Neste Oyj

NTOIY

Oil & Gas Refining & Marketing · Energy

Exchange

Other OTC

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

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

Neste is a Finnish energy company best known as the world's largest producer of renewable diesel and sustainable aviation fuel. It refines crude oil into traditional fuels but has shifted heavily toward making diesel and jet fuel from waste fats, used cooking oil, and other renewable raw materials. Its customers include airlines, trucking companies, and fuel distributors mainly in Europe and North America.

Neste earns revenue by selling refined petroleum products and renewable fuels, with renewable products now driving the majority of its profits. The company is headquartered in Espoo, Finland, and operates refineries in Finland, Singapore, and the Netherlands. Its early investment in renewable refining capacity gives it a scale advantage that competitors are still trying to match. Key growth depends on rising global mandates for sustainable fuels, but the business faces risks from volatile feedstock prices, increasing competition in renewable fuels, and potential changes to government incentive programs.

Score breakdown

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Quality

Profit per sale

Gross Margin

21.4%

Thin — 21.4% gross margin

Profit after running costs

Operating Margin

15.2%

Healthy — 15.2% operating margin

Return on the money invested

ROCE

16.8%

Strong — 16.8% 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

-0.5%

Shrinking sales (-0.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

147%

Turns 147% of profit into real cash

Spare cash per sale

FCF Margin

6.7%

Modest free cash flow (6.7%)

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

0.44

Conservative — low debt load (0.44)

Covers its interest

Interest Cover

10.69x

Comfortably covers interest (10.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

19.3x

no trend

Fair value — P/E 19.3

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

+5.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.3 → 13.9)

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Dividends

Dividend

Dividend Yield

1.20%

no trend

Small dividend — 1.20% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-32.3%

no trend

Dividend cut (-32.3% YoY) — warning sign

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