Kesko Oyj (KESKOB.HE) stock analysis

In our weekly check, Kesko Oyj is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 12 pass, warnings: 8, red flags: 5.

About Kesko Oyj

Kesko Oyj is a Consumer Defensive company (Grocery Stores) based in Finland, listed on HEL as KESKOB.HE.

What our checks show for KESKOB.HE

Red flags

• The net margin fell by 1.8 points over 5 years, to 3.2%: the company keeps less of each sale as profit.
• The gross margin fell by 9.1 points, to 5.5%: costs are rising faster than prices.
• The net margin is only 3.2%: little room if costs rise.
• The stock has fallen as much as 73% from a peak. Would you have held through that?
• Recovering from its deepest fall took about 9.2 years.

Warning signs

• Net debt is 2.9x a year of EBITDA (debt/equity 1.51). That limits room in a downturn and raises refinancing risk.
• Operating profit covers interest only 3 times: a weak year could make the payments hard.
• Revenue grew only 2.9% a year over the last 3 years.
• Earnings per share fell 11.8% a year over the last 3 years.
• Net profit fell 11.8% a year over the last 3 years.
• Free cash flow is only 4.2% of revenue.
• The dividend takes 86% of profit: little cushion if profit falls.
• Return on capital (ROCE) is only 7.2%.

Strengths

• Operating cash flow is 2.44x net profit: the profit arrives as real cash.
• Analysts expect earnings per share to grow about 14.9% a year over the next years.
• A large company: market value $11.2 billion.
• The price moves calmly: 19.5% annual volatility.
• Pay in shares is only 0% of free cash flow.

Next earnings report: 2026-10-29

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CA.PA · SBRY.L · ACI · SFM · MRU.TO · AD.AS

Questions

What grade does Kesko Oyj (KESKOB.HE) have?

In our weekly check, Kesko Oyj is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 12 pass, warnings: 8, red flags: 5. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of KESKOB.HE stock?

This week's biggest flags for Kesko Oyj: Margins falling, Gross margin falling, Thin margins. In total 13 of 25 checks show a warning or a red flag.

What does Kesko Oyj do?

Kesko Oyj is a Consumer Defensive company (Grocery Stores) based in Finland, listed on HEL as KESKOB.HE.

When does Kesko Oyj report earnings next?

The next earnings report is expected on 2026-10-29. We re-run the checks every week, so the grade can change after it.

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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