Finnair Oyj (FIA1S) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Finnair Oyj stock €7.96, price €4.97, upside +60.0%, quality 35 out of 100. Rating: strongly undervalued. Calculated from audited financials with 21 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range €1.99 – €11.63 · fair‑value band €3.19 – €12.74 · the €4.97 price screens below the €7.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.
Follow Finnair in your weekly email
Every Wednesday you see whether Finnair is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Finnair Oyj operates in the airline business in North Atlantic, Asia, Europe, the Middle East, and internationally.
Show moreShow less
The company offers Finnair and oneworld global network, passenger and cargo traffic, ancillary services, package tours under the Aurinkomatkat-Suntours brand name, and other travel products; and catering, component repair service for airbus aircraft types, aircraft and maintenance, and training through auntie online coaching platform.
It also operates Finnair Aeromedical Centre, which offers occupational health and aeromedical services which promote air safety in the aviation industry. As of December 31, 2025, it operated through a fleet of 55 aircrafts, which included 26 wide-body and 29 narrowbody aircrafts.
Finnair Oyj was incorporated in 1923 and is based in Vantaa, Finland.
Stock analysis
Finnair Oyj (FIA1S) currently trades at €4.97, while our model-based Fair Value estimate is €7.96, implying the stock looks roughly 38% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of €12.32 per share, and 12 of the 21 models we run sit above the €4.97 price.
Bear case: the Growth Earnings group reads lowest at €1.67, and 9 of the 21 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €3.19 (bear) to €12.74 (bull), the price of €4.97 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 35/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Finnair Oyj reported revenue of €3.1B in FY2025 versus €838M in FY2021, a compound +38.7%/yr. Reported net income was €18.4M in FY2025.
Key figures
Market cap €1.0B Small · P/E ratio 7.5 · P/S ratio 0.30 · EPS (TTM) €0.6600 · Net margin 3.9% · Return on equity 16.1% · Return on assets (EBIT) −2.1% (5-year average) · Operating margin 8.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 95% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 15% fair-value upside, at 60%, FIA1S screens cheaper than that median.
Fair Value models
Bear€3.19Fair Value €7.96Bull€12.74
Price €4.97 · Upside +60.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.5660 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF€8.65€12.99€18.4880
Growth DCF€8.68€12.43€16.8979
Owner Earnings€10.83€16.05€22.6676
All 21 models by family
DCF Models
FCF DCF€8.65€12.99€18.4880
Owner Earnings€10.83€16.05€22.6676
5Y Revenue Exit€7.10€11.64€17.3172
5Y EBITDA Exit€9.85€16.77€24.7674
5Y P/E Exit€3.17€4.32€5.4072
10Y Revenue Exit€7.45€11.40€16.4966
10Y EBITDA Exit€9.18€14.50€21.4368
10Y P/E Exit€5.47€6.98€8.5965
Earnings-Based
Graham-Dodd€0.6100€1.89€2.5165
Lynch FV€0.4100€0.5800€0.760061
PEG = 1.0€0.4100€0.5800€0.760057
Multiples
P/E Multiple€1.41€1.89€2.3663
P/S Multiple€1.15€1.53€1.9158
P/B Multiple€10.44€13.92€17.4055
EV/EBITDA€8.50€13.38€18.2566
EV/Revenue€2.45€6.12€9.8050
Asset-Based
NCAV (Graham)€1.55€2.07€3.0954
Growth DCF
Growth DCF€8.68€12.43€16.8979
Rev-Margin DCF€7.10€11.75€17.1372
Economic Profit
Residual Income€1.87€1.90€2.0471
Growth Earnings
Growth-Adj P/E€1.17€1.67€2.1767
The fair value above starts from this blend and is adjusted for a cyclical trough year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+1.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.2%
Start year 2020 (pandemic). Over 10 years: +2.9% a year
Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.0%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−3.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.5%
Dividend (yield on the price)0.0%
Per share before 2007divided by the spin-off factor 1.1017
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−3.5% vs −27.1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−56% → −1%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 12.3%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−11.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −12.9% a year for the price and +4.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (88 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Airlines · 52 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score35 · Bottom 25%
Fair Value upside+60.0% · Top 25%
Profitability
Return on equity (12 months)16.1% · Above median
Return on assets0.5% · Bottom 25%
Net margin (12 months)3.9% · Below median
Operating margin (12 months)8.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)16.6% · Above median
Dividend yield (12 months)1.8% · Below median
Balance sheet
Debt / equity1.52× · Highest 25%
Valuation Multiplesvs Airlines median · lower = cheaper
P/E (12 months)7.5× · Cheapest 25%
P/B1.63× · Cheaper than median
P/S (12 months)0.30× · Cheapest 25%
Price / free cash flow (fiscal year)5.4× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Finnair Oyj Fair Value". https://www.fairvalue-calculator.com/stock/FIA1S
Frequently asked questions
Is Finnair Oyj (FIA1S) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €7.96 versus a price of €4.97, about +60% upside (undervalued).
What is the fair value of FIA1S?
Our model-based fair value for Finnair Oyj is €7.96 (as of Nov 6, 2026), built from audited fundamentals. The current price: €4.97.
What is the quality score of FIA1S?
