# Wartsila Oyj Abp (WRT1V.HE)

Canonical: https://gigainvestors.com/s/WRT1V.HE

Analysis as of: 2026-10-16T07:34:48.642Z. 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 28.55 per share; close as of 2026-10-15.

Estimated value: low EUR 7.79 per share, central EUR 8.37 per share, high EUR 9.15 per share. Buy at or below the central value EUR 8.37 per share. Valuation as of 2026-10-16T07:34:48.642Z; scenarios are not confidence intervals.

Expected annual return: 4.3% at the stated quote. About 4.3% 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: 1

- Operating margin variation: 0.46×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.11×

- FY2018: 0.10×

- FY2019: 0.07×

- FY2020: 0.05×

- FY2021: 0.07×

- FY2022: -0.00×

- FY2023: 0.07×

- FY2024: 0.11×

- FY2025: 0.12×

### moat: fail

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

- Recent gross margin fell 23.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 25.7%

- ROIC, second-lowest year: 12.9%

- Typical minus recent gross margin: 23.6 pp

- Typical gross margin (annual median): 44.3%

- Recent gross margin (lower of latest and 3-year median): 20.6%

- Years with nonpositive capital: 1

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 11.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 29.7%

- FY2017: 30.5%

- FY2018: 29.8%

- FY2019: 14.3%

- FY2020: 12.9%

- FY2021: 21.6%

- FY2022: -1.5%

- FY2023: 29.9%

- FY2024: >100%

- FY2025: 17.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.3B

- Net income, five-year total: EUR 1.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.6 pp

- Working capital / revenue, change between three-year averages: -10.1 pp

- Working capital / revenue, final three-year average: 38.4%

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

- FY2021: 0.80×

- FY2022: 1.83×

- FY2023: 0.79×

- FY2024: 0.90×

- FY2025: 0.95×

### 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: 29.8% vs 29.9%

- Per-share earnings: 0.65 to 0.85 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: EUR 9.6B

- Cumulative retained earnings: EUR 663M

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.4%

- Per-share value change: EUR 0.20

- Per-share value, starting three-year median: EUR 0.65

- Per-share value, ending three-year median: EUR 0.85

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 471M

- Cumulative net income, 10 years: EUR 3.0B

- ROIC, first three-year median: 29.8%

- ROIC, last three-year median: 29.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.59

- FY2017: EUR 0.65

- FY2018: EUR 0.63

- FY2019: EUR 0.43

- FY2020: EUR 0.21

- FY2021: EUR 0.32

- FY2022: EUR -0.11

- FY2023: EUR 0.44

- FY2024: EUR 0.85

- FY2025: EUR 1.06

### accounting: pass

- Sloan accruals: -11.5%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.55×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.57×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.8%

- FY2017: -0.8%

- FY2018: -1.4%

- FY2019: -0.2%

- FY2020: -8.8%

- FY2021: -8.2%

- FY2022: -0.0%

- FY2023: -8.3%

- FY2024: -9.2%

- FY2025: -11.5%

## Holders

## Price story

Down 23% since Feb 2026 · "Energy Storage Order Intake: Decreased, impacting overall equipment order intake." (finance.yahoo.com, Apr 2025) · sales +7.2%

Story as of 2026-10-16T10:00:02.596Z; price observation 2026-10-15.

Price needs cash profits to grow 21.9% a year for ten years

- 2026-02-17: Wartsila Secures 1.2 GW US Data Center Orders as Turbines Sell Out ([finance.yahoo.com](https://finance.yahoo.com/news/wartsila-secures-1-2-gw-171703949.html))

### Sales · FY2024–2025

sales +7.2%; source https://filings.xbrl.org/743700G7A9J1PHM3X223/2024-12-31/ESEF/FI/0/743700G7A9J1PHM3X223-2024-12-31-en/reports/743700G7A9J1PHM3X223-2024-12-31-en.html; observed 2025-02-25.

