# KONE Oyj (KNEBV.HE)

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

Analysis as of: 2026-10-16T07:34:16.911Z. 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 54.50 per share; close as of 2026-10-15.

Estimated value: low EUR 23.17 per share, central EUR 26.13 per share, high EUR 30.06 per share. Buy at or below the central value EUR 26.13 per share. Valuation as of 2026-10-16T07:34:16.911Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.14×

- FY2018: 0.11×

- FY2019: 0.12×

- FY2020: 0.12×

- FY2021: 0.12×

- FY2022: 0.09×

- FY2023: 0.11×

- FY2024: 0.11×

- FY2025: 0.12×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 31.5%

- ROIC, second-lowest year: 24.7%

- Typical minus recent gross margin: -2.0 pp

- Typical gross margin (annual median): 16.7%

- Recent gross margin (lower of latest and 3-year median): 18.8%

- Years with nonpositive capital: 6

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 59.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 33.1%

- FY2017: 29.8%

- FY2018: 24.7%

- FY2019: >100%

- FY2020: 25.5%

- FY2021: 27.0%

- FY2022: 23.3%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.07×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 5.0B

- Net income, five-year total: EUR 4.6B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.5 pp

- Working capital / revenue, change between three-year averages: -9.1 pp

- Working capital / revenue, final three-year average: 24.1%

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

- FY2021: 1.08×

- FY2022: 1.12×

- FY2023: 1.06×

- FY2024: 1.04×

- FY2025: 1.08×

### management: fail

- 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: 29.8% vs 276.0%

- Per-share earnings: 2.01 to 1.84 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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 9.7B

- Cumulative retained earnings: EUR 174M

- 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 -0.17

- Per-share value, starting three-year median: EUR 2.01

- Per-share value, ending three-year median: EUR 1.84

- Buybacks concentrated in cheaper years (correlation): -0.30

- Average buyback yield: 0.2%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 449M

- Cumulative net income, 10 years: EUR 9.3B

- ROIC, first three-year median: 29.8%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.01

- FY2017: EUR 1.90

- FY2018: EUR 1.63

- FY2019: EUR 1.80

- FY2020: EUR 1.82

- FY2021: EUR 1.95

- FY2022: EUR 1.50

- FY2023: EUR 1.79

- FY2024: EUR 1.84

- FY2025: EUR 1.89

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 0.79×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.34×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.68×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.9%

- FY2017: 0.1%

- FY2018: -1.7%

- FY2019: -3.9%

- FY2020: -6.9%

- FY2021: -5.9%

- FY2022: 2.7%

- FY2023: -2.3%

- FY2024: -3.2%

- FY2025: -3.7%

## Holders

## Price story

Price needs cash profits to grow 10.6% a year for ten years · sales +1.3%

Story as of 2026-10-16T09:59:59.966Z; price observation 2026-10-15.

Price needs cash profits to grow 10.6% a year for ten years

### Sales · FY2024–2025

sales +1.3%; source https://filings.xbrl.org/2138001CNF45JP5XZK38/2025-12-31/ESEF/FI/0/2138001CNF45JP5XZK38-2025-12-31-en/reports/2138001CNF45JP5XZK38-2025-12-31-en.xhtml; observed 2026-02-17.

- FY2016: EUR 8.8B 

- FY2017: EUR 8.9B 

- FY2018: EUR 9.1B 

- FY2019: EUR 10.0B 

- FY2020: EUR 9.9B 

- FY2021: EUR 11B 

- FY2022: EUR 11B 

- FY2023: EUR 11B 

- FY2024: EUR 11B 

- FY2025: EUR 11B 

### Gross margin · FY2025

gross margin 18.8%; source https://filings.xbrl.org/2138001CNF45JP5XZK38/2025-12-31/ESEF/FI/0/2138001CNF45JP5XZK38-2025-12-31-en/reports/2138001CNF45JP5XZK38-2025-12-31-en.xhtml; observed 2026-02-17.

- FY2016: 14.7% 

- FY2017: 13.6% 

- FY2018: 11.5% 

- FY2019: 11.9% 

- FY2020: 12.2% 

- FY2021: 51.5% 

- FY2022: 50.7% 

- FY2023: 53.4% 

- FY2024: 56.5% 

- FY2025: 18.8% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are EUR 11.2 billion.

