# Orion Oyj B (ORNBV.HE)

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

Analysis as of: 2026-10-16T07:35:20.665Z. 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 86.40 per share; close as of 2026-10-15.

Estimated value: low EUR 40.79 per share, central EUR 53.96 per share, high EUR 63.06 per share. Buy at or below the central value EUR 53.96 per share. Valuation as of 2026-10-16T07:35:20.665Z; scenarios are not confidence intervals.

Expected annual return: 7.4% at the stated quote. About 7.4% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.29×

- FY2017: 0.27×

- FY2018: 0.26×

- FY2019: 0.24×

- FY2020: 0.26×

- FY2021: 0.23×

- FY2022: 0.33×

- FY2023: 0.23×

- FY2024: 0.27×

- FY2025: 0.33×

### moat: pass

- ROIC, median of available years: 33.8%

- ROIC, second-lowest year: 31.1%

- Typical minus recent gross margin: -1.0 pp

- Typical gross margin (annual median): 60.4%

- Recent gross margin (lower of latest and 3-year median): 61.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.5%

- ROIC including acquisitions, ten-year median: 33.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 46.0%

- FY2017: 35.4%

- FY2018: 32.0%

- FY2019: 32.2%

- FY2020: 41.6%

- FY2021: 31.1%

- FY2022: 49.7%

- FY2023: 24.5%

- FY2024: 32.0%

- FY2025: 37.1%

### economics: fail

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

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.5B

- Net income, five-year total: EUR 1.6B

- Return on incremental invested capital: 30.1%

- Working capital / revenue, annual change: 2.2 pp

- Working capital / revenue, change between three-year averages: 16.0 pp

- Working capital / revenue, final three-year average: 49.6%

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

- FY2021: 0.79×

- FY2022: 1.00×

- FY2023: 0.69×

- FY2024: 1.01×

- FY2025: 0.99×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 35.4% vs 32.0%

- Per-share earnings: 1.61 to 2.34 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: EUR 3.0B

- Cumulative retained earnings: EUR 646M

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.8%

- Per-share value change: EUR 0.73

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

- Per-share value, ending three-year median: EUR 2.34

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 180M

- Cumulative net income, 10 years: EUR 2.8B

- ROIC, first three-year median: 35.4%

- ROIC, last three-year median: 32.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.77

- FY2017: EUR 1.61

- FY2018: EUR 2.36

- FY2019: EUR 1.42

- FY2020: EUR 1.58

- FY2021: EUR 1.37

- FY2022: EUR 2.49

- FY2023: EUR 1.54

- FY2024: EUR 2.34

- FY2025: EUR 3.55

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 9.1%

- Receivables to sales index (DSRI): 1.58×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.63×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.0%

- FY2017: -0.2%

- FY2018: 8.7%

- FY2019: -6.8%

- FY2020: -7.1%

- FY2021: -2.0%

- FY2022: -5.6%

- FY2023: 6.8%

- FY2024: 2.2%

- FY2025: 9.1%

## Holders

## Price story

Price needs cash profits to grow 10.7% a year for ten years · sales +22.5%

Story as of 2026-10-16T10:00:04.563Z; price observation 2026-10-15.

Price needs cash profits to grow 10.7% a year for ten years

- 2025-06-03: U.S. FDA approves third indication of darolutamide for patients with advanced prostate cancer ([finance.yahoo.com](https://finance.yahoo.com/news/u-fda-approves-third-indication-203000165.html))

- 2025-07-09: Inside information: Orion upgrades full-year outlook for 2025 ([finance.yahoo.com](https://finance.yahoo.com/news/inside-information-orion-upgrades-full-100000208.html))

- 2025-09-30: Orion’s phase 2 study of ODM-105 in insomnia did not meet primary goal ([finance.yahoo.com](https://finance.yahoo.com/news/orion-phase-2-study-odm-100000411.html))

### Sales · FY2024–2025

sales +22.5%; source https://filings.xbrl.org/74370029VAHCXDR7B745/2025-12-31/ESEF/FI/0/74370029VAHCXDR7B745-2025-12-31-1-en/reports/74370029VAHCXDR7B745-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: EUR 1.1B 

