Olvi Oyj OLVOY

Consumer StaplesBeveragesFinland

Last close 7.48 USD on Nov 1, 2026, −4.8% year to date

Quant rating

Quant rating C Rank 73 of 174 in Consumer Staples

Growth B 47 of 174
Valuation C 78 of 174
Quality A 5 of 174
Revisions D 128 of 174
Momentum D 151 of 174

Wall Street consensus Hold (2.75)Average target 35.57 USD +375.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 519M
Enterprise value: 585M
52-week range: 7.48 – 7.94
3-year range: 7.48 – 7.94
Dividend yield: 2.06%
Beta (5 years): –
Shares outstanding: 17.0M
Next earnings: Feb 10, 2027

About the company

Olvi Oyj is a Finland-based company engaged in the beverage industry. The Company specializes in the development, manufacture and marketing of beers, ciders, kvass, long drinks, soft drinks, juices, snack drink, mineral waters and energy drinks. Its beverage portfolio comprises a range of brands: OLVI, Sandels, A. le Coq, FIZZ, Sherwood, Sven Tuuva, Tuntematonsotilas, Balanssi, TEHO, KevytOlo, Olvi Vichy, Angry Birds, Hello Kitty, and HeviSaurus, among others. It is present in Finland, Estonia, Latvia, Lithuania and Belarus. Furthermore, the Company operates through a number of direct and indirect subsidiaries, such as AS A Le Coq, OAO Lidskoe Pivo, AB Volfas Engelman, A/S Cesu Alus, AS Karme and Verska Mineraalvee OU.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	781	680	696	625	415	–
Revenue growth	14.9%	−2.3%	11.4%	50.6%	−18.2%	9.0%
EPS (basic, normalized)	3.57	3.09	1.99	0.42	2.64	–
EPS growth	15.8%	54.8%	379.1%	−84.2%	–	–
Gross margin	41.7%	40.6%	37.4%	37.7%	41.6%	39.8%
Net margin	9.6%	9.4%	6.1%	1.4%	9.9%	7.3%
ROE	18.5%	20.1%	13.5%	2.8%	12.9%	13.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	63.5
Current ratio	1.19x
Long-term debt (mil)	69.4
Net debt (mil)	66.9
Total equity (mil)	437
Net debt / equity	0.15x
Net debt / EBITDA	0.53x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	781	+14.9%	0.7x	125	+12.7%	4.7x	3.57	+15.8%	2.1x
2026	838	+7.2%	0.7x	130	+3.5%	4.5x	3.24	−9.4%	2.3x
2027	882	+5.3%	0.7x	139	+7.2%	4.2x	3.64	+12.4%	2.1x
2028	913	+3.5%	0.6x	149	+6.7%	3.9x	4.07	+11.9%	1.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	838	−1.1%	−2.3%	−2.1%	3.24	−8.0%	−6.7%	−6.6%
2027	882	−1.3%	−2.4%	−2.3%	3.64	−8.2%	−9.1%	−8.7%
2028	913	−1.8%	−2.9%	−2.7%	4.07	−6.7%	−4.3%	−4.1%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	130	195	185	147	133	195	186	151	148	224
Sales mean (mil)	129	192	181	141	137	202	195	152	145	223
Surprise	+1.4%	+1.3%	+2.0%	+4.2%	−2.9%	−3.4%	−4.5%	−0.6%	+2.0%	+0.5%
EPS reported	0.43	1.08	1.12	0.36	0.46	0.83	0.98	0.82	0.28	1.11
EPS mean	0.36	1.06	0.97	0.38	0.47	1.22	1.24	0.65	0.49	1.03
Surprise	+19.4%	+1.6%	+15.9%	−4.4%	−2.1%	−31.8%	−20.6%	+26.8%	−43.4%	+8.1%

Peer comparison Beverages

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
OLVOY Olvi Oyj	519M	0.53x	9.6%	1.46x	2.3x	2.1x	4.5x	4.2x
CCGPY C&C Group PLC	511M	–	0.2%	0.86x	35.3x	33.5x	6.8x	6.6x
SUJA Suja Life Inc	411M	–	–	3.50x	–	22.2x	9.0x	7.8x
TPXa Molson Coors Canada Inc	401M	–	9.4%	–	–	–	–	–
MGPI MGP Ingredients, Inc.	367M	2.82x	−19.9%	0.61x	10.1x	8.8x	7.8x	6.6x
CSWa Corby Spirit and Wine Ltd	313M	1.60x	12.3%	2.33x	13.4x	12.6x	8.8x	8.0x
Mean		1.65x	2.3%	1.75x	15.3x	15.8x	7.4x	6.6x
Median		1.60x	9.4%	1.46x	11.8x	12.6x	7.8x	6.6x

