Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Finnish (OMX) Market Analysis & Valuation

UpdatedMar 31, 2026
DataAggregated Company Financials
Companies171
  • 7D-0.3%
  • 3M0.5%
  • 1Y23.9%
  • YTD0.02%

Over the last 7 days, the market has remained flat, although notably the Utilities sector gained 6.0% in that time. Meanwhile, the market is actually up 24% over the past year. Looking forward, earnings are forecast to grow by 13% annually.

Trending IndustriesSoftware

Market Valuation and Performance

Has the Finnish Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 31 Mar 2026€324.3b€196.1b€15.2b19.1x21.3x1.7x
Thu, 26 Feb 2026€341.5b€196.6b€15.1b19.6x22.7x1.7x
Sat, 24 Jan 2026€331.7b€197.7b€13.4b19.9x24.7x1.7x
Mon, 22 Dec 2025€316.4b€197.3b€13.4b19x23.6x1.6x
Wed, 19 Nov 2025€300.5b€197.1b€13.4b18.7x22.5x1.5x
Fri, 17 Oct 2025€296.0b€197.6b€13.3b20x22.3x1.5x
Sun, 14 Sep 2025€289.5b€196.1b€13.2b20.7x21.9x1.5x
Tue, 12 Aug 2025€280.2b€196.5b€13.3b20.6x21.1x1.4x
Thu, 10 Jul 2025€278.8b€196.1b€13.5b20.4x20.6x1.4x
Sat, 07 Jun 2025€275.0b€196.1b€13.5b20.3x20.4x1.4x
Mon, 05 May 2025€264.0b€196.0b€13.7b19.9x19.3x1.3x
Wed, 02 Apr 2025€262.6b€195.1b€14.6b19.4x18x1.3x
Fri, 28 Feb 2025€272.1b€195.4b€14.7b19.3x18.5x1.4x
Sun, 26 Jan 2025€258.9b€199.2b€14.7b18x17.6x1.3x
Tue, 24 Dec 2024€243.7b€199.2b€14.7b17.5x16.5x1.2x
Thu, 21 Nov 2024€248.7b€199.9b€14.7b18x16.9x1.2x
Sat, 19 Oct 2024€267.2b€199.7b€14.6b18.3x18.3x1.3x
Mon, 16 Sep 2024€220.7b€188.3b€9.6b18.4x23.1x1.2x
Wed, 14 Aug 2024€218.9b€188.6b€9.9b17.9x22.2x1.2x
Fri, 12 Jul 2024€220.8b€190.3b€10.1b17.9x21.8x1.2x
Sun, 09 Jun 2024€227.5b€191.0b€10.0b18.9x22.8x1.2x
Tue, 07 May 2024€224.8b€190.9b€10.0b17.6x22.5x1.2x
Thu, 04 Apr 2024€220.1b€195.5b€10.2b17.2x21.5x1.1x
Sat, 02 Mar 2024€219.7b€194.9b€10.2b17.7x21.6x1.1x
Mon, 29 Jan 2024€231.1b€200.9b€9.7b19.1x23.9x1.2x
Wed, 27 Dec 2023€228.6b€202.7b€12.9b19x17.8x1.1x
Fri, 24 Nov 2023€220.6b€202.6b€12.9b18.1x17.1x1.1x
Sun, 22 Oct 2023€204.4b€207.1b€12.3b17.8x16.6x1x
Tue, 19 Sep 2023€225.7b€209.1b€12.8b19x17.6x1.1x
Thu, 17 Aug 2023€218.8b€209.0b€12.9b19.1x17x1x
Sat, 15 Jul 2023€228.4b€210.9b€17.3b18.3x13.2x1.1x
Mon, 12 Jun 2023€241.0b€210.8b€17.3b19.2x13.9x1.1x
Wed, 10 May 2023€247.2b€210.7b€17.1b19.2x14.4x1.2x
Fri, 07 Apr 2023€249.5b€208.7b€16.9b19.2x14.8x1.2x
Price to Earnings Ratio

14.8x


Total Market Cap: €249.5bTotal Earnings: €16.9bTotal Revenue: €208.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Finnish Market Price to Earnings3Y Average 19.6x202420252026
Current Market PE
  • Investors are relatively neutral on the Finnish market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 19.6x.
Past Earnings Growth
  • The earnings for companies in the Finnish industry have declined 3.4% per year over the last three years.
  • Revenues have also declined 2.1% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the Finnish Market?

FI Market-0.32%
Utilities5.97%
Materials2.21%
Tech1.27%
Energy0.66%
Consumer Discretionary0.62%
Consumer Staples0.58%
Healthcare0.51%
Telecom-0.29%
Industrials-1.12%
Financials-3.11%
Real Estate-4.39%
Sector PE
  • Investors favour the Energy sector the most for future growth which is trading above its 3-year average PE ratio.
    • This is likely because analysts are expecting annual earnings growth of 27.8% and investors are willing to pay a premium for that growth.
  • The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 16.5x.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 33% over the next 5 years.
  • This is better than its past earnings decline of 1.9% per year.
  • In contrast, the Financials industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
FORTUM Fortum Oyj€21.666.0%
+€1.1b		43.3%PE25.4xUtilities
NOKIA Nokia Oyj€6.941.5%
+€560.4m		43.4%PE61.8xTech
UPM UPM-Kymmene Oyj€26.203.2%
+€432.4m		6.1%PE28.8xMaterials
SAMPO Sampo Oyj€9.201.4%
+€329.3m		4.0%PE12.2xFinancials
METSO Metso Oyj€14.441.3%
+€157.3m		52.0%PE24.8xIndustrials
See more

