# Huhtamaki Oyj (HUH1V.HE)

Canonical: https://gigainvestors.com/s/HUH1V.HE

Analysis as of: 2026-10-16T07:39:00.937Z. Financial observations: FY2000–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 27.16 per share; close as of 2026-10-15.

Estimated value: low EUR 21.51 per share, central EUR 24.08 per share, high EUR 27.50 per share. Buy at or below the central value EUR 24.08 per share. Valuation as of 2026-10-16T07:39:00.937Z; scenarios are not confidence intervals.

Expected annual return: 9.1% at the stated quote. About 9.1% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.08×

- FY2018: 0.07×

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.09×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: 11.1%

- Typical minus recent gross margin: 0.4 pp

- Typical gross margin (annual median): 16.8%

- Recent gross margin (lower of latest and 3-year median): 16.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.9%

- ROIC including acquisitions, ten-year median: 6.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.8%

- FY2017: 16.3%

- FY2018: 11.4%

- FY2019: 14.7%

- FY2020: 14.1%

- FY2021: 10.8%

- FY2022: 12.7%

- FY2023: 11.3%

- FY2024: 12.0%

- FY2025: 11.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.77×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 848M

- Net income, five-year total: EUR 1.1B

- Return on incremental invested capital: 8.8%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.1 pp

- Working capital / revenue, final three-year average: 18.7%

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

- FY2021: 0.82×

- FY2022: 0.89×

- FY2023: 0.36×

- FY2024: 0.74×

- FY2025: 1.05×

### 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: 16.3% vs 11.3%

- Per-share earnings: 1.81 to 1.97 (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 -542M

- Cumulative retained earnings: EUR 870M

- 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: 1.1%

- Per-share value change: EUR 0.16

- Per-share value, starting three-year median: EUR 1.81

- Per-share value, ending three-year median: EUR 1.97

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 611M

- Cumulative net income, 10 years: EUR 2.0B

- ROIC, first three-year median: 16.3%

- ROIC, last three-year median: 11.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.81

- FY2017: EUR 1.86

- FY2018: EUR 1.50

- FY2019: EUR 1.82

- FY2020: EUR 1.69

- FY2021: EUR 1.90

- FY2022: EUR 2.65

- FY2023: EUR 1.97

- FY2024: EUR 2.15

- FY2025: EUR 1.83

### accounting: pass

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.49×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.56×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.8%

- FY2017: -2.2%

- FY2018: -3.1%

- FY2019: -6.5%

- FY2020: -7.0%

- FY2021: -0.5%

- FY2022: -0.9%

- FY2023: -8.0%

- FY2024: -4.3%

- FY2025: -6.2%

## Holders

## Price story

Down 30% since Dec 2021 · "Demand for foodservice packaging remained subdued during the year." (HUH1V filing, Mar 2026) · sales -4%

Story as of 2026-10-16T10:00:10.379Z; price observation 2026-10-15.

Price needs cash profits to grow 2.6% a year for ten years

### Sales · FY2024–2025

sales -4%; source https://filings.xbrl.org/5493007050SJVMXN6L29/2025-12-31/ESEF/FI/0/5493007050SJVMXN6L29-2025-12-31-1-en/reports/5493007050SJVMXN6L29-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: EUR 2.9B 

- FY2017: EUR 3.0B 

- FY2018: EUR 3.1B 

- FY2019: EUR 3.4B 

- FY2020: EUR 3.3B 

- FY2021: EUR 3.6B 

- FY2022: EUR 4.5B 

- FY2023: EUR 4.2B 

- FY2024: EUR 4.1B 

- FY2025: EUR 4.0B 

### Gross margin · FY2025

gross margin 16.5%; source https://filings.xbrl.org/5493007050SJVMXN6L29/2025-12-31/ESEF/FI/0/5493007050SJVMXN6L29-2025-12-31-1-en/reports/5493007050SJVMXN6L29-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: 17.8% 

- FY2017: 16.9% 

- FY2018: 15.2% 

- FY2019: 17.1% 

- FY2020: 16.8% 

- FY2021: 16.6% 

- FY2022: 16.4% 

- FY2023: 18.1% 

- FY2024: 18.9% 

- FY2025: 16.5% 

## Owner memo

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

### How it makes money

Operates in packaging & containers; annual sales are EUR 4 billion.

