Kesko KESKOB.HE
Public, HEL, reports in EUR. Founded 1940.
Theme: Politics.
Duopoly.
2025-08-01 — Dividend stock, avoid taxes
Financials millions, EUR
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 13.5bn EUR | 13.3 % | 21.0 % | – | 681m EUR | 5.0 % | 404m EUR | 1.02 | 18.3 | |
| 2024 | 11.9bn EUR | 1.2 % | 14.4 % | – | 598m EUR | 5.0 % | 379m EUR | 0.95 | 6.2 | |
| 2023 | 11.8bn EUR | -0.2 % | 14.2 % | – | 630m EUR | 5.3 % | 496m EUR | 1.25 | 5.1 | |
| 2022 | 11.8bn EUR | – | 14.7 % | – | 744m EUR | 6.3 % | 610m EUR | 1.53 | – | |
| 2026-Q2 | 3.4bn EUR | 6.0 % | 14.8 % | – | 186m EUR | 5.5 % | 128m EUR | 0.32 | 11.5 | |
| 2026-Q1 | 3.0bn EUR | 7.1 % | 14.2 % | – | 96m EUR | 3.2 % | 51m EUR | 0.13 | 10.3 | |
| 2025-Q4 | 3.2bn EUR | – | 14.8 % | – | 148m EUR | 4.6 % | 100m EUR | 0.25 | – | |
| 2025-Q2 | 3.2bn EUR | – | 14.5 % | – | 178m EUR | 5.6 % | 117m EUR | 0.29 | – | |
| 2025-Q1 | 2.8bn EUR | – | 14.2 % | – | 89m EUR | 3.2 % | 48m EUR | 0.12 | – |
Sources
- 2025: 2025_10-K_Summary_2026-07-10.xlsx
- 2024: 2025_10-K_Summary_2026-07-10.xlsx
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
- 2026-Q2: yfinance
- 2026-Q1: yfinance
- 2025-Q4: yfinance
- 2025-Q2: yfinance
- 2025-Q1: yfinance
Latest quarter 2026-Q2, ended 2026-06-30, vs 2025-Q2
| 2026-Q2 | 2025-Q2 | change | |
|---|---|---|---|
| Revenue | 3.4bn EUR | 3.2bn EUR | +190m (+6 %) |
| Op. margin | 5.5 % | 5.6 % | -0.1 pts |
| FCF | 362m EUR | 324m EUR | +38m (+12 %) |
| Op. income | 186m EUR | ||
| Net income | 128m EUR | ||
| EPS (diluted) | 0.32 | 10.3 % |
Cash flow millions, EUR
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 880m EUR | 502m EUR | 377m EUR | 2.8 % | 217.6 % | 540m EUR | 502m EUR | 440m EUR | -307m EUR |
| 2024 | 1.0bn EUR | 491m EUR | 517m EUR | 4.3 % | 266.0 % | 481m EUR | 597m EUR | 1.1bn EUR | 261m EUR |
| 2023 | 1.0bn EUR | 539m EUR | 510m EUR | 4.3 % | 211.8 % | 509m EUR | 497m EUR | 794m EUR | -33m EUR |
| 2022 | 915m EUR | 352m EUR | 563m EUR | 4.8 % | 150.1 % | 596m EUR | 566m EUR | 695m EUR | -34m EUR |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 21.80 EUR | 2026-09-15 | |
|---|---|---|---|
| Market cap | 8.7bn EUR | 10.0bn USD | 2026-09-15 |
| 52w high | 22.68 EUR | 2026-09-15 | |
| 52w low | 17.80 EUR | 2026-09-15 | |
| Off 52w high % | -3.9 % | ||
| P/S | 0.6 | ||
| Lifetime CAGR | 3.0 % |
Notes
- 2025-08-01 opinion Dividend stock, avoid taxes