Finnair Oyj has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Finnair Oyj (FIA1S)?
Our model-based price target is the fair value of €7.96 (as of Nov 6, 2026) from 21 valuation models. Cautious scenario €3.19, optimistic scenario €12.74. It is a calculation from audited fundamentals, not an analyst target.
What is the Finnair Oyj stock forecast for 2026?
Our models put fair value at €7.96, about +60% upside versus a price of €4.97 (undervalued). Cautious scenario €3.19, optimistic scenario €12.74. The calculation is refreshed regularly with new filings.
What is the revenue of Finnair Oyj (FIA1S)?
Finnair Oyj reported trailing-twelve-month revenue of about €3.4B (latest available figure, as of Nov 6, 2026).
What growth is priced into Finnair Oyj (FIA1S)?
For today's price to be fair in a discounted-cash-flow model, Finnair Oyj would have to grow free cash flow by -11.0 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +30.2 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of FIA1S use?
Our models discount Finnair Oyj at 12.1 %: a base by market capitalisation (small), damped by beta 1.25, country premium for Finland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Finnair Oyj that is -11.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Finnair Oyj (FIA1S) delivered so far?
Over the past 5 years revenue at Finnair Oyj grew +30.2 % a year. The price currently implies free-cash-flow growth of -11.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Finnair Oyj (FIA1S) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Finnair Oyj (-11.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Finnair Oyj (FIA1S)?
The free-cash-flow yield on the price is 18.59 %: that much free cash flow Finnair Oyj produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Finnair Oyj (FIA1S)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Finnair Oyj it is €7.96 per share (as of Nov 6, 2026), against a price of €4.97. It is the blended result of 21 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Finnair Oyj stock overvalued or undervalued in 2026?
As of Nov 6, 2026, FIA1S trades below its calculated fair value: price €4.97, fair value €7.96, a gap of about +60% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FIA1S?
No. The price is what the market pays today (€4.97); the fair value is what the company's own numbers justify (€7.96). For Finnair Oyj the two are €2.98 per share apart. That gap is exactly why we show both numbers side by side.
How much is Finnair Oyj worth?
The market values Finnair Oyj at about €1.0B (market capitalisation, as of Nov 6, 2026). Per share that is €4.97; our models calculate a fair value of €7.96 per share.
What do the bullish and bearish scenarios say about FIA1S?
Our models span a range for Finnair Oyj: cautious scenario €3.19, base €7.96, optimistic €12.74 per share (as of Nov 6, 2026, price €4.97). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FIA1S?
Finnair Oyj trades at a price-to-earnings ratio of 7.5 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €7.96 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 67.0 (reported for FY2025: 54.5). Other multiples: PEG 0.2, P/B 1.6, P/S 0.3, EV/EBITDA 3.6.
What is the PEG ratio of FIA1S?
The PEG ratio of Finnair Oyj is 0.16 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Finnair Oyj (FIA1S)?
Balance-sheet figures for Finnair Oyj (as of Nov 6, 2026): return on equity 16.1%, debt of 1.52 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is FIA1S from its 52-week high?
Finnair Oyj trades at €4.97, about 10% below its 52-week high of €5.53 and 95% above the low of €2.55 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €7.96 is for.
Which stocks are comparable to Finnair Oyj?
From the same area (Industrials) we also value Delta Air Lines, Inc, United Airlines Holdings, Ryanair Holdings, InterGlobe Aviation Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Finnair Oyj stock attractive at the current price?
The data as of Nov 6, 2026: price €4.97, calculated fair value €7.96 (+60%), Quality Score 35/100, from 21 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FIA1S calculated?
We run Finnair Oyj through 21 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €7.96 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Finnair Oyj currently trades 38% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Finnair Oyj (FIA1S)?
The closing price on Nov 6, 2026 was €4.97. Our model-based fair value is €7.96, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Finnair Oyj right now?
The large discount to fair value meets weak quality (35/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (€3.19 to €12.74). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Key figures of Finnair Oyj
How large is the market capitalisation of Finnair Oyj (FIA1S)?
The market capitalisation of Finnair Oyj is €1.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Finnair Oyj (FIA1S)?
The price-to-sales ratio of Finnair Oyj is 0.30 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Finnair Oyj (FIA1S)?
Earnings per share at Finnair Oyj are €0.6600 (price ÷ EPS = P/E 7.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Finnair Oyj (FIA1S)?
The net margin of Finnair Oyj is 3.9% (last twelve months), excl. one-off gain FY2025 0.5%. How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Finnair Oyj (FIA1S)?
The return on equity (ROE) of Finnair Oyj is 16.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Finnair Oyj (FIA1S)?
On an EBIT basis the return on assets of Finnair Oyj is −2.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Finnair Oyj (FIA1S)?
The operating margin of Finnair Oyj is 8.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Finnair Oyj (FIA1S)?
Revenue at Finnair Oyj is growing +16.6% versus a year earlier (3y avg +9.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Finnair Oyj (FIA1S)?
Earnings per share at Finnair Oyj are growing +93.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Finnair Oyj (FIA1S) carry?
The net debt of Finnair Oyj is €1.3B (fiscal year 2025, ≈ 6.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Finnair Oyj in the live analysis
One click puts Finnair Oyj on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 6, 2026