- Source: https://filings.xbrl.org/5493007050SJVMXN6L29/2025-12-31/ESEF/FI/0/5493007050SJVMXN6L29-2025-12-31-1-en/reports/5493007050SJVMXN6L29-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: revenue 3960200000; grossProfit 651800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HUH1V.HE: Huhtamäki Oyj provides packaging solutions in the United States, Germany, the United Kingdom, India, Turkey, Australia, Thailand, Poland, South Africa, Spain, Finland, and internationally. It operates through Foodservice Packaging, North America, Flexible Packaging, and Fiber Packaging segments. The company offers beverage-to-go packaging solutions, which includes single and double-wall paper, coffee and cold drinks cups, cup carriers, lids, accessories and short run prints customized paper cups; food-to-go packaging solutions, such as trays, containers, clamshells, scoops, bowls, wraps, and various accessories for take-away and dining; and egg trays, egg cartons, fruit trays, and wine bottle separators. In addition, it provides stickpacks, sachets, and valve pouches for coffee packaging; stand-up and spouted pouches for liquid drinks; and tea bag envelopes, paper tags, and outer packaging for tea packaging, as well as powder drinks packaging. Further, the company offers packaged food consisting of satchets, stand up pouches, cube laminates, and cartons for culinary, ice cream, confectionary, stock cube, and other retail food markets; and pet food packaging, such as 4-side seal pouches and stand-up pouches for dry food, wet food, and snacks and treats. Additionally, it provides wicketed bags, stand-up pouches, sachets, and flowwraps for beauty, cleaning and laundry, and family care products; OTC/nutritional supplements, prescriptive, and transdermal patches packaging; and paper-based products for ice cream, yoghurt, dairy, spreads, and other snacks. The company also provides retail, catering disposables, and vending cups packaging products under the Chinet brand. It serves food, beverage, and petfood companies, quick service and fast casual restaurants, foodservice operators, fresh produce packers, and retailers, as well as home and personal care, industrial, FMCG, and healthcare sectors. Huhtamäki Oyj was founded in 1920 and is headquartered in Espoo, Finland.

### Why customers stay

Margins ranged from 16.5% to 18.9% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 18.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 18.9%.

- Source: https://filings.xbrl.org/5493007050SJVMXN6L29/2025-12-31/ESEF/FI/0/5493007050SJVMXN6L29-2025-12-31-1-en/reports/5493007050SJVMXN6L29-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: grossProfit / revenue = 16.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.17801951414545328],[2017,0.16342736885989315],[2018,0.11418877798126792],[2019,0.14694264660534484],[2020,0.14059048940440055],[2021,0.1076145706993668],[2022,0.12668393807403328],[2023,0.11310767119464087],[2024,0.12007990815425722],[2025,0.11145205085206629]]; median 0.12338192311414525. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Sales volumes increased while sales prices and the weaker US dollar had a negative impact.

- Source: https://filings.xbrl.org/5493007050SJVMXN6L29/2025-12-31/ESEF/FI/0/5493007050SJVMXN6L29-2025-12-31-1-en/reports/5493007050SJVMXN6L29-2025-12-31-1-en.xhtml (filed 2026-03-04); Net sales in the North America segment decreased and the comparable net sales growth was -0%. Sales volumes increased while sales prices and the weaker US dollar had a negative impact. Net sales increased in foodservice, but decreased in retail and consumer goods.

