Cash flow Valmet Oyj

Equities

VALMT

FI4000074984

Industrial Machinery & Equipment

Market Closed - Nasdaq Helsinki Other stock markets 12:00:00 2026-05-15 EDT			5-day change	1st Jan Change
22.34 ^EUR	+0.18%		-0.36%	-21.14%

05-07	Norron Nordic Long/Short Equity gains 0.79 percent in April - net exposure gradually increased amid strong earnings season	FW
05-07	Norron Nordic Sustainable Equity rose 5.18 percent in April - cyclical sectors and small caps favored	FW

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Published financial data: VALMET OYJ

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	3.94B	5.07B	5.53B	5.36B	5.2B
Total Revenues	3.94B	5.07B	5.53B	5.36B	5.2B
Cost of Goods Sold, Total	2.94B	3.81B	4.1B	3.85B	3.72B
Gross Profit	993M	1.26B	1.43B	1.51B	1.48B
Selling General & Admin Expenses, Total	594M	832M	905M	988M	940M
Other Operating Expenses	-7M	6M	14M	3M	3M
Other Operating Expenses, Total	587M	838M	919M	991M	943M
Operating Income	406M	426M	510M	521M	535M
Interest Expense, Total	-1M	-10M	-38M	-89M	-74M
Interest And Investment Income	4M	9M	14M	22M	18M
Net Interest Expenses	3M	-1M	-24M	-67M	-56M
Income (Loss) On Equity Invest.	3M	7M	3M	2M	5M
Currency Exchange Gains (Loss)	-11M	-6M	6M	-8M	-6M
Other Non Operating Income (Expenses)	-1M	-4M	-4M	-5M	-7M
EBT, Excl. Unusual Items	400M	422M	491M	443M	471M
Restructuring Charges	-	-4M	-8M	-18M	-65M
Merger & Related Restructuring Charges	-6M	-11M	-6M	-3M	-2M
Gain (Loss) On Sale Of Investments	-	59M	-	-	-
Gain (Loss) On Sale Of Assets	1M	1M	3M	1M	2M
Asset Writedown	-1M	-4M	-2M	-13M	-6M
Insurance Settlements	-	22M	34M	6M	-
Other Unusual Items	2M	-53M	-39M	-33M	-24M
EBT, Incl. Unusual Items	396M	432M	473M	383M	376M
Income Tax Expense	99M	94M	114M	102M	96M
Earnings From Continuing Operations	297M	338M	359M	281M	280M
Net Income to Company	297M	338M	359M	281M	280M
Minority Interest	-1M	-	-2M	-1M	-
Net Income - (IS)	296M	338M	357M	280M	280M
Net Income to Common Incl Extra Items	296M	338M	357M	280M	280M
Net Income to Common Excl. Extra Items	296M	338M	357M	280M	280M
Per Share Items
Net EPS - Basic	1.98	1.92	1.94	1.52	1.52
Basic EPS - Continuing Operations	1.98	1.92	1.94	1.52	1.52
Basic Weighted Average Shares Outstanding	149M	176M	184M	184M	184M
Net EPS - Diluted	1.98	1.92	1.94	1.52	1.52
Diluted EPS - Continuing Operations	1.98	1.92	1.94	1.52	1.52
Diluted Weighted Average Shares Outstanding	149M	176M	184M	184M	184M
Normalized Basic EPS	1.67	1.5	1.66	1.5	1.6
Normalized Diluted EPS	1.67	1.5	1.66	1.5	1.6
Dividend Per Share	1.2	1.3	1.35	1.35	1.35
Payout Ratio	45.61	52.96	66.95	88.57	88.57
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	490M	579M	647M	672M	674M
