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Finnish manufacturer and servicer of elevators and escalators worldwide.
Finnish manufacturer and servicer of elevators and escalators worldwide.
Sells new elevators project by project, often to builders through bidding, and then services the installed units under long contracts, so maintenance and modernisation add steadier earnings while new-equipment sales swing with construction, notably in China. The Herlin family controls the votes through Class A shares; the traded Class B shares carry fewer votes.
Moat: narrow (installed base, switching costs, brand). Large installed base of elevators locks in recurring, high-margin maintenance contracts.
Headquarters: Espoo, Finland · Founded: 1910 · Employees: 64,978
Size KONE (KNEBV.HE) is a Finland Industrials company (Building Products) with a market value of $33.8B, the 3rd largest of 65 Finland companies the cockpit tracks. Shares closed at €58.24 on 6 Nov 2026.
Performance Over six months the shares gained 15.4%, against +0.5% for the median peer and -2.9% for the Finland market (cap-weighted) — highest of 7 in its peer set.
Growth Revenue grew 2.2% over the last twelve months (peer median +0.6%); the operating margin is 12.1% (peer median 18.1%).
Valuation It trades at 27.1× forward earnings against a peer median of 17.6× (most expensive of 7).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +3 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 44.4 points above its cost of capital (7.4% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €11.5B | €11.2B | €11.1B | €11.0B | €10.9B |
| Revenue growth | — | +1% | +1% | 0% | — |
| Gross profit | €1.62B | €2.11B | €2.27B | €1.97B | €1.78B |
| EBITDA | €1.73B | €1.65B | €1.56B | €1.47B | €1.29B |
| Net income | €988M | €980M | €951M | €926M | €774M |
| Free cash flow | n/a | €1.16B | €1.08B | €980M | €430M |
| Capital expenditure | n/a | €154M | €168M | €148M | €101M |
| Total debt | €677M | €870M | €846M | €555M | €534M |
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 |
|---|---|---|---|---|---|---|
| KONE KNEBV.HE | $33.8B | +15% | +2% | 12% | 27.1× | 5.8% |
| Otis Worldwide OTIS | $30.1B | +6% | +6% | 15% | 18.1× | 2.3% |
| Schindler SCHN.SW | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% |
| Mitsubishi Electric 6503.T | $59.9B | -28% | +12% | 10% | 17.1× | 13.2% |
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 | KNEBV.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.2% | +14.3% | 3rd lowest of 7 |
| 6-month return | +15.4% | +0.5% | highest of 7 |
| Distance from 52-week high | -9.6% | -19.8% | 2nd highest of 7 |
| Revenue growth (TTM) | +2.2% | +0.6% | 3rd highest of 7 |
| Operating margin | 12.1% | 18.1% | 3rd lowest of 6 |
| Forward P/E | 27.1× | 17.6× | most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | 5.8% | 4.9% | 2nd most demanding of 6 |
| Growth delivered (Del g) | +2.5% | +4.8% | 2nd lowest of 6 |
| Hurdle (Req g minus delivered) | +3.3 pp | +1.1 pp | 3rd most demanding of 6 |
| ROIC minus cost of capital | +44.4 pp | +13.7 pp | highest of 6 |
| EV / EBITDA | 17.0× | 12.4× | 2nd most expensive of 6 |
| Net debt / EBITDA | -0.4× | 1.6× | least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| KONE KNEBV.HE | Finland | $33.8B | +15% | +2% | 12% | 27.1× | 5.8% | +2.5% |
| Compagnie de Saint-Gobain SGO.PA | France | $40.7B | -3% | -2% | 10% | 12.1× | 5.1% | +4.0% |
| Masco MAS | United States | $15.8B | +15% | +1% | 18% | 18.0× | 4.9% | +1.0% |
| Carlisle Companies CSL | United States | $14.5B | +4% | +4% | 20% | 15.9× | 3.7% | +4.8% |
| SPIC Industry-Finance 000958.SZ | China | $14.0B | -14% | +102% | n/a | 22.2× | n/a | n/a |
| Watsco WSO | United States | $12.7B | -28% | 0% | 9% | 24.3× | 13.2% | +7.4% |
| A. O. Smith AOS | United States | $8.67B | +10% | -1% | 18% | 17.3× | 4.5% | +5.8% |