- FY2017: EUR 1.1B 

- FY2018: EUR 977M 

- FY2019: EUR 1.1B 

- FY2020: EUR 1.1B 

- FY2021: EUR 1.0B 

- FY2022: EUR 1.3B 

- FY2023: EUR 1.2B 

- FY2024: EUR 1.5B 

- FY2025: EUR 1.9B 

### Gross margin · FY2025

gross margin 64.2%; source https://filings.xbrl.org/74370029VAHCXDR7B745/2025-12-31/ESEF/FI/0/74370029VAHCXDR7B745-2025-12-31-1-en/reports/74370029VAHCXDR7B745-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: 60.7% 

- FY2017: 59.4% 

- FY2018: 60.3% 

- FY2019: 60.3% 

- FY2020: 60.4% 

- FY2021: 57.0% 

- FY2022: 63.3% 

- FY2023: 55.3% 

- FY2024: 61.4% 

- FY2025: 64.2% 

## Owner memo

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

### How it makes money

Operates in drug manufacturers general; annual sales are EUR 1.9 billion.

- Source: https://filings.xbrl.org/74370029VAHCXDR7B745/2025-12-31/ESEF/FI/0/74370029VAHCXDR7B745-2025-12-31-1-en/reports/74370029VAHCXDR7B745-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: revenue 1889500000; grossProfit 1213000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ORNBV.HE: Orion Oyj develops, manufactures, and markets human and veterinary pharmaceuticals and active pharmaceutical ingredients (APIs) in Finland, Scandinavia, rest of Europe, North America, and internationally. It offers pharmaceutical products, which includes Nubeqa for the treatment of prostate cancer; Entacapone, Stalevo, Comtess, and Comtan to treat Parkinson's disease; Burana for inflammatory pain; Divina series for menopausal symptoms; Simdax for acute decompensated heart failure; Fareston for breast cancer; Quetiapine products for antipsychotic; Trexan for rheumatoid arthritis and cancer; Easyhaler product portfolio for asthma and COPD; and Dexdor, Precedex, and Dexmedetomidine products for human use. The company also provides Salmeterol/fluticasone Easyhaler, Budesonide/formoterol Easyhaler, Formoterol Easyhaler, Budesonide Easyhaler, Beclomet Easyhaler, and Buventol Easyhaler drugs for the treatment of asthma and chronic obstructive pulmonary disease. In addition, it offers veterinary drugs comprising Bonqat, Clevor, Domosedan, Domitor, Antisedan, Dexdomitor, Domosedan Gel, Sileo, and Tessie; APIs for generic compounds and proprietary products, as well as contract manufacturing services; and markets and sells drugs and products manufactured by other companies. Additionally, the company provides self-care products, including non-prescription medicines, cosmetics, dietary supplements, vitamins, and skincare products. It also offers its products online. The company has a licensing agreement with Tenax Therapeutics, Inc. to develop oral levosimendan (TNX-103) for pulmonary hypertension in heart failure with preserved ejection fraction (PH-HFpEF); and Bayer for the development and commercialisation of darolutamide Nubeqa. Orion Oyj was founded in 1917 and is headquartered in Espo, Finland.

### Why customers stay

Margins ranged from 55.3% to 64.2% during 2023–25; it earns 33.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 55.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 61.4%.

- Source: https://filings.xbrl.org/74370029VAHCXDR7B745/2025-12-31/ESEF/FI/0/74370029VAHCXDR7B745-2025-12-31-1-en/reports/74370029VAHCXDR7B745-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: grossProfit / revenue = 64.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.45953553211960096],[2017,0.35367620451562337],[2018,0.32020500216367215],[2019,0.3220566097882215],[2020,0.4160193197690597],[2021,0.31076307076875465],[2022,0.4968593992892307],[2023,0.24455210967634214],[2024,0.3200529927230484],[2025,0.3711944048569696]]; median 0.3378664071519224. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 8.2% of cash earnings on expansion; earns 30.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 7400000; upkeep 40300000; owner earnings 249000000. Growth capex / owner earnings = 0.02971887550200803.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2017: growth capex 3023957.252720639; upkeep 73476042.74727936; owner earnings 191123957.25272065. Growth capex / owner earnings = 0.015821968612349843.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2018: growth capex 0; upkeep 66800000; owner earnings 304300000. 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 36200000; owner earnings 218300000. 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 40700000; owner earnings 232780000. 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 85000000; owner earnings 152200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 25600000; upkeep 47500000; owner earnings 347880000. Growth capex / owner earnings = 0.07358859376796596.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: growth capex 0; upkeep 116800000; owner earnings 149880000. 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 86900000; owner earnings 333620000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/74370029VAHCXDR7B745/2025-12-31/ESEF/FI/0/74370029VAHCXDR7B745-2025-12-31-1-en/reports/74370029VAHCXDR7B745-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: growth capex 40900000; upkeep 56700000; owner earnings 497380000. Growth capex / owner earnings = 0.0822308898628815.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Incremental return on capital 0.3014170369488227, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,183600000],[2017,218000000],[2018,203900000],[2019,211200000],[2020,211100000],[2021,211200000],[2022,211200000],[2023,224900000],[2024,228000000],[2025,231100000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 2.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ORNBV.HE SharesStats.PercentInsiders = 2.629 percentage points; cache date 2026-10-16.

