# Metso Oyj (METSO.HE)

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

Analysis as of: 2026-10-16T07:35:04.457Z. Financial observations: FY2005–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 16.39 per share; close as of 2026-10-15.

Estimated value: low EUR 6.16 per share, central EUR 6.96 per share, high EUR 8.03 per share. Buy at or below the central value EUR 6.96 per share. Valuation as of 2026-10-16T07:35:04.457Z; scenarios are not confidence intervals.

Expected annual return: 5.8% at the stated quote. About 5.8% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 1.05×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.06×

- FY2017: 0.02×

- FY2018: -0.05×

- FY2019: 0.09×

- FY2020: 0.07×

- FY2021: 0.10×

- FY2022: 0.10×

- FY2023: 0.15×

- FY2024: 0.15×

- FY2025: 0.14×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 19.9%

- ROIC, second-lowest year: -21.0%

- Typical minus recent gross margin: -4.7 pp

- Typical gross margin (annual median): 27.3%

- Recent gross margin (lower of latest and 3-year median): 32.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 8.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -21.0%

- FY2017: 6.7%

- FY2018: -44.2%

- FY2019: 48.8%

- FY2020: 9.9%

- FY2021: 20.1%

- FY2022: 19.7%

- FY2023: 24.9%

- FY2024: 20.6%

- FY2025: 22.7%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.9B

- Net income, five-year total: EUR 1.9B

- Return on incremental invested capital: 26.8%

- Working capital / revenue, annual change: 2.6 pp

- Working capital / revenue, change between three-year averages: 20.6 pp

- Working capital / revenue, final three-year average: 53.8%

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

- FY2021: 1.13×

- FY2022: 1.06×

- FY2023: 0.94×

- FY2024: 0.84×

- FY2025: 1.02×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -21.0% vs 22.7%

- Per-share earnings: -0.10 to 0.50 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 16.6%

- Ordinary dilution, 5-year annual growth: 1.0%

- Market cap gain: EUR 12B

- Cumulative retained earnings: EUR 1.4B

- Diluted shares, 10-year annual growth: 16.6%

- Diluted shares, 5-year annual growth: 1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 0.60

- Per-share value, starting three-year median: EUR -0.10

- Per-share value, ending three-year median: EUR 0.50

- Average buyback yield: 0.3%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 1.9B

- Cumulative net income, 10 years: EUR 2.0B

- ROIC, first three-year median: -21.0%

- ROIC, last three-year median: 22.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -0.38

- FY2017: EUR 0.01

- FY2018: EUR -0.37

- FY2019: EUR 0.15

- FY2020: EUR 0.17

- FY2021: EUR 0.42

- FY2022: EUR 0.36

- FY2023: EUR 0.66

- FY2024: EUR 0.40

- FY2025: EUR 0.50

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 1.21×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.78×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.1%

- FY2017: -2.8%

- FY2018: -10.1%

- FY2019: -2.7%

- FY2020: -6.4%

- FY2021: -2.8%

- FY2022: 2.6%

- FY2023: 3.4%

- FY2024: -0.0%

- FY2025: -4.9%

## Holders

## Price story

Price needs cash profits to grow 12.1% a year for ten years · sales +7.8%

Story as of 2026-10-16T10:00:03.529Z; price observation 2026-10-15.

