Orion Oyj ORINY

Health CarePharmaceuticalsFinland

Last close 58.15 USD on Nov 1, 2026, +61.5% year to date

Quant rating

Quant rating B Rank 32 of 211 in Health Care

Growth B 57 of 211
Valuation D 153 of 211
Quality D 161 of 211
Revisions A 3 of 211
Momentum A 5 of 211

Wall Street consensus Hold (3.14)Average target 97.89 USD +68.3%

Historical valuation

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

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,219	1,597	1,313	1,435	1,183	–
Revenue growth	39.0%	21.6%	−8.5%	21.2%	−10.1%	11.0%
EPS (basic, normalized)	4.23	2.47	1.65	2.67	1.58	–
EPS growth	71.0%	49.8%	−38.3%	69.5%	–	–
Gross margin	64.2%	61.4%	55.3%	63.3%	57.0%	60.2%
Net margin	26.5%	21.4%	18.2%	26.1%	18.6%	22.2%
ROE	43.7%	34.8%	24.1%	42.2%	26.2%	34.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	149
Current ratio	2.64x
Long-term debt (mil)	118
Net debt (mil)	2.9
Total equity (mil)	1,449
Net debt / equity	0.00x
Net debt / EBITDA	0.00x

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	2,219	+39.0%	7.1x	817	+75.9%	19.3x	4.23	+71.0%	13.8x
2026	2,353	+6.0%	6.7x	902	+10.4%	17.5x	4.68	+10.8%	12.4x
2027	2,694	+14.5%	5.9x	1,108	+22.8%	14.2x	5.73	+22.5%	10.1x
2028	3,005	+11.5%	5.2x	1,330	+20.0%	11.9x	6.84	+19.3%	8.5x

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	2,353	+0.4%	+0.6%	+1.8%	4.68	+5.5%	+6.6%	+11.0%
2027	2,694	+1.7%	+1.9%	+4.4%	5.73	+8.5%	+10.2%	+14.3%
2028	3,005	+5.3%	+5.1%	+6.8%	6.84	+15.3%	+15.7%	+19.0%

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)	308	328	471	434	355	416	423	695	418	522
Sales mean (mil)	306	321	461	400	342	376	429	657	425	513
Surprise	+0.7%	+2.1%	+2.3%	+8.5%	+3.7%	+10.9%	−1.3%	+5.9%	−1.8%	+1.8%
EPS reported	0.31	0.37	1.14	0.52	0.44	0.59	0.68	1.85	0.64	1.00
EPS mean	0.30	0.33	1.07	0.47	0.39	0.52	0.70	1.76	0.75	0.90
Surprise	+2.5%	+12.1%	+6.5%	+11.4%	+12.2%	+13.0%	−3.2%	+5.1%	−15.1%	+11.7%

Peer comparison Pharmaceuticals

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
ORINY Orion Oyj	15.8B	0.00x	26.5%	11.10x	12.4x	10.1x	17.5x	14.2x
SGIOY Shionogi & Co., Ltd.	17.0B	−0.13x	41.1%	1.47x	5.5x	5.5x	8.3x	8.1x
HALO Halozyme Therapeutics, Inc.	14.9B	2.91x	22.7%	104.01x	14.8x	12.3x	13.6x	11.2x
NBIX Neurocrine Biosciences, Inc.	14.9B	−0.60x	16.7%	4.02x	20.7x	14.9x	14.6x	10.5x
IPSEY Ipsen SA	14.8B	–	–	–	2.6x	2.8x	–	–
BBIO BridgeBio Pharma, Inc.	14.6B	−5.36x	−144.4%	−9.12x	−28.8x	−168.2x	−52.6x	140.6x
Mean		−0.63x	−7.5%	22.29x	4.6x	−20.4x	0.3x	36.9x
Median		−0.13x	22.7%	4.02x	8.9x	7.8x	13.6x	11.2x

