Kalmar KALMAR.HE
FinlandIndustrials · Farm & Heavy Construction MachineryNasdaq Helsinki · EUR
43.00 EUR (+15.7%)
5 analysts
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Kalmar Oyj is a Finnish manufacturer of heavy machinery and cargo handling equipment (such as port cranes and straddle carriers) for ports, terminals and distribution, with a business model of equipment sales and maintenance services.
Listed on Nasdaq Helsinki · Symbol KALMAR.HE · HEL: KALMAR · Currency EUR
Key points
from its scores- ✓Favourable backdrop7.6
- ✓Very solid balance sheet7.5
- ✓Attractive valuation7.4
- ✕Poor share-price trend4.6
AI analysis
bottom line, main risk, context and newsFundamentals are solid and valuation is attractive, but weak momentum suggests waiting for a better entry point or confirmation of a trend reversal.
Kalmar has a very solid balance sheet (ND/EBITDA 0.06), a return on equity of 25.85% and double-digit growth (revenue +14.1%), with a reasonable valuation (P/E 13.72) and a covered dividend (payout 40.74%). The only weak point is momentum, which sits at the 19th percentile of its 52-week range.
The main risk is dependence on the investment cycle in ports and global logistics: an economic slowdown or a decline in maritime trade would reduce demand for its machinery and services.
Context and risks
No relevant recent news and no material exposure to current macro factors: the company has minimal net debt (ND/EBITDA 0.06), so the rise in interest rates does not affect it, and its machinery manufacturing activity does not depend on oil or gas as critical inputs. Finland's governance risk is moderate and no specific regulatory, geopolitical or business model risks are identified that are not already reflected in its base risk profile.
Is Kalmar stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 42% below the Industrials median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 13.7 | 25.4 | −46% |
| EV / EBITDA | 9.0 | 14.5 | −38% |
| Price / book | 3.3 | 4.1 | −19% |
| Price / sales | 1.3 | 2.1 | −37% |
Sector: median of the 388 Industrials companies analysed. In bold, the multiples used for the comparison.
Valuation score: 7.4 out of 10 (median for Industrials: 5.0).
Average analyst target: 43.00 EUR, +15.7% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 7.5 (sector 6.4), Growth 7.1 (sector 6.6).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Industrials medianValuation
- P/E
- 13.7
- Forward P/E
- 12.2
- EV / EBITDA
- 9.0
- Price / book
- 3.3
- Price / sales
- 1.3
- PEG
- 0.93
- Market cap
- 2.4B EUR
- Enterprise value
- 2.4B EUR
Profitability
- ROE
- 25.8%
- ROA
- 8.1%
- ROIC (approx.)
- 21.3%
- Gross margin
- 25.4%
- Operating margin
- 11.9%
- Net margin
- 9.5%
- Free cash flow
- 130.8M EUR
- FCF yield
- 5.5%
- Cash conversion
- 49%
Solvency
- Total debt
- 295.4M EUR
- Net debt
- 15.2M EUR
- Cash
- 280.2M EUR
- EBITDA
- 264.6M EUR
- Net debt / EBITDA
- 0.06
- Debt / equity
- 40.85
- Current ratio
- 1.73
- Quick ratio
- 0.91
Growth
- Revenue growth
- +14.1%
- Earnings growth
- +13.1%
- EPS (TTM)
- 2.71 EUR
- EPS (forward)
- 3.06 EUR
Dividend
- Dividend yield
- 3.0%
- Payout
- 40.7%
Risk and market
- Beta
- 0.77
- Analyst consensus
- Hold (5)
- Target price
- 43.00 EUR
- 52-week range
- 33.80 – 51.15
Recent news
All KALMAR.HE news →Compare it with its sector
All 388 in Industrials →Frequently asked questions about Kalmar
Is Kalmar stock cheap or expensive?
On P/E and EV / EBITDA, it trades 42% below the Industrials median on average. Valuation score: 7.4 out of 10 (median for Industrials: 5.0). Average analyst target: 43.00 EUR, +15.7% versus the price. This is not investment advice.
What score does Kalmar get on MeridIAn Screener?
It scores 7.0 out of 10, rank 217 of 2,130 (better than 89% of the companies analysed). Its strongest category is Risk & Context (7.6) and its weakest, Momentum (4.6). Analysis of 08/10/2026.
What is Kalmar's P/E ratio?
Its P/E is 13.7: the share price equals 13.7 times earnings per share over the last 12 months. The Industrials median is 25.4. Based on the earnings analysts expect, the forward P/E is 12.2.
How much is Kalmar worth on the stock market?
Its market capitalisation is 2.4B EUR and its enterprise value, debt included, is 2.4B EUR.
How much debt does Kalmar have?
Its net debt (debt minus cash) is 15.2M EUR. That is 0.06 times its EBITDA; the Industrials median is 1.58.
Does Kalmar pay a dividend?
Yes: its dividend yield is 2.96% and it pays out 41% of its earnings.
How has Kalmar stock performed over the last year?
It has risen 10.3% over the last year, excluding dividends. Over the last 52 weeks it has traded between 33.80 and 51.15 EUR. Past performance does not guarantee future results.
What do analysts think of Kalmar?
5 analysts cover it; their average recommendation is “Hold” and their average target is 43.00 EUR (+15.7% versus the price). It is an estimate, not market data.