Price needs cash profits to grow 12.1% a year for ten years

### Sales · FY2024–2025

sales +7.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.1B 

- FY2017: EUR 1.1B 

- FY2018: EUR 1.3B 

- FY2019: EUR 1.2B 

- FY2020: EUR 3.3B 

- FY2021: EUR 4.2B 

- FY2022: EUR 5.3B 

- FY2023: EUR 5.4B 

- FY2024: EUR 4.9B 

- FY2025: EUR 5.2B 

### Gross margin · FY2025

gross margin 32%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 22.1% 

- FY2017: 23.6% 

- FY2018: 15.4% 

- FY2019: 29.8% 

- FY2020: 26.8% 

- FY2021: 27.8% 

- FY2022: 26.2% 

- FY2023: 31.6% 

- FY2024: 33.4% 

- FY2025: 32.0% 

## 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 5.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); FY2025: revenue 5240000000; grossProfit 1679000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); METSO.HE: Metso Oyj provides technologies, end-to-end solutions, and services for the aggregates, minerals processing, and metals refining industries in Europe, North and Central America, South America, the Asia Pacific, Greater China, Africa, the Middle East, and India. It operates in two segments, Aggregates and Minerals. The company provides various equipment, parts, and services for contractors, aggregates quarries, manufacturing sand, slag recycling, and construction and demolition waste recycling; mobile equipment; and stationary equipment, such as crushers, screens, crushing and screening plants, conveyors, chutes, feeders, and air classifiers. It also offers loading and hauling, crushing, conveying, screening, grinding, floatation, magnetic separation, filtration, material and slurry handling, thickening and clarifying, hydrometallurgy, in-pit crush and convey, tailing management, digital twins, and automation services. In addition, the company provides spare and wear parts, including haul truck liners, crusher spares and wears, conveyor parts, screen/feeder spares, screening media, mill liners and spares, floatation and filtration parts, stacker reclaimers parts, apron feeder parts, slurry pumps parts, thickener parts, and wear lining products. Further, it offers life cycle, maintenance and repairs, modernizations and upgrades, process optimization, and training services. The company was formerly known as Metso Outotec Oyj. Metso Oyj was incorporated in 1990 and is headquartered in Espoo, Finland.

### Why customers stay

Margins ranged from 31.6% to 33.4% during 2023–25; it earns 19.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); FY2023: grossProfit / revenue = 31.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); FY2024: grossProfit / revenue = 33.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); FY2025: grossProfit / revenue = 32%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); 10-year return on capital observations [[2016,-0.21006677140612726],[2017,0.0670721476510067],[2018,-0.4421591871295512],[2019,0.4876979595516423],[2020,0.09875649622567209],[2021,0.2013957400009704],[2022,0.1973753280839895],[2023,0.2487828038674033],[2024,0.2055995475113122],[2025,0.22656351084962742]]; median 0.19938553404247994. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); FY2017: growth capex 0; upkeep 20900000; owner earnings 22000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); FY2019: growth capex 0; upkeep 18400000; owner earnings 65460000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); FY2020: growth capex 0; upkeep 88000000; owner earnings 179400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); FY2021: growth capex 0; upkeep 91000000; owner earnings 385200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); FY2022: growth capex 0; upkeep 114000000; owner earnings 319400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); FY2023: growth capex 10626786.681711942; upkeep 159373213.31828806; owner earnings 512026786.6817119. Growth capex / owner earnings = 0.02075435691671695.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); FY2024: growth capex 0; upkeep 188000000; owner earnings 277800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); FY2025: growth capex 0; upkeep 152000000; owner earnings 431600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); Dividend observations: [[2016,0],[2017,0],[2018,131000000],[2019,148000000],[2020,179000000],[2021,166000000],[2022,198000000],[2023,248000000],[2024,298000000],[2025,315000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 16.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); METSO.HE SharesStats.PercentInsiders = 16.878 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:04.457Z); Ten-year compound average after fade. Initial solved rate 0.1608025345792598. Price 16.39; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.18333273510904707 → FY2025 0.5127920588993244. Closing-price date 2026-10-15.

