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Makes container-handling equipment for ports and terminals, including straddle carriers and reach stackers.
Makes container-handling equipment for ports and terminals, including straddle carriers and reach stackers.
Sells equipment on project orders, then earns again from spare parts, service contracts and upgrades across the long life of the machines, which is steadier than equipment orders. It became independent in 2024 when it was split off from Cargotec, the group that kept Hiab.
Moat: narrow (installed base, switching costs, process know-how). Large global installed equipment base and terminal automation expertise create sticky service relationships.
Headquarters: Helsinki, Finland · Founded: 2024 · Employees: 5,300
Size Kalmar (KALMAR.HE) is a Finland Industrials company (Industrial Machinery) with a market value of $2.27B, the 21st largest of 65 Finland companies the cockpit tracks. Shares closed at €37.06 on 6 Nov 2026.
Performance Over six months the shares fell 6.9%, against -16.5% for the median peer and -2.9% for the Finland market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 7.4% over the last twelve months (peer median +11.5%); the operating margin is 12.0% (peer median 8.2%).
Valuation It trades at 13.6× forward earnings against a peer median of 23.4× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.9 points above its cost of capital (8.1% WACC).
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.82B | €1.74B | €1.72B | €2.05B | €1.94B |
| Revenue growth | — | +1% | -16% | +5% | — |
| Gross profit | €461M | €444M | €435M | €496M | €373M |
| EBITDA | €282M | €276M | €266M | €297M | €190M |
| Net income | €167M | €163M | €128M | €194M | €92.6M |
| Free cash flow | €206M | €143M | €136M | €165M | €115M |
| Capital expenditure | €68.8M | €66.3M | €40.5M | €55.9M | €46.9M |
| Total debt | €294M | €286M | €341M | €255M | €171M |
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 |
|---|---|---|---|---|---|---|
| Kalmar KALMAR.HE | $2.27B | -7% | +7% | 12% | 13.6× | -4.8% |
| Konecranes KCR.HE | $7.47B | +5% | -1% | 13% | 15.9× | 9.1% |
| Shanghai Zhenhua Heavy Industries 600320.SS | $2.64B | -21% | +6% | 5% | 20.4× | -4.9% |
| Hyster-Yale HY | $509M | -24% | -11% | -1% | n/a | 32.0% |
| Mitsui ES 7003.T | $1.98B | -45% | +12% | 11% | 8.7× | 16.0% |
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 | KALMAR.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.3% | -5.3% | 8th highest of 21 |
| 6-month return | -6.9% | -16.5% | 6th highest of 21 |
| Distance from 52-week high | -27.6% | -40.6% | 6th highest of 21 |
| Revenue growth (TTM) | +7.4% | +11.5% | 9th lowest of 21 |
| Operating margin | 12.0% | 8.2% | 7th highest of 21 |
| Forward P/E | 13.6× | 23.4× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -4.8% | 16.5% | 2nd least demanding of 15 |
| Growth delivered (Del g) | -3.6% | +12.2% | lowest of 15 |
| Hurdle (Req g minus delivered) | -1.2 pp | +5.6 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | +15.9 pp | -0.0 pp | 3rd highest of 21 |
| EV / EBITDA | 7.1× | 11.3× | 2nd cheapest of 11 |
| Net debt / EBITDA | -0.1× | -0.6× | 5th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kalmar KALMAR.HE | Finland | $2.27B | -7% | +7% | 12% | 13.6× | -4.8% | -3.6% |
| Zhuhai Bojay Electronics 002975.SZ | China | $2.32B | -13% | +71% | 18% | 41.2× | 34.2% | +6.0% |
| Chervon 2285.HK | Hong Kong | $2.32B | +103% | -6% | 8% | 15.7× | 12.1% | +6.4% |
| Wuxi Autowell Technology 688516.SS | China | $2.22B | -42% | -14% | 8% | 23.4× | n/a | n/a |
| Chengdu Xuguang Electronics 600353.SS | China | $2.32B | +8% | +13% | 7% | 64.5× | 53.1% | +12.8% |
| Kunshan Kersen Science & Technology 603626.SS | China | $2.22B | +7% | -24% | -22% | 31.3× | n/a | n/a |
| Organo 6368.T | Japan | $2.36B | -14% | +10% | 19% | 12.1× | 12.8% | +12.0% |
| ROBOTIS 108490.KS | South Korea | $2.37B | -30% | +52% | -16% | n/a | n/a | n/a |
| Yantai Eddie Precision Machinery 603638.SS | China | $2.38B | -22% | +35% | 16% | 28.8× | 15.1% | +7.3% |
| Amber Enterprises India AMBER.NS | India | $2.39B | -28% | +15% | 5% | 59.6× | n/a | n/a |
| Wonik IPS 240810.KS | South Korea | $2.39B | -43% | +9% | 8% | 14.7× | 29.4% | -3.6% |
| Munters MTRS.ST | Sweden | $2.40B | -34% | 0% | 9% | 26.2× | 12.4% | +16.0% |
| Doosan Robotics 454910.KS | South Korea | $2.41B | -54% | +97% | -91% | n/a | n/a | n/a |
| Japan Steel Works 5631.T | Japan | $2.41B | -46% | -1% | 10% | 17.0× | n/a | n/a |
| Timken India TIMKEN.NS | India | $2.43B | -12% | +19% | 16% | 46.1× | 36.2% | +19.8% |
| Shenyang Machine Tool 000410.SZ | China | $2.11B | -14% | +29% | -3% | n/a | 25.3% | +22.7% |
| Burckhardt Compression BCHN.SW | Switzerland | $2.07B | -3% | -15% | 13% | 18.6× | -7.8% | +9.9% |
| Guangdong Dongfang Precision Science & Technology 002611.SZ | China | $2.50B | -19% | -16% | 8% | 20.2× | 17.8% | +12.4% |
| Chenbro Micom 8210.TW | Taiwan | $2.06B | -57% | +54% | 23% | 10.4× | 0.3% | +23.9% |
| Guangdong Topstar Technology 300607.SZ | China | $2.05B | -1% | +20% | 7% | 88.9× | 31.0% | -1.8% |
| Miura 6005.T | Japan | $2.05B | -11% | +6% | 11% | 11.6× | -4.3% | +14.8% |