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Fortum Oyj

FOJCF
45
Renewable Utilities · Utilities
Price
$22.16
-6.13 (-21.67%)
Market Cap
$19.88B
Exchange
Other OTC
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
Mixed
Growth
Weak
Cash Flow
Strong
Stability
Strong
Valuation
Good
Dividends
Mixed
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Share count rising — dilution

+1.0% over 4y

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

Diluted shares outstanding: 888.3M (2021) → 897.3M (2025)

§Winston Score History

The full picture

Fortum is a Finnish energy company that generates and sells electricity, mainly from nuclear, hydropower, and other clean sources. It supplies power and heat to millions of homes and businesses across the Nordic countries and parts of Europe. Fortum is one of the largest generators of CO2-free electricity in the Nordic region.

The company makes money by selling electricity on wholesale markets and through long-term contracts, as well as providing district heating and waste-to-energy services. It is headquartered in Espoo, Finland, and operates primarily in Finland, Sweden, and other European markets, with a market cap around $20 billion. Its large fleet of hydropower and nuclear plants gives it a low-cost production advantage that is hard for competitors to replicate. A key growth driver is rising European demand for clean energy, though the company faces risk from volatile wholesale electricity prices and regulatory changes across its markets.

Growth Profile

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

Revenue Growth

+15.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

52.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€5.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Fortum Oyj is a rare growth stock that's already generating positive cash flow while growing at 15%. 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
35.6%
Modest — 35.6% gross margin
Profit after running costs
Operating Margin
9.5%
Modest — 9.5% operating margin
Return on the money invested
ROCE
8.2%
Below par — 8.2% 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 growth
Sales YoY
+6.7%
Slow sales growth (+6.7% YoY)
Profit growth
EPS YoY
-12.6%
Earnings shrinking (-12.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
1/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
104%
Turns 104% of profit into real cash
Spare cash per sale
FCF Margin
7.1%
Modest free cash flow (7.1%)

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
0.47
Conservative — low debt load (0.47)
Covers its interest
Interest Cover
6.36x
Adequate interest coverage (6.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
24.1x
Growth-priced — P/E 24.1

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

Cheaper or dearer next year
P/E vs Forward
+2.9
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
3.86%
Moderate income — 3.86% yield

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

Dividend record
Dividend Growth
+1.6%
Dividend flat

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