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

- 2016-10: EUR 3.97 per share

- 2016-11: EUR 5.02 per share

- 2016-12: EUR 4.99 per share

- 2017-01: EUR 5.27 per share

- 2017-02: EUR 5.31 per share

- 2017-03: EUR 5.69 per share

- 2017-04: EUR 6.83 per share

- 2017-05: EUR 5.82 per share

- 2017-06: EUR 6.02 per share

- 2017-07: EUR 5.51 per share

- 2017-08: EUR 6.17 per share

- 2017-09: EUR 6.70 per share

- 2017-10: EUR 6.84 per share

- 2017-11: EUR 6.34 per share

- 2017-12: EUR 7.10 per share

- 2018-01: EUR 6.94 per share

- 2018-02: EUR 8.20 per share

- 2018-03: EUR 7.26 per share

- 2018-04: EUR 7.57 per share

- 2018-05: EUR 7.98 per share

- 2018-06: EUR 6.82 per share

- 2018-07: EUR 7.04 per share

- 2018-08: EUR 6.48 per share

- 2018-09: EUR 5.63 per share

- 2018-10: EUR 3.42 per share

- 2018-11: EUR 3.33 per share

- 2018-12: EUR 3.07 per share

- 2019-01: EUR 3.57 per share

- 2019-02: EUR 3.30 per share

- 2019-03: EUR 3.91 per share

- 2019-04: EUR 4.70 per share

- 2019-05: EUR 3.28 per share

- 2019-06: EUR 4.64 per share

- 2019-07: EUR 5.68 per share

- 2019-08: EUR 5.17 per share

- 2019-09: EUR 5.38 per share

- 2019-10: EUR 5.77 per share

- 2019-11: EUR 5.36 per share

- 2019-12: EUR 5.76 per share

- 2020-01: EUR 5.21 per share

- 2020-02: EUR 4.60 per share

- 2020-03: EUR 3.40 per share

- 2020-04: EUR 3.81 per share

- 2020-05: EUR 4.62 per share

- 2020-06: EUR 4.91 per share

- 2020-07: EUR 5.50 per share

- 2020-08: EUR 6.22 per share

- 2020-09: EUR 6.00 per share

- 2020-10: EUR 6.05 per share

- 2020-11: EUR 7.50 per share

- 2020-12: EUR 8.18 per share

- 2021-01: EUR 8.25 per share

- 2021-02: EUR 9.32 per share

- 2021-03: EUR 9.51 per share

- 2021-04: EUR 9.34 per share

- 2021-05: EUR 9.70 per share

- 2021-06: EUR 9.80 per share

- 2021-07: EUR 9.58 per share

- 2021-08: EUR 9.04 per share

- 2021-09: EUR 7.91 per share

- 2021-10: EUR 8.68 per share

- 2021-11: EUR 8.93 per share

- 2021-12: EUR 9.35 per share

- 2022-01: EUR 9.41 per share

- 2022-02: EUR 7.59 per share

- 2022-03: EUR 7.68 per share

- 2022-04: EUR 8.21 per share

- 2022-05: EUR 8.67 per share

- 2022-06: EUR 7.15 per share

- 2022-07: EUR 8.03 per share

- 2022-08: EUR 7.82 per share

- 2022-09: EUR 6.86 per share

- 2022-10: EUR 7.68 per share

- 2022-11: EUR 8.95 per share

- 2022-12: EUR 9.61 per share

- 2023-01: EUR 10.52 per share

- 2023-02: EUR 10.08 per share

- 2023-03: EUR 10.04 per share

- 2023-04: EUR 10.00 per share

- 2023-05: EUR 10.24 per share

- 2023-06: EUR 11.05 per share

- 2023-07: EUR 10.33 per share

- 2023-08: EUR 10.63 per share

- 2023-09: EUR 9.95 per share

- 2023-10: EUR 8.31 per share

- 2023-11: EUR 9.03 per share

- 2023-12: EUR 9.17 per share

- 2024-01: EUR 9.29 per share

- 2024-02: EUR 9.87 per share

- 2024-03: EUR 11.01 per share

- 2024-04: EUR 10.68 per share

- 2024-05: EUR 11.19 per share

- 2024-06: EUR 9.88 per share

- 2024-07: EUR 9.38 per share

- 2024-08: EUR 9.18 per share

- 2024-09: EUR 9.60 per share

- 2024-10: EUR 8.71 per share

- 2024-11: EUR 8.33 per share

- 2024-12: EUR 8.98 per share

- 2025-01: EUR 9.60 per share

- 2025-02: EUR 10.66 per share

- 2025-03: EUR 9.50 per share

- 2025-04: EUR 9.56 per share

- 2025-05: EUR 10.63 per share

- 2025-06: EUR 10.98 per share

- 2025-07: EUR 11.07 per share

- 2025-08: EUR 11.05 per share

- 2025-09: EUR 11.69 per share

- 2025-10: EUR 14.21 per share

- 2025-11: EUR 14.18 per share

- 2025-12: EUR 14.98 per share

- 2026-01: EUR 16.52 per share

- 2026-02: EUR 17.71 per share

- 2026-03: EUR 14.74 per share

- 2026-04: EUR 14.68 per share

- 2026-05: EUR 16.38 per share

- 2026-06: EUR 15.20 per share

- 2026-07: EUR 16.11 per share

- 2026-08: EUR 17.81 per share

- 2026-09: EUR 17.04 per share

- 2026-10: EUR 16.94 per share

## Annual estimated value (EUR per share)

- FY2020: low EUR 1.46 per share, central EUR 1.58 per share, high EUR 1.75 per share

- FY2021: low EUR 3.58 per share, central EUR 4.01 per share, high EUR 4.58 per share

- FY2022: low EUR 4.39 per share, central EUR 4.91 per share, high EUR 5.61 per share

- FY2023: low EUR 4.94 per share, central EUR 5.54 per share, high EUR 6.32 per share

- FY2024: low EUR 4.26 per share, central EUR 4.79 per share, high EUR 5.50 per share

- FY2025: low EUR 6.08 per share, central EUR 6.85 per share, high EUR 7.88 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 2026-10-15T06:40:47.908Z where newer inputs omit a numeric field or fiscal period.

## 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