Fondia Oyj

FONDIA.HE

Specialty Business Services · Industrials

Price

€5.10

+0.02 (+0.39%)

Market Cap

€19.1M

Exchange

NASDAQ Helsinki

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Good

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Share count falling — buybacks

−5.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 4.0M (2021) → 3.7M (2025)

Winston Score History

The full picture

Fondia Oyj is a Finnish legal services company that provides outsourced legal work to businesses. Instead of hiring full-time lawyers, companies pay Fondia to handle contracts, compliance, and other everyday legal tasks. It mainly serves small and mid-sized businesses across the Nordic region, operating like a "legal department for hire."

Fondia makes money through subscription-style service agreements, where clients pay a recurring fee for ongoing legal support rather than paying by the hour like a traditional law firm. The company operates primarily in Finland, Sweden, and the Baltics, and is relatively small with a market cap under $50 million. Its competitive edge comes from its flexible, tech-enabled model that is cheaper than maintaining an in-house legal team. The key growth driver is convincing more Nordic companies to outsource legal work entirely, but the main risk is competition from both traditional law firms and newer legal technology platforms entering the same space.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

29.7%

Modest — 29.7% gross margin

Profit after running costs

Operating Margin

6.5%

Modest — 6.5% operating margin

Return on the money invested

ROCE

94.5%

Exceptional — 94.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

-2.1%

Shrinking sales (-2.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

172%

Turns 172% of profit into real cash

Spare cash per sale

FCF Margin

4.8%

Thin free cash flow (4.8%)

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

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

46.21x

Comfortably covers interest (46.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

15.9x

Fair value — P/E 15.9

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

+4.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.9 → 11.2)

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Dividends

Dividend

Dividend Yield

5.70%

Healthy income — 5.70% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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