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Evli Oyj (HLSE:EVLI) Stock Faces Slow Revenue Outlook Despite Strong 27.2% Net Margin

Simply Wall St · 2d ago

Evli Oyj Q2 2026 earnings snapshot

Evli Oyj (HLSE:EVLI) has put Q2 2026 on the board with €34.1 million in revenue and basic EPS of €0.38, setting the tone for how investors read the latest quarter against a share price of €24.80.

Over recent quarters, revenue has ranged from €29.4 million in Q2 2025 to €42.3 million in Q4 2025, while EPS has moved between €0.28 in Q1 2025 and €0.41 in Q1 2026. This gives a clearer view of how the top and bottom line have been tracking into this print. With trailing net profit margins at 27.2% and earnings growth over the last year outpacing revenue, the focus this quarter is on how efficiently Evli is turning its revenue base into profit.

See our full analysis for Evli Oyj.

With the headline numbers on the table, the next step is to test them against the most common narratives around Evli Oyj, highlighting where the data backs the story and where it starts to challenge it.

Curious how numbers become stories that shape markets? Explore Community Narratives

HLSE:EVLI Revenue & Expenses Breakdown as at Jul 2026
HLSE:EVLI Revenue & Expenses Breakdown as at Jul 2026

27.2% net margin keeps profits solid

  • Evli Oyj’s trailing net profit margin sits at 27.2%, compared with 25.9% a year earlier, and Q2 2026 net income was €10.2 million on €34.1 million of revenue.
  • What stands out for the bullish view is how this margin profile lines up with earnings, with trailing net income at €41.1 million and earnings up 33.4% over the last year, even though revenue is only forecast to grow about 2.8% per year. This means:
    • Supporters pointing to earnings momentum and quality find some backing in the 27.2% margin and trailing EPS of €1.55, yet the modest revenue growth forecast adds a check on expectations.
    • Critics of the bullish stance can point out that strong earnings and margins rely on this profitability level holding up while revenue grows slower than the wider Finnish market’s 4.7% forecast.

16x P/E and DCF gap frame Evli valuation

  • Evli trades on a trailing P/E of 16x, compared with a peer average of 19x and a broader European Capital Markets industry average of 14x, and the DCF fair value of €31.58 sits above the current €24.80 share price.
  • Bears often focus on valuation risk and balance sheet strain, and that line of thinking gets some backing here, because:
    • The 16x P/E is below peers yet above the wider industry, so anyone worried about overpaying can point to Evli being priced higher than the sector average despite revenue forecasts that trail the Finnish market.
    • The high level of debt flagged as a risk sits alongside that premium to the industry multiple, which gives bearish investors concrete reasons to question how much weight to put on the €31.58 DCF fair value gap.
For readers who want to see how bullish and cautious investors are building their cases off these numbers, there is a detailed bear case breakdown at 🐻 Evli Oyj Bear Case.

Earnings growth outpaces revenue trends

  • Over the last 12 months, revenue on a trailing basis is €150.9 million while net income is €41.1 million, and earnings grew 33.4% year over year compared with 5 year annualized earnings growth of 6.1% and a forecast of about 9.05% per year.
  • Supporters of a bullish angle argue that this kind of earnings profile points to a resilient business model, and the figures give that view some, but not complete, backing:
    • The step up from 6.1% 5 year annualized earnings growth to 33.4% over the last year suggests a strong recent period, yet forecasts moderating to roughly 9.05% growth underline that this pace is not assumed to continue indefinitely.
    • With trailing EPS at about €1.55 against a €24.80 share price, the current multiple reflects both that strong recent earnings phase and the expectation that revenue, projected to grow around 2.8% per year, is likely to expand more slowly than earnings.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Evli Oyj's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

With a mix of optimism and concern running through the Evli Oyj story, it makes sense to move quickly, review the figures firsthand, and weigh up the 3 key rewards and 1 important warning sign.

See What Else Is Out There

Evli Oyj’s modest revenue growth forecast, premium to the wider industry P/E, and higher debt level together raise questions about long term resilience and risk.

If you are uneasy about that mix of slower revenue expansion and balance sheet pressure, it makes sense to check companies in the 298 resilient stocks with low risk scores that aim to pair steadier fundamentals with lower overall risk.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.