Orion Oyj (ORNBV.HE) Stock Analysis & Winston Score

Orion Oyj is a Finnish pharmaceutical company that discovers, develops, and manufactures medicines. Its core products include treatments for Parkinson's disease, cancer, and cardiovascular conditions, with its drugs sold to hospitals, pharmacies, and healthcare systems across Europe and beyond. Orion is one of Finland's largest and most established pharmaceutical companies, best known for developing the Parkinson's drug entacapone and the proprietary ODM drug pipeline targeting prostate cancer.

Orion makes money primarily by selling branded prescription drugs and generic medicines, and it also earns royalties when larger pharmaceutical partners sell drugs based on its research. The company operates mainly in Europe but licenses products globally through partnerships with bigger drugmakers. Its high operating margin and strong return on capital reflect a lean manufacturing base and a durable portfolio of off-patent specialty drugs. The key growth driver is its oncology pipeline, particularly the prostate cancer drug darolutamide, co-developed with Bayer, though dependence on a small number of blockbuster products remains a meaningful concentration risk.

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

+25.2% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+69.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$210M/ year

↑ Rising (+17% vs prior year)

11.1% of revenue

Below sector average (18%)

Investing heavily in future products and technology

Insider Activity

12.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$130M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Strong grower

Orion Oyj is growing revenue at 25% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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

+0.1% over 4y

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

Diluted shares outstanding: 140.5M (2021) → 140.7M (2025)

Score breakdown

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Quality

Gross Margin

65.2%

Premium pricing power — 65.2% gross margin

Operating Margin

34.3%

Excellent — 34.3% operating margin

ROCE

12.8%

Good — 12.8% 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

+22.7%

Fast-growing sales (+22.7% YoY)

EPS YoY

+55.0%

Earnings growing fast (+55.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

80%

Modest — 80% of profit becomes cash

FCF Margin

18.9%

Converts sales into free cash efficiently (18.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.10

Conservative — low debt load (0.10)

Interest Cover

194.74x

Comfortably covers interest (194.7x)

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

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Valuation

P/E Ratio (TTM)

19.5x

Fair value — P/E 19.5

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

P/E vs Forward

+4.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.5 → 15.3)

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Dividends

Dividend Yield

2.11%

Moderate income — 2.11% yield

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

Dividend Growth

-27.1%

Dividend cut (-27.1% YoY) — warning sign

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