### What could break it

Some risk of tariff impact in the US is included in the outlook range.

- Source: https://filings.xbrl.org/74370029VAHCXDR7B745/2025-12-31/ESEF/FI/0/74370029VAHCXDR7B745-2025-12-31-1-en/reports/74370029VAHCXDR7B745-2025-12-31-1-en.xhtml (filed 2026-03-04); However, it is difficult to predict the exact level of product sales and royalties of a strongly growing product for the whole year. In addition, some risk of tariff impact in the US is included in the outlook range. The Branded Products business division is estimated to grow in 2026.

### What the price says

The price assumes cash profits grow 10.7% yearly over ten years; actual growth was 9.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate 0.14074292909629083. Price 86.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.468948371959685 → FY2025 3.53225746888733. Closing-price date 2026-10-15.

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

- 2016-10: EUR 38.79 per share

- 2016-11: EUR 40.12 per share

- 2016-12: EUR 42.29 per share

- 2017-01: EUR 43.12 per share

- 2017-02: EUR 46.54 per share

- 2017-03: EUR 48.87 per share

- 2017-04: EUR 52.65 per share

- 2017-05: EUR 57.60 per share

- 2017-06: EUR 55.90 per share

- 2017-07: EUR 42.73 per share

- 2017-08: EUR 39.78 per share

- 2017-09: EUR 39.26 per share

- 2017-10: EUR 35.20 per share

- 2017-11: EUR 31.03 per share

- 2017-12: EUR 31.08 per share

- 2018-01: EUR 32.30 per share

- 2018-02: EUR 26.80 per share

- 2018-03: EUR 24.87 per share

- 2018-04: EUR 25.18 per share

- 2018-05: EUR 25.29 per share

- 2018-06: EUR 23.09 per share

- 2018-07: EUR 29.46 per share

- 2018-08: EUR 31.67 per share

- 2018-09: EUR 32.62 per share

- 2018-10: EUR 30.40 per share

- 2018-11: EUR 29.48 per share

- 2018-12: EUR 30.28 per share

- 2019-01: EUR 30.83 per share

- 2019-02: EUR 31.41 per share

- 2019-03: EUR 33.42 per share

- 2019-04: EUR 29.63 per share

- 2019-05: EUR 29.28 per share

- 2019-06: EUR 32.23 per share

- 2019-07: EUR 31.01 per share

- 2019-08: EUR 33.77 per share

- 2019-09: EUR 34.22 per share

- 2019-10: EUR 39.74 per share

- 2019-11: EUR 39.50 per share

- 2019-12: EUR 41.27 per share

- 2020-01: EUR 42.67 per share

- 2020-02: EUR 35.95 per share

- 2020-03: EUR 37.28 per share

- 2020-04: EUR 46.38 per share

- 2020-05: EUR 48.10 per share

- 2020-06: EUR 43.06 per share

- 2020-07: EUR 37.02 per share

- 2020-08: EUR 39.32 per share

- 2020-09: EUR 38.67 per share

- 2020-10: EUR 36.75 per share

- 2020-11: EUR 39.46 per share

- 2020-12: EUR 37.53 per share

- 2021-01: EUR 37.84 per share

- 2021-02: EUR 33.97 per share

- 2021-03: EUR 34.17 per share

- 2021-04: EUR 36.83 per share

- 2021-05: EUR 35.20 per share

- 2021-06: EUR 36.25 per share

- 2021-07: EUR 35.89 per share

- 2021-08: EUR 34.53 per share

- 2021-09: EUR 34.25 per share

- 2021-10: EUR 37.43 per share

- 2021-11: EUR 36.29 per share

- 2021-12: EUR 36.52 per share

- 2022-01: EUR 36.05 per share

- 2022-02: EUR 41.99 per share

