# Elisa Oyj (ELISA.HE)

Canonical: https://gigainvestors.com/s/ELISA.HE

Analysis as of: 2026-10-16T07:36:54.164Z. Financial observations: FY2000–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 35.44 per share; close as of 2026-10-15.

Estimated value: low EUR 24.90 per share, central EUR 28.27 per share, high EUR 32.76 per share. Buy at or below the central value EUR 28.27 per share. Valuation as of 2026-10-16T07:36:54.164Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FI 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.03×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.20×

- FY2017: 0.21×

- FY2018: 0.22×

- FY2019: 0.21×

- FY2020: 0.22×

- FY2021: 0.21×

- FY2022: 0.22×

- FY2023: 0.22×

- FY2024: 0.22×

- FY2025: 0.20×

### moat: pass

- ROIC, median of available years: 27.0%

- ROIC, second-lowest year: 24.8%

- Typical minus recent gross margin: -2.2 pp

- Typical gross margin (annual median): 62.1%

- Recent gross margin (lower of latest and 3-year median): 64.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.9%

- ROIC including acquisitions, ten-year median: 13.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 22.2%

- FY2017: 28.5%

- FY2018: 27.9%

- FY2019: 25.4%

- FY2020: 26.8%

- FY2021: 27.6%

- FY2022: 28.1%

- FY2023: 27.1%

- FY2024: 25.8%

- FY2025: 24.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.7B

- Net income, five-year total: EUR 1.8B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -3.1 pp

- Working capital / revenue, final three-year average: 16.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: 0.95×

- FY2023: 0.93×

- FY2024: 0.88×

- FY2025: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 27.9% vs 25.8%

- Per-share earnings: 1.61 to 2.23 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR 1.1B

- Cumulative retained earnings: EUR 287M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.2%

- Per-share value change: EUR 0.62

- Per-share value, starting three-year median: EUR 1.61

- Per-share value, ending three-year median: EUR 2.23

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 547M

- Cumulative net income, 10 years: EUR 3.3B

- ROIC, first three-year median: 27.9%

- ROIC, last three-year median: 25.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.61

- FY2017: EUR 2.11

- FY2018: EUR 1.98

- FY2019: EUR 1.89

- FY2020: EUR 2.05

- FY2021: EUR 2.14

- FY2022: EUR 2.33

- FY2023: EUR 2.34

- FY2024: EUR 2.23

- FY2025: EUR 2.13

### accounting: pass

- Sloan accruals: -9.9%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.01×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.20×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.1%

- FY2017: -6.4%

- FY2018: -7.5%

- FY2019: -8.9%

- FY2020: -8.9%

- FY2021: -8.3%

- FY2022: -7.0%

- FY2023: -8.7%

- FY2024: -8.7%

- FY2025: -9.9%

## Holders

## Price story

Down 37% since Apr 2023 · sales +3%

Story as of 2026-10-16T10:00:08.339Z; price observation 2026-10-15.

Price needs cash profits to grow 3.8% a year for ten years

### Sales · FY2024–2025

sales +3%; source https://filings.xbrl.org/743700TU2S3DXWGU7H32/2025-12-31/ESEF/FI/1/743700TU2S3DXWGU7H32-2025-12-31-1-en/reports/743700TU2S3DXWGU7H32-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: EUR 1.6B 

- FY2017: EUR 1.8B 

- FY2018: EUR 1.8B 

- FY2019: EUR 1.8B 

- FY2020: EUR 1.9B 

- FY2021: EUR 2.0B 

- FY2022: EUR 2.1B 

- FY2023: EUR 2.2B 

- FY2024: EUR 2.2B 

- FY2025: EUR 2.3B 

### Gross margin · FY2025

gross margin 65.2%; source https://filings.xbrl.org/743700TU2S3DXWGU7H32/2025-12-31/ESEF/FI/1/743700TU2S3DXWGU7H32-2025-12-31-1-en/reports/743700TU2S3DXWGU7H32-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: 61.7% 

- FY2017: 61.1% 

- FY2018: 61.5% 

- FY2019: 62.4% 

- FY2020: 62.3% 

- FY2021: 61.8% 

- FY2022: 61.5% 

- FY2023: 62.5% 

- FY2024: 64.2% 

- FY2025: 65.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in telecom services; annual sales are EUR 2.3 billion.

- Source: https://filings.xbrl.org/743700TU2S3DXWGU7H32/2025-12-31/ESEF/FI/1/743700TU2S3DXWGU7H32-2025-12-31-1-en/reports/743700TU2S3DXWGU7H32-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: revenue 2257100000; grossProfit 1471200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ELISA.HE: Elisa Oyj provides telecommunications, information and communication technology (ICT), and online services in Finland, rest of Europe, and internationally. It operates through two segments: Consumer Customers and Corporate Customers. The company offers consumers with telecommunications and communications services, including fixed and mobile subscriptions, supplementary digital services, cable TV subscriptions, and entertainment services, as well as IT and communication solutions. It provides sedApta, supply chain management and operational planning software; camLine, an automation, MES, and data analytics software; CalcuQuote, a integrated software for sourcing, quoting, procurement, and supplier collaboration; and TenForce, a platform to strengthen safety culture and operational oversight across complex industrial environments. It also offers Polystar, an intelligent network analytics and optimization software. The company markets its solutions under Elisa IndustrIQ brand. Further, it provides Gridle, an AI-powered energy flexibility optimization service; and Elisa Kotiakku, that smooths out spikes in electricity spot prices and stores electricity generated by solar panels. In addition, the company offers automation solutions for network management and operation for mobile operators, industrial IoT solutions and distributed energy solutions. It serves consumers, corporates, and public administration organizations. Elisa Oyj was founded in 1882 and is headquartered in Helsinki, Finland.

