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Huhtamäki Oyj

0K9W.L
46
Packaging & Containers · Consumer Cyclical
Price
31.62 GBp
+0.04 (+0.13%)
Market Cap
£3.30B
Exchange
London Stock Exchange
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Strong
Stability
Strong
Valuation
Mixed
Dividends
Good

Winston Score History

The full picture

Huhtamäki is a Finnish company that makes packaging — things like paper cups, food containers, and flexible wrapping materials. Its customers are food and beverage companies, fast-food chains, and consumer goods brands that need packaging for their products. The company is one of the largest packaging manufacturers in the world, with well-known products including disposable cups used by major coffee chains globally.

Huhtamäki earns money by selling packaging products directly to businesses, not to everyday consumers. It operates in over 35 countries across Europe, North America, Asia, and emerging markets, giving it a broad geographic footprint that helps reduce dependence on any single region. The company faces ongoing pressure from rising raw material costs — paper and plastics — which helps explain its relatively thin margins, and its ability to grow depends heavily on how quickly it can shift customers toward more sustainable, fiber-based packaging as regulations around single-use plastics tighten worldwide.

Share count broadly stable

+0.6% over 4y

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

Diluted shares outstanding: 104.4M (2021) → 104.9M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
18.2%
Thin — 18.2% gross margin
Profit after running costs
Operating Margin
7.0%
Modest — 7.0% operating margin
Return on the money invested
ROCE
9.1%
Below par — 9.1% 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
-4.6%
Shrinking sales (-4.6% YoY)
Profit growth
EPS YoY
+3.6%
Modest earnings growth (+3.6% YoY)

Single-digit earnings growth — steady but not exciting.

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
207%
Turns 207% 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
0.85
Moderate — manageable debt (0.85)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

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
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
3.52%
Moderate income — 3.52% yield

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

Dividend record
Dividend Growth
+5.8%
Dividend growing modestly (5.8% YoY)

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