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.
Tulikivi Oyj is a Finnish company specializing in the processing of natural stone and manufacturing heat-retaining fireplaces, sauna heaters, and interior stone products. Founded in 1893 and headquartered in Juuka, it operates through three main business areas: Fireplaces, Sauna, and Interior Stones, leveraging soapstone's exceptional thermal properties for clean-burning, efficient heating solutions. The company produces heat accumulation fireplaces, convection models, electric and wood-burning sauna heaters, control panels, soapstone tiles, countertops, and paving stones, serving markets in Finland, the United States, Canada, and the rest of Europe. As the world's largest manufacturer of heat-retaining fireplaces, Tulikivi Oyj emphasizes natural materials like soapstone, ceramic, granite, marble, and slate to deliver reliable heat and authentic experiences. Listed on the Helsinki Stock Exchange since 1988, it remains a family-influenced business with about 164 employees, playing a key role in the building products sector by combining traditional craftsmanship with modern energy-efficient designs.
€0.54
€0.01 (-1.47%)
EOD Jul 2, 2026
The business is unprofitable at the operating level (-1.88% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 11.4% YoY. Margins deteriorated 8.1pp alongside, both lines moving the wrong way.
Free cash flow declined 39% versus the prior year, cash generation momentum has weakened. ROIC dropped from 5.64% to -1.48%, capital efficiency is deteriorating.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€30M
▼ -11.4% YoY
Net Income (TTM)
-€1M
▼ -193.2% YoY
Op. Margin
-3.37%
▼ -8.1pp YoY
ROIC
-1.48%
▼ -7.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€884K
▼ -38.9% YoY
Op. Cash Flow (TTM)
€4M
▼ -35.7% YoY
Net Debt
€11M
Cash & Equiv.
€488K
3Y CAGR: -4.2%
3Y CAGR: -21.5%
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Tulikivi Oyj (TULAV.XHEL) trades above a two-stage DCF intrinsic value of about €0.07 per share, so at €0.54 the stock looks overvalued (87.3% above 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, Tulikivi Oyj scores 14/100 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 €0.07 per share for TULAV.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 €0.05. At today's €0.54, that puts the stock about 87.3% above 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.
Tulikivi Oyj scores 14 out of 100 on Intrinsiqq's quality score, a weighted blend of 7 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a -3.4% operating margin and a -1.5% 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, Tulikivi Oyj pays a regular dividend of about €0.01 per share per year (typically in quarterly installments), a yield of roughly 1.8% at the current price. 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 TULAV.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. TULAV.XHEL currently trades above its estimated intrinsic value and scores 14/100 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.