- Source: https://filings.xbrl.org/2138001CNF45JP5XZK38/2025-12-31/ESEF/FI/0/2138001CNF45JP5XZK38-2025-12-31-en/reports/2138001CNF45JP5XZK38-2025-12-31-en.xhtml (filed 2026-02-17); FY2025: revenue 11245200000; grossProfit 2110500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KNEBV.HE: KONE Oyj, together with its subsidiaries, engages in the elevator and escalator business worldwide. The company provides elevators, escalators, automatic building doors, and integrated access control solutions, as well as maintenance and modernization solutions. It also offers KONE Office Flow, a modular connected people flow solution that delivers personalized access and enhanced user experiences in workplaces; health and well-being solutions for elevators, escalators, and doors; KONE Access, an access control system, which is integrated with elevator system and building doors; KONE Destination, a destination control system that reduce waiting and travel times; KONE infotainment, a communication channel for building tenants and visitors; and monitoring solutions that enable real-time inspection of elevators and escalators. In addition, the company provides people flow planning and consulting services; solutions for special buildings and large projects; cybersecurity solutions; and energy solutions for greener buildings. It also offers hands-on, immersive training to technicians, engineers, and service professional through a training center in Egypt. KONE Oyj was founded in 1908 and is based in Espoo, Finland.

### Why customers stay

Margins ranged from 18.8% to 56.5% during 2023–25; it earns 31.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 53.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 56.5%.

- Source: https://filings.xbrl.org/2138001CNF45JP5XZK38/2025-12-31/ESEF/FI/0/2138001CNF45JP5XZK38-2025-12-31-en/reports/2138001CNF45JP5XZK38-2025-12-31-en.xhtml (filed 2026-02-17); FY2025: grossProfit / revenue = 18.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.3312535468410546],[2017,0.29832131304730464],[2018,0.2473880277117489],[2019,9.147531337154065],[2020,0.2551186306786074],[2021,0.2695174433564741],[2022,0.2334557202385267],[2023,6.271236186334519],[2024,2.7597806760147363],[2025,2.4607657342495335]]; median 0.31478742994417963. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 5635800.704742402; upkeep 110164199.2952576; owner earnings 1020035800.7047424. Growth capex / owner earnings = 0.005525100884546041.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 109500000; owner earnings 972900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 113600000; owner earnings 846100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 0; upkeep 98000000; owner earnings 1000660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2020: growth capex 0; upkeep 88000000; owner earnings 1021620000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 0; upkeep 96500000; owner earnings 1093120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 0; upkeep 101200000; owner earnings 867800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 0; upkeep 148200000; owner earnings 977160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 168400000; owner earnings 988580000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/2138001CNF45JP5XZK38/2025-12-31/ESEF/FI/0/2138001CNF45JP5XZK38-2025-12-31-en/reports/2138001CNF45JP5XZK38-2025-12-31-en.xhtml (filed 2026-02-17); FY2025: growth capex 0; upkeep 153900000; owner earnings 1055000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,718200000],[2017,795400000],[2018,849200000],[2019,851700000],[2020,880500000],[2021,1166300000],[2022,1087800000],[2023,904900000],[2024,905500000],[2025,931900000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 28% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KNEBV.HE SharesStats.PercentInsiders = 27.950999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.6% yearly over ten years; actual growth was 0.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate 0.1397549655464373. Price 54.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.0241433021806854 → FY2025 2.0386473429951693. Closing-price date 2026-10-15.