EBITA	443M	524M	589M	609M	610M
EBIT	406M	426M	510M	521M	535M
EBITDAR	499M	588M	658M	683M	686M
Effective Tax Rate - (Ratio)	25	21.76	24.1	26.63	25.53
Total Current Taxes	103M	112M	135M	119M	138M
Total Deferred Taxes	-4M	-18M	-21M	-17M	-42M
Normalized Net Income	249M	264M	305M	276M	294M
Interest on Long-Term Debt	2M	3M	5M	8M	11M
Non-Cash Pension Expense	2M	3M	5M	4M	5M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	82M	95M	114M	123M	126M
Net Rental Expense, Total	9M	9M	11M	11M	12M
Imputed Operating Lease Interest Expense	147K	1.12M	2.92M	5.17M	4.73M
Imputed Operating Lease Depreciation	8.85M	7.88M	8.08M	5.83M	7.27M
Stock-Based Comp., Other (Total)	6.98M	6.83M	6.66M	7.74M	7.4M
Total Stock-Based Compensation	6.98M	6.83M	6.66M	7.74M	7.4M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	517M	277M	432M	482M	535M
Short Term Investments	47M	31M	25M	38M	25M
Total Cash And Short Term Investments	564M	308M	457M	520M	560M
Accounts Receivable, Total	924M	1.32B	1.45B	1.21B	1.1B
Other Receivables	178M	268M	314M	64M	67M
Total Receivables	1.1B	1.59B	1.76B	1.27B	1.16B
Inventory	662M	935M	1.05B	903M	884M
Prepaid Expenses	-	-	-	-	-
Other Current Assets, Total	35M	57M	29M	251M	245M
Total Current Assets	2.36B	2.89B	3.3B	2.94B	2.85B
Gross Property Plant And Equipment	1.5B	1.63B	1.74B	1.82B	1.88B
Accumulated Depreciation	-1.03B	-1.03B	-1.05B	-1.1B	-1.14B
Net Property Plant And Equipment	468M	600M	698M	726M	740M
Long-term Investments	472M	25M	26M	29M	30M
Goodwill	730M	1.61B	1.74B	1.81B	1.8B
Other Intangibles, Total	274M	1.03B	1.14B	1.13B	1.04B
Accounts Receivable Long-Term	-	-	8M	22M	17M
Loans Receivable Long-Term	1M	-	-	-	-
Deferred Tax Assets Long-Term	66M	62M	90M	94M	96M
Other Long-Term Assets, Total	46M	58M	69M	82M	59M
Total Assets	4.42B	6.27B	7.06B	6.83B	6.63B
Liabilities
Accounts Payable, Total	374M	442M	520M	460M	500M
Accrued Expenses, Total	159M	214M	237M	239M	387M
Current Portion of Long-Term Debt	222M	155M	103M	115M	132M
Current Portion of Leases	22M	35M	43M	50M	48M
Current Income Taxes Payable	79M	79M	85M	75M	58M
Unearned Revenue Current, Total	1.26B	1.2B	1.15B	904M	855M
Other Current Liabilities	450M	608M	525M	513M	354M
Total Current Liabilities	2.57B	2.74B	2.66B	2.36B	2.33B
Long-Term Debt	196M	555M	1.24B	1.27B	1.15B
Long-Term Leases	37M	63M	98M	107M	128M
Pension & Other Post Retirement Benefits	189M	132M	154M	157M	156M
Deferred Tax Liability Non Current	69M	238M	283M	284M	246M
Other Non Current Liabilities	28M	46M	54M	42M	27M
Total Liabilities	3.09B	3.77B	4.49B	4.22B	4.04B
Common Stock, Total	100M	140M	140M	140M	140M
Retained Earnings	804M	999M	1.1B	1.14B	1.17B
