Loading…
Finnish, state-backed utility generating and selling low-carbon electricity, mainly nuclear and hydro, across the Nordics.
Finnish, state-backed utility generating and selling low-carbon electricity, mainly nuclear and hydro, across the Nordics.
Earns mainly from selling electricity from its nuclear and hydropower plants on the Nordic wholesale market, so profit moves with power prices, though much output is hedged forward with fixed-price sales. The Finnish state is the majority owner. It refocused on the Nordics after losing control of Germany's Uniper in 2022.
In one line: A Finnish clean-generation utility, akin to Constellation Energy's nuclear/hydro mix..
Moat: narrow (scale, regulatory licence, installed base). State-linked owner of low-carbon nuclear/hydro assets that are near-impossible to replicate given licensing barriers.
Headquarters: Espoo, Finland · Founded: 1998 · Employees: 4,551
Size Fortum (FORTUM.HE) is a Finland Utilities company (Electric Utilities) with a market value of $23.3B, the 6th largest of 65 Finland companies the cockpit tracks. Shares closed at €23.19 on 6 Nov 2026.
Performance Over six months the shares gained 14.8%, against -0.8% for the median peer and -2.9% for the Finland market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 13.9% over the last twelve months (peer median +7.2%); the operating margin is 17.3% (peer median 22.5%).
Valuation It trades at 23.4× forward earnings against a peer median of 17.1× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is -37%, so the hurdle is +46 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.6 points above its cost of capital (6.4% WACC).
Credit Fortum has 4 bonds outstanding ($2.23B), rated BBB+ by the agencies and trading like A- at a weighted spread of 83 bp.
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €5.67B | €4.99B | €5.80B | €6.71B | €7.77B |
| Revenue growth | — | -14% | -14% | -14% | — |
| Gross profit | €1.42B | €1.37B | €1.73B | €2.11B | €2.00B |
| EBITDA | €1.30B | €1.21B | €1.58B | €1.91B | €1.97B |
| Net income | €806M | €765M | €1.16B | -€2.07B | -€2.42B |
| Free cash flow | €425M | €405M | €988M | €1.24B | -€9.25B |
| Capital expenditure | €505M | €499M | €484M | €576M | €479M |
| Total debt | €4.14B | €4.75B | €4.83B | €5.91B | €7.79B |
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 |
|---|---|---|---|---|---|---|
| Fortum FORTUM.HE | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% |
| Orsted ORSTED.CO | $29.5B | -8% | +15% | 2% | 20.4× | n/a |
| E.on EOAN.DE | $55.9B | +4% | -8% | 7% | 17.5× | n/a |
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 | FORTUM.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.7% | +6.1% | 3rd lowest of 21 |
| 6-month return | +14.8% | -0.8% | 2nd highest of 21 |
| Distance from 52-week high | -10.3% | -10.1% | 10th lowest of 21 |
| Revenue growth (TTM) | +13.9% | +7.2% | 3rd highest of 21 |
| Operating margin | 17.3% | 22.5% | 7th lowest of 21 |
| Forward P/E | 23.4× | 17.1× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 9.2% | 1.6% | 2nd most demanding of 8 |
| Growth delivered (Del g) | -36.7% | +6.5% | lowest of 8 |
| Hurdle (Req g minus delivered) | +45.8 pp | -6.6 pp | most demanding of 8 |
| ROIC minus cost of capital | +1.6 pp | -1.6 pp | 2nd highest of 21 |
| EV / EBITDA | 17.4× | 12.5× | 2nd most expensive of 18 |
| Net debt / EBITDA | 1.4× | 5.6× | 2nd least indebted of 19 |
| Bond spread | 83 bp | 78 bp | 6th widest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% | -9.3% |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% | +3.6% |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| Evergy EVRG | United States | $20.2B | +8% | +4% | 26% | 19.4× | n/a | n/a |
| DTE Energy DTE | United States | $28.1B | -3% | +18% | 13% | 16.6× | n/a | n/a |
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 7.4× | n/a | n/a |
| SDIC Power 600886.SS | China | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% | +6.5% |
| Adani Energy Solutions ADANIENSOL.NS | India | $18.9B | +5% | +33% | 25% | 37.4× | n/a | n/a |
| Alliant Energy LNT | United States | $18.8B | +1% | +5% | 23% | 20.8× | n/a | n/a |
| NRG Energy NRG | United States | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% | +27.9% |
Fortum has 4 bonds outstanding with $2.23B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 3.85%, a spread of 83 bp over government bonds.