Kemira Oyj

KEMIRA.HE

Chemicals · Basic Materials

Price

€17.53

+0.08 (+0.46%)

Market Cap

€2.54B

Exchange

NASDAQ Helsinki

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Kemira Oyj is a Finnish chemical company that makes specialty chemicals used to treat water and improve industrial processes. Its main products include chemicals for water treatment, pulp and paper production, and oil and gas operations. The company sells primarily to industrial customers like paper mills, municipal water utilities, and energy companies, making it a significant European supplier of process and water chemistry solutions.

Kemira earns revenue by selling chemical products directly to industrial customers, with pricing tied to both raw material costs and the value those chemicals deliver in improving efficiency or meeting environmental standards. The company operates mainly in Europe and North America, with annual revenues around €3 billion, and its competitive edge comes from long-term customer relationships and technical expertise in formulating chemicals for specific industrial needs. The key growth driver is tightening global water regulations, which push more industrial and municipal customers to invest in water treatment — but rising raw material costs remain a persistent risk to profit margins.

Winston Score History

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 153.8M (2021) → 154.0M (2025)

Score breakdown

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Quality

Gross Margin

10.4%

Thin — 10.4% gross margin

Operating Margin

8.9%

Modest — 8.9% operating margin

ROCE

2.8%

Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-4.6%

Shrinking sales (-4.6% YoY)

EPS YoY

-33.1%

Earnings shrinking (-33.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

283%

Turns 283% of profit into real cash

FCF Margin

7.6%

Modest free cash flow (7.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.41

Conservative — low debt load (0.41)

Interest Cover

9.16x

Comfortably covers interest (9.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

18.1x

Fair value — P/E 18.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+7.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.1 → 10.8)

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Dividends

Dividend Yield

4.41%

Healthy income — 4.41% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+15.4%

Dividend growing fast (15.4% YoY)

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