### 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 42844471.32254204; upkeep 156255528.67745796; owner earnings 145444471.32254204. Growth capex / owner earnings = 0.2945761425852266.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2017: growth capex 39854808.535168976; upkeep 174945191.46483102; owner earnings 140154808.53516898. Growth capex / owner earnings = 0.2843627625174789.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2018: growth capex 32200000; upkeep 164700000; owner earnings 156500000. Growth capex / owner earnings = 0.20575079872204474.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2019: growth capex 39700000; upkeep 164200000; owner earnings 162700000. Growth capex / owner earnings = 0.24400737553779964.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2020: growth capex 0; upkeep 223500000; owner earnings 121620000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 85700000; upkeep 173700000; owner earnings 163680000. Growth capex / owner earnings = 0.5235826001955034.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 108800000; upkeep 209700000; owner earnings 244500000. Growth capex / owner earnings = 0.44498977505112475.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: growth capex 0; upkeep 318700000; owner earnings 73940000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: growth capex 0; upkeep 247900000; owner earnings 165080000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/5493007050SJVMXN6L29/2025-12-31/ESEF/FI/0/5493007050SJVMXN6L29-2025-12-31-1-en/reports/5493007050SJVMXN6L29-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: growth capex 0; upkeep 171900000; owner earnings 201220000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,68500000],[2017,76000000],[2018,83500000],[2019,87600000],[2020,92900000],[2021,96000000],[2022,98100000],[2023,104500000],[2024,110000000],[2025,115500000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HUH1V.HE SharesStats.PercentInsiders = 3.582 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.6% yearly over ten years; actual growth was 3.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate 0.024208748180962893. Price 27.16; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.4154002094676688 → FY2025 1.917770879656589. Closing-price date 2026-10-15.