Comprehensive Income and Other	422M	1.36B	1.33B	1.33B	1.28B
Total Common Equity	1.33B	2.5B	2.56B	2.61B	2.58B
Minority Interest	6M	5M	6M	7M	6M
Total Equity	1.33B	2.5B	2.57B	2.61B	2.59B
Total Liabilities And Equity	4.42B	6.27B	7.06B	6.83B	6.63B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	149M	184M	184M	184M	184M
ECS Total Common Shares Outstanding	149M	184M	184M	184M	184M
Book Value / Share	8.87	13.55	13.93	14.16	14.03
Tangible Book Value	322M	-145M	-312M	-328M	-256M
Tangible Book Value Per Share	2.15	-0.79	-1.69	-1.78	-1.39
Total Debt	477M	808M	1.48B	1.54B	1.46B
Net Debt	-87M	500M	1.03B	1.02B	901M
Debt Equivalent of Unfunded Proj. Benefit Obligation	187M	124M	146M	127M	124M
Debt Equivalent Oper. Leases	72M	72M	88M	88M	96M
Minority Interest, Total (Incl. Fin. Div)	6M	5M	6M	7M	6M
Equity Method Investments, Total	461M	15M	16M	17M	19M
Account Code - Inventory Valuation	5	5	5	3	3
Inventories - Raw Materials, Total	94M	240M	249M	206M	213M
Inventories - Work In Process, Total	425M	424M	472M	396M	377M
Inventories - Finished Goods, Total	143M	271M	327M	301M	294M
Land - (BS)	25M	41M	40M	41M	38M
Buildings, Total	395M	428M	449M	461M	472M
Machinery, Total	941M	975M	1.03B	1.08B	1.12B
Full Time Employees	12.66K	15.51K	16.94K	18.67K	17.87K
Part Time Employees	219	273	326	636	618
Accumulated Allowance for Doubtful Accounts (Supple)	19M	21M	25M	33M	38M
Order Backlog	4.1B	4.4B	3.97B	4.45B	4.31B

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	296M	338M	357M	280M	280M
Depreciation & Amortization - CF	71M	89M	98M	111M	113M
Amortization of Goodwill and Intangible Assets - (CF)	37M	98M	79M	88M	75M
Depreciation & Amortization, Total	108M	187M	177M	199M	188M
Amortization of Deferred Charges, Total - (CF)	12M	16M	19M	20M	21M
Other Operating Activities, Total	-10M	-106M	-21M	12M	53M
Change In Accounts Receivable	-93M	-395M	-130M	242M	110M
Change In Inventories	-109M	-272M	-114M	145M	19M
Change In Accounts Payable	2M	68M	78M	-59M	40M
Change in Unearned Revenues	261M	-58M	-53M	-247M	-49M
Change in Other Net Operating Assets	15M	258M	39M	-38M	-81M
Cash from Operations	482M	36M	352M	554M	581M
Capital Expenditure	-68M	-80M	-98M	-83M	-85M
Sale of Property, Plant, and Equipment	2M	2M	6M	2M	3M
Cash Acquisitions	-15M	117M	-415M	-135M	1M
Sale (Purchase) of Intangible assets	-29M	-32M	-27M	-24M	-18M
Investment in Marketable and Equity Securities, Total	11M	13M	2M	2M	2M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-99M	20M	-532M	-238M	-97M
Short Term Debt Issued, Total	-	96M	-	-	16M
Long-Term Debt Issued, Total	100M	400M	725M	375M	281M
Total Debt Issued	100M	496M	725M	375M	297M
Short Term Debt Repaid, Total	-	-	-58M	-42M	-
