FORTUM Stock Analysis: Fortum | HE
Utilities - Renewable | HE, Finland | Market Cap: 19.031m EUR | 12M Return: 64.5% | FI0009007132 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 20.8M
EPS Trend: -90.8%
Qual. Beats: -1
Rev. Trend: -88.4%
Qual. Beats: 1
Warnings
Tailwinds
Seasonality 11.6 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 retail and business customers across the Nordic countries (Finland, Sweden, Norway) and Poland, with additional international operations. The company is classified within the GICS Electric Utilities sub-industry and is one of the larger listed utilities in the Nordic region. Nordic electric utilities typically operate as integrated power generators and heat providers, often supplying district heating networks that distribute centrally produced heat to residential and commercial customers.
The company reports across three segments. The Generation segment focuses on low-carbon power production, including hydro, nuclear, onshore wind, and solar assets, along with district heating and cooling and decarbonization services for industrial clients. The Consumer Solutions segment provides electricity, gas, and related value-added products and digital services to households and small- and medium-sized enterprises. Additional activities include power trading, energy supply services, industrial site development, and battery recycling. Nordic utilities like Fortum commonly combine generation, retail supply, and trading desks to balance production and consumption across the regional power grid.
Fortum Oyj was incorporated in 1998 and was previously named IVO-Neste Yhtymä Oyj before adopting its current name in June 1998. The companys structure reflects the typical evolution of state-linked Nordic utilities, which have historically combined power generation, district heating, and retail energy supply under a single corporate umbrella.
- Nordic power prices climb on low hydro reservoir levels
- Uniper stake weighs on earnings amid German gas crisis
- Consumer Solutions margins squeezed by intensifying retail competition
| Net Income: 827.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA -1.72 > 1.0 |
| NWC/Revenue: 42.07% < 20% (prev 53.80%; Δ -11.73% < -1%) |
| CFO/TA 0.06 > 3% & CFO 863.0m > Net Income 827.0m |
| Net Debt (1.86b) to EBITDA (1.45b): 1.29 < 3 |
| Current Ratio: 2.81 > 1.5 & < 3 |
| Outstanding Shares: last quarter (897.3m) vs 12m ago 3.53% < -2% |
| Gross Margin: 26.27% > 18% (prev 43.21%; Δ -16.94% > 0.5%) |
| Asset Turnover: 35.24% > 50% (prev 32.04%; Δ 3.20% > 0%) |
| Interest Coverage Ratio: 8.28 > 6 (EBIT TTM 1.14b / Interest Expense TTM 137.0m) |
| A: 0.15 (Total Current Assets 3.59b - Total Current Liabilities 1.28b) / Total Assets 15.1b |
| B: 0.41 (Retained Earnings 6.15b / Total Assets 15.1b) |
| C: 0.07 (EBIT TTM 1.14b / Avg Total Assets 15.6b) |
| D: 1.19 (Book Value of Equity 8.14b / Total Liabilities 6.87b) |
| Altman-Z'' = 4.07 = AA |
| DSRI: 0.77 (Receivables 704.0m/853.0m, Revenue 5.49b/5.14b) |
| GMI: 1.64 (GM 43.21% / 26.27%) |
| AQI: 1.08 (AQ_t 0.33 / AQ_t-1 0.30) |
| SGI: 1.07 (Revenue 5.49b / 5.14b) |
| TATA: -0.00 (NI 827.0m - CFO 863.0m) / TA 15.1b) |
| Beneish M = -2.53 (Cap -4..+1) = A |
As of September 13, 2026, the stock is trading at EUR 23.99 with a total of 2,218,026 shares traded. Over the past week, the price has changed by +14.35%, over one month by +20.46%, over three months by +15.84% and over the past year by +64.49%.
Current recommended Stop Loss: 22.90 (which is 4.5% or 1.4 ATR below the current price).
Fortum has no consensus analysts rating.