Technical analysis

1M+23.2%
3M+36.5%
1Y+48.6%
3Y+235.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Orion Oyj, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,219	1,597	1,313	1,435	1,183	1,317
Cost of revenue	795	617	587	526	509	521
Gross profit	1,425	980	726	908	675	795
Selling, general & administrative expenses	422	332	314	283	255	276
Research & development	240	163	135	140	130	146
Depreciation/amortization	26.9	21.0	20.9	20.4	20.6	35.8
Interest expense (income), operating	0.1	1.0	0.4	−0.9	0.5	−1.5
Unusual expense (income)	0.2	38.3	−41.5	0	−3.9	1.1
Other operating expenses	−6.1	−6.8	−6.0	−4.7	−3.2	−4.8
Operating income	742	431	303	470	277	342
Net interest income (expense)	−4.1	−2.8	−2.8	1.1	−0.8	−1.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.4	−0.8	−0.6	−0.3	−0.3	−0.4
Net income before taxes	737	428	300	471	275	340
Provision for taxes	150	86.1	60.8	97.2	55.1	71.3
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	588	342	239	374	220	269
Extraordinary items	–	–	–	–	–	–
Net income	588	342	239	374	220	269
EBIT, normalized	742	471	262	470	273	342
EBITDA, normalized	808	524	319	520	333	409
Basic EPS, normalized	4.23	2.47	1.65	2.67	1.58	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Orion Oyj, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	189	213	118	356	246	360
Receivables	836	390	337	237	226	220
Total inventory	536	433	400	338	301	315
Prepaid expenses	17.5	15.5	55.4	9.2	11.0	13.6
Other current assets	0.6	0.2	0.7	0.2	0.1	0.2
Total current assets	1,579	1,052	911	940	785	908
Property, plant & equipment	537	432	442	400	378	390
Goodwill	102	90.3	96.2	93.3	15.3	16.5
Intangibles	118	91.0	125	111	63.1	36.0
Long-term investments	0.4	0.3	0.3	0.3	0.3	0.4
Note receivable	2.9	0.8	1.0	1.2	0.2	0.5
Other long-term assets	20.9	19.6	12.2	63.4	24.6	10.5
Total assets	2,360	1,687	1,588	1,609	1,266	1,362
Liabilities
Accounts payable	145	90.2	113	122	102	106
Payable/accrued	–	–	–	–	–	–
Accrued expenses	163	104	90.3	114	84.1	112
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	223	31.1	32.0	18.4	4.3	3.8
Other current liabilities	127	57.9	57.1	40.3	47.5	39.3
Total current liabilities	658	283	292	295	238	261
Long-term debt	135	308	189	211	119	129
Minority interest	–	–	–	–	–	–
Other liabilities	58.4	55.4	124	132	59.3	79.0
Total liabilities	852	646	605	637	416	469
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	108	95.5	102	98.7	105	113
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,404	956	899	882	776	852
Treasury stock	−22.4	−25.7	−30.9	−37.4	−20.7	−26.3
Other equity	18.7	14.6	12.5	28.3	−9.4	−44.9
Total equity	1,509	1,040	982	972	850	893
Total liabilities & shareholders' equity	2,360	1,687	1,588	1,609	1,266	1,362

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Orion Oyj, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	737	428	300	471	275	340
Depreciation, depletion & amortization	66.6	96.1	56.9	50.8	52.0	68.9
Deferred taxes	–	–	–	–	–	–
Non-cash items	16.0	−52.6	−17.1	70.7	5.0	2.2
Changes in working capital	−448	−167	−209	−128	−87.2	−45.7
Cash from operations	372	304	131	465	245	365
Investing activities
Capital expenditures	−115	−90.0	−129	−78.2	−96.6	−49.7
Other investing cash flows	−1.2	1.8	9.3	−86.9	5.5	1.2
Cash from investing	−116	−88.2	−120	−165	−91.2	−48.5
Financing activities
Financing cash flow items	0.1	0.1	0.1	−0.1	–	–
Cash dividends paid	−271	−236	−248	−226	−240	−258
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−38.3	123	−20.3	55.1	−4.1	117
Cash from financing	−310	−113	−268	−171	−244	−141
Foreign exchange effects	0.8	−0.6	7.3	−4.7	1.8	1.3
Net change in cash	−52.5	102	−249	124	−88.3	178
Free cash flow	257	214	2.4	387	149	316

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.