Long-Term Debt Repaid, Total	-145M	-626M	-84M	-342M	-451M
Total Debt Repaid	-145M	-626M	-142M	-384M	-451M
Repurchase of Common Stock	-3M	-5M	-4M	-3M	-3M
Common Dividends Paid	-135M	-179M	-239M	-248M	-248M
Common & Preferred Stock Dividends Paid	-135M	-179M	-239M	-248M	-248M
Other Financing Activities, Total	28M	22M	6M	-8M	4M
Cash from Financing	-155M	-292M	346M	-268M	-401M
Foreign Exchange Rate Adjustments	16M	-4M	-10M	3M	-30M
Miscellaneous Cash Flow Adjustments	-1M	-	-1M	-1M	-
Net Change in Cash	243M	-240M	155M	50M	53M
Supplemental Items
Cash Interest Paid	8M	12M	31M	74M	67M
Cash Income Tax Paid (Refund)	91M	131M	143M	134M	125M
Levered Free Cash Flow	415M	-199M	82.66M	475M	497M
Unlevered Free Cash Flow	416M	-193M	106M	530M	543M
Change In Net Working Capital	-132M	557M	290M	-85M	-95M
Net Debt Issued / Repaid	-45M	-130M	583M	-9M	-154M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	6.06	4.98	4.78	4.69	4.97
Return on Total Capital	14.7	10.41	8.66	7.93	8.15
Return On Equity %	24	17.64	14.16	10.84	10.76
Return on Common Equity	24.04	17.69	14.11	10.83	10.79
Margin Analysis
Gross Profit Margin %	25.24	24.91	25.83	28.21	28.44
SG&A Margin	15.1	16.4	16.36	18.44	18.09
EBITDA Margin %	12.45	11.41	11.7	12.54	12.97
EBITA Margin %	11.26	10.33	10.65	11.36	11.74
EBIT Margin %	10.32	8.4	9.22	9.72	10.29
Income From Continuing Operations Margin %	7.55	6.66	6.49	5.24	5.39
Net Income Margin %	7.52	6.66	6.45	5.22	5.39
Net Avail. For Common Margin %	7.52	6.66	6.45	5.22	5.39
Normalized Net Income Margin	6.33	5.2	5.51	5.15	5.66
Levered Free Cash Flow Margin	10.55	-3.93	1.49	8.86	9.55
Unlevered Free Cash Flow Margin	10.56	-3.8	1.92	9.9	10.44
Asset Turnover
Asset Turnover	0.94	0.95	0.83	0.77	0.77
Fixed Assets Turnover	8.66	9.5	8.52	7.53	7.09
Receivables Turnover (Average Receivables)	4.48	4.52	4	4.04	4.52
Inventory Turnover (Average Inventory)	4.84	4.77	4.14	3.94	4.16
Short Term Liquidity
Current Ratio	0.92	1.05	1.24	1.25	1.22
Quick Ratio	0.65	0.69	0.83	0.76	0.74
Operating Cash Flow to Current Liabilities	0.19	0.01	0.13	0.24	0.25
Days Sales Outstanding (Average Receivables)	81.39	80.68	91.28	90.63	80.84
Days Outstanding Inventory (Average Inventory)	75.43	76.5	88.16	92.81	87.69
Average Days Payable Outstanding	44.64	36.47	41.63	48.44	47.35
Cash Conversion Cycle (Average Days)	112.19	120.7	137.81	134.99	121.18
Long Term Solvency
Total Debt/Equity	35.81	32.31	57.72	59.07	56.41
Total Debt / Total Capital	26.37	24.42	36.6	37.13	36.07
LT Debt/Equity	17.49	24.71	52.04	52.75	49.46
Long-Term Debt / Total Capital	12.88	18.68	33	33.16	31.62
Total Liabilities / Total Assets	69.86	60.13	63.6	61.74	60.96
