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Konecranes

KCR.HE
66
Industrial - Machinery · Industrials
Price
€28.58
+0.96 (+3.48%)
Market Cap
€6.79B
Exchange
NASDAQ Helsinki
Winston Score
66
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Mixed
Cash Flow
Strong
Stability
Exceptional
Valuation
Strong
Dividends
Exceptional

Winston Score History

The full picture

Konecranes is a Finnish company that makes cranes and lifting equipment used in factories, shipyards, ports, and warehouses around the world. Its main products include industrial cranes, hoists, and port cranes, sold to customers in manufacturing, shipping, and logistics. Konecranes is one of the largest crane manufacturers in the world and also owns a large service business that maintains lifting equipment made by many different brands.

The company earns money two ways: selling new equipment and charging ongoing fees to service and repair cranes over their long lifetimes. It operates globally, with strong presence in Europe, the Americas, and Asia, and generates roughly €4 billion in annual revenue. The service business creates a reliable, recurring revenue stream that competitors find hard to displace once equipment is installed. The key growth driver is demand for automated port and warehouse cranes, though slowing industrial investment in Europe remains a meaningful risk to near-term order volumes.

Share count broadly stable

0.1% over 4y

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

Diluted shares outstanding: 238.8M (2021) → 238.7M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
58.5%
Premium pricing power — 58.5% gross margin
Profit after running costs
Operating Margin
11.7%
Modest — 11.7% operating margin
Return on the money invested
ROCE
21.5%
Exceptional — 21.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
-5.5%
Shrinking sales (-5.5% YoY)
Profit growth
EPS YoY
-0.6%
Earnings shrinking (-0.6% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
107%
Turns 107% of profit into real cash
Spare cash per sale
FCF Margin
8.7%
Modest free cash flow (8.7%)

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
0.20
Conservative — low debt load (0.20)
Covers its interest
Interest Cover
11.83x
Comfortably covers interest (11.8x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
17.8x
Fair value — P/E 17.8

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
+5.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (17.8 → 12.1)

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Dividends

Dividend
Dividend Yield
8.22%
Healthy income — 8.22% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+68.7%
Dividend growing fast (68.7% YoY)

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