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Fortum OYJ (FOJCY)
OTHER OTC:FOJCY
US Market
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Fortum OYJ (FOJCY) AI Stock Analysis

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FOJCY

Fortum OYJ

(OTC:FOJCY)

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Neutral 67 (OpenAI - Gpt-5.6Sol)
Rating:67Neutral
Price Target:
$5.50
▲(16.77% Upside)
Action:Reiterated
Date:10/24/26
The score is primarily supported by improved financial fundamentals (normalized profitability and reduced leverage) and a generally positive earnings-call backdrop (clear guidance, strong liquidity, and better cash generation). These positives are moderated by historical earnings/cash-flow volatility, mixed technical signals with soft momentum, and a valuation that looks only moderately attractive given a ~25x P/E despite the ~3.4% dividend yield.
Positive Factors
Diversified low-carbon generation
Fortum’s significant hydro and nuclear generation assets provide a substantial low-carbon production base and support recurring participation in Nordic electricity markets. This portfolio can underpin scale, system relevance, and long-term energy offerings while reducing reliance on a single generation technology.
Negative Factors
Volatile revenue and earnings profile
Fortum’s recent normalization in earnings is tempered by a history of materially declining revenue in several annual periods. This volatility makes the earnings trajectory less predictable and means current margins may be sensitive to changing generation volumes, achieved prices, and operating conditions.
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Positive Factors
Negative Factors
Diversified low-carbon generation
Fortum’s significant hydro and nuclear generation assets provide a substantial low-carbon production base and support recurring participation in Nordic electricity markets. This portfolio can underpin scale, system relevance, and long-term energy offerings while reducing reliance on a single generation technology.
Read all positive factors

Fortum OYJ (FOJCY) vs. SPDR S&P 500 ETF (SPY)

Fortum OYJ Business Overview & Revenue Model

Company Description
Fortum Oyj, along with its subsidiaries, specializes in the production and distribution of electricity and thermal energy across the Nordic countries, Germany, the United Kingdom, Russia, the Netherlands, the Baltic Rim area, and other global mark...
How the Company Makes Money
Fortum makes money mainly by producing and selling electricity and related energy products and services. Its core revenue stream is power generation: it generates electricity (notably from hydro and nuclear assets) and sells it into wholesale powe...

Fortum OYJ Earnings Call Summary

Earnings Call Date:Jul 21, 2026
(Q2-2026)
|
% Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call balanced near-term operational and market headwinds (weaker Q2 comparable profit and EPS, lower achieved power price, reduced ancillary services income, constrained nuclear output and higher fixed costs) against strong cash generation, a robust balance sheet and liquidity position, positive H1 results, a maintained full-year optimization premium guidance for 2026 (EUR 8–10/MWh), and a strategic, value-accretive proposed acquisition (Elmera) that expands scale in Consumer Solutions. Taken together the positives (liquidity, cash flow, H1 improvement, strategic M&A and clear guidance) outweigh the contained operational and market lowlights.
Positive Updates
Strong liquidity and conservative leverage
Net debt at end-Q2 was EUR 1.8 billion with leverage (net debt / comparable EBITDA) at 1.4x. Gross debt (ex leases) EUR 3.8 billion and ample liquidity reserves of EUR 6.5 billion (EUR 2.1 billion liquid funds + EUR 4.4 billion undrawn committed facilities). Interest cost on loan portfolio 3.1%.
Negative Updates
Q2 earnings and EPS decline
Comparable operating profit in Q2 was EUR 106 million, a decrease of EUR 9 million versus prior year. Comparable net profit for Q2 declined to EUR 74 million and comparable EPS fell from EUR 0.09 to EUR 0.08 (≈ -11%).
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Q2-2026 Updates
Negative
Strong liquidity and conservative leverage
Net debt at end-Q2 was EUR 1.8 billion with leverage (net debt / comparable EBITDA) at 1.4x. Gross debt (ex leases) EUR 3.8 billion and ample liquidity reserves of EUR 6.5 billion (EUR 2.1 billion liquid funds + EUR 4.4 billion undrawn committed facilities). Interest cost on loan portfolio 3.1%.
Read all positive updates
Company Guidance
Fortum reiterated detailed financial and operational guidance: hedges for the rest of 2026 are €40/MWh at an 80% hedge ratio and for 2027 €41/MWh at a 65% hedge ratio; the optimization premium is guided at €8–10/MWh for 2026 (longer‑term 2027+ at €6–8/MWh). Nuclear output for 2026 is now estimated at 23–23.5 TWh (below the ~26 TWh normal level; range reduced by 0.5 TWh). Committed capex is €550m for 2026 (ex‑acquisitions) and €2.0bn for 2026–2030 (of which €750m is growth), with annual maintenance capex ~€250m. They expect a comparable effective tax rate of 18–20%, aim to maintain investment‑grade with a leverage ceiling of 2.5x (Q2 net debt/EBITDA 1.4x; net debt €1.8bn end‑Q2, €1.5bn at Q2 start by new definition), gross debt €3.8bn excl. leases, liquidity reserves €6.5bn (€2.1bn cash + €4.4bn undrawn facilities), cost of debt ~3.1% and interest income on cash ~2.1%; dividend policy remains 60–90% of net profit (cash dividend €0.74/share, €664m paid).