Market Insights

Header cover image
How to spot the winners in 2026's IPOs
Stella Ong avatar
Stella Ong
Most IPOs lag the market. A few deliver outsized returns. Here are this year’s most anticipated listings and the traits that have historically separated the winners from the rest.
Continue reading
How to invest during crisis in the Persian Gulf

Latest News

VALMT
€24.23
Valmet Oyj
7D
-3.1%
1Y
-2.9%
OUT1V
€4.58
Outokumpu Oyj
7D
-2.0%
1Y
31.9%
FIA1S
€2.74
Finnair Oyj
7D
-7.7%
1Y
-15.7%

FIA1S: Future P/E Will Balance Fuel Relief And Execution Risks

Finnair Oyj's analyst price target has moved slightly lower from €2.90 to €2.80. Analysts link the adjustment to expectations that current fuel and geopolitical pressures could ease once the air campaign ends, which they see as a potential support for airline shares overall.
METSO
€14.44
Metso Oyj
7D
1.3%
1Y
52.0%

METSO: Future Upside Will Depend On Executing Mining Equipment Order Pipeline

Metso Oyj's analyst price target has been revised slightly lower to about €17.03 from around €17.22, as analysts factor in updated assumptions on discount rates, revenue growth, profit margins and future P/E. Recent Street research from Danske Bank, Morgan Stanley, JPMorgan and Jefferies keeps the stock in focus, with several target increases in the €16.50 to €18 range.
CTY1S
€3.14
Citycon Oyj
7D
-18.5%
1Y
-4.4%

CTY1S: Future Control Shift To Majority Owner Will Support Bullish Case

Analysts have reaffirmed their price target for Citycon Oyj at €3.80, with no change in underlying fair value, discount rate, revenue trajectory, profit margin assumptions or forward P/E expectations. This reflects a steady view on the shares based on current information.
KCR
€28.28
Konecranes
7D
-4.6%
1Y
44.3%
SAMPO
€9.20
Sampo Oyj
7D
1.4%
1Y
4.0%
HIAB
€40.54
Hiab Oyj
7D
-3.7%
1Y
-3.5%

HIAB: Hold Downgrade And Dividend Will Shape Future Upside Potential

Analysts have trimmed their price target on Hiab Oyj to €53.00 from €54.25, reflecting slightly higher risk assumptions and more cautious expectations for growth and valuation multiples following recent downgrades to Hold. Analyst Commentary Bullish Takeaways Bullish analysts see the revised €53.00 target as still implying scope for upside if Hiab Oyj can execute consistently on its plan and meet current expectations.
FORTUM
€21.66
Fortum Oyj
7D
6.0%
1Y
43.3%
NESTE
€27.65
Neste Oyj
7D
0.7%
1Y
224.0%
NDA FI
€14.54
Nordea Bank Abp
7D
-5.8%
1Y
23.5%

NDA FI: Dividend Policy And Arctic Financing Stance Will Support Bullish Outlook

Analysts have trimmed their price target for Nordea Bank Abp slightly, from €17.35 to about €17.19. The change reflects small adjustments to assumptions on fair value, revenue growth, profit margin and future P/E expectations.
WRT1V
€31.24
Wärtsilä Oyj Abp
7D
-2.4%
1Y
90.5%
UPM
€26.20
UPM-Kymmene Oyj
7D
3.2%
1Y
6.1%

UPM: Future Returns Will Reflect Cost Efficiencies And Execution Uncertainties

Analysts have made only a marginal adjustment to UPM-Kymmene Oyj's fair value estimate to €26.12, reflecting slightly different assumptions on growth, margins and future P/E. Recent research highlights meaningful cost improvements into 2026 and mixed price target moves, including the upgrade to Hold with a €22.50 target and a separate €0.30 reduction from another firm.
KEMIRA
€19.67
Kemira Oyj
7D
4.8%
1Y
-1.9%
KNEBV
€55.40
KONE Oyj
7D
0.5%
1Y
9.0%

KNEBV: Elevated P/E Will Face Pressure If Margin Improvement Disappoints

Analysts have nudged their price target for KONE Oyj slightly higher to €57, up from €56. The change reflects modest tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E, supported by a mix of recent rating upgrades and fresh coverage across the Street.
NOKIA
€6.94
Nokia Oyj
7D
1.5%
1Y
43.4%

NOKIA: AI Network Partnerships Will Face Rating Pressure And Limited Upside

Narrative update on Nokia Oyj Analysts have lifted the updated fair value estimate for Nokia to €6.21 from €5.43, supported by a higher assumed future P/E of about 24x and a series of recent price target hikes to around €6.50 to €8.50, even as some firms have shifted ratings toward more neutral stances. Analyst Commentary Recent research on Nokia presents a mixed picture, with several firms lifting price targets while others shift to more neutral stances.