EBIT / Interest Expense	406	42.6	13.42	5.85	7.23
EBITDA / Interest Expense	514	61.3	18.08	8.09	9.77
(EBITDA - Capex) / Interest Expense	446	53.3	15.5	7.16	8.62
Total Debt / EBITDA	0.93	1.32	2.16	2.14	2.02
Net Debt / EBITDA	-0.17	0.82	1.49	1.42	1.25
Total Debt / (EBITDA - Capex)	1.07	1.52	2.52	2.42	2.29
Net Debt / (EBITDA - Capex)	-0.2	0.94	1.74	1.61	1.41
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.21	28.95	9.03	-3.13	-3.02
Gross Profit, 1 Yr. Growth %	9.85	27.29	13.05	5.81	-2.25
EBITDA, 1 Yr. Growth %	20.99	18.16	11.74	3.86	0.3
EBITA, 1 Yr. Growth %	23.4	18.28	12.4	3.4	0.16
EBIT, 1 Yr. Growth %	21.92	4.93	19.72	2.16	2.69
Earnings From Cont. Operations, 1 Yr. Growth %	28.57	13.8	6.53	-21.73	-0.36
Net Income, 1 Yr. Growth %	28.14	14.19	5.93	-21.57	0
Normalized Net Income, 1 Yr. Growth %	24.89	5.92	15.87	-9.51	6.71
Diluted EPS Before Extra, 1 Yr. Growth %	28.57	-3.03	1.03	-21.59	-0
Accounts Receivable, 1 Yr. Growth %	11.19	42.75	9.78	-16.71	-9.12
Inventory, 1 Yr. Growth %	19.49	41.24	12.21	-13.84	-2.1
Net Property, Plant and Equip., 1 Yr. Growth %	6.12	28.21	16.33	4.01	1.93
Total Assets, 1 Yr. Growth %	11.64	41.92	12.65	-3.28	-2.9
Tangible Book Value, 1 Yr. Growth %	109.09	-145.03	112.24	5.13	-21.95
Common Equity, 1 Yr. Growth %	16.62	88.24	2.85	1.64	-0.88
Cash From Operations, 1 Yr. Growth %	-9.4	-92.53	877.78	57.39	4.87
Capital Expenditures, 1 Yr. Growth %	13.33	17.65	22.5	-15.31	2.41
Levered Free Cash Flow, 1 Yr. Growth %	16.74	-147.98	-141.5	454.23	4.52
Unlevered Free Cash Flow, 1 Yr. Growth %	14.69	-146.4	-155.16	384.76	2.28
Dividend Per Share, 1 Yr. Growth %	33.33	8.33	3.85	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	5.33	16.48	18.57	2.77	-3.08
Gross Profit, 2 Yr. CAGR %	6.71	18.25	19.96	9.37	1.7
EBITDA, 2 Yr. CAGR %	17.65	19.57	14.91	7.73	2.07
EBITA, 2 Yr. CAGR %	20.52	20.81	15.31	7.81	1.77
EBIT, 2 Yr. CAGR %	20.2	13.11	12.08	10.59	2.42
Earnings From Cont. Operations, 2 Yr. CAGR %	21.26	20.96	9.94	-8.69	-11.69
Net Income, 2 Yr. CAGR %	21.35	20.96	9.82	-8.85	-11.44
Normalized Net Income, 2 Yr. CAGR %	22.29	15.02	10.65	2.39	-1.74
Diluted EPS Before Extra, 2 Yr. CAGR %	21.4	11.66	-1.05	-11	-11.45
Accounts Receivable, 2 Yr. CAGR %	0.33	25.99	25.18	-4.38	-13
Inventory, 2 Yr. CAGR %	13.6	29.91	25.82	-1.67	-8.16
Net Property, Plant and Equip., 2 Yr. CAGR %	4.45	16.64	22.12	10	2.96
Total Assets, 2 Yr. CAGR %	13.16	25.88	26.42	4.38	-3.09
Tangible Book Value, 2 Yr. CAGR %	79.44	-2.97	-1.56	49.38	-9.42
Common Equity, 2 Yr. CAGR %	12.92	48.16	39.08	2.24	0.37
Cash From Operations, 2 Yr. CAGR %	27.82	-73.99	-14.54	292.29	28.47
Capital Expenditures, 2 Yr. CAGR %	9.22	15.47	20.05	1.86	-6.87
