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Huhtamäki Oyj

HUH1V.HE
45
Packaging & Containers · Consumer Cyclical
Price
€31.62
-0.04 (-0.13%)
Market Cap
€3.32B
Exchange
NASDAQ Helsinki
Winston Score
45
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
Good
Valuation
Strong
Dividends
Good

Winston Score History

The full picture

Huhtamäki is a Finnish company that makes packaging for food and drinks. Its main products include paper cups, food containers, flexible packaging, and fiber-based trays used by fast-food chains, coffee shops, grocery stores, and consumer goods companies. It is one of the largest food packaging manufacturers in the world, with well-known customers like McDonald's and major consumer brands relying on its products daily.

The company earns revenue by selling packaging materials and finished containers to businesses, not directly to consumers. Huhtamäki operates in over 35 countries across Europe, North America, Asia, and emerging markets, giving it broad geographic diversification. Its competitive position comes from long-term customer relationships, global manufacturing scale, and expertise in sustainable packaging materials. The key growth driver is rising demand for eco-friendly, fiber-based packaging as governments and brands push to reduce single-use plastics — though higher raw material costs and thin margins remain ongoing risks to profitability.

Share count broadly stable

+0.5% 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
9.8%
Modest — 9.8% operating margin
Return on the money invested
ROCE
10.1%
Below par — 10.1% 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
4.50x
Adequate interest coverage (4.5x)

Interest coverage between 3 and 8. Profits cover interest several 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
+5.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (15.9 → 10.8)

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Dividends

Dividend
Dividend Yield
3.62%
Moderate income — 3.62% yield

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

Dividend record
Dividend Growth
+5.7%
Dividend growing modestly (5.7% YoY)

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