Elisa Oyj

ELISA.HE

Telecommunications Services · Communication Services

Exchange

NASDAQ Helsinki

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Weak

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Elisa Oyj is a Finnish telecommunications company that provides mobile phone plans, home internet, and TV services to everyday consumers and businesses in Finland and Estonia. It is one of Finland's two dominant telecom operators, competing mainly against Telia Finland, and serves millions of households and corporate customers across both countries.

Elisa earns money through monthly subscription fees for mobile, broadband, and digital TV services, as well as selling devices and providing IT and cloud services to businesses. The company operates almost entirely in Finland and Estonia, generating roughly €2 billion in annual revenue. Its moat comes from owning established network infrastructure and holding a strong brand in a market with limited competition, which supports stable cash flows and a generous dividend policy. The main risk is that Finland's telecom market is mature and slow-growing, meaning Elisa must rely on upselling higher-value services like 5G plans and enterprise IT solutions to drive meaningful revenue growth.

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

-0.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-1.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

15.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€115M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

Elisa Oyj's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

66.4%

Premium pricing power — 66.4% gross margin

Profit after running costs

Operating Margin

21.4%

Excellent — 21.4% operating margin

Return on the money invested

ROCE

16.6%

Strong — 16.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+1.1%

Nearly flat sales (+1.1% YoY)

Profit growth

EPS YoY

-5.8%

Earnings shrinking (-5.8% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

191%

Turns 191% of profit into real cash

Spare cash per sale

FCF Margin

16.9%

Converts sales into free cash efficiently (16.9%)

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

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Stability

What it owes vs what it owns

Debt / Equity

1.09

Elevated debt (1.09)

Covers its interest

Interest Cover

9.30x

Comfortably covers interest (9.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

16.7x

no trend

Fair value — P/E 16.7

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

Cheaper or dearer next year

P/E vs Forward

+3.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.7 → 13.2)

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Dividends

Dividend

Dividend Yield

10.38%

no trend

Healthy income — 10.38% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-32.4%

no trend

Dividend cut (-32.4% YoY) — warning sign

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