Fortum Oyj (0HAH) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Fortum Oyj €23.01, price €23.69, upside -2.9%, quality 46 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range €7.58 – €24.49 · fair‑value band €17.26 – €28.77 · the €23.69 price screens above the €23.01 fair value. Dashed = 300-day average. As of Oct 3, 2026.
Fortum Oyj, together with its subsidiaries, engages in the generation and sale of electricity and heat to private and business customers in Finland, Sweden, Norway, Poland, and internationally. It operates through Generation, Consumer Solutions, and Other Operations segments.
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Fortum Oyj, together with its subsidiaries, engages in the generation and sale of electricity and heat to private and business customers in Finland, Sweden, Norway, Poland, and internationally. It operates through Generation, Consumer Solutions, and Other Operations segments. The Generation segment offers low-carbon hydro, nuclear, onshore wind, and solar power generation; district heating and cooling; and decarbonization services. The Consumer Solutions segment offers invoicing and customer services; electricity and related value-added products; and digital services for consumers, including small- and medium-sized enterprises. It is also involved in the electricity and gas retail business; power trading and energy supply services; industrial site development; and battery recycling activities. The company was formerly known as IVO-Neste Yhtymä Oyj and changed its name to Fortum Oyj in June 1998. Fortum Oyj was incorporated in 1998 and is headquartered in Espoo, Finland.
Stock analysis
Fortum Oyj (0HAH) currently trades at €23.69, while our model-based Fair Value estimate is €23.01, so the stock looks roughly fairly valued today (gap 2.9%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €90.72 per share, and 7 of the 16 models we run sit above the €23.69 price.
Bear case: the Asset-Based group reads lowest at €9.43, and 9 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: €17.26 (bear) to €28.77 (bull), the price of €23.69 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 46/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Fortum Oyj reported revenue of €49.0B in FY2020 versus €3.6B in FY2016, a compound +91.7%/yr. Reported net income was €1.8B in FY2020, compounding +38.4%/yr from FY2016.
Key figures
Market cap €21.8B · P/S ratio 3.97 · Net margin 3.7% · Return on equity 10.0% · Return on assets (EBIT) 4.2% · Operating margin 9.5% · Revenue growth (YoY) +15.4% · EPS growth (YoY) +4.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (medium confidence).
What moves the price
The share trades about 3% below its 52-week high and 48% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 34% fair-value upside, at −3%, 0HAH screens richer than that median.
Fair Value models
Bear €17.26Fair Value €23.01Bull €28.77
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.
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.55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+799.9%
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.
+121.3%
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Profit margin (trend) ⓘ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.
17.4% (2016) → 3.2% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
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). "Fortum Oyj Fair Value". https://www.fairvalue-calculator.com/stock/0HAH
Frequently asked questions
Is Fortum Oyj (0HAH) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of €23.01 versus a price of €23.69, about −3% upside (fairly valued).
What is the fair value of 0HAH?
Our model-based fair value for Fortum Oyj is €23.01 (as of Oct 3, 2026), built from audited fundamentals. The current price: €23.69.
What is the quality score of 0HAH?
Fortum Oyj has a Quality Score of 46/100. 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 Fortum Oyj (0HAH)?
Our model-based price target is the fair value of €23.01 (as of Oct 3, 2026) from 16 valuation models. Cautious scenario €17.26, optimistic scenario €28.77. It is a calculation from audited fundamentals, not an analyst target.
What is the Fortum Oyj stock forecast for 2026?
Our models put fair value at €23.01, about −3% upside versus a price of €23.69 (fairly valued). Cautious scenario €17.26, optimistic scenario €28.77. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Fortum Oyj (0HAH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fortum Oyj it is €23.01 per share (as of Oct 3, 2026), against a price of €23.69. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Fortum Oyj stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 0HAH trades above its calculated fair value: price €23.69, fair value €23.01, a gap of about −3% (fairly valued). 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 0HAH?
No. The price is what the market pays today (€23.69); the fair value is what the company's own numbers justify (€23.01). For Fortum Oyj the two are €0.6750 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fortum Oyj worth?
The market values Fortum Oyj at about €21.8B (market capitalisation, as of Oct 3, 2026). Per share that is €23.69; our models calculate a fair value of €23.01 per share.
What do the bullish and bearish scenarios say about 0HAH?
Our models span a range for Fortum Oyj: cautious scenario €17.26, base €23.01, optimistic €28.77 per share (as of Oct 3, 2026, price €23.69). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0HAH from its 52-week high?
Fortum Oyj trades at €23.69, about 3% below its 52-week high of €24.49 and 48% above the low of €16.05 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €23.01 is for.
Which stocks are comparable to Fortum Oyj?
From the same area (Industrials) we also value Delta Air Lines, Inc, United Airlines Holdings, Ryanair Holdings, Southwest Airlines Co, 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 Fortum Oyj stock attractive at the current price?
The data as of Oct 3, 2026: price €23.69, calculated fair value €23.01 (−3%), Quality Score 46/100, from 16 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 0HAH calculated?
We run Fortum Oyj through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €23.01, 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 14.5 % above its aggregate fair value. Fortum Oyj itself currently trades above fair value. 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 Fortum Oyj (0HAH)?
The closing price on Oct 2, 2026 was €23.69. Our model-based fair value is €23.01, about −3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fortum Oyj right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Fortum Oyj
How large is the market capitalisation of Fortum Oyj (0HAH)?
The market capitalisation of Fortum Oyj is €21.8B. 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 Fortum Oyj (0HAH)?
The price-to-sales ratio of Fortum Oyj is 3.97 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Fortum Oyj (0HAH)?
The net margin of Fortum Oyj is 3.7% (fiscal year 2020). 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 Fortum Oyj (0HAH)?
The return on equity (ROE) of Fortum Oyj is 10.0% (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 Fortum Oyj (0HAH)?
On an EBIT basis the return on assets of Fortum Oyj is 4.2% (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 Fortum Oyj (0HAH)?
The operating margin of Fortum Oyj is 9.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fortum Oyj (0HAH)?
Revenue at Fortum Oyj is growing +15.4% versus a year earlier (3y avg +121%). 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 Fortum Oyj (0HAH)?
Earnings per share at Fortum Oyj are growing +4.8% versus a year earlier. How much earnings per share grew versus a year earlier.
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