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Finnish oil refiner and the world's largest producer of renewable diesel and sustainable aviation fuel.
Finnish oil refiner and the world's largest producer of renewable diesel and sustainable aviation fuel.
Earns the difference between what it gets for renewable diesel and jet fuel and what it pays for waste fats, oils and other feedstocks, with margins set partly by blending mandates and tax credits, so government policy matters. The Finnish state is the largest shareholder. Over the past decade it moved from mainly refining oil to making renewable fuels the focus of its investment.
Moat: narrow (scale, process know-how, IP / patents). World-leading scale and feedstock know-how in waste/residue-based renewable fuel production.
Headquarters: Espoo, Finland · Founded: 1948 · Employees: 4,848
Size Neste (NESTE.HE) is a Finland Energy company (Oil Refining/Marketing) with a market value of $23.6B, the 5th largest of 65 Finland companies the cockpit tracks. Shares closed at €27.45 on 6 Nov 2026.
Performance Over six months the shares fell 5.0%, against +0.8% for the median peer and -2.9% for the Finland market (cap-weighted) — 6th lowest of 13 in its peer set.
Growth Revenue grew 15.4% over the last twelve months (peer median +15.9%); the operating margin is 14.3% (peer median 8.4%).
Valuation It trades at 6.9× forward earnings against a peer median of 6.7× (6th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.7 points above its cost of capital (8.3% WACC).
Credit Neste has 5 bonds outstanding ($2.56B), rated A3 by the agencies and trading like A+ at a weighted spread of 83 bp.
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €22.7B | €18.9B | €20.7B | €22.8B | €26.0B |
| Revenue growth | — | -8% | -9% | -12% | — |
| Gross profit | €3.97B | €1.04B | €708M | €2.21B | €3.71B |
| EBITDA | €4.16B | €1.23B | €982M | €2.38B | €3.82B |
| Net income | €2.45B | €144M | -€95.0M | €1.43B | €1.89B |
| Free cash flow | €2.39B | €825M | -€398M | €876M | -€473M |
| Capital expenditure | €986M | €922M | €1.55B | €1.43B | €1.74B |
| Total debt | €4.67B | €5.18B | €5.15B | €4.07B | €2.62B |
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 |
|---|---|---|---|---|---|---|
| Neste NESTE.HE | $23.6B | -5% | +15% | 14% | 6.9× | -6.5% |
| Valero Energy VLO | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% |
| TotalEnergies TTE.PA | $200B | +2% | +11% | 17% | 7.0× | -15.6% |
| Darling Ingredients DAR | $7.92B | -20% | +16% | 9% | 7.3× | 9.0% |
| Eni ENI.MI | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% |
| Repsol REP.MC | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% |
| Phillips 66 PSX | $95.8B | +44% | +29% | 10% | 6.6× | -11.3% |
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 | NESTE.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.1% | -16.9% | 6th lowest of 13 |
| 6-month return | -5.0% | +0.8% | 6th lowest of 13 |
| Distance from 52-week high | -23.6% | -24.4% | 6th highest of 13 |
| Revenue growth (TTM) | +15.4% | +15.9% | 7th highest of 13 |
| Operating margin | 14.3% | 8.4% | highest of 13 |
| Forward P/E | 6.9× | 6.7× | 6th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | -6.5% | -7.7% | 4th most demanding of 10 |
| Growth delivered (Del g) | +10.0% | +13.6% | 3rd lowest of 10 |
| Hurdle (Req g minus delivered) | -16.5 pp | -19.5 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | +12.7 pp | +8.9 pp | 5th highest of 13 |
| EV / EBITDA | 5.7× | 4.8× | 3rd most expensive of 9 |
| Net debt / EBITDA | 0.7× | 1.5× | 5th least indebted of 11 |
| Bond spread | 83 bp | 135 bp | tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Neste NESTE.HE | Finland | $23.6B | -5% | +15% | 14% | 6.9× | -6.5% | +10.0% |
| Formosa Petrochemical Corporati 6505.TW | Taiwan | $24.7B | +58% | +2% | 10% | 10.4× | -7.7% | +8.6% |
| Eneos 5020.T | Japan | $19.8B | -11% | +2% | 7% | 6.7× | -10.6% | +9.0% |
| HF Sinclair DINO | United States | $16.7B | +34% | +29% | 14% | 5.0× | -20.0% | +19.1% |
| Bharat Petroleum BPCL.NS | India | $14.7B | +4% | +22% | 3% | 23.1× | 5.7% | +14.5% |
| ORLEN Spolka Akcyjna PKN.WA | Poland | $38.5B | -10% | +2% | 13% | 5.2× | -7.6% | +25.5% |
| SK Innovation 096770.KS | South Korea | $13.4B | -25% | +26% | 9% | 4.5× | n/a | n/a |
| Idemitsu Kosan 5019.T | Japan | $9.54B | -9% | -3% | 6% | 7.1× | -12.8% | +12.2% |
| S-Oil 010950.KS | South Korea | $9.00B | -21% | +19% | 10% | 3.5× | n/a | n/a |
| Hindustan Petroleum HINDPETRO.NS | India | $8.67B | -2% | +17% | 0% | n/a | 24.7% | +13.6% |
| PBF Energy PBF | United States | $8.16B | +65% | +32% | 8% | 2.6× | n/a | n/a |
| Eni ENI.MI | Italy | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% | +13.3% |
| Ampol ALD.AX | Australia | $5.95B | +6% | +15% | 6% | 10.8× | -14.0% | +15.4% |
Neste has 5 bonds outstanding with $2.56B face value. The agencies rate it A3; its bonds trade like A+. Weighted yield 3.83%, a spread of 83 bp over government bonds.