- 2022-03: EUR 41.15 per share

- 2022-04: EUR 37.44 per share

- 2022-05: EUR 38.20 per share

- 2022-06: EUR 42.60 per share

- 2022-07: EUR 46.61 per share

- 2022-08: EUR 45.17 per share

- 2022-09: EUR 43.08 per share

- 2022-10: EUR 46.55 per share

- 2022-11: EUR 50.74 per share

- 2022-12: EUR 51.24 per share

- 2023-01: EUR 49.19 per share

- 2023-02: EUR 44.55 per share

- 2023-03: EUR 41.19 per share

- 2023-04: EUR 42.62 per share

- 2023-05: EUR 39.59 per share

- 2023-06: EUR 38.02 per share

- 2023-07: EUR 34.94 per share

- 2023-08: EUR 37.79 per share

- 2023-09: EUR 37.22 per share

- 2023-10: EUR 37.54 per share

- 2023-11: EUR 36.44 per share

- 2023-12: EUR 39.27 per share

- 2024-01: EUR 42.72 per share

- 2024-02: EUR 36.40 per share

- 2024-03: EUR 34.57 per share

- 2024-04: EUR 35.79 per share

- 2024-05: EUR 37.48 per share

- 2024-06: EUR 39.86 per share

- 2024-07: EUR 42.47 per share

- 2024-08: EUR 47.97 per share

- 2024-09: EUR 49.22 per share

- 2024-10: EUR 44.65 per share

- 2024-11: EUR 44.72 per share

- 2024-12: EUR 42.78 per share

- 2025-01: EUR 52.34 per share

- 2025-02: EUR 54.18 per share

- 2025-03: EUR 54.86 per share

- 2025-04: EUR 55.15 per share

- 2025-05: EUR 59.75 per share

- 2025-06: EUR 63.85 per share

- 2025-07: EUR 70.30 per share

- 2025-08: EUR 68.20 per share

- 2025-09: EUR 65.15 per share

- 2025-10: EUR 60.55 per share

- 2025-11: EUR 61.65 per share

- 2025-12: EUR 63.65 per share

- 2026-01: EUR 69.65 per share

- 2026-02: EUR 67.70 per share

- 2026-03: EUR 69.70 per share

- 2026-04: EUR 68.70 per share

- 2026-05: EUR 71.60 per share

- 2026-06: EUR 71.95 per share

- 2026-07: EUR 81.10 per share

- 2026-08: EUR 79.10 per share

- 2026-09: EUR 83.10 per share

- 2026-10: EUR 82.75 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 22.66 per share, central EUR 31.73 per share, high EUR 37.01 per share

- FY2017: low EUR 19.03 per share, central EUR 22.81 per share, high EUR 26.43 per share

- FY2018: low EUR 18.14 per share, central EUR 20.41 per share, high EUR 23.43 per share

- FY2019: low EUR 18.53 per share, central EUR 20.99 per share, high EUR 24.27 per share

- FY2020: low EUR 21.07 per share, central EUR 23.74 per share, high EUR 27.30 per share

- FY2021: low EUR 18.04 per share, central EUR 20.34 per share, high EUR 23.40 per share

- FY2022: low EUR 26.97 per share, central EUR 31.99 per share, high EUR 36.95 per share

- FY2023: low EUR 19.84 per share, central EUR 22.49 per share, high EUR 26.02 per share

- FY2024: low EUR 33.63 per share, central EUR 45.90 per share, high EUR 53.62 per share

- FY2025: low EUR 37.64 per share, central EUR 49.69 per share, high EUR 58.02 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 2026-10-15T06:41:04.091Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/74370029VAHCXDR7B745/2025-12-31/ESEF/FI/0/74370029VAHCXDR7B745-2025-12-31-1-en/reports/74370029VAHCXDR7B745-2025-12-31-1-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