Rankings Health insurance & services Terveystalo
Terveystalo
76
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
- Quality of growth−5
- Downgrade−5
- Capital allocation−3
Strengths
- Cash flow+2
How the score is built
From 100 to 76, 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
- 6.11 EUR
- Median analyst target
- 7.00 EUR
- Upside to median
- +14.6%
- Analysts
- 3
- Target range
- 6.60 – 7.90 EUR
- 52-week change
- −35%
- P/E (trailing)
- 13.6
- Forward P/E
- 9.5
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−12 of −30
- −5Quality of growthRevenue fell 8.8% in Q2 2026 and 8% TTM (EUR 1,212m vs 1,340m in 2024); adjusted EBIT fell 29% in the quarter, and analysts expect an EPS decline of 24% in 2026. The number of end users in occupational medicine is still falling.
- −2Margin and ROICEBIT margin 9.8% and ROIC 8.8% TTM – better than in 2022–2023, but falling again from an 11.5% EBIT margin in 2025; a labour-intensive business with a gross margin of only 28%.
- −3Capital allocationIn the middle of a demand fall, the optician chain Silmäasema is being bought, partly paid for with new shares (approved at an extraordinary general meeting on 30 June 2026); the synergy target of EUR 11–15m must be delivered before the acquisition creates value.
- −2Future segmentOutsourcing revenue from the public sector falls by approx. EUR 20m because contracts expire, and Portfolio Businesses has shrunk from EUR 291m to 171m since 2022.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −2Multiples vs own historyForward P/E 10.6 and EV/EBITDA 7.0 are at the bottom of its own history (10.9–18.8 and 9.1–13.1 in 2021–2025), but earnings are heading down, so the discount is partly justified.
- −1Absolute price levelP/FCF 6.5 becomes approx. 9 after lease payments of EUR 49m; EV/EBIT 12.7 with falling EBIT is not deeply cheap for a healthcare services company with 3.4x leverage.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−14 of −35
- −5DowngradeProfit warning 15 July 2026: adjusted EBIT guidance for 2026 cut to EUR 120–140m (2025: 156.3m), and management expects revenue and earnings to lag behind a demand recovery.
- −3Debt and dividendNet debt/EBITDA rose from 2.6 to 3.4x, current ratio is 0.61, and the payout ratio is 105% of earnings; analysts expect the dividend to be more than halved (0.64 to EUR 0.29).
- −3Demand and policyOccupational health visits fell about 10% in Q2 2026 according to THL; demand depends on Finnish employers' budgets and public tenders and subsidies, which are politically driven.
- −2Restructuring and acquisition riskRestructuring negotiations led to about 85 positions eliminated and temporary layoffs of 389 employees; at the same time Silmäasema must be integrated - two demanding projects at once.
- −1Insider ownershipInsiders own only 0.18% of the shares; management has practically nothing at stake.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Cash flowStable cash flow despite the decline: operating cash flow EUR 175m and FCF after leasing about EUR 98m TTM, which covers the dividend payment of EUR 71m.
Caveats
What the score does not capture, or where the data is weak.
Only 3 analysts in stockanalysis' consensus; stockanalysis' FCF is before lease payments (about EUR 49m) - P/FCF after leases is about 9 instead of 6.5; the Silmäasema acquisition (agreed 8 June 2026, partly paid with new shares) is not yet in the figures, and the purchase price has not been examined; insider trades not examined
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