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Makes specialty chemicals for water treatment, pulp and paper, and oil and gas industries.
Makes specialty chemicals for water treatment, pulp and paper, and oil and gas industries.
Sells chemicals consumed in customers' production, so volumes follow pulp and paper output and municipal water treatment. Contracts often pass raw-material cost swings through with a lag. It reports in two parts: Pulp and Paper, and Industry and Water.
Moat: narrow (process know-how, switching costs). Deep application know-how and on-site technical service make Kemira's chemicals hard to swap out.
Headquarters: Helsinki, Finland · Founded: 1920 · Employees: 4,911
Size Kemira (KEMIRA.HE) is a Finland Materials company (Chemicals: Specialty) with a market value of $2.55B, the 19th largest of 65 Finland companies the cockpit tracks. Shares closed at €15.88 on 6 Nov 2026.
Performance Over six months the shares fell 8.2%, against -12.2% for the median peer and -2.9% for the Finland market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 2.5% over the last twelve months (peer median +8.3%); the operating margin is 7.5% (peer median 9.1%).
Valuation It trades at 16.0× forward earnings against a peer median of 17.7× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +1 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 0.1 points below its cost of capital (7.3% WACC).
Credit Kemira has 1 bond outstanding ($223M) and trading like BBB- at a weighted spread of 116 bp.
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.74B | €2.75B | €2.95B | €3.38B | €3.57B |
| Revenue growth | — | -7% | -13% | -5% | — |
| Gross profit | €237M | €533M | €619M | €675M | €602M |
| EBITDA | €433M | €501M | €567M | €626M | €543M |
| Net income | €118M | €181M | €250M | €199M | €232M |
| Free cash flow | €137M | €182M | €328M | €342M | €220M |
| Capital expenditure | €198M | €197M | €167M | €205M | €198M |
| Total debt | €876M | €748M | €810M | €938M | €1.02B |
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 |
|---|---|---|---|---|---|---|
| Kemira KEMIRA.HE | $2.55B | -8% | -3% | 8% | 16.0× | 3.9% |
| Ecolab ECL | $84.3B | +19% | +9% | 18% | 33.6× | 19.7% |
| Basf BAS.DE | $52.6B | +2% | -4% | 7% | 16.8× | 5.7% |
| Kurita Water Industries 6370.T | $3.47B | -39% | +1% | 14% | 11.3× | 5.6% |
| Veralto VLTO | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% |
| Veolia Environnement VIE.PA | $27.7B | -3% | 0% | 8% | 14.1× | 8.3% |
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 | KEMIRA.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.8% | -6.7% | 11th highest of 21 |
| 6-month return | -8.2% | -12.2% | 10th highest of 21 |
| Distance from 52-week high | -26.0% | -34.8% | 6th highest of 21 |
| Revenue growth (TTM) | -2.5% | +8.3% | 4th lowest of 21 |
| Operating margin | 7.5% | 9.1% | 9th lowest of 20 |
| Forward P/E | 16.0× | 17.7× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 3.9% | 11.9% | 4th least demanding of 12 |
| Growth delivered (Del g) | +2.6% | +8.1% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | +1.3 pp | +5.7 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | -0.1 pp | -1.8 pp | 8th highest of 19 |
| EV / EBITDA | 6.8× | 9.5× | 3rd cheapest of 7 |
| Net debt / EBITDA | 1.5× | 1.4× | 4th least indebted of 7 |
| Bond spread | 116 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kemira KEMIRA.HE | Finland | $2.55B | -8% | -3% | 8% | 16.0× | 3.9% | +2.6% |
| Hubei Zhenhua Chemical 603067.SS | China | $2.56B | -35% | +31% | 11% | 23.6× | n/a | n/a |
| Quaker Houghton KWR | United States | $2.58B | +2% | +9% | 9% | 16.9× | 16.3% | +5.9% |
| China Petroleum Engineering 600339.SS | China | $2.60B | -24% | +8% | 1% | 26.7× | n/a | n/a |
| Bloomage Biotechnology 688363.SS | China | $2.49B | -16% | -22% | 5% | 55.6× | 20.8% | +9.8% |
| Nifco 7988.T | Japan | $2.62B | +6% | +4% | 14% | 11.7× | -3.5% | +6.6% |
| Daicel 4202.T | Japan | $2.48B | +24% | +2% | 7% | 11.1× | 6.1% | +8.1% |
| Guizhou Chanhen Chemical 002895.SZ | China | $2.64B | -20% | +15% | 18% | 12.9× | 2.4% | +36.1% |
| Shandong Dongyue Silicone Material 300821.SZ | China | $2.43B | -11% | +13% | 13% | n/a | 20.7% | +8.6% |
| K+s SDF.DE | Germany | $2.68B | -13% | +6% | 34% | 11.7× | n/a | n/a |
| Shanghai Huayi 600623.SS | China | $2.41B | -24% | +5% | n/a | 14.8× | -11.1% | +10.3% |
| PI Industries PIIND.NS | India | $2.79B | -44% | -15% | 13% | 22.7× | n/a | n/a |
| Shanghai Bairun Investment 002568.SZ | China | $2.82B | -8% | +8% | 28% | 24.2× | 14.5% | +8.8% |
| Kaneka 4118.T | Japan | $2.30B | +23% | +4% | 5% | 11.6× | 4.9% | +7.0% |
| Qingdao Gon Technology 002768.SZ | China | $2.83B | +48% | +15% | 7% | 17.7× | n/a | n/a |
| Beijing Easpring Material Technology 300073.SZ | China | $2.86B | -45% | +116% | 5% | 18.8× | n/a | n/a |
| Sinochem International 600500.SS | China | $2.27B | -7% | -5% | -1% | n/a | 11.9% | -2.7% |
| Sichuan Qiaoyuan Gas 301286.SZ | China | $2.88B | -4% | +8% | 26% | 73.4× | 31.8% | +8.0% |
| Tinergy Chemical 002145.SZ | China | $2.23B | -15% | +17% | 9% | n/a | n/a | n/a |
| Deepak Nitrite DEEPAKNTR.NS | India | $2.22B | -17% | +25% | 14% | 16.5× | n/a | n/a |
| Epoxy Base Electronic Material 603002.SS | China | $2.19B | -7% | +73% | 7% | 71.6× | n/a | n/a |
Kemira has 1 bond outstanding with $223M face value. Weighted yield 4.08%, a spread of 116 bp over government bonds.