Summa Defence Oyj (SUMMA.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

-34666.3%

-€63.39

vs €0.18 price

Levered DCF

-€51.04

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-0.86

Distress zone

Rating

B-

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
P/E	-4.33×	-293.72×	-23,400×	-1,350×	-202.31×	-0.46×
P/B	0.57×	314.94×	152.17×	155.28×	180.18×	0.49×
P/S	0.96×	76.87×	91.94×	636.67×	464.46×	0.45×
EV / EBITDA	-34.02×	-460.4×	946.65×	-1,478.89×	-220.53×	-0.1×
Gross margin	-8.0%	24.8%	28.4%	15.7%	-12.4%	-30.5%
Operating margin	-19.7%	-20.2%	1.6%	-43.6%	-181.7%	-68.3%
Net margin	-22.3%	-26.1%	-0.4%	-47.1%	-229.8%	-97.3%
Current ratio	0.69×	1.71×	1.9×	1.2×	5.26×	2.63×
Debt / equity	0.04×	0.79×	0.39×	0.51×	0.04×	0.12×
Interest coverage	-10.1×	-10.53×	0.7×	-24.92×	-41.37×	-2.82×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-13.3%	-107.1%	-0.7%	-11.5%	-89.1%	-106.8%
Return on invested capital	-10.3%	-34.5%	1.4%	-6.7%	-65.9%	-63.7%
Return on assets	-9.7%	-38.7%	-0.4%	-6.3%	-70.7%	-70.7%
Free cash flow yield	-19.3%	-0.0%	0.0%	-0.1%	-0.5%	-218.7%
Earnings yield	-23.2%	-0.3%	-0.0%	-0.1%	-0.5%	-217.9%
Enterprise value	€99.7M	€6.1B	€6.1B	€5.5B	€1.2B	€330.7K
Net debt / EBITDA	-0.97×	-0.54×	1.19×	-3.81×	0.75×	0.56×
Cash conversion cycle (days)	-8	35	36	238	349	130