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Finnish retailer operating grocery, building/home improvement and car dealership chains.
Finnish retailer operating grocery, building/home improvement and car dealership chains.
Most K-food stores are run by independent retailer-entrepreneurs under chain contracts, so Kesko earns by supplying them goods and charging for the brand, systems and marketing instead of owning every store. Building and technical trade and car sales, including importing Volkswagen-group brands into Finland, complete the group. Class A shares carry more votes than Class B.
Moat: narrow (scale, brand, distribution). Leading Finnish retail chains with strong local brand recognition and franchise network.
Headquarters: Helsinki, Finland · Founded: 1940 · Employees: 18,991
Size Kesko (KESKOA.HE) is a Finland Consumer Staples company (Food Retail) with a market value of $11.3B, the 11th largest of 65 Finland companies the cockpit tracks. Shares closed at €24.35 on 6 Nov 2026.
Performance Over six months the shares gained 23.0%, against +6.8% for the median peer and -2.9% for the Finland market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 6.1% over the last twelve months (peer median +2.9%); the operating margin is 5.1% (peer median 4.3%).
Valuation It trades at 20.6× forward earnings against a peer median of 17.4× (8th most expensive of 20).
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 +3%, so the hurdle is +2 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 2.0 points above its cost of capital (6.3% WACC).
Credit Kesko has 1 bond outstanding ($334M) and trading like BBB at a weighted spread of 116 bp.
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €13.0B | €12.5B | €11.9B | €11.8B | €11.8B |
| Revenue growth | — | +5% | +1% | 0% | — |
| Gross profit | €326M | €298M | €249M | €353M | €465M |
| EBITDA | €1.28B | €1.01B | €1.00B | €1.04B | €1.23B |
| Net income | €442M | €404M | €379M | €496M | €610M |
| Free cash flow | €787M | €377M | €517M | €510M | €563M |
| Capital expenditure | €276M | €502M | €491M | €539M | €352M |
| Total debt | €3.82B | €3.57B | €3.40B | €2.79B | €2.42B |
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 |
|---|---|---|---|---|---|---|
| Kesko KESKOA.HE | $11.3B | +23% | +6% | 5% | 20.6× | 4.8% |
| Byggmax BMAX.ST | $393M | +42% | +2% | 6% | 13.7× | -0.4% |
| Tokmanni TOKMAN.HE | $431M | +5% | +4% | 3% | 10.6× | 4.7% |
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 | KESKOA.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.2% | +5.5% | 6th highest of 21 |
| 6-month return | +23.0% | +6.8% | 4th highest of 21 |
| Distance from 52-week high | -4.3% | -16.0% | 4th highest of 21 |
| Revenue growth (TTM) | +6.1% | +2.9% | 6th highest of 21 |
| Operating margin | 5.1% | 4.3% | 10th highest of 21 |
| Forward P/E | 20.6× | 17.4× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 4.8% | -0.4% | 6th most demanding of 20 |
| Growth delivered (Del g) | +3.2% | +6.4% | 4th lowest of 20 |
| Hurdle (Req g minus delivered) | +1.7 pp | -8.0 pp | 5th most demanding of 20 |
| ROIC minus cost of capital | +2.0 pp | +3.6 pp | 9th lowest of 20 |
| EV / EBITDA | 10.6× | 8.3× | 6th most expensive of 19 |
| Net debt / EBITDA | 2.8× | 2.2× | 5th most indebted of 20 |
| Bond spread | 116 bp | 111 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kesko KESKOA.HE | Finland | $11.3B | +23% | +6% | 5% | 20.6× | 4.8% | +3.2% |
| BBB Foods TBBB | United States | $10.8B | +72% | +52% | 1% | n/a | 49.9% | +37.1% |
| J Sainsbury SBRY.L | United Kingdom | $10.4B | +16% | -3% | 3% | 14.9× | 7.8% | +3.0% |
| Uni-president Enterprises 1216.TW | Taiwan | $13.2B | +11% | +1% | 5% | 17.6× | 0.6% | +8.5% |
| Dino Polska DNP.WA | Poland | $9.36B | +31% | +14% | 6% | 22.2× | 17.9% | +27.1% |
| MIXUE 2097.HK | Hong Kong | $8.80B | -37% | +35% | 20% | 11.5× | -18.5% | +32.1% |
| Metro MRU.TO | Canada | $14.6B | +11% | +3% | 6% | 19.4× | -0.7% | +4.1% |
| Zabka ZAB.WA | Poland | $8.11B | +41% | +14% | 8% | 25.3× | 6.3% | +19.3% |
| Empire EMP-A.TO | Canada | $7.85B | +7% | +2% | 4% | 13.6× | -2.7% | +2.5% |
| Guming 1364.HK | Hong Kong | $7.08B | -4% | +47% | 25% | 14.8× | -4.1% | +29.4% |
| President Chain Store 2912.TW | Taiwan | $6.62B | -6% | +5% | 4% | 17.0× | 3.3% | +6.3% |
| Axfood AXFO.ST | Sweden | $6.26B | +4% | +2% | 3% | 24.3× | 3.2% | +10.7% |
| Coles COL.AX | Australia | $21.0B | +7% | +3% | 4% | 24.4× | 5.5% | +3.3% |
| Albertsons Companies ACI | United States | $6.02B | -20% | +2% | 2% | 7.0× | -3.0% | +3.6% |
| DFI Retail D01.SI | Singapore | $5.06B | -11% | -3% | 4% | 13.2× | -0.4% | -2.9% |
| Sprouts Farmers Market SFM | United States | $4.53B | -41% | +5% | 7% | 11.3× | -4.0% | +6.4% |
| George Weston WN.TO | Canada | $29.0B | +15% | +4% | 9% | 21.0× | -7.3% | +3.9% |
| Kobe Bussan 3038.T | Japan | $4.33B | +15% | +6% | 7% | 21.9× | -4.8% | +10.1% |
| Seven & I 3382.T | Japan | $31.7B | +16% | -11% | 4% | 17.4× | 4.0% | +12.6% |
| Koninklijke Ahold Delhaize AD.AS | Netherlands | $33.3B | -6% | 0% | 4% | 12.7× | -7.0% | +4.3% |
| Yonghui Superstores 601933.SS | China | $3.76B | -23% | -16% | -3% | 273.4× | n/a | n/a |
Kesko has 1 bond outstanding with $334M face value. Weighted yield 4.12%, a spread of 116 bp over government bonds.