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Makes paperboard for food, consumer goods and pharmaceutical packaging.
Makes paperboard for food, consumer goods and pharmaceutical packaging.
Sells to packaging converters at prices that follow paperboard demand and pulp costs, and buys wood fibre and pulp through the Metsa Group forest-owner cooperative, which controls it. Its mills are in Finland and Sweden, so production is Nordic while most sales go to customers elsewhere in Europe and beyond.
Moat: narrow (cost advantage, scale). Access to Metsa Group's sustainably-sourced Nordic fresh fiber gives a cost and sustainability edge in paperboard.
Headquarters: Helsinki, Finland · Employees: 2,130
Size Metsa Board (METSA.HE) is a Finland Materials company (Pulp & Paper) with a market value of $1.22B, the 32nd largest of 65 Finland companies the cockpit tracks. Shares closed at €3.65 on 6 Nov 2026.
Performance Over six months the shares fell 17.1%, against -8.5% for the median peer and -2.9% for the Finland market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 11.3% over the last twelve months (peer median +1.6%); the operating margin is -4.4% (peer median 2.1%).
Valuation It trades at 1.0× enterprise value to sales against a peer median of 1.1× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +18 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 8.4 points below its cost of capital (5.7% WACC).
Credit Metsa Board has 2 bonds outstanding ($501M), rated NR by the agencies and trading like BB at a weighted spread of 218 bp.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.62B | €1.78B | €1.94B | €1.94B | €2.48B |
| Revenue growth | — | -8% | 0% | -22% | — |
| Gross profit | €20.2M | €38.3M | €162M | €162M | €426M |
| EBITDA | €69.7M | -€12.8M | €109M | €111M | €373M |
| Net income | -€113M | -€157M | €25.3M | €94.8M | €410M |
| Free cash flow | €31.1M | €104M | -€126M | €124M | -€42.1M |
| Capital expenditure | €85.1M | €136M | €164M | €218M | €274M |
| Total debt | €608M | €564M | €527M | €438M | €453M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Metsa Board METSA.HE | $1.22B | -17% | -11% | -4% | 1.0× | 16.7% |
| Stora Enso STEAV.HE | $8.58B | 0% | -1% | -4% | 1.2× | n/a |
| Smurfit Westrock SW | $23.1B | +7% | +1% | 5% | 1.2× | 13.5% |
| Mondi MNDI.L | $4.69B | +5% | +5% | 4% | 0.9× | 15.4% |
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 | METSA.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.9% | -6.1% | 7th lowest of 21 |
| 6-month return | -17.1% | -8.5% | 8th lowest of 21 |
| Distance from 52-week high | -36.2% | -30.9% | 10th lowest of 21 |
| Revenue growth (TTM) | -11.3% | +1.6% | 2nd lowest of 21 |
| Operating margin | -4.4% | 2.1% | 4th lowest of 21 |
| EV / Sales | 1.0× | 1.1× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 16.7% | 3.7% | 4th most demanding of 14 |
| Growth delivered (Del g) | -1.2% | +3.4% | lowest of 14 |
| Hurdle (Req g minus delivered) | +17.9 pp | +0.2 pp | 2nd most demanding of 14 |
| ROIC minus cost of capital | -8.4 pp | -3.4 pp | 3rd lowest of 21 |
| Net debt / EBITDA | 4.5× | 4.2× | 5th most indebted of 11 |
| Bond spread | 218 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Metsa Board METSA.HE | Finland | $1.22B | -17% | -11% | -4% | 1.0× | 16.7% | -1.2% |
| YFY 1907.TW | Taiwan | $1.40B | +18% | -2% | 0% | 1.1× | 7.1% | +0.1% |
| C&S Paper 002511.SZ | China | $1.44B | -8% | +2% | 7% | 1.1× | -2.1% | +2.3% |
| Daio Paper 3880.T | Japan | $1.03B | +3% | +1% | 4% | 0.7× | 3.7% | +3.4% |
| Yueyang Forest & Paper 600963.SS | China | $1.02B | -14% | -10% | -5% | 2.0× | n/a | n/a |
| Zhongmin Energy 600163.SS | China | $1.49B | -15% | +18% | 49% | 7.1× | -9.8% | +5.0% |
| Shanying International 600567.SS | China | $962M | -27% | +1% | -7% | 0.9× | -11.8% | +2.9% |
| Sylvamo SLVM | United States | $1.57B | -4% | -7% | 6% | 0.8× | n/a | n/a |
| Fujian Qingshan Paper Industry 600103.SS | China | $930M | -35% | +5% | 2% | 2.1× | 14.6% | -0.5% |
| Nippon Paper Industries 3863.T | Japan | $899M | -6% | +2% | 2% | 0.7× | 15.4% | +3.4% |
| Wuzhou Special Paper 605007.SS | China | $882M | -22% | +17% | 5% | 1.5× | n/a | n/a |
| Japan Pulp and Paper 8032.T | Japan | $877M | +9% | +10% | 2% | 0.4× | 3.5% | +5.6% |
| Lee & Man Paper Manufacturing 2314.HK | Hong Kong | $1.77B | -4% | +14% | 9% | 1.2× | 1.0% | +0.6% |
| Shandong Bohui Paper Industry 600966.SS | China | $841M | -33% | -2% | 2% | 0.8× | -0.6% | +6.5% |
| Sichuan Jinshi Technology 002951.SZ | China | $840M | -7% | -52% | -102% | 20.2× | n/a | n/a |
| Hokuetsu 3865.T | Japan | $816M | -9% | -5% | 2% | 0.7× | n/a | n/a |
| Guangdong Guanhao High-Tech 600433.SS | China | $788M | -37% | -1% | -4% | 1.4× | 25.9% | +2.0% |
| Zhejiang Jingxing Paper Joint Stock 002067.SZ | China | $787M | -27% | +18% | 0% | 0.9× | n/a | n/a |
| Xianhe 603733.SS | China | $1.94B | -28% | +9% | 10% | 2.0× | n/a | n/a |
| JK Paper JKPAPER.NS | India | $707M | -1% | +12% | 8% | 1.1× | 19.8% | +20.7% |
| Billerud BILL.ST | Sweden | $2.24B | +35% | -9% | -1% | 0.7× | 24.9% | +11.2% |
Metsa Board has 2 bonds outstanding with $501M face value. The agencies rate it NR; its bonds trade like BB. Weighted yield 5.18%, a spread of 218 bp over government bonds.