Rankings Construction & materials Harvia
Harvia
80
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Absolute price level−5
- Margin and ROIC - bigger, not stronger−4
- Multiples vs own history−4
Strengths
- Moat and growth market+2
How the score is built
From 100 to 80, 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
- 39.45 EUR
- Median analyst target
- 46.50 EUR
- Upside to median
- +17.9%
- Analysts
- 4
- Target range
- 46.00 – 48.00 EUR
- 52-week change
- +10%
- P/E (trailing)
- 25.3
- Forward P/E
- 20.4
- PEG
- 1.32
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−6 of −30
- −4Margin and ROIC - bigger, not strongerRevenue has risen from EUR 150.6m (2023) to 210.7m (TTM), but the operating margin has fallen from 26.4% (2021) and 22% (2023) to 19.2%, ROIC from 31.6% to 16.6%, and EPS of 1.51 is still below 1.79 in 2021. Adjusted operating margin was 16.2% in Q2 vs the target of over 20%.
- −2Cash flow and capital allocationFCF has fallen three years in a row (EUR 36.0m in 2023, 25.5 in 2024, 20.2 in 2025, 19.5 TTM), while capex rose from 3.1 to 14.8m; FCF margin 9% vs 24% in 2023. Net debt rose from 37.6 to 57.2m after acquisitions.
Price
Today's multiples against the company's own history and its peers. · 3 findings−12 of −35
- −4Multiples vs own historyEV/EBITDA 18.2 and trailing P/E 28.6 are in the upper half of 2021-2025 (9.1-21.8 and 12.2-33.0); P/FCF 41 is far above 14-40 in 2022-2025. Forward P/E 21.6 is in the middle of the 13.3-28.7 range.
- −3PeersNordic consumer-goods peer Thule trades at forward P/E 15.8, EV/EBITDA 12.1 and P/FCF 18 with a 4.4% dividend yield; Harvia costs 35-50% more with lower FCF conversion.
- −5Absolute price levelFCF yield 2.4%, earnings yield 3.5% and dividend yield 1.8% - expensive for a small consumer goods producer with falling margins.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−4 of −35
- −2ExecutionA large IT project at the Muurame factory postponed about EUR 4m of deliveries in Q2 2026 and extended delivery times; sales in Northern and Continental Europe fell slightly.
- −2Macro and geopoliticsAPAC & MEA fell 4.9% in Q2, and the CEO expects the unrest in the Middle East to weigh in H2 2026; saunas are deferrable consumer goods that are sensitive to the housing market and consumer confidence.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Moat and growth marketPure sauna specialist with strong brands and a gross margin of 63%; revenue in North America rose 38.6% in Q2 and is now 40% of sales (EUR 84.8m TTM vs 29.1m in 2021).
Caveats
What the score does not capture, or where the data is weak.
Saunas and sauna heaters do not fit in the industry list; placed under Construction & materials (home and renovation products), although consumer goods would be more precise. Only 4 analysts and low liquidity (about 18,000 shares a day). Harvia gives no short-term guidance. Peers only checked on Thule.
Also in Construction & materials
The highest scores in the same industry.