### Why customers stay

Margins ranged from 62.5% to 65.2% during 2023–25; it earns 27% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 62.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 64.2%.

- Source: https://filings.xbrl.org/743700TU2S3DXWGU7H32/2025-12-31/ESEF/FI/1/743700TU2S3DXWGU7H32-2025-12-31-1-en/reports/743700TU2S3DXWGU7H32-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: grossProfit / revenue = 65.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.22169795695827504],[2017,0.2851178698144105],[2018,0.27856237588504945],[2019,0.2544827864925872],[2020,0.2681233690047019],[2021,0.27571820718530504],[2022,0.28131893837156996],[2023,0.2710025025852139],[2024,0.2584086086392868],[2025,0.2483581816105031]]; median 0.26956293579495794. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 61% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/743700TU2S3DXWGU7H32/2025-12-31/ESEF/FI/1/743700TU2S3DXWGU7H32-2025-12-31-1-en/reports/743700TU2S3DXWGU7H32-2025-12-31-1-en.xhtml (filed 2026-03-04); Gross margin observations: [[2021,0.6177986886230542],[2022,0.6145574078422165],[2023,0.624902545287778]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 208900000; owner earnings 272000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2017: growth capex 25100000; upkeep 229700000; owner earnings 336600000. Growth capex / owner earnings = 0.07456922162804516.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2018: growth capex 0; upkeep 235600000; owner earnings 316400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2019: growth capex 0; upkeep 231600000; owner earnings 318060000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2020: growth capex 0; upkeep 249200000; owner earnings 335700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 0; upkeep 258800000; owner earnings 333100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 7500000; upkeep 263400000; owner earnings 355860000. Growth capex / owner earnings = 0.021075703928511214.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: growth capex 21677734.738277256; upkeep 283022265.26172274; owner earnings 348557734.73827726. Growth capex / owner earnings = 0.062192665885192566.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: growth capex 4660790.950670302; upkeep 302039209.0493297; owner earnings 316260790.9506703. Growth capex / owner earnings = 0.014737176039622574.

- Source: https://filings.xbrl.org/743700TU2S3DXWGU7H32/2025-12-31/ESEF/FI/1/743700TU2S3DXWGU7H32-2025-12-31-1-en/reports/743700TU2S3DXWGU7H32-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: growth capex 0; upkeep 279000000; owner earnings 337220000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,223200000],[2017,239600000],[2018,263100000],[2019,279600000],[2020,295700000],[2021,311000000],[2022,328100000],[2023,343500000],[2024,359800000],[2025,381400000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 11.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ELISA.HE SharesStats.PercentInsiders = 11.344 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.8% yearly over ten years; actual growth was 2.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate 0.040954527867113844. Price 35.44; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.6534677677244596 → FY2025 2.098927568886427. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 30.70 per share