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

- 2016-10: EUR 41.93 per share

- 2016-11: EUR 41.56 per share

- 2016-12: EUR 42.57 per share

- 2017-01: EUR 41.90 per share

- 2017-02: EUR 42.26 per share

- 2017-03: EUR 41.16 per share

- 2017-04: EUR 42.06 per share

- 2017-05: EUR 44.11 per share

- 2017-06: EUR 44.54 per share

- 2017-07: EUR 44.01 per share

- 2017-08: EUR 45.58 per share

- 2017-09: EUR 44.80 per share

- 2017-10: EUR 46.47 per share

- 2017-11: EUR 43.24 per share

- 2017-12: EUR 44.78 per share

- 2018-01: EUR 46.10 per share

- 2018-02: EUR 42.59 per share

- 2018-03: EUR 40.53 per share

- 2018-04: EUR 41.26 per share

- 2018-05: EUR 42.35 per share

- 2018-06: EUR 43.66 per share

- 2018-07: EUR 46.79 per share

- 2018-08: EUR 46.51 per share

- 2018-09: EUR 46.02 per share

- 2018-10: EUR 43.02 per share

- 2018-11: EUR 43.76 per share

- 2018-12: EUR 41.64 per share

- 2019-01: EUR 42.39 per share

- 2019-02: EUR 42.97 per share

- 2019-03: EUR 44.96 per share

- 2019-04: EUR 48.86 per share

- 2019-05: EUR 48.81 per share

- 2019-06: EUR 51.90 per share

- 2019-07: EUR 51.60 per share

- 2019-08: EUR 52.60 per share

- 2019-09: EUR 52.24 per share

- 2019-10: EUR 57.04 per share

- 2019-11: EUR 56.82 per share

- 2019-12: EUR 58.28 per share

- 2020-01: EUR 58.26 per share

- 2020-02: EUR 51.00 per share

- 2020-03: EUR 51.62 per share

- 2020-04: EUR 55.32 per share

- 2020-05: EUR 60.28 per share

- 2020-06: EUR 61.22 per share

- 2020-07: EUR 67.24 per share

- 2020-08: EUR 71.84 per share

- 2020-09: EUR 75.06 per share

- 2020-10: EUR 68.34 per share

- 2020-11: EUR 70.32 per share

- 2020-12: EUR 66.46 per share

- 2021-01: EUR 64.92 per share

- 2021-02: EUR 66.08 per share

- 2021-03: EUR 69.66 per share

- 2021-04: EUR 65.34 per share

- 2021-05: EUR 66.14 per share

- 2021-06: EUR 68.80 per share

- 2021-07: EUR 69.82 per share

- 2021-08: EUR 70.24 per share

- 2021-09: EUR 60.78 per share

- 2021-10: EUR 58.96 per share

- 2021-11: EUR 58.24 per share

- 2021-12: EUR 63.04 per share

- 2022-01: EUR 57.22 per share

- 2022-02: EUR 52.38 per share

- 2022-03: EUR 47.59 per share

- 2022-04: EUR 46.09 per share

- 2022-05: EUR 47.48 per share

- 2022-06: EUR 45.36 per share

- 2022-07: EUR 44.50 per share

- 2022-08: EUR 39.92 per share

- 2022-09: EUR 39.61 per share

- 2022-10: EUR 41.45 per share

- 2022-11: EUR 47.51 per share

- 2022-12: EUR 48.30 per share

- 2023-01: EUR 50.04 per share

- 2023-02: EUR 49.15 per share

- 2023-03: EUR 48.00 per share

- 2023-04: EUR 51.70 per share

- 2023-05: EUR 47.47 per share

- 2023-06: EUR 47.83 per share

- 2023-07: EUR 46.64 per share

- 2023-08: EUR 42.00 per share

- 2023-09: EUR 39.92 per share

- 2023-10: EUR 40.89 per share

- 2023-11: EUR 40.79 per share

- 2023-12: EUR 45.16 per share

- 2024-01: EUR 45.94 per share

- 2024-02: EUR 45.22 per share

- 2024-03: EUR 43.14 per share

- 2024-04: EUR 45.80 per share

- 2024-05: EUR 46.79 per share

- 2024-06: EUR 46.09 per share

- 2024-07: EUR 47.16 per share

- 2024-08: EUR 48.80 per share

- 2024-09: EUR 53.70 per share

- 2024-10: EUR 50.26 per share

- 2024-11: EUR 49.06 per share

- 2024-12: EUR 47.00 per share

- 2025-01: EUR 50.00 per share

- 2025-02: EUR 54.20 per share

- 2025-03: EUR 50.84 per share

- 2025-04: EUR 54.50 per share

- 2025-05: EUR 54.84 per share

- 2025-06: EUR 55.88 per share

- 2025-07: EUR 53.94 per share

- 2025-08: EUR 53.72 per share

- 2025-09: EUR 58.00 per share

- 2025-10: EUR 57.92 per share

- 2025-11: EUR 58.54 per share

- 2025-12: EUR 60.56 per share

- 2026-01: EUR 60.62 per share

- 2026-02: EUR 64.02 per share

- 2026-03: EUR 54.78 per share

- 2026-04: EUR 54.20 per share

- 2026-05: EUR 51.26 per share

- 2026-06: EUR 49.76 per share

- 2026-07: EUR 50.10 per share

- 2026-08: EUR 52.78 per share

- 2026-09: EUR 51.18 per share

- 2026-10: EUR 53.74 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 27.71 per share, central EUR 37.60 per share, high EUR 43.49 per share

- FY2017: low EUR 31.38 per share, central EUR 44.08 per share, high EUR 51.17 per share

- FY2018: low EUR 28.51 per share, central EUR 36.14 per share, high EUR 41.68 per share

- FY2019: low EUR 31.27 per share, central EUR 39.71 per share, high EUR 45.80 per share

- FY2020: low EUR 30.05 per share, central EUR 37.17 per share, high EUR 42.66 per share

- FY2021: low EUR 31.32 per share, central EUR 38.23 per share, high EUR 43.81 per share

- FY2022: low EUR 28.97 per share, central EUR 34.41 per share, high EUR 39.58 per share

- FY2023: low EUR 28.31 per share, central EUR 33.46 per share, high EUR 38.54 per share

- FY2024: low EUR 25.06 per share, central EUR 29.45 per share, high EUR 33.79 per share

- FY2025: low EUR 24.04 per share, central EUR 26.96 per share, high EUR 30.85 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 2026-10-15T06:40:04.727Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138001CNF45JP5XZK38/2025-12-31/ESEF/FI/0/2138001CNF45JP5XZK38-2025-12-31-en/reports/2138001CNF45JP5XZK38-2025-12-31-en.xhtml); period 2025-12-31, filed 2026-02-17.

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