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Finnish telecom operator providing mobile, fixed broadband and digital services.
Finnish telecom operator providing mobile, fixed broadband and digital services.
Collects monthly subscription fees from households and companies for mobile, broadband and TV, so revenue recurs and depends on customer numbers and tariffs. Finland is the main home with Estonia the other market, and it competes mainly with Telia and DNA in a concentrated three-operator market.
Moat: narrow (scale, distribution, regulatory licence). Leading Finnish telecom with a strong fibre/5G network in a concentrated national market.
Headquarters: Helsinki, Finland · Founded: 1882 · Employees: 6,177
Size Elisa (ELISA.HE) is a Finland Communication Services company (Wireless Telecommunications) with a market value of $6.11B, the 14th largest of 65 Finland companies the cockpit tracks. Shares closed at €34.00 on 6 Nov 2026.
Performance Over six months the shares fell 17.0%, against -17.6% for the median peer and -2.9% for the Finland market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue was unchanged over the last twelve months (peer median +4.3%); the operating margin is 20.1% (peer median 10.6%).
Valuation It trades at 14.3× forward earnings against a peer median of 19.4× (6th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.9 points above its cost of capital (5.7% WACC).
Credit Elisa has 3 bonds outstanding ($1.23B), rated BBB+ by the agencies and trading like A at a weighted spread of 88 bp.
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.25B | €2.26B | €2.19B | €2.18B | €2.13B |
| Revenue growth | — | +3% | +1% | +2% | — |
| Gross profit | €688M | €695M | €695M | €671M | €651M |
| EBITDA | €760M | €762M | €765M | €757M | €735M |
| Net income | €330M | €342M | €358M | €375M | €374M |
| Free cash flow | €371M | €410M | €344M | €343M | €321M |
| Capital expenditure | €287M | €279M | €307M | €305M | €271M |
| Total debt | €1.65B | €1.70B | €1.56B | €1.37B | €1.36B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Elisa ELISA.HE | $6.11B | -17% | 0% | 20% | 14.3× | -2.7% |
| Telia TELIA.ST | $19.2B | 0% | 0% | 18% | 21.1× | -1.1% |
| Tele2 TEL2-A.ST | $11.2B | -14% | +2% | 24% | 10.7× | -2.4% |
| Telenor TEL.OL | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ELISA.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.9% | -0.2% | 7th lowest of 21 |
| 6-month return | -17.0% | -17.6% | 10th highest of 20 |
| Distance from 52-week high | -24.9% | -30.2% | 10th highest of 21 |
| Revenue growth (TTM) | 0.0% | +4.3% | 8th lowest of 21 |
| Operating margin | 20.1% | 10.6% | 7th highest of 21 |
| Forward P/E | 14.3× | 19.4× | 6th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -2.7% | 3.6% | 6th least demanding of 16 |
| Growth delivered (Del g) | +3.6% | +4.4% | 8th highest of 15 |
| Hurdle (Req g minus delivered) | -6.2 pp | -3.1 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | +6.9 pp | -1.4 pp | 4th highest of 21 |
| EV / EBITDA | 9.2× | 7.4× | 7th most expensive of 18 |
| Net debt / EBITDA | 2.0× | 1.7× | 9th most indebted of 19 |
| Bond spread | 88 bp | 225 bp | 2nd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Elisa ELISA.HE | Finland | $6.11B | -17% | 0% | 20% | 14.3× | -2.7% | +3.6% |
| TPG Telecom TPG.AX | Australia | $5.58B | +1% | -5% | 8% | 34.8× | 8.1% | +3.0% |
| Orange Polska OPL.WA | Poland | $5.53B | +7% | +5% | 9% | 19.4× | 13.2% | +2.7% |
| VEON Ltd. Sponsored ADR VEON | United States | $4.95B | +57% | +15% | 23% | 11.2× | -4.8% | -9.1% |
| TIM S.A. Sponsored ADR TIMB | United States | $8.61B | -24% | +14% | 25% | 9.4× | -12.4% | +7.3% |
| Bharti Hexacom BHARTIHEXA.NS | India | $8.84B | +10% | +8% | 29% | 36.6× | 33.4% | +15.2% |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 8.0× | -12.0% | +8.1% |
| Sunrise Communications SUNN.SW | Switzerland | $3.92B | +2% | -1% | 3% | n/a | 21.2% | n/a |
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR TLK | United States | $10.3B | -35% | -3% | 24% | 9.5× | -16.1% | -1.1% |
| Telephone and Data Systems TDS | United States | $3.54B | -29% | -74% | -3% | 92.2× | n/a | n/a |
| Guangzhou Haige Communications 002465.SZ | China | $3.43B | -38% | +1% | -16% | n/a | n/a | n/a |
| Globalstar GSAT | United States | $10.9B | +3% | +8% | 5% | n/a | n/a | n/a |
| SKTelecom 017670.KS | South Korea | $12.1B | -18% | +2% | 10% | 12.3× | -9.8% | +1.2% |
| Far Eastone Telecommunications 4904.TW | Taiwan | $12.2B | +17% | +10% | 15% | 26.1× | 3.8% | +6.8% |
| Airtel Africa AAF.L | United Kingdom | $13.5B | -33% | +27% | 34% | 14.6× | -1.2% | +10.0% |
| Telecom Italia TIT.MI | Italy | $13.6B | -20% | 0% | 11% | 31.8× | 5.3% | -2.8% |
| Millicom International Cellular TIGO | United States | $13.9B | +3% | +29% | 23% | 22.9× | 3.6% | +6.9% |
| Array Digital Infrastructure AD | United States | $2.59B | -46% | -94% | 1% | 27.6× | n/a | n/a |
| TELUS T.TO | Canada | $14.5B | -27% | -1% | 15% | 17.5× | 2.6% | +5.8% |
| Vodafone Idea IDEA.NS | India | $14.6B | +14% | +3% | -6% | n/a | 29.6% | +1.3% |
| Digi Spain Telecom, S.A. Unipersonal DIGIS.MC | Spain | $2.16B | n/a | +19% | 6% | n/a | n/a | n/a |
Elisa has 3 bonds outstanding with $1.23B face value. The agencies rate it BBB+; its bonds trade like A. Weighted yield 3.85%, a spread of 88 bp over government bonds.