- 2016-11: EUR 29.62 per share

- 2016-12: EUR 30.93 per share

- 2017-01: EUR 31.23 per share

- 2017-02: EUR 31.47 per share

- 2017-03: EUR 33.15 per share

- 2017-04: EUR 31.27 per share

- 2017-05: EUR 34.67 per share

- 2017-06: EUR 33.93 per share

- 2017-07: EUR 34.77 per share

- 2017-08: EUR 36.70 per share

- 2017-09: EUR 36.42 per share

- 2017-10: EUR 34.59 per share

- 2017-11: EUR 34.18 per share

- 2017-12: EUR 32.72 per share

- 2018-01: EUR 34.26 per share

- 2018-02: EUR 35.35 per share

- 2018-03: EUR 36.77 per share

- 2018-04: EUR 36.72 per share

- 2018-05: EUR 38.25 per share

- 2018-06: EUR 39.67 per share

- 2018-07: EUR 37.17 per share

- 2018-08: EUR 36.85 per share

- 2018-09: EUR 36.53 per share

- 2018-10: EUR 35.15 per share

- 2018-11: EUR 35.42 per share

- 2018-12: EUR 36.08 per share

- 2019-01: EUR 36.55 per share

- 2019-02: EUR 36.89 per share

- 2019-03: EUR 40.22 per share

- 2019-04: EUR 37.83 per share

- 2019-05: EUR 39.92 per share

- 2019-06: EUR 42.91 per share

- 2019-07: EUR 42.48 per share

- 2019-08: EUR 45.76 per share

- 2019-09: EUR 47.30 per share

- 2019-10: EUR 48.97 per share

- 2019-11: EUR 48.51 per share

- 2019-12: EUR 49.25 per share

- 2020-01: EUR 54.34 per share

- 2020-02: EUR 51.94 per share

- 2020-03: EUR 56.48 per share

- 2020-04: EUR 55.44 per share

- 2020-05: EUR 56.38 per share

- 2020-06: EUR 54.14 per share

- 2020-07: EUR 50.46 per share

- 2020-08: EUR 49.29 per share

- 2020-09: EUR 50.28 per share

- 2020-10: EUR 42.24 per share

- 2020-11: EUR 45.00 per share

- 2020-12: EUR 44.87 per share

- 2021-01: EUR 49.08 per share

- 2021-02: EUR 49.35 per share

- 2021-03: EUR 51.14 per share

- 2021-04: EUR 47.19 per share

- 2021-05: EUR 48.26 per share

- 2021-06: EUR 50.32 per share

- 2021-07: EUR 54.18 per share

- 2021-08: EUR 54.24 per share

- 2021-09: EUR 53.64 per share

- 2021-10: EUR 52.18 per share

- 2021-11: EUR 52.96 per share

- 2021-12: EUR 54.12 per share

- 2022-01: EUR 52.08 per share

- 2022-02: EUR 49.55 per share

- 2022-03: EUR 54.62 per share

- 2022-04: EUR 55.76 per share

- 2022-05: EUR 52.70 per share

- 2022-06: EUR 53.62 per share

- 2022-07: EUR 54.04 per share

- 2022-08: EUR 53.26 per share

- 2022-09: EUR 46.35 per share

- 2022-10: EUR 48.91 per share

- 2022-11: EUR 49.76 per share

- 2022-12: EUR 49.46 per share

- 2023-01: EUR 52.38 per share

- 2023-02: EUR 53.72 per share

- 2023-03: EUR 55.56 per share

- 2023-04: EUR 56.32 per share

- 2023-05: EUR 52.40 per share

- 2023-06: EUR 48.94 per share

- 2023-07: EUR 47.44 per share

- 2023-08: EUR 45.27 per share

- 2023-09: EUR 43.89 per share

- 2023-10: EUR 40.08 per share

- 2023-11: EUR 41.08 per share

- 2023-12: EUR 41.87 per share

- 2024-01: EUR 42.25 per share

- 2024-02: EUR 41.66 per share

- 2024-03: EUR 41.35 per share

- 2024-04: EUR 42.32 per share

- 2024-05: EUR 42.70 per share

- 2024-06: EUR 42.84 per share

- 2024-07: EUR 43.02 per share

- 2024-08: EUR 45.22 per share

- 2024-09: EUR 47.62 per share

- 2024-10: EUR 43.76 per share

- 2024-11: EUR 42.88 per share

- 2024-12: EUR 41.80 per share

- 2025-01: EUR 41.54 per share

- 2025-02: EUR 44.34 per share

- 2025-03: EUR 45.08 per share

- 2025-04: EUR 47.02 per share

- 2025-05: EUR 46.40 per share

- 2025-06: EUR 47.08 per share

- 2025-07: EUR 45.16 per share

- 2025-08: EUR 45.52 per share

- 2025-09: EUR 44.66 per share

- 2025-10: EUR 38.24 per share

- 2025-11: EUR 37.72 per share

- 2025-12: EUR 37.74 per share

- 2026-01: EUR 37.16 per share

- 2026-02: EUR 43.44 per share

- 2026-03: EUR 41.92 per share

- 2026-04: EUR 41.34 per share

- 2026-05: EUR 41.12 per share

- 2026-06: EUR 36.74 per share

- 2026-07: EUR 34.98 per share

- 2026-08: EUR 35.16 per share

- 2026-09: EUR 36.24 per share

- 2026-10: EUR 34.58 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 17.72 per share, central EUR 20.15 per share, high EUR 23.39 per share

- FY2017: low EUR 20.42 per share, central EUR 23.22 per share, high EUR 26.96 per share

- FY2018: low EUR 21.33 per share, central EUR 24.24 per share, high EUR 28.10 per share

- FY2019: low EUR 22.63 per share, central EUR 26.71 per share, high EUR 31.07 per share

- FY2020: low EUR 24.37 per share, central EUR 28.67 per share, high EUR 33.18 per share

- FY2021: low EUR 24.01 per share, central EUR 27.26 per share, high EUR 31.58 per share

- FY2022: low EUR 26.53 per share, central EUR 31.69 per share, high EUR 36.86 per share

- FY2023: low EUR 26.18 per share, central EUR 31.34 per share, high EUR 36.48 per share

- FY2024: low EUR 26.43 per share, central EUR 31.66 per share, high EUR 36.83 per share

- FY2025: low EUR 25.44 per share, central EUR 28.83 per share, high EUR 33.33 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/743700TU2S3DXWGU7H32/2025-12-31/ESEF/FI/1/743700TU2S3DXWGU7H32-2025-12-31-1-en/reports/743700TU2S3DXWGU7H32-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-03-04.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.