Rankings Machinery & automation Wärtsilä
Wärtsilä
86
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−6
- FCF yield−3
- Margin stability−2
Strengths
- Order book+2
- Pricing power+2
- Net cash+1
How the score is built
From 100 to 86, 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
- 26.13 EUR
- Median analyst target
- 32.60 EUR
- Upside to median
- +24.8%
- Analysts
- 17
- Target range
- 19.50 – 40.00 EUR
- 52-week change
- −10%
- P/E (trailing)
- 25.8
- Forward P/E
- 20.3
- PEG
- 1.04
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−6 of −30
- −2Margin stabilityOperating margin has risen to 11.6% (TTM, 14.0% comparable in Q2), but was 1.8% in 2022 and 6.9% in 2023. The improvement is new and not yet tested through a weaker period for shipbuilding or energy.
- −2Quality of growthRevenue is flat (EUR 6.89bn TTM vs 6.92bn in 2025) and grew only 5% organically in Q2. Service orders, the high-margin part, grew only 1% organically in Q2.
- −2Future segmentEnergy Storage, which was meant as a growth leg, posted a loss (EUR -7m in Q2, EUR -40 to -50m expected for 2026) and is being put into a 50/50 JV with RCT Solutions because of limited synergies and low profitability.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −6Multiples vs own historyForward P/E 25.9 vs 13.0–20.8 in 2021–2024, P/B 7.2 vs 2.2–6.2 (record high) and EV/EBITDA 17.7 vs 12.9–20.6. The stock trades above its own history after +23% in a year.
- −3FCF yieldFCF yield 7.3% (TTM), but analysts expect FCF of only 624 m EUR in 2026 vs 1.33 bn TTM, because the prepayments reverse. That gives a forward yield of about 3.5%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−8 of −35
- −2Data centre dependenceA large part of the record orders in Energy comes from data centres (1.2 GW in Q2). That makes order intake dependent on the AI investment cycle.
- −2Regulation – IMOUncertainty about the IMO's Net Zero Framework and CO2 pricing may delay shipowners' investments in new fuels and engines, which is Marine's growth driver.
- −2Execution and lead timesLead times in Energy are now extended to 2029 and later. Capacity is to be expanded by 65% through Q1 2029, so there is a risk of cost inflation on fixed orders and delayed revenue.
- −2Geopolitics and tariffsThe company itself warns of a risk of postponed investment decisions due to geopolitics, trade policy and uncertainty about tariffs; the US tariffs have already hit Energy Storage.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Order bookRecord order intake in Q2 of EUR 2.85bn (+33%, organic +47% in Marine and Energy) and a record order book; the service order book is EUR 2.6bn (+11%).
- +2Pricing powerThe gross margin in Energy's equipment order book has improved by over 500 basis points since the start of 2025.
- +1Net cashNet cash of EUR 1.67bn (June 2026) vs net debt of 488m in 2022. The dividend (EUR 601m TTM) is covered far below FCF of 1.33bn.
Caveats
What the score does not capture, or where the data is weak.
ROIC (72%) and net cash (EUR 1.67bn) are inflated by large customer prepayments in the order book. Forward P/E for 2025 (93.7) on stockanalysis is an outlier and has not been used in the comparison. The divestments of Gas Solutions and Water & Waste (1 June 2026) and the Energy Storage JV (closing Q3 2026) make the historical figures less comparable. Not examined: insider trades and the competition from Chinese motor producers.
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