P/E Trailing = 23.0543
P/E Forward = 18.1818
P/S = 3.4671
P/B = 2.2456
P/EG = 13.8952
Revenue TTM = 5.49b EUR
EBIT TTM = 1.14b EUR
EBITDA TTM = 1.45b EUR
Long Term Debt = 3.57b EUR (from longTermDebt, last quarter)
Short Term Debt = 210.0m EUR (from shortTermDebt, last quarter)
Debt = 3.96b EUR (from shortLongTermDebtTotal, last quarter) + Leases 100.0m
Net Debt = 1.86b EUR (calculated: Debt 3.96b - CCE 2.10b)
Enterprise Value = 20.9b EUR (19.0b + Debt 3.96b - CCE 2.10b)
Interest Coverage Ratio = 8.28 (Ebit TTM 1.14b / Interest Expense TTM 137.0m)
EV/FCF = 53.43x (Enterprise Value 20.9b / FCF TTM 391.0m)
FCF Yield = 1.87% (FCF TTM 391.0m / Enterprise Value 20.9b)
FCF Margin = 7.12% (FCF TTM 391.0m / Revenue TTM 5.49b)
Net Margin = 15.07% (Net Income TTM 827.0m / Revenue TTM 5.49b)
Gross Margin = 26.27% ((Revenue TTM 5.49b - Cost of Revenue TTM 4.05b) / Revenue TTM)
Gross Margin QoQ = 35.59% (prev 40.26%)
Tobins Q-Ratio = 1.38 (Enterprise Value 20.9b / Total Assets 15.1b)
Interest Expense / Debt = 3.46% (Interest Expense 137.0m / Debt 3.96b)
Taxrate = 17.74% (179.0m / 1.01b)
NOPAT = 933.6m (EBIT 1.14b * (1 - 17.74%))
Current Ratio = 2.81 (Total Current Assets 3.59b / Total Current Liabilities 1.28b)
Debt / Equity = 0.49 (Debt 3.96b / totalStockholderEquity, last quarter 8.14b)
Debt / EBITDA = 1.29 (Net Debt 1.86b / EBITDA 1.45b)
Debt / FCF = 4.76 (Net Debt 1.86b / FCF TTM 391.0m)
Total Stockholder Equity = 8.24b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.31% (Net Income 827.0m / Total Assets 15.1b)
RoE = 10.04% (Net Income TTM 827.0m / Total Stockholder Equity 8.24b)
RoCE = 9.61% (EBIT 1.14b / Capital Employed (Equity 8.24b + L.T.Debt 3.57b))
RoIC = 6.79% (NOPAT 933.6m / Invested Capital 13.7b)
WACC = 5.86% (E(19.0b)/V(23.0b) * Re(6.49%) + D(3.96b)/V(23.0b) * Rd(3.46%) * (1-Tc(0.18)))
Discount Rate = 6.49% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -5.80 | Cagr: 0.0%
[DCF] Terminal Value 73.10% ; FCFF base≈511.8m ; Y1≈448.8m ; Y5≈362.6m
[DCF] Fair Price = 4.41 (EV 5.82b - Net Debt 1.86b = Equity 3.96b / Shares 897.3m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -90.83 | EPS CAGR: -18.14% | SUE: -1.14 | # QB: -1
Revenue Correlation: -88.40 | Revenue CAGR: -13.13% | SUE: 3.53 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.11 | Chg30d=-8.33% | Revisions=-12% | Analysts=6
EPS current Year (2026-12-31): EPS=1.02 | Chg30d=-0.20% | Revisions=-44% | GrowthEPS=+24.6% | GrowthRev=+11.7%
EPS next Year (2027-12-31): EPS=0.98 | Chg30d=+1.14% | Revisions=+59% | GrowthEPS=-3.6% | GrowthRev=+5.1%
[Analyst] Revisions Ratio: +6% (up=17, down=15)