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Finnair Oyj

FIA1S.HE
45
Airlines, Airports & Air Services · Industrials
Price
€4.50
-0.01 (-0.18%)
Market Cap
€921.8M
Exchange
NASDAQ Helsinki
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 19, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Mixed
Cash Flow
Strong
Stability
Weak
Valuation
Good
Dividends
Good
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Share count rising — dilution

+144.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 83.8M (2021) → 204.4M (2025)

§Winston Score History

The full picture

Finnair is the national airline of Finland, headquartered in Helsinki. It flies passengers and cargo to destinations across Europe, Asia, and North America. The airline has historically been known for offering some of the shortest flight routes between Europe and Asia by flying over the Arctic, thanks to Finland's geographic position.

Finnair earns revenue from ticket sales, ancillary fees, and cargo transport. The Finnish government remains a major shareholder, and the airline operates from its hub at Helsinki Airport. With a market cap around $0.9 billion, it is a mid-sized European carrier. Its key competitive advantage has been the geographic shortcut connecting European and Asian cities, but the closure of Russian airspace due to the Ukraine conflict forced longer routing and higher costs, significantly weakening that edge. Rebuilding its Asia strategy and managing fuel costs remain the central challenges for the business going forward.

Growth Profile

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

Revenue Growth

+16.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+366.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

56.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€1.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Finnair Oyj is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
16.7%
Thin — 16.7% gross margin
Profit after running costs
Operating Margin
7.7%
Modest — 7.7% operating margin
Return on the money invested
ROCE
4.6%
Weak — 4.6% 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 growth
Sales YoY
+6.5%
Slow sales growth (+6.5% YoY)
Profit growth
EPS YoY
+940.0%
Earnings growing fast (+940.0% YoY)

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

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
588%
Turns 588% of profit into real cash
Spare cash per sale
FCF Margin
11.0%
Modest free cash flow (11.0%)

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
2.16
Heavy debt load (2.16)
Covers its interest
Interest Cover
1.52x
Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
8.7x
Attractive valuation — P/E 8.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-4.3
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
1.11%
Small dividend — 1.11% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+2818.2%
Dividend growing fast (2818.2% YoY)

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