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Harvia Oyj designs, manufactures, and markets a range of sauna products worldwide. The company provides sauna heaters and rooms, infrared and steam saunas, steam showers, spa components, Scandinavian hot tubs, control units, heater stones, and sauna accessories; and sauna interior solutions, such as sauna benches, audio speakers, and lighting solutions. It also offers sauna installations, maintenance, and repair services. The company serves residential and professional customers across home wellness, hospitality, and public spa segments primarily under the Harvia, EOS, Almost Heaven Saunas, Kirami, and ThermaSol brands. The company was founded in 1950 and is headquartered in Muurame, Finland.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Harvia Oyj makes sauna heaters, stoves, complete sauna rooms and related wellness equipment for residential and commercial customers. Long-term growth could be driven by rising global wellness demand, expansion beyond Nordic markets and product diversification into electric and smart controls. Investors may find the company attractive because it appears positioned as a market leader with recognised brand reach and recurring aftermarket and new-build demand.
Key risks include sensitivity to construction and consumer cycles, competitive pressure, currency and raw-material cost volatility, and supply-chain disruptions.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 33.18M | 31.88M | 29.53M | 36.79M | 45.16M |
| Minority interest | 0.03M | 0.00M | -0.01M | -0.99M | -1.11M |
| Net income | 26.44M | 24.24M | 23.27M | 27.08M | 33.67M |
| Selling general administrative | 8.18M | 7.17M | 4.66M | 1.25M | 1.49M |
| Selling and marketing expenses | 21.30M | 19.18M | 14.41M | 16.71M | 15.51M |
| Gross profit | 127.67M | 112.60M | 94.45M | 102.26M | 109.01M |
| Reconciled depreciation | 7.45M | 6.98M | 6.25M | 7.45M | 5.84M |
| Ebit | 38.87M | 35.28M | 33.67M | 38.80M | 46.38M |
| Ebitda | 46.31M | 42.26M | 38.78M | 44.88M | 51.81M |
| Depreciation and amortization | 7.45M | 6.98M | 5.11M | 6.08M | 5.43M |
| Operating income | 38.30M | 35.49M | 33.04M | 34.68M | 46.64M |
| Other operating expenses | 160.60M | 139.72M | 117.50M | 136.78M | 132.48M |
| Interest expense | 5.68M | 4.42M | 3.39M | 1.06M | 1.17M |
| Tax provision | 6.78M | 7.64M | 6.25M | 8.72M | 10.43M |
| Interest income | 1.08M | 1.96M | 0.53M | 0.02M | 0.70M |
| Net interest income | -5.12M | -3.53M | -2.86M | -1.90M | -1.90M |
| Income tax expense | 6.78M | 7.64M | 6.25M | 8.72M | 10.43M |
| Total revenue | 198.90M | 175.21M | 150.55M | 172.41M | 179.12M |
| Total operating expenses | 89.37M | 77.12M | 61.40M | 66.63M | 62.37M |
| Cost of revenue | 71.23M | 62.60M | 56.10M | 70.15M | 70.11M |
| Total other income expense net | -5.12M | -3.61M | -3.51M | 2.11M | -1.49M |
| Net income from continuing ops | 26.41M | 24.24M | 23.28M | 28.07M | 34.79M |
| Net income applicable to common shares | - | - | - | - | 33.67M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 271.28M | 264.51M | 214.26M | 208.80M | 201.49M |
| Intangible assets | 19.20M | 16.87M | 6.88M | 10.46M | 12.73M |
| Other current assets | 0.76M | 0.66M | 7.00M | 3.28M | 4.34M |
| Total liab | 140.74M | 140.43M | 105.61M | 110.45M | 117.34M |
| Total stockholder equity | 129.40M | 122.84M | 107.58M | 97.27M | 80.55M |
| Deferred long term liab | - | - | - | - | 1.01M |
| Other current liab | 15.43M | 19.97M | 12.33M | 10.41M | 20.12M |
| Common stock | 0.08M | 0.08M | 0.08M | 0.08M | 0.08M |
| Capital stock | 0.08M | 0.08M | 0.08M | 0.08M | 0.08M |
| Retained earnings | 99.13M | 86.83M | 75.08M | 63.77M | 47.89M |
| Other liab | - | - | - | - | 25.75M |
| Good will | 89.25M | 91.05M | 73.40M | 73.44M | 73.73M |
| Other assets | - | - | - | - | 0.00M |
| Cash | 45.18M | 46.45M | 40.58M | 25.31M | 15.49M |
| Total current liabilities | 33.57M | 29.24M | 24.89M | 25.71M | 32.41M |
| Current deferred revenue | - | - | 3.19M | 4.24M | 16.76M |
| Net debt | 57.73M | 57.22M | 37.57M | 54.53M | 43.82M |
| Short term debt | 1.31M | 0.96M | 0.77M | 2.60M | 0.61M |
| Short long term debt | 0.00M | 0.01M | 0.01M | 2.03M | 0.05M |
| Short long term debt total | 102.91M | 103.66M | 78.15M | 79.84M | 59.30M |
| Other stockholder equity | 30.19M | 35.94M | 32.41M | -0.05M | 32.59M |
| Property plant equipment | - | - | - | - | 30.64M |
| Total current assets | 122.61M | 118.50M | 99.39M | 90.32M | 82.18M |
| Net tangible assets | - | - | - | - | -4.27M |
