×	271.58×	72.64×	9.59×	8.27×	6.23×	9.47×
Gross margin	16.6%	21.0%	18.5%	89.0%	88.6%	90.2%	90.7%	89.3%
Operating margin	1.8%	3.6%	-6.1%	-0.5%	10.3%	8.8%	5.3%	4.3%
Net margin	-2.9%	-2.4%	-9.3%	-7.9%	5.9%	3.3%	4.8%	0.6%
Current ratio	0.22×	0.68×	0.3×	0.53×	0.79×	0.88×	0.43×	0.88×
Debt / equity	1.67×	1.49×	1.53×	1.49×	1.05×	1.18×	1.43×	1.3×
Interest coverage	0.32×	0.69×	-1.73×	-0.15×	3.85×	2.07×	1.54×	1.2×
Dividend yield	0.0%	0.0%	0.0%	0.0%	3.2%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	-0.0%	71.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.3%	-7.6%	-31.2%	-24.0%	14.6%	7.5%	11.4%	1.6%
Return on invested capital	1.5%	4.5%	-8.0%	-0.5%	9.6%	6.6%	3.9%	2.7%
Return on assets	-2.7%	-2.3%	-9.4%	-7.3%	5.4%	2.7%	3.6%	0.5%
Free cash flow yield	-22.2%	12.4%	-52.4%	1.8%	7.6%	5.2%	-1.9%	19.3%
Earnings yield	-16.9%	-10.2%	-36.8%	-22.7%	4.5%	3.7%	9.7%	1.5%
Enterprise value	€31.4M	€32.3M	€39.1M	€55.3M	€116.6M	€80.6M	€60.3M	€47.3M
Net debt / EBITDA	10.52×	6.09×	170.17×	41.28×	2.13×	2.72×	3.26×	4.59×
Cash conversion cycle (days)	27	22	36	-124	-161	-213	-152	-237