Rankings Utilities & power Fortum
Fortum
67
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history−9
- ROIC and returns−4
- Quality of growth−3
Strengths
- Strong balance sheet+2
How the score is built
From 100 to 67, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 22.52 EUR
- Median analyst target
- 24.00 EUR
- Upside to median
- +6.6%
- Analysts
- 19
- Target range
- 14.90 – 28.30 EUR
- 52-week change
- +15%
- P/E (trailing)
- 25.1
- Forward P/E
- 19.5
- PEG
- 1.53
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−8 of −30
- −4ROIC and returnsROIC 4.8% and ROCE 7.1% TTM (10.3–11.9% in 2022–2023); ROE fell from 13.1% in 2024 to 8.6% in 2025 and 10.0% TTM. The return is only just above the cost of capital.
- −3Quality of growthRevenue fell three years in a row (6.7 → 5.0 EUR bn 2023-2025) and EPS from 1.30 (2024) to 0.85 (2025); in Q2 2026 comparable EBITDA fell to EUR 185m and EPS to 0.08 due to lower achieved power price and higher fixed costs. Growth follows the power price, not a structural improvement.
- −1Capital allocationGrowth is being bought in low-margin electricity retail: a cash bid for Norwegian Elmera for approx. NOK 5.1bn (NOK 47/share) rather than in new production, while data centre demand in Finland has not yet been converted into contracts.
Price
Today's multiples against the company's own history and its peers. · 2 findings−11 of −35
- −9Multiples vs own historyP/E 25.5 (forward 22.5) vs 10.4 in 2024 and 21.3 in 2025; EV/EBITDA 16.8 vs 7.0–15.8 in 2021–2025 and P/B 2.56 vs 1.33–1.89. The price is +44% in a year, while comparable EPS rose only from 0.51 to 0.53 in H1.
- −2FCF yieldP/FCF 55 and FCF yield 1.8% (7.6% in 2024); the dividend of EUR 0.74 equals 174% of FCF.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−7 of −35
- −3Power price and hydrologyEarnings follow the Nordic power price and hydropower: 80% of production is hedged at EUR 40/MWh for the rest of 2026 and 65% at EUR 41/MWh in 2027, so the realised price fell to EUR 44.9/MWh despite a spot price of 53.1. A fall in the power price hits directly from 2027-2028.
- −2Execution – nuclear powerExtended outages at the nuclear power plants; expected nuclear production in 2026 lowered to 23.0–23.5 TWh from 23.5–24 TWh.
- −1GovernanceThe Finnish state owns 51% and can prioritise political goals; insiders own only 0.04%.
- −1Integration of acquisitionsThe Elmera bid (approved 3 Sep. 2026) brings integration risk in a competitive Norwegian retail market with low margins.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Strong balance sheetNet debt/comparable EBITDA 1.4x; total debt reduced from EUR 17.4bn (2021) to 3.9bn, and investments are held at approx. EUR 2bn in 2026–2030.
Caveats
What the score does not capture, or where the data is weak.
The multiple history before 2024 is distorted by the Uniper losses of 2022–2023 (negative P/E), so T2 is based mostly on 2024–2025 and EV/EBITDA. The Finnish state owns 51%. The Elmera purchase (approx. NOK 5.1bn) is approved, but completion is not confirmed. Q3 28 Oct. 2026
Also in Utilities & power
The highest scores in the same industry.