| Short term investments | - | - | -1.87M | -3.24M | -0.00M |
| Net receivables | 24.59M | 22.24M | 18.70M | 19.68M | 20.56M |
| Long term debt | 95.37M | 95.40M | 75.40M | 75.39M | 56.38M |
| Inventory | 52.08M | 49.15M | 35.48M | 45.32M | 46.13M |
| Accounts payable | 13.67M | 13.07M | 8.69M | 8.74M | 5.02M |
| Accumulated other comprehensive income | 30.18M | 35.94M | 32.41M | 33.43M | 32.59M |
| Non currrent assets other | -0.00M | 0.98M | 2.33M | 0.00M | -0.00M |
| Non current assets total | 148.67M | 146.01M | 114.87M | 118.48M | 119.31M |
| Capital lease obligations | 7.53M | 8.26M | 2.74M | 2.42M | 2.88M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | - | -30.05M | -5.83M | -3.44M | -19.22M |
| Change to liabilities | - | - | - | - | 3.72M |
| Total cashflows from investing activities | -14.56M | -30.05M | -5.83M | -3.44M | -19.22M |
| Net borrowings | - | 20.00M | 0.93M | 21.00M | -0.78M |
| Total cash from financing activities | -20.43M | 3.71M | -17.59M | -11.30M | -14.71M |
| Net income | 33.18M | 31.88M | 29.53M | 36.79M | 45.22M |
| Change in cash | -1.26M | 5.87M | 15.27M | 9.82M | -11.83M |
| Begin period cash flow | 46.45M | 40.58M | 25.31M | 15.49M | 27.32M |
| End period cash flow | 45.18M | 46.45M | 40.58M | 25.31M | 15.49M |
| Total cash from operating activities | 34.96M | 31.67M | 39.14M | 24.34M | 21.82M |
| Depreciation | 7.45M | 6.98M | 6.25M | 7.45M | 5.84M |
| Other cashflows from investing activities | 1.41M | 0.95M | 0.09M | 0.05M | 0.10M |
| Dividends paid | 14.02M | 12.71M | 11.96M | 11.20M | 9.52M |
| Change to inventory | -5.07M | -8.74M | 10.11M | -0.85M | -22.57M |
| Change to account receivables | -3.30M | -0.59M | -1.40M | 0.49M | -2.05M |
| Sale purchase of stock | - | - | - | -0.31M | -2.52M |
| Other cashflows from financing activities | -5.14M | -3.58M | -4.94M | -20.79M | -2.04M |
| Change to netincome | - | - | - | - | 3.21M |
| Capital expenditures | 14.77M | 6.15M | 3.12M | 3.59M | 11.76M |
| Change in working capital | -5.25M | -2.92M | 8.71M | -5.37M | -20.91M |
| Stock based compensation | - | - | 0.99M | 0.56M | 0.81M |
| Other non cash items | -0.42M | -4.27M | -6.36M | -14.53M | -8.34M |
| Free cash flow | 20.19M | 25.52M | 36.02M | 20.75M | 10.05M |
Sector: Consumer Cyclical Industry: Leisure
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| HRVFF Harvia Oyj |
- -% |
42.50 | 29.66 | - | 4.60 | 6.32 | 4.03 | 18.44 |
| OLCLY Oriental Land Co Ltd ADR |
- -% |
23.18 | 41.39 | 43.67 | 0.05 | 4.46 | 6.91 | 20.36 |
| ANPDF ANTA Sports Products Ltd |
- -% |
10.20 | 15.57 | 14.95 | 0.39 | 3.13 | 2.49 | 6.99 |
| ANPDY ANTA Sports Products Ltd ADR |
- -% |
253.00 | 15.60 | 15.06 | 0.38 | 3.15 | 2.49 | 6.99 |
| OLCLF Oriental Land Co. Ltd |
- -% |
22.99 | 37.74 | 39.22 | 0.04 | 4.01 | 6.91 | 20.36 |
Harvia Oyj designs, manufactures, and markets a range of sauna products worldwide. The company provides sauna heaters and rooms, infrared and steam saunas, steam showers, spa components, Scandinavian hot tubs, control units, heater stones, and sauna accessories; and sauna interior solutions, such as sauna benches, audio speakers, and lighting solutions. It also offers sauna installations, maintenance, and repair services. The company serves residential and professional customers across home wellness, hospitality, and public spa segments primarily under the Harvia, EOS, Almost Heaven Saunas, Kirami, and ThermaSol brands. The company was founded in 1950 and is headquartered in Muurame, Finland.
| Name | Title | Year Born |
|---|---|---|
| Mr. Matias Jarnefelt | Chairman of the Management Board & CEO | 1974 |
| Mr. Ari Vesterinen | CFO, Secretary & Member of Management Board | 1963 |
| Mr. David Ahonen | Head of Region Asia-Pacific-MEA & Member of Management Board | 1966 |
| Mr. Timo Harvia | Head of Innovation & Technology and Member of the Management Board | 1978 |
| Mr. Anssi Pelkonen | Head of Northern Europe Region & Member of Management Board | 1964 |
| Mr. Mika Suoja | Head of Operations & Member of Management Board | 1975 |
| Ms. Paivi Juolahti M.Sc. | Head of Marketing & Brands and Member of Management Board | 1976 |
| Mr. Markus Wormanseder | Head of Products and Solutions & Member of Management Board | 1974 |
| Mr. Philipp Krauth | MD of EOS, Head of EOS Brands & Products and Member of Management Team | 1967 |
| Mr. Ivan Sabato | Head of Region & Continental Europe and Member of Management Board | 1989 |
Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.
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