- FY2016: EUR 4.8B 

- FY2017: EUR 4.9B 

- FY2018: EUR 5.2B 

- FY2019: EUR 5.2B 

- FY2020: EUR 4.6B 

- FY2021: EUR 4.8B 

- FY2022: EUR 5.8B 

- FY2023: EUR 6.0B 

- FY2024: EUR 6.4B 

- FY2025: EUR 6.9B 

### Gross margin · FY2025

gross margin 20.6%; source https://filings.xbrl.org/743700G7A9J1PHM3X223/2024-12-31/ESEF/FI/0/743700G7A9J1PHM3X223-2024-12-31-en/reports/743700G7A9J1PHM3X223-2024-12-31-en.html; observed 2025-02-25.

- FY2016: 48.2% 

- FY2017: 48.9% 

- FY2018: 46.4% 

- FY2019: 44.9% 

- FY2020: 42.7% 

- FY2021: 43.7% 

- FY2022: 37.2% 

- FY2023: 43.2% 

- FY2024: 46.1% 

- FY2025: 20.6% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are EUR 6.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); FY2025: revenue 6914000000; grossProfit 1427000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WRT1V.HE: Wärtsilä Oyj Abp offers technologies and lifecycle solutions for the marine and energy markets worldwide. It offers energy storage; engine and hybrid power plants; and data centre power solutions, as well as lifecycle solutions, lifecycle upgrades, spare parts and field services, and decarbonisation solutions. It also provides engine power plant products, such as gas, multi-fuel, and diesel engines; Quantum BESS portfolio, a battery energy storage system (BESS) solutions; GEMS Digital Energy Platform, a software platform that monitors, controls, and optimizes energy assets on site and portfolio levels. In addition, the company offers power and propulsion products, such as electric shipping and hybrid ships, engine and generating sets, propulsors and gears, and shaft line solutions; liquid and gas handling products, including ballast water management, freshwater generation, waste and wastewater treatment, gas solutions, and exhaust treatment equipment; port and fleet optimization; simulation and training solutions; and marine navigation solutions. The company collaborate with RCT Solutions to launch Valo which is a global battery energy storage system integrator. Further, it provides spare parts, technical support, maintenance and repair, lifecycle upgrades, lifecycle agreements, training, and cyber services; and decarbonization solutions for existing fleets and newbuild vessels. The company was founded in 1834 and is headquartered in Helsinki, Finland.

### Why customers stay

Margins ranged from 20.6% to 46.1% during 2023–25; it earns 25.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); FY2023: grossProfit / revenue = 43.2%.

- Source: https://filings.xbrl.org/743700G7A9J1PHM3X223/2024-12-31/ESEF/FI/0/743700G7A9J1PHM3X223-2024-12-31-en/reports/743700G7A9J1PHM3X223-2024-12-31-en.html (filed 2025-02-25); FY2024: grossProfit / revenue = 46.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); FY2025: grossProfit / revenue = 20.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); 10-year return on capital observations [[2016,0.29728601252609604],[2017,0.3046611570247934],[2018,0.29823278315310187],[2019,0.14275041830597385],[2020,0.12931937172774868],[2021,0.2157391849172671],[2022,-0.015385767790262172],[2023,0.29947824353066294],[2024,1.206396682020299],[2025,0.17232746390720188]]; median 0.2565125987216816. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 16 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); FY2016: growth capex 0; upkeep 55000000; owner earnings 418000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); FY2017: growth capex 0; upkeep 64000000; owner earnings 440000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); FY2018: growth capex 0; upkeep 110000000; owner earnings 403000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); FY2019: growth capex 0; upkeep 116000000; owner earnings 217400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); FY2020: growth capex 0; upkeep 115000000; owner earnings 126800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); FY2021: growth capex 5000000; upkeep 137000000; owner earnings 154800000. Growth capex / owner earnings = 0.03229974160206718.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); FY2023: growth capex 9000000; upkeep 139000000; owner earnings 204400000. Growth capex / owner earnings = 0.04403131115459882.

- Source: https://filings.xbrl.org/743700G7A9J1PHM3X223/2024-12-31/ESEF/FI/0/743700G7A9J1PHM3X223-2024-12-31-en/reports/743700G7A9J1PHM3X223-2024-12-31-en.html (filed 2025-02-25); FY2024: growth capex 19000000; upkeep 151000000; owner earnings 451400000. Growth capex / owner earnings = 0.04209127159946832.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); FY2025: growth capex 0; upkeep 150000000; owner earnings 594200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); Dividend observations: [[2016,250000000],[2017,264000000],[2018,274000000],[2019,284000000],[2020,286000000],[2021,121000000],[2022,145000000],[2023,156000000],[2024,194000000],[2025,263000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); FY2025: cash repurchases 16000000 EUR.

