FORTUM Stock Analysis: Fortum | HE
Utilities - Renewable | HE, Finland | Market Cap: 20.628m EUR | 12M Return: 16.3% | FI0009007132 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 21.2M
EPS Trend: -89.1%
Qual. Beats: 0
Rev. Trend: -76.0%
Qual. Beats: 2
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Fortum Oyj is a Finnish utility company headquartered in Espoo that generates and sells electricity and heat to households and businesses across Finland, Sweden, Norway, Poland, and other international markets. It operates through three segments: Generation (focused on low-carbon hydro, nuclear, onshore wind, and solar power, alongside district heating/cooling and decarbonization services), Consumer Solutions (electricity retail, invoicing, digital services, and value-added products for consumers and SMEs), and Other Operations. The company is also active in gas retail, power trading, industrial site development, and battery recycling. Originally incorporated in 1998 under the name IVO-Neste Yhtymä Oyj, Fortum adopted its current name in June 1998.
As a vertically integrated Nordic utility, Fortum combines large-scale low-carbon generation with downstream retail operations-a structure common among European incumbents that historically owned both power assets and customer-facing distribution businesses. Its mix of hydro and nuclear capacity reflects the carbon-light generation base typical of the Nordic power market, while its battery recycling activities position it within the broader circular-economy value chain tied to electric-vehicle materials.
- Nordic spot power prices swing on hydro reservoir levels
- Uniper stake drives earnings volatility from European gas exposure
- Russia exit completes, unlocking capital return to shareholders
| Net Income: 806.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -0.81 > 1.0 |
| NWC/Revenue: 38.49% < 20% (prev 51.31%; Δ -12.81% < -1%) |
| CFO/TA 0.05 > 3% & CFO 866.0m > Net Income 806.0m |
| Net Debt (2.60b) to EBITDA (1.46b): 1.79 < 3 |
| Current Ratio: 2.06 > 1.5 & < 3 |
| Outstanding Shares: last quarter (897.3m) vs 12m ago 0.00% < -2% |
| Gross Margin: 28.73% > 18% (prev 39.04%; Δ -10.31% > 0.5%) |
| Asset Turnover: 35.78% > 50% (prev 31.37%; Δ 4.40% > 0%) |
| Interest Coverage Ratio: 8.15 > 6 (EBIT TTM 1.13b / Interest Expense TTM 139.0m) |
| A: 0.14 (Total Current Assets 4.24b - Total Current Liabilities 2.06b) / Total Assets 15.8b |
| B: 0.33 (Retained Earnings 5.20b / Total Assets 15.8b) |
| C: 0.07 (EBIT TTM 1.13b / Avg Total Assets 15.9b) |
| D: 1.00 (Book Value of Equity 7.90b / Total Liabilities 7.87b) |
| Altman-Z'' = 3.51 = A |
| DSRI: 0.54 (Receivables 683.0m/1.12b, Revenue 5.67b/4.98b) |
| GMI: 1.36 (GM 39.04% / 28.73%) |
| AQI: 1.06 (AQ_t 0.32 / AQ_t-1 0.30) |
| SGI: 1.14 (Revenue 5.67b / 4.98b) |
| TATA: -0.00 (NI 806.0m - CFO 866.0m) / TA 15.8b) |
| Beneish M = -2.95 (Cap -4..+1) = A |
As of November 04, 2026, the stock is trading at EUR 22.68 with a total of 953,482 shares traded. Over the past week, the price has changed by -3.90%, over one month by -3.78%, over three months by +16.52% and over the past year by +16.26%.
Current recommended Stop Loss: 21.90 (which is 3.4% or 1.3 ATR below the current price).
Fortum has no consensus analysts rating.
P/E Trailing = 25.5444
P/E Forward = 21.2766
P/S = 3.6479
P/B = 2.6334
P/EG = 13.8952
Revenue TTM = 5.67b EUR
EBIT TTM = 1.13b EUR
EBITDA TTM = 1.46b EUR
Long Term Debt = 3.55b EUR (from longTermDebt, last quarter)
Short Term Debt = 494.0m EUR (from shortLongTermDebt, last quarter)
Debt = 4.93b EUR (from shortLongTermDebtTotal, last fiscal year) + Leases 96.0m
Net Debt = 2.60b EUR (calculated: Debt 4.93b - CCE 2.33b)
Enterprise Value = 23.2b EUR (20.6b + Debt 4.93b - CCE 2.33b)
Interest Coverage Ratio = 8.15 (Ebit TTM 1.13b / Interest Expense TTM 139.0m)
EV/FCF = 63.30x (Enterprise Value 23.2b / FCF TTM 367.0m)
FCF Yield = 1.58% (FCF TTM 367.0m / Enterprise Value 23.2b)
FCF Margin = 6.47% (FCF TTM 367.0m / Revenue TTM 5.67b)
Net Margin = 14.21% (Net Income TTM 806.0m / Revenue TTM 5.67b)
Gross Margin = 28.73% ((Revenue TTM 5.67b - Cost of Revenue TTM 4.04b) / Revenue TTM)
Gross Margin QoQ = 35.19% (prev 35.59%)
Tobins Q-Ratio = 1.47 (Enterprise Value 23.2b / Total Assets 15.8b)
Interest Expense / Debt = 2.82% (Interest Expense 139.0m / Debt 4.93b)
Taxrate = 18.98% (189.0m / 996.0m)
NOPAT = 918.0m (EBIT 1.13b * (1 - 18.98%))
Current Ratio = 2.06 (Total Current Assets 4.24b / Total Current Liabilities 2.06b)
Debt / Equity = 0.62 (Debt 4.93b / totalStockholderEquity, last quarter 7.90b)
Debt / EBITDA = 1.79 (Net Debt 2.60b / EBITDA 1.46b)
Debt / FCF = 7.10 (Net Debt 2.60b / FCF TTM 367.0m)
Total Stockholder Equity = 8.19b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.08% (Net Income 806.0m / Total Assets 15.8b)
RoE = 9.84% (Net Income TTM 806.0m / Total Stockholder Equity 8.19b)
RoCE = 9.65% (EBIT 1.13b / Capital Employed (Equity 8.19b + L.T.Debt 3.55b))
RoIC = 6.26% (NOPAT 918.0m / Invested Capital 14.7b)
WACC = 5.42% (E(20.6b)/V(25.6b) * Re(6.17%) + D(4.93b)/V(25.6b) * Rd(2.82%) * (1-Tc(0.19)))
Discount Rate = 6.17% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -5.80 | Cagr: 0.0%
[DCF] Terminal Value 73.10% ; FCFF base≈418.6m ; Y1≈367.1m ; Y5≈296.6m
[DCF] Fair Price = 2.40 (EV 4.76b - Net Debt 2.60b = Equity 2.16b / Shares 897.3m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -89.10 | EPS CAGR: -17.52% | SUE: -0.44 | # QB: 0
Revenue Correlation: -75.97 | Revenue CAGR: -8.82% | SUE: 1.00 | # QB: 2
EPS current Quarter (2027-03-31): EPS=0.53 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=1.01 | Chg30d=-0.57% | Revisions=-13% | GrowthEPS=+23.6% | GrowthRev=+13.9%
EPS next Year (2027-12-31): EPS=1.11 | Chg30d=+6.14% | Revisions=+56% | GrowthEPS=+9.0% | GrowthRev=+9.7%
[Analyst] Revisions Ratio: +25% (up=16, down=9)