KONE Oyj

KNEBV.HE

Industrial - Machinery · Industrials

Price

€51.34

-0.02 (-0.04%)

Market Cap

€26.59B

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

KONE Oyj is a Finnish company that makes elevators, escalators, and automatic building doors. It sells these products to construction companies, building owners, and real estate developers around the world. KONE is one of the four largest elevator companies globally, competing directly with Otis, Schindler, and TK Elevator.

KONE makes money in two main ways: selling new equipment to buildings under construction, and providing ongoing maintenance and modernization services to existing equipment. Maintenance contracts are especially important because they generate steady, recurring revenue over many years. The company operates across Europe, Asia, and the Americas, with China being a particularly large market. Its installed base of millions of elevators and escalators creates a durable service business that is hard for competitors to displace. The biggest risk KONE faces is the prolonged slowdown in China's construction sector, which has reduced demand for new equipment and pressured overall revenue growth in recent years.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-13.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

29.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$1.3B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

KONE Oyj is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

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

Diluted shares outstanding: 518.6M (2021) → 518.6M (2025)

Score breakdown

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Quality

Gross Margin

13.8%

Thin — 13.8% gross margin

Operating Margin

11.0%

Modest — 11.0% operating margin

ROCE

10.8%

Below par — 10.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+1.0%

Nearly flat sales (+1.0% YoY)

EPS YoY

-3.7%

Earnings shrinking (-3.7% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

148%

Turns 148% of profit into real cash

FCF Margin

5.9%

Thin free cash flow (5.9%)

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

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Stability

Debt / Equity

0.30

Conservative — low debt load (0.30)

Interest Cover

25.67x

Comfortably covers interest (25.7x)

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

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Valuation

P/E Ratio (TTM)

28.2x

Growth-priced — P/E 28.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+9.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (28.2 → 18.8)

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Dividends

Dividend Yield

3.54%

Moderate income — 3.54% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-7.8%

Dividend cut (-7.8% YoY) — warning sign

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