### Are managers owners

Insiders own 1.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WRT1V.HE SharesStats.PercentInsiders = 1.503 percentage points; cache date 2026-10-16.

### What could break it

Energy-related macroeconomic development in 2024 was impacted by elevated risks in the geopolitical environment.

- Source: https://filings.xbrl.org/743700G7A9J1PHM3X223/2024-12-31/ESEF/FI/0/743700G7A9J1PHM3X223-2024-12-31-en/reports/743700G7A9J1PHM3X223-2024-12-31-en.html (filed 2025-02-25); The investment to accelerate, since the main driver for wind and solar capacity additions is favourable economics. Energy-related macroeconomic development in 2024 was impacted by elevated risks in the geopolitical environment. Uncertainty increased in the fourth quarter due to US trade policy, as the incoming administration signalled its intention to impose or increase broad tariffs on imports to the United States.

### What the price says

The price assumes cash profits grow 21.9% yearly over ten years; actual growth was 1.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-02-25); Ten-year compound average after fade. Initial solved rate 0.3066322293396987. Price 28.55; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8407367742563305 → FY2025 1.0035865297812023. Closing-price date 2026-10-15.

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

- 2016-10: EUR 13.13 per share

- 2016-11: EUR 13.26 per share

- 2016-12: EUR 14.23 per share

- 2017-01: EUR 15.48 per share

- 2017-02: EUR 16.18 per share

- 2017-03: EUR 16.72 per share

- 2017-04: EUR 18.63 per share

- 2017-05: EUR 17.62 per share

- 2017-06: EUR 17.25 per share

- 2017-07: EUR 18.72 per share

- 2017-08: EUR 19.32 per share

- 2017-09: EUR 19.97 per share

- 2017-10: EUR 18.43 per share

- 2017-11: EUR 18.50 per share

- 2017-12: EUR 17.53 per share

- 2018-01: EUR 18.35 per share

- 2018-02: EUR 19.31 per share

- 2018-03: EUR 17.95 per share

- 2018-04: EUR 17.65 per share

- 2018-05: EUR 18.09 per share

- 2018-06: EUR 16.83 per share

- 2018-07: EUR 18.49 per share

- 2018-08: EUR 18.19 per share

- 2018-09: EUR 16.79 per share

- 2018-10: EUR 15.06 per share

- 2018-11: EUR 14.38 per share

- 2018-12: EUR 13.90 per share

- 2019-01: EUR 14.23 per share

- 2019-02: EUR 14.28 per share

- 2019-03: EUR 14.39 per share

- 2019-04: EUR 14.22 per share

- 2019-05: EUR 13.09 per share

- 2019-06: EUR 12.76 per share

- 2019-07: EUR 11.39 per share

- 2019-08: EUR 11.16 per share

- 2019-09: EUR 10.28 per share

- 2019-10: EUR 9.46 per share

- 2019-11: EUR 9.14 per share

- 2019-12: EUR 9.85 per share

- 2020-01: EUR 11.08 per share

- 2020-02: EUR 9.40 per share

- 2020-03: EUR 6.69 per share

- 2020-04: EUR 6.70 per share

- 2020-05: EUR 7.02 per share

- 2020-06: EUR 7.36 per share

- 2020-07: EUR 7.08 per share

- 2020-08: EUR 7.16 per share

- 2020-09: EUR 6.72 per share

- 2020-10: EUR 6.82 per share

- 2020-11: EUR 7.88 per share

- 2020-12: EUR 8.15 per share

- 2021-01: EUR 8.11 per share

- 2021-02: EUR 9.50 per share

- 2021-03: EUR 8.93 per share

- 2021-04: EUR 10.74 per share

- 2021-05: EUR 11.05 per share

- 2021-06: EUR 12.52 per share

- 2021-07: EUR 12.69 per share

- 2021-08: EUR 12.01 per share

