Ovaro OVARO.HE
Public, HEL, reports in EUR. Founded 2010.
Theme: ZIRP.
Real Estate Development.
2025-08-01 — Hold, small position. Real estate asset pricing game
Financials millions, EUR
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 4.3m EUR | -19.1 % | 32.5 % | – | 0.0m EUR | 0.1 % | 1.5m EUR | 0.18 | -19.0 | |
| 2024 | 5.3m EUR | -5.4 % | 45.3 % | – | 2.2m EUR | 41.5 % | 0.1m EUR | 0.07 | 36.2 | |
| 2023 | 5.6m EUR | 3.7 % | 41.9 % | – | 0.9m EUR | 16.9 % | 2.6m EUR | 0.30 | 20.6 | |
| 2022 | 5.4m EUR | – | 39.2 % | – | 0.6m EUR | 11.3 % | 0.4m EUR | 0.05 | – | |
| 2026-Q2 | 1.0m EUR | 2.2 % | 21.4 % | – | -0.9m EUR | -84.6 % | -0.8m EUR | -0.10 | -82.4 | |
| 2026-Q1 | 1.1m EUR | – | -13.8 % | – | -1.1m EUR | -103.6 % | -1.1m EUR | -0.14 | – | |
| 2025-Q4 | 1.1m EUR | – | 35.7 % | – | -2.1m EUR | -196.6 % | 0.6m EUR | 0.07 | – | |
| 2025-Q3 | 1.1m EUR | – | 62.7 % | – | 0.0m EUR | 0.5 % | -0.1m EUR | -0.02 | – | |
| 2025-Q2 | 1.0m EUR | – | 50.1 % | – | 2.9m EUR | 287.5 % | 1.8m EUR | 0.23 | – |
Sources
- 2025: yfinance
- 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-Q3: yfinance
- 2025-Q2: yfinance
Latest quarter 2026-Q2, ended 2026-06-30, vs 2025-Q2
| 2026-Q2 | 2025-Q2 | change | |
|---|---|---|---|
| Revenue | 1.0m EUR | 1.0m EUR | +0.0m (+2 %) |
| Op. margin | -84.6 % | 287.5 % | -372.0 pts |
| FCF | -3.0m EUR | -1.2m EUR | -1.8m |
| Op. income | -0.9m EUR | ||
| Net income | -0.8m EUR | ||
| EPS (diluted) | -0.10 | -143.5 % |
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 | – | 3.8m EUR | -6.7m EUR | -156.1 % | – | – | – | 5.2m EUR | 4.1m EUR |
| 2024 | – | 4.3m EUR | -5.5m EUR | -103.8 % | – | – | – | -3.2m EUR | -7.0m EUR |
| 2023 | – | – | 0.1m EUR | 1.1 % | – | 0.9m EUR | – | 1.5m EUR | 2.1m EUR |
| 2022 | – | – | -0.4m EUR | -7.7 % | – | 0.6m EUR | – | 4.5m EUR | -3.6m EUR |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 2.84 EUR | 2026-09-15 | |
|---|---|---|---|
| Market cap | 23m EUR | 27m USD | 2026-09-15 |
| 52w high | 3.68 EUR | 2026-09-15 | |
| 52w low | 2.64 EUR | 2026-09-15 | |
| Off 52w high % | -22.8 % | ||
| P/S | 5.3 | ||
| Lifetime CAGR | -27.9 % |
Notes
- 2025-08-01 opinion Hold, small position. Real estate asset pricing game