Fortum OYJ Financial Statement Overview

Summary
Fundamentals have improved into TTM with solid profitability and normalized earnings, plus more manageable leverage (debt-to-equity ~0.47) and recovered ROE (~10%). The main drag is multi-year volatility: choppy revenue trends, a sharp loss in 2023, and historically inconsistent cash flow quality (including very large negative OCF/FCF in 2022 and only moderate cash conversion in TTM).
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
63
Positive
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue5.49B4.99B5.80B6.71B8.80B112.40B
Gross Profit1.99B2.02B2.40B2.90B3.33B7.23B
EBITDA1.49B1.44B2.04B2.21B2.39B4.79B
Net Income827.88M765.00M1.16B-2.07B1.01B-114.00M
Balance Sheet
Total Assets15.09B16.44B17.31B18.74B23.64B149.66B
Cash, Cash Equivalents and Short-Term Investments2.10B2.90B4.13B4.18B3.92B7.59B
Total Debt3.86B4.75B4.83B5.91B7.84B17.22B
Total Liabilities6.87B7.82B8.15B10.24B15.90B136.00B
Stockholders Equity8.14B8.54B9.07B8.44B7.67B12.13B
Cash Flow
Free Cash Flow392.02M340.00M909.00M1.24B-9.30B3.79B
Operating Cash Flow880.16M840.00M1.39B1.82B-8.77B4.97B
Investing Cash Flow-607.00M-614.00M604.00M1.10B-985.00M-5.73B
Financing Cash Flow-1.35B-1.46B-2.04B-2.61B6.07B6.01B

Fortum OYJ Technical Analysis

Technical Analysis Sentiment
Positive
Last Price4.71
Price Trends
50DMA
5.15
Positive
100DMA
4.86
Positive
200DMA
4.83
Positive
Market Momentum
MACD
-0.01
Positive
RSI
49.81
Neutral
STOCH
21.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FOJCY, the sentiment is Positive. The current price of 4.71 is below the 20-day moving average (MA) of 5.24, below the 50-day MA of 5.15, and below the 200-day MA of 4.83, indicating a neutral trend. The MACD of -0.01 indicates Positive momentum. The RSI at 49.81 is Neutral, neither overbought nor oversold. The STOCH value of 21.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FOJCY.

Fortum OYJ Peers Comparison

Overall Rating
UnderperformOutperform
Sector (66)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
67
Neutral
$23.37B25.3910.04%3.40%15.08%-4.48%
66
Neutral
$17.65B18.105.60%3.62%6.62%11.55%
62
Neutral
$5.44B-1.13243.54%5.28%-2.38%-301.98%
61
Neutral
$2.50B21.019.00%―14.06%11.99%
55
Neutral
$5.36B41.894.96%0.55%31.13%-4.27%
54
Neutral
$6.45B41.331.96%5.91%7.99%22.73%
48
Neutral
$1.83B14.121.97%19.20%-2.84%―
* Utilities Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
FOJCY
Fortum OYJ
5.21
1.12
27.38%
ORA
Ormat Techno
87.13
-19.04
-17.93%
CWEN
Clearway Energy
31.41
1.03
3.39%
XIFR
XPLR Infrastructure
9.46
-0.79
-7.71%
BEPC
Brookfield Renewable
29.32
-9.96
-25.36%
RNW
ReNew Energy Global
6.87
-0.68
-9.01%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Oct 24, 2026