Valmet (HLSE:VALMT) Q3 Earnings Back Record Margins And Order Strength

Valmet Oyj came into this Q3 2026 earnings print with a solid year behind it and a stock that has quietly climbed about 10.5% over the past three months, closing at €28.86 on 30 October. The story around the company has been all about dependable cash generation and a rich order book. The fresh numbers sharpen that view. Net sales landed at about €1.36b for the quarter, with comparable EBITA hitting a record third quarter level and margin at 12.4%. The share price reaction looks modest next to that profitability step up.

Love Valmet Oyj’s record Q3 margin but want a wider set of companies with strong profitability and resilient finances on your radar too? Compare this quarter with our list of solid balance sheet and fundamentals stocks (202 results).

Q3 2026 Earnings Summary

• Revenue (Q3 2026 vs. Q3 2025): €1,360m vs. €1,295m (up about 5%)
• Net Income (Q3 2026 vs. Q3 2025): €70m vs. €86m (down about 19%)
• Basic EPS (Q3 2026 vs. Q3 2025): €0.38 vs. €0.46 (down about 17%)
• Comparable EBITA Margin (Q3 2026): 12.4%, a record third-quarter level (no prior quarter margin given for comparison)

Earnings grab the headline, but investors who care about what a business is really worth tend to focus on the cash coming in and out of the door over time instead of just quarterly profit.

When you look at Valmet Oyj's recent cash generation and apply it to a discounted cash flow lens, the numbers suggest the stock could be a hefty 49% undervalued.

Valmet Oyj’s Service Mix Ambition Meets Early Proof

Optimists argue that Valmet Oyj can steadily tilt earnings toward higher margin, recurring services rather than lumpy projects.

"A key factor is that Valmet Oyj successfully shifts more of Biomaterials and Services toward recurring life-cycle contracts while executing its supply-chain and operating model changes without eroding its order pipeline."

Q3 gives that idea real backing. Biomaterials Solutions & Services orders reached about €1.0b, with services up 12% organically and supported by large, long-cycle projects booked into the late 2020s. Comparable EBITA margins in both major divisions moved into double digits, while the order backlog rose to roughly €4.5b.

Not everyone reads the same price the same way. → See the higher figure this Narrative lands on, and how it gets there.

Valmet Oyj: Orders Surge, But Service Risk Lingers

The bear case worries that soft biomaterial services and weak mill utilization stop Valmet Oyj from turning its installed base into dependable service work.

"Persistent softness in biomaterial services orders and low mill utilization in Europe and China indicate that parts of the installed base may not convert into expected service volumes, which could limit future service revenue growth and pressure overall net margins."

Q3 results run counter to that concern in the near term. Biomaterials Solutions & Services orders reached about €1.0b and services rose 12% organically, while the segment EBITA margin was 10.7%. The risk is not gone, however, because management still flags limited market visibility and uneven capital demand.

Hunt For Quiet Mispricings

Valmet Oyj just showed how a strong margin print and a muted share reaction can coexist. The real opportunity is finding stocks that could be undervalued before the gap closes.

• Company 1 - 35% below our estimate - uses acquisitions and digital delivery centers to turn a record infrastructure backlog into steadier, higher margin consulting work.
• Company 2 - 47% below our estimate - builds power cables and systems that grid operators need as they add capacity for renewables, interconnectors and data centers.
• Company 3 - 22% below our estimate - sells software defined routers and subscriptions that keep multi-link networks stable as satellite and physical AI devices come online.

Three companies from the same screener. Open the full list of 201 companies trading below our fair value estimates →

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