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

- 2016-10: EUR 36.78 per share

- 2016-11: EUR 35.50 per share

- 2016-12: EUR 35.28 per share

- 2017-01: EUR 34.00 per share

- 2017-02: EUR 34.05 per share

- 2017-03: EUR 33.35 per share

- 2017-04: EUR 35.58 per share

- 2017-05: EUR 34.58 per share

- 2017-06: EUR 34.50 per share

- 2017-07: EUR 32.74 per share

- 2017-08: EUR 32.68 per share

- 2017-09: EUR 34.15 per share

- 2017-10: EUR 36.58 per share

- 2017-11: EUR 37.00 per share

- 2017-12: EUR 35.00 per share

- 2018-01: EUR 34.37 per share

- 2018-02: EUR 34.79 per share

- 2018-03: EUR 35.64 per share

- 2018-04: EUR 33.84 per share

- 2018-05: EUR 34.90 per share

- 2018-06: EUR 31.69 per share

- 2018-07: EUR 30.75 per share

- 2018-08: EUR 30.85 per share

- 2018-09: EUR 27.61 per share

- 2018-10: EUR 24.79 per share

- 2018-11: EUR 27.00 per share

- 2018-12: EUR 27.07 per share

- 2019-01: EUR 28.67 per share

- 2019-02: EUR 31.83 per share

- 2019-03: EUR 33.17 per share

- 2019-04: EUR 34.01 per share

- 2019-05: EUR 34.08 per share

- 2019-06: EUR 36.16 per share

- 2019-07: EUR 34.36 per share

- 2019-08: EUR 35.12 per share

- 2019-09: EUR 36.58 per share

- 2019-10: EUR 41.50 per share

- 2019-11: EUR 39.85 per share

- 2019-12: EUR 41.38 per share

- 2020-01: EUR 40.19 per share

- 2020-02: EUR 37.30 per share

- 2020-03: EUR 29.18 per share

- 2020-04: EUR 34.12 per share

- 2020-05: EUR 36.32 per share

- 2020-06: EUR 35.04 per share

- 2020-07: EUR 37.80 per share

- 2020-08: EUR 40.54 per share

- 2020-09: EUR 42.18 per share

- 2020-10: EUR 41.92 per share

- 2020-11: EUR 42.10 per share

- 2020-12: EUR 42.26 per share

- 2021-01: EUR 40.52 per share

- 2021-02: EUR 37.28 per share

- 2021-03: EUR 38.56 per share

- 2021-04: EUR 39.46 per share

- 2021-05: EUR 38.40 per share

- 2021-06: EUR 39.95 per share

- 2021-07: EUR 44.91 per share

- 2021-08: EUR 45.21 per share

- 2021-09: EUR 39.00 per share

- 2021-10: EUR 37.66 per share

- 2021-11: EUR 37.92 per share

- 2021-12: EUR 38.89 per share

- 2022-01: EUR 34.79 per share

- 2022-02: EUR 32.69 per share

- 2022-03: EUR 31.58 per share

- 2022-04: EUR 36.13 per share

- 2022-05: EUR 35.86 per share

- 2022-06: EUR 37.80 per share

- 2022-07: EUR 38.01 per share

- 2022-08: EUR 34.92 per share

- 2022-09: EUR 32.66 per share

- 2022-10: EUR 36.35 per share

- 2022-11: EUR 35.08 per share

- 2022-12: EUR 32.00 per share

- 2023-01: EUR 34.32 per share

- 2023-02: EUR 33.39 per share

- 2023-03: EUR 34.20 per share

- 2023-04: EUR 32.64 per share

- 2023-05: EUR 30.58 per share

- 2023-06: EUR 30.06 per share

- 2023-07: EUR 32.31 per share

- 2023-08: EUR 31.71 per share

- 2023-09: EUR 31.15 per share

- 2023-10: EUR 32.41 per share

- 2023-11: EUR 35.56 per share

- 2023-12: EUR 36.73 per share

- 2024-01: EUR 36.37 per share

- 2024-02: EUR 36.31 per share

- 2024-03: EUR 38.83 per share

- 2024-04: EUR 35.96 per share

- 2024-05: EUR 37.14 per share

- 2024-06: EUR 37.46 per share

- 2024-07: EUR 37.46 per share

- 2024-08: EUR 37.06 per share

- 2024-09: EUR 34.88 per share

- 2024-10: EUR 36.04 per share

- 2024-11: EUR 34.16 per share

- 2024-12: EUR 34.18 per share

- 2025-01: EUR 35.68 per share

- 2025-02: EUR 35.72 per share

- 2025-03: EUR 32.84 per share

- 2025-04: EUR 32.42 per share

- 2025-05: EUR 32.52 per share

- 2025-06: EUR 30.28 per share

- 2025-07: EUR 30.24 per share

- 2025-08: EUR 30.36 per share

- 2025-09: EUR 29.48 per share

- 2025-10: EUR 29.16 per share

- 2025-11: EUR 29.70 per share

- 2025-12: EUR 29.74 per share

- 2026-01: EUR 29.62 per share

- 2026-02: EUR 31.64 per share

- 2026-03: EUR 27.94 per share

- 2026-04: EUR 27.26 per share

- 2026-05: EUR 27.40 per share

- 2026-06: EUR 26.28 per share

- 2026-07: EUR 30.90 per share

- 2026-08: EUR 32.12 per share

- 2026-09: EUR 28.94 per share

- 2026-10: EUR 27.02 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 16.39 per share, central EUR 19.33 per share, high EUR 22.42 per share

- FY2017: low EUR 15.94 per share, central EUR 18.91 per share, high EUR 21.93 per share

- FY2018: low EUR 17.65 per share, central EUR 21.21 per share, high EUR 24.65 per share

- FY2019: low EUR 21.28 per share, central EUR 26.81 per share, high EUR 31.11 per share

- FY2020: low EUR 19.29 per share, central EUR 22.04 per share, high EUR 25.23 per share

- FY2021: low EUR 20.57 per share, central EUR 25.90 per share, high EUR 30.09 per share

- FY2022: low EUR 27.66 per share, central EUR 35.40 per share, high EUR 41.05 per share

- FY2023: low EUR 22.57 per share, central EUR 25.43 per share, high EUR 29.14 per share

- FY2024: low EUR 21.79 per share, central EUR 27.55 per share, high EUR 31.84 per share

- FY2025: low EUR 21.74 per share, central EUR 24.35 per share, high EUR 27.81 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

Prior published observations retained from 2026-10-15T06:44:44.907Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5493007050SJVMXN6L29/2025-12-31/ESEF/FI/0/5493007050SJVMXN6L29-2025-12-31-1-en/reports/5493007050SJVMXN6L29-2025-12-31-1-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.

## Reported holder observations