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Finnish forest-products company making pulp, paper, biofuels and specialty biomaterials.
Finnish forest-products company making pulp, paper, biofuels and specialty biomaterials.
Sells pulp and paper at world-market prices, and owns shares in Finnish power companies, including nuclear and hydropower, which cushions its energy costs. Its Uruguay pulp mill, opened in 2023, shifted the weight of the business from declining paper toward pulp.
Moat: narrow (scale, installed base). Vertically integrated forest ownership and biorefining scale across multiple output streams.
Headquarters: Helsinki, Finland · Founded: 1996 · Employees: 15,127
Size UPM-Kymmene (UPM.HE) is a Finland Materials company (Pulp & Paper) with a market value of $13.3B, the 10th largest of 65 Finland companies the cockpit tracks. Shares closed at €22.46 on 6 Nov 2026.
Performance Over six months the shares fell 10.8%, against +7.5% for the median peer and -2.9% for the Finland market (cap-weighted) — lowest of 7 in its peer set.
Growth Revenue fell 6.0% over the last twelve months (peer median +1.9%); the operating margin is 8.3% (peer median 9.9%).
Valuation It trades at 18.2× forward earnings against a peer median of 17.1× (3rd 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 +2%, so the hurdle is +4 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 2.2 points below its cost of capital (6.7% WACC).
Credit UPM-Kymmene has 5 bonds outstanding ($2.99B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 96 bp.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €9.37B | €9.62B | €10.3B | €10.4B | €11.8B |
| Revenue growth | — | -7% | -1% | -12% | — |
| Gross profit | €693M | €1.49B | €2.04B | €1.69B | €2.88B |
| EBITDA | €1.29B | €1.01B | €1.58B | €1.14B | €2.38B |
| Net income | €688M | €480M | €436M | €388M | €1.52B |
| Free cash flow | €1.01B | €977M | €754M | €1.19B | -€969M |
| Capital expenditure | €359M | €428M | €608M | €1.08B | €1.48B |
| Total debt | €3.73B | €3.79B | €3.91B | €3.38B | €5.03B |
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 |
|---|---|---|---|---|---|---|
| UPM-Kymmene UPM.HE | $13.3B | -11% | -6% | 8% | 18.2× | 6.1% |
| Stora Enso STEAV.HE | $8.58B | 0% | -1% | -4% | 18.4× | n/a |
| Metsa Board METSA.HE | $1.22B | -17% | -11% | -4% | n/a | 16.7% |
| Smurfit Westrock SW | $23.1B | +7% | +1% | 5% | 15.1× | 13.5% |
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 | UPM.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.9% | +6.1% | lowest of 7 |
| 6-month return | -10.8% | +7.5% | lowest of 7 |
| Distance from 52-week high | -19.6% | -17.4% | 3rd lowest of 7 |
| Revenue growth (TTM) | -6.0% | +1.9% | lowest of 7 |
| Operating margin | 8.3% | 9.9% | 3rd lowest of 7 |
| Forward P/E | 18.2× | 17.1× | 3rd most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | 6.1% | 7.7% | 3rd least demanding of 6 |
| Growth delivered (Del g) | +2.3% | +6.1% | 2nd lowest of 6 |
| Hurdle (Req g minus delivered) | +3.8 pp | +1.5 pp | 3rd most demanding of 6 |
| ROIC minus cost of capital | -2.2 pp | -1.6 pp | 4th highest of 7 |
| EV / EBITDA | 11.9× | 11.1× | 3rd most expensive of 6 |
| Net debt / EBITDA | 2.4× | 3.4× | 3rd least indebted of 6 |
| Bond spread | 96 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| UPM-Kymmene UPM.HE | Finland | $13.3B | -11% | -6% | 8% | 18.2× | 6.1% | +2.3% |
| Avery Dennison AVY | United States | $14.1B | +14% | +7% | 13% | 17.4× | 1.9% | +4.9% |
| Suzano S.A. Sponsored ADR SUZ | United States | $12.0B | +9% | +1% | 19% | 16.9× | 3.2% | +8.7% |
| International Paper IP | United States | $18.3B | +6% | +3% | 3% | 15.8× | 26.4% | +6.1% |
| Svenska Cellulosa AB SCA SCA-A.ST | Sweden | $8.72B | +21% | -3% | 6% | 33.7× | 30.3% | +2.1% |
| Shandong Sunpaper 002078.SZ | China | $6.02B | -4% | +9% | 11% | 10.4× | n/a | n/a |
| Holmen HOLM-A.ST | Sweden | $4.73B | -1% | -5% | 9% | 22.2× | 7.7% | +6.2% |
UPM-Kymmene has 5 bonds outstanding with $2.99B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 4.13%, a spread of 96 bp over government bonds.