Levered Free Cash Flow, 2 Yr. CAGR %	71.26	-25.16	-55.38	54.39	140.76
Unlevered Free Cash Flow, 2 Yr. CAGR %	67.02	-27.05	-49.41	65.81	122.73
Dividend Per Share, 2 Yr. CAGR %	22.47	20.18	6.07	1.9	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.78	12.68	13.94	10.84	0.8
Gross Profit, 3 Yr. CAGR %	9.08	13.17	16.49	15.04	5.35
EBITDA, 3 Yr. CAGR %	17.9	17.82	16.9	11.1	5.19
EBITA, 3 Yr. CAGR %	20.53	19.77	17.94	11.19	5.2
EBIT, 3 Yr. CAGR %	20.68	14.88	15.27	8.67	7.89
Earnings From Cont. Operations, 3 Yr. CAGR %	25.29	18.72	15.83	-1.83	-5.99
Net Income, 3 Yr. CAGR %	25.15	18.92	15.62	-1.84	-5.99
Normalized Net Income, 3 Yr. CAGR %	21.34	16.57	15.21	3.48	3.81
Diluted EPS Before Extra, 3 Yr. CAGR %	25.2	12.64	7.98	-8.44	-7.47
Accounts Receivable, 3 Yr. CAGR %	8.47	12.84	20.33	9.28	-5.99
Inventory, 3 Yr. CAGR %	16.47	22.15	23.68	10.9	-1.82
Net Property, Plant and Equip., 3 Yr. CAGR %	10.38	11.83	16.54	15.76	7.24
Total Assets, 3 Yr. CAGR %	13.94	22.03	21.29	15.62	1.89
Tangible Book Value, 3 Yr. CAGR %	36.72	13.19	26.54	0.62	20.31
Common Equity, 3 Yr. CAGR %	11.99	33.89	31.15	25.28	1.19
Cash From Operations, 3 Yr. CAGR %	19.28	-50.4	-12.86	4.75	152.71
Capital Expenditures, 3 Yr. CAGR %	8.66	11.96	17.77	6.87	2.04
Levered Free Cash Flow, 3 Yr. CAGR %	25.35	12.06	-38.51	4.58	35.59
Unlevered Free Cash Flow, 3 Yr. CAGR %	24.68	8.98	-33.54	8.46	41.17
Dividend Per Share, 3 Yr. CAGR %	22.68	17.57	14.47	4	1.27
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.1	10.66	10.72	8.6	6.8
Gross Profit, 5 Yr. CAGR %	8.03	12.39	13.31	11.64	10.33
EBITDA, 5 Yr. CAGR %	14.68	16.74	16.69	13.68	10.72
EBITA, 5 Yr. CAGR %	17.71	19.28	18.41	14.83	11.19
EBIT, 5 Yr. CAGR %	19.73	17.4	17.16	13.14	9.95
Earnings From Cont. Operations, 5 Yr. CAGR %	29.04	22.81	18.91	6.82	3.92
Net Income, 5 Yr. CAGR %	28.96	22.81	18.78	6.85	3.92
Normalized Net Income, 5 Yr. CAGR %	20.94	18.58	16.95	10.63	8.11
Diluted EPS Before Extra, 5 Yr. CAGR %	29.2	18.92	13.95	2.5	-0.26
Accounts Receivable, 5 Yr. CAGR %	4.04	13.19	14.87	5.61	5.69
Inventory, 5 Yr. CAGR %	7.05	17.64	20.12	11.97	9.8
Net Property, Plant and Equip., 5 Yr. CAGR %	4.59	11.13	14.94	11.1	10.91
Total Assets, 5 Yr. CAGR %	8.36	16.62	18.78	14.63	10.88
Tangible Book Value, 5 Yr. CAGR %	48.9	7.93	19.88	26.82	10.7
Common Equity, 5 Yr. CAGR %	8.52	22.28	22.13	20.18	17.84
Cash From Operations, 5 Yr. CAGR %	14.4	-34.16	4.39	13.43	1.78
Capital Expenditures, 5 Yr. CAGR %	8.61	11.22	13.08	7.81	7.21
Levered Free Cash Flow, 5 Yr. CAGR %	15.53	-1.54	-17.07	27.38	6.9
Unlevered Free Cash Flow, 5 Yr. CAGR %	14.86	-2.83	-13.08	28.9	8.41
Dividend Per Share, 5 Yr. CAGR %	23.36	18.77	15.74	11.03	8.45