Vaisala Oyj (VAIAS.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

-45.6%

€34.66

vs €63.70 price

Levered DCF

€31.04

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

8.09

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	26.7×	27.5×	29.41×	31.81×	49.35×	44.34×	34.14×	19.7×
P/B	4.9×	5.69×	5.37×	5.7×	8.38×	7.08×	5.75×	3.16×
P/S	2.68×	3.11×	2.66×	2.78×	4.39×	3.83×	2.82×	1.66×
EV / EBITDA	14.39×	16.68×	14.21×	15.28×	26.7×	23.05×	17.85×	10.95×
Gross margin	55.2%	56.3%	55.8%	54.8%	55.2%	56.1%	54.8%	53.1%
Operating margin	14.1%	14.7%	12.3%	12.2%	11.4%	11.8%	10.2%	11.2%
Net margin	10.0%	11.3%	9.0%	8.8%	8.9%	8.6%	8.3%	8.5%
Current ratio	1.99×	2.11×	2.47×	1.45×	1.97×	2.16×	1.44×	1.51×
Debt / equity	0.33×	0.42×	0.23×	0.25×	0.22×	0.28×	0.26×	0.22×
Interest coverage	4.02×	28.59×	5.6×	62.5×	50.1×	44.8×	45.67×	389×
Dividend yield	1.9%	1.5%	1.8%	1.7%	1.1%	1.5%	1.8%	6.5%
Payout ratio	51.7%	42.7%	53.4%	54.7%	56.4%	67.1%	62.1%	127.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.3%	20.6%	18.3%	17.9%	17.0%	16.0%	16.9%	16.1%
Return on invested capital	14.3%	14.5%	15.2%	14.6%	14.0%	12.9%	13.0%	12.7%
Return on assets	10.2%	10.8%	11.0%	10.2%	9.6%	9.3%	9.3%	8.8%
Free cash flow yield	4.3%	-0.3%	4.9%	1.1%	3.2%	0.7%	1.3%	2.6%
Earnings yield	3.7%	3.6%	3.4%	3.2%	2.0%	2.3%	2.9%	5.1%
Enterprise value	€1.6B	€1.8B	€1.4B	€1.4B	€1.9B	€1.5B	€1.1B	€545.5M
Net debt / EBITDA	0.13×	0.38×	-0.28×	0.09×	-0.39×	0.18×	-0.08×	-0.65×
Cash conversion cycle (days)	138	133	149	144	133	147	43	123