- 2021-09: EUR 10.36 per share

- 2021-10: EUR 12.00 per share

- 2021-11: EUR 12.29 per share

- 2021-12: EUR 12.36 per share

- 2022-01: EUR 10.86 per share

- 2022-02: EUR 10.07 per share

- 2022-03: EUR 8.31 per share

- 2022-04: EUR 7.70 per share

- 2022-05: EUR 7.89 per share

- 2022-06: EUR 7.43 per share

- 2022-07: EUR 8.55 per share

- 2022-08: EUR 8.23 per share

- 2022-09: EUR 6.58 per share

- 2022-10: EUR 6.90 per share

- 2022-11: EUR 8.24 per share

- 2022-12: EUR 7.87 per share

- 2023-01: EUR 8.72 per share

- 2023-02: EUR 9.16 per share

- 2023-03: EUR 8.69 per share

- 2023-04: EUR 10.50 per share

- 2023-05: EUR 10.59 per share

- 2023-06: EUR 10.32 per share

- 2023-07: EUR 11.43 per share

- 2023-08: EUR 11.73 per share

- 2023-09: EUR 10.76 per share

- 2023-10: EUR 11.24 per share

- 2023-11: EUR 12.66 per share

- 2023-12: EUR 13.13 per share

- 2024-01: EUR 13.70 per share

- 2024-02: EUR 14.30 per share

- 2024-03: EUR 14.09 per share

- 2024-04: EUR 17.36 per share

- 2024-05: EUR 19.21 per share

- 2024-06: EUR 18.00 per share

- 2024-07: EUR 19.06 per share

- 2024-08: EUR 20.02 per share

- 2024-09: EUR 20.10 per share

- 2024-10: EUR 17.51 per share

- 2024-11: EUR 17.21 per share

- 2024-12: EUR 17.11 per share

- 2025-01: EUR 18.26 per share

- 2025-02: EUR 18.28 per share

- 2025-03: EUR 16.40 per share

- 2025-04: EUR 16.26 per share

- 2025-05: EUR 17.63 per share

- 2025-06: EUR 20.04 per share

- 2025-07: EUR 24.24 per share

- 2025-08: EUR 25.04 per share

- 2025-09: EUR 25.45 per share

- 2025-10: EUR 28.37 per share

- 2025-11: EUR 27.91 per share

- 2025-12: EUR 30.40 per share

- 2026-01: EUR 34.20 per share

- 2026-02: EUR 36.90 per share

- 2026-03: EUR 31.71 per share

- 2026-04: EUR 35.75 per share

- 2026-05: EUR 34.90 per share

- 2026-06: EUR 33.38 per share

- 2026-07: EUR 29.34 per share

- 2026-08: EUR 27.89 per share

- 2026-09: EUR 28.12 per share

- 2026-10: EUR 29.79 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 8.22 per share, central EUR 9.61 per share, high EUR 11.08 per share

- FY2017: low EUR 8.66 per share, central EUR 10.14 per share, high EUR 11.72 per share

- FY2018: low EUR 8.73 per share, central EUR 9.85 per share, high EUR 11.33 per share

- FY2019: low EUR 10.35 per share, central EUR 11.71 per share, high EUR 13.51 per share

- FY2020: low EUR 7.59 per share, central EUR 8.46 per share, high EUR 9.61 per share

- FY2021: low EUR 5.00 per share, central EUR 5.50 per share, high EUR 6.16 per share

- FY2022: low EUR 4.09 per share, central EUR 4.57 per share, high EUR 5.22 per share

- FY2023: low EUR 4.80 per share, central EUR 5.30 per share, high EUR 5.96 per share

- FY2024: low EUR 6.26 per share, central EUR 6.79 per share, high EUR 7.50 per share

- FY2025: low EUR 8.48 per share, central EUR 9.08 per share, high EUR 9.87 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 2026-10-15T06:40:32.244Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/743700G7A9J1PHM3X223/2024-12-31/ESEF/FI/0/743700G7A9J1PHM3X223-2024-12-31-en/reports/743700G7A9J1PHM3X223-2024-12-31-en.html); period 2024-12-31, filed 2025-02-25.

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.