Technical analysis

1M–
3M0.0%
1Y−4.8%
3Y−4.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Olvi Oyj, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	781	680	696	625	415	507
Cost of revenue	456	404	436	389	242	358
Gross profit	326	276	260	235	172	148
Selling, general & administrative expenses	231	193	185	175	122	3.8
Research & development	–	–	–	–	–	–
Depreciation/amortization	–	–	–	–	–	30.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.4	0.1	0.6	37.8	–	0.4
Other operating expenses	−1.8	−1.3	13.3	−1.3	−1.2	45.2
Operating income	96.1	84.3	60.6	23.9	51.2	68.9
Net interest income (expense)	0.9	0.8	−0.6	−5.0	−0.2	−2.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.3	−0.1	−0.2	0.8	0	−0.6
Net income before taxes	97.3	84.9	59.9	19.7	51.0	65.7
Provision for taxes	21.2	20.3	17.4	11.6	9.3	15.7
Minority interest	−1.0	−0.8	−0.2	0.5	−0.6	−0.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	75.2	63.8	42.2	8.5	41.1	49.5
Extraordinary items	–	–	–	–	13.3	–
Net income	75.2	63.8	42.2	8.5	54.4	49.5
EBIT, normalized	96.5	84.3	61.2	65.8	51.2	69.3
EBITDA, normalized	128	111	89.7	131	81.9	99.5
Basic EPS, normalized	3.57	3.09	1.99	0.42	2.64	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Olvi Oyj, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	66.1	52.5	34.7	65.5	57.6	55.1
Receivables	174	122	126	103	98.1	97.9
Total inventory	91.6	78.9	81.9	75.9	53.6	51.6
Prepaid expenses	18.3	16.2	13.2	14.6	–	10.8
Other current assets	0	0	0	0	0	0
Total current assets	350	269	256	259	209	215
Property, plant & equipment	309	244	235	223	217	249
Goodwill	26.3	23.0	24.5	23.8	25.2	30.7
Intangibles	9.6	9.6	11.6	11.7	14.0	12.1
Long-term investments	2.0	2.0	2.3	2.2	2.2	2.3
Note receivable	8.5	6.2	6.1	1.5	1.6	2.2
Other long-term assets	8.3	4.6	4.8	2.7	88.3	1.3
Total assets	714	559	541	524	557	513
Liabilities
Accounts payable	80.6	78.7	75.3	67.5	–	66.1
Payable/accrued	–	–	–	–	180	–
Accrued expenses	34.3	34.0	35.3	42.1	–	28.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	22.9	3.9	3.2	2.3	1.4	1.6
Other current liabilities	101	82.8	86.7	90.2	1.0	67.4
Total current liabilities	239	199	201	202	182	164
Long-term debt	27.1	7.0	4.5	2.1	2.2	2.8
Minority interest	2.7	1.4	0.8	2.7	4.1	3.9
Other liabilities	13.9	15.3	16.4	18.4	34.6	19.0
Total liabilities	283	223	222	225	223	190
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	24.4	21.5	22.9	22.2	23.6	25.4
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	472	375	359	333	372	372
Treasury stock	−0.6	−0.7	−1.0	−1.2	−0.5	−2.2
Other equity	−64.8	−59.8	−62.3	−55.4	−61.1	−71.9
Total equity	431	336	319	299	334	324
Total liabilities & shareholders' equity	714	559	541	524	557	513

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Olvi Oyj, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	76.1	64.6	42.5	8.1	55.0	50.0
Depreciation, depletion & amortization	31.4	26.7	27.3	69.1	30.7	30.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	20.8	18.8	13.0	15.5	11.7	20.3
Changes in working capital	−33.4	−21.1	−52.0	−20.8	4.5	−20.1
Cash from operations	94.9	89.1	30.8	71.9	102	80.4
Investing activities
Capital expenditures	−63.8	−40.9	−28.2	−40.0	−35.5	−38.5
Other investing cash flows	0.5	0.9	−2.3	0.5	−11.4	2.1
Cash from investing	−63.3	−39.9	−30.5	−39.5	−46.9	−36.4
Financing activities
Financing cash flow items	−29.9	–	–	–	0	0
Cash dividends paid	−31.7	−25.8	−28.0	−27.0	−26.4	−25.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	34.9	−2.6	−2.4	−1.0	−13.4	−3.3
Cash from financing	−26.7	−28.4	−30.4	−28.1	−39.8	−28.6
Foreign exchange effects	1.7	−0.9	−2.8	−1.7	0.4	−1.5
Net change in cash	6.5	20.0	−32.8	2.6	15.5	13.8
Free cash flow	31.1	48.2	2.7	31.9	66.4	41.8

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.