Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Harvia Oyj is a Finnish manufacturer specializing in sauna heaters, saunas, spas, and related wellness solutions. Founded in 1950 by Tapani Harvia with the creation of the first wood-burning sauna stove, the company has evolved from a local workshop into a global leader in the sauna industry, producing over 200,000 heaters and 20,000 saunas annually. Its comprehensive product portfolio includes electric and wood-burning heaters, combi heaters, infrared cabins, steam showers, hot tubs, control units, sauna interiors like benches and lighting, and accessories such as heater stones and installation services. Operating under brands like Harvia, EOS, Almost Heaven Saunas, ThermaSol, and Kirami, Harvia Oyj serves diverse sauna types—traditional, steam, and infrared—while emphasizing innovation in energy efficiency, digitalization, and sustainability. Headquartered in Muurame, Finland, with around 700 employees and facilities worldwide, it distributes products to over 90 countries, playing a pivotal role in the consumer discretionary leisure sector by promoting sauna culture and wellness globally.
€41.30
+€0.25 (+0.61%)
EOD Jul 2, 2026
19.26% operating margin is respectable but not wide. ROIC at 13.22%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 13.5%, still solid. Free cash flow declined 21% despite revenue growth, conversion is weakening.
At 28x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 21% versus the prior year, cash generation momentum has weakened.
28.5x earnings, 35.6x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€206M
▲ +13.5% YoY
Net Income (TTM)
€27M
▲ +8.9% YoY
Op. Margin
19.08%
▼ -1.0pp YoY
ROIC
13.22%
▲ +0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€22M
▼ -20.9% YoY
Op. Cash Flow (TTM)
€31M
▲ +16.4% YoY
Net Debt
€58M
Cash & Equiv.
€45M
3Y CAGR: +4.9%
3Y CAGR: -0.9%
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At a P/E of 28.5 and a price-to-free-cash-flow of 35.6, Harvia Oyj (HARVIA.XHEL) trades around a two-stage DCF intrinsic value of about €45.29 per share, so at €41.30 the stock looks around fair value (9.7% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Harvia Oyj scores 35/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 1.8%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about €45.29 per share for HARVIA.XHEL, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around €33.97. At today's €41.30, that puts the stock about 9.7% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Harvia Oyj scores 35 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a 19.1% operating margin and a 13.2% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Harvia Oyj pays a regular dividend of about €0.75 per share per year (typically in quarterly installments), a yield of roughly 1.8% at the current price. That is a payout ratio of about 51.3% of earnings, so the dividend is well covered. Harvia Oyj has grown the dividend at roughly 10.1% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For HARVIA.XHEL's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. HARVIA.XHEL currently trades around its estimated intrinsic value and scores 35/100 on quality (lower-quality). It also yields about 1.8%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.