# Kalmar (KALMAR.HE)

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

Analysis as of: 2026-10-16T07:29:39.243Z. Financial observations: FY2019–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Record still being completed

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

Share price: EUR 36.66 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 7 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2021: 0.05×

- FY2022: 0.07×

- FY2023: 0.12×

- FY2024: 0.10×

- FY2025: 0.13×

### moat: pass

- ROIC, median of available years: 28.3%

- ROIC, second-lowest year: 16.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 17.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: 9.8%

- FY2022: 16.3%

- FY2023: 28.9%

- FY2024: 28.3%

- FY2025: 30.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 837M

- Net income, five-year total: EUR 839M

- Working capital / revenue, annual change: -4.6 pp

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

- FY2021: 1.10×

- FY2022: 1.06×

- FY2023: 0.93×

- FY2024: 1.03×

- FY2025: 0.86×

### management: unclear

- buybacks unrelated to price (informational)

- Management verdict uses per-share economic progress: Yes

- Average buyback yield: 0.4%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 28.9%

Chart: Earnings per share; fiscal year observations.

- FY2021: EUR 4.09

- FY2022: EUR 1.45

- FY2023: EUR 3.01

- FY2024: EUR 1.99

- FY2025: EUR 2.55

### accounting: pass

- Sloan accruals: -2.6%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.28×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.37×

Chart: Sloan accruals; fiscal year observations.

- FY2021: 10.7%

- FY2022: -3.6%

- FY2023: -1.5%

- FY2024: -2.8%

- FY2025: -2.6%

## Holders

## Price story

Down 25% since Feb 2026 · sales +1.2%

Story as of 2026-10-16T09:59:01.436Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +1.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: EUR 1.7B 

- FY2020: EUR 1.5B 

- FY2021: EUR 1.5B 

- FY2022: EUR 1.9B 

- FY2023: EUR 2.0B 

- FY2024: EUR 1.7B 

- FY2025: EUR 1.7B 

### Gross margin · FY2025

gross margin 26.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: 20.4% 

- FY2022: 19.2% 

- FY2023: 24.8% 

- FY2024: 26.3% 

- FY2025: 26.2% 

## Owner memo

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

### How it makes money

Operates in farm & heavy construction machinery; annual sales are EUR 1.7 billion.

- Source: https://eodhd.com/api/fundamentals/KALMAR.HE.json#2025-12-31 (filed 2026-10-16T07:29:39.243Z); FY2025: revenue 1741400000; grossProfit 455700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KALMAR.HE: Kalmar Oyj provides heavy material handling equipment and services for ports, terminals, distribution centres, manufacturing, and heavy logistics industries in the Americas, Europe, Asia, the Middle East, and Africa. It operates in two segments, Equipment and Services. The company offers reach stackers, forklift trucks, empty container handlers, terminal tractors, straddle carriers, and spreaders. It also provides spare parts; on-call and contract maintenance services; and data, analytics, and AI services. In addition, the company offers lifecycle services, including refurbishments, and fleet management and upgrades; equipment that can use hydrotreated vegetable oil (HVO); and robotics equipment. The company was incorporated in 2024 and is headquartered in Helsinki, Finland.

### Why customers stay

Margins ranged from 24.8% to 26.3% during 2023–25; it earns 28.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/KALMAR.HE.json#2023-12-31 (filed 2026-10-16T07:29:39.243Z); FY2023: grossProfit / revenue = 24.8%.

- Source: https://eodhd.com/api/fundamentals/KALMAR.HE.json#2024-12-31 (filed 2026-10-16T07:29:39.243Z); FY2024: grossProfit / revenue = 26.3%.

- Source: https://eodhd.com/api/fundamentals/KALMAR.HE.json#2025-12-31 (filed 2026-10-16T07:29:39.243Z); FY2025: grossProfit / revenue = 26.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:39.243Z); 7-year return on capital observations [[2021,0.09845527697033608],[2022,0.1626498983851357],[2023,0.28890403205386],[2024,0.2831991975978721],[2025,0.3094134910675957]]; median 0.2831991975978721. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 2.2% of cash earnings on expansion; paid dividends in 5 of 5 years.

- Source: https://eodhd.com/api/fundamentals/KALMAR.HE.json#2021-12-31 (filed 2026-10-16T07:29:39.243Z); FY2021: growth capex 0; upkeep 28800000; owner earnings 286700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KALMAR.HE.json#2022-12-31 (filed 2026-10-16T07:29:39.243Z); FY2022: growth capex 0; upkeep 46900000; owner earnings 98100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KALMAR.HE.json#2023-12-31 (filed 2026-10-16T07:29:39.243Z); FY2023: growth capex 0; upkeep 55900000; owner earnings 179400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KALMAR.HE.json#2024-12-31 (filed 2026-10-16T07:29:39.243Z); FY2024: growth capex 0; upkeep 40500000; owner earnings 131900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KALMAR.HE.json#2025-12-31 (filed 2026-10-16T07:29:39.243Z); FY2025: growth capex 3111664.6651613563; upkeep 63188335.33483864; owner earnings 140411664.66516137. Growth capex / owner earnings = 0.022161012566738806.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:39.243Z); Dividend observations: [[2021,17600000],[2022,55200000],[2023,107400000],[2024,200000],[2025,64000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 32% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KALMAR.HE SharesStats.PercentInsiders = 31.999 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:39.243Z); Closing price 36.66 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 27.15464142587597; price multiple 1.3500454461927183. FY2025 cash earnings/share 2.189519011136325. Closing-price date 2026-10-15.

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

- 2024-07: EUR 27.32 per share

- 2024-08: EUR 25.85 per share

- 2024-09: EUR 29.14 per share

- 2024-10: EUR 28.63 per share

- 2024-11: EUR 31.94 per share

- 2024-12: EUR 31.81 per share

- 2025-01: EUR 32.56 per share

- 2025-02: EUR 34.31 per share

- 2025-03: EUR 30.41 per share

- 2025-04: EUR 27.88 per share

- 2025-05: EUR 31.02 per share

- 2025-06: EUR 36.06 per share

- 2025-07: EUR 39.66 per share

- 2025-08: EUR 39.32 per share

- 2025-09: EUR 33.72 per share

- 2025-10: EUR 35.94 per share

- 2025-11: EUR 37.20 per share

- 2025-12: EUR 40.54 per share

- 2026-01: EUR 43.14 per share

- 2026-02: EUR 48.66 per share

- 2026-03: EUR 43.36 per share

- 2026-04: EUR 45.62 per share

- 2026-05: EUR 44.84 per share

- 2026-06: EUR 38.42 per share

- 2026-07: EUR 38.54 per share

- 2026-08: EUR 38.80 per share

- 2026-09: EUR 37.50 per share

- 2026-10: EUR 36.72 per share

## Annual estimated value (EUR 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

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