Elisa Oyj (ELISA.HE) stock analysis

In our weekly check, Elisa Oyj is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 14 pass, warnings: 8, red flags: 3.

About Elisa Oyj

Elisa Oyj is a Communication Services company (Telecommunications Services) based in Finland, listed on HEL as ELISA.HE.

What our checks show for ELISA.HE

Red flags

• The gross margin fell by 4.8 points, to 57%: costs are rising faster than prices.
• The dividend takes 115% of profit: little cushion if profit falls.
• Recovering from its deepest fall took about 5.5 years.

Warning signs

• Net debt is 2x a year of EBITDA (debt/equity 1.24). That limits room in a downturn and raises refinancing risk.
• The net margin fell by 2.5 points over 5 years, to 14.7%: the company keeps less of each sale as profit.
• Analysts expect only about 2% a year of growth in revenue.
• Revenue grew only 1.8% a year over the last 3 years.
• Earnings per share fell 4% a year over the last 3 years.
• Net profit fell 4.1% a year over the last 3 years.
• The stock has fallen as much as 59% from a peak. Would you have held through that?
• Thinly traded (about 463 thousand shares a day): buying and selling can move the price.

Strengths

• Operating profit covers interest 8.9 times over.
• Operating cash flow is 1.99x net profit: the profit arrives as real cash.
• Analysts expect the net margin to improve by 3.2 points from today's 14.7%.
• Free cash flow is 16.5% of revenue: cash for dividends, buybacks or growth.
• Beta 0.41: the stock usually moves less than the market.
• Return on capital (ROCE) is 17.1%: the business earns well on the money put into it.

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Questions

What grade does Elisa Oyj (ELISA.HE) have?

In our weekly check, Elisa Oyj is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 14 pass, warnings: 8, red flags: 3. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of ELISA.HE stock?

This week's biggest flags for Elisa Oyj: Gross margin falling, Dividend stretched, Slow recovery after falls. In total 11 of 25 checks show a warning or a red flag.

What does Elisa Oyj do?

Elisa Oyj is a Communication Services company (Telecommunications Services) based in Finland, listed on HEL as ELISA.HE.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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