Wärtsilä Oyj Abp (WRT1V.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

+21.1%

€31.30

vs €25.85 price

Levered DCF

€63.52

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.16

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	28.68×	20.13×	29.48×	-71.55×	37.45×	35.43×	26.62×	21.02×
P/B	6.22×	3.99×	3.42×	2.17×	3.15×	2.22×	2.43×	3.34×
P/S	2.59×	1.56×	1.26×	0.79×	1.53×	1.05×	1.13×	1.56×
EV / EBITDA	15.37×	11.25×	13.58×	37.46×	15.38×	13.73×	12.05×	12.59×
Gross margin	20.6%	46.1%	43.2%	37.2%	43.7%	42.7%	44.9%	46.4%
Operating margin	11.9%	11.1%	6.7%	-0.4%	6.6%	5.1%	7.0%	10.5%
Net margin	9.1%	7.8%	4.3%	-1.1%	4.1%	2.9%	4.2%	7.5%
Current ratio	1.39×	1.24×	1.23×	1.19×	1.31×	1.47×	1.45×	1.41×
Debt / equity	0.27×	0.3×	0.39×	0.44×	0.42×	0.61×	0.46×	0.34×
Interest coverage	11.47×	10.69×	6.18×	-0.79×	9.52×	5.71×	6.46×	10.65×
Dividend yield	1.5%	1.9%	2.1%	3.1%	1.7%	5.9%	4.9%	3.4%
Payout ratio	42.0%	38.6%	60.5%	-226.6%	62.4%	213.4%	130.9%	71.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.8%	19.9%	11.6%	-3.0%	8.4%	6.2%	9.1%	16.0%
Return on invested capital	14.4%	14.2%	8.5%	-0.8%	5.7%	4.2%	6.5%	15.8%
Return on assets	7.4%	6.5%	3.8%	-1.0%	3.0%	2.2%	3.4%	6.4%
Free cash flow yield	8.1%	10.3%	8.9%	-4.7%	8.1%	11.7%	2.0%	4.5%
Earnings yield	3.5%	5.0%	3.4%	-1.4%	2.7%	2.8%	3.7%	4.8%
Enterprise value	€16.1B	€9.3B	€7.6B	€5.1B	€7.3B	€5.2B	€6.6B	€8.4B
Net debt / EBITDA	-1.74×	-0.95×	0.07×	3.56×	0.02×	1.07×	1.36×	0.5×
Cash conversion cycle (days)	146	167	184	146	183	226	230	213