Merus Power Oyj (HEL:MERUS)

Finland · Delayed Price · Currency is EUR

4.650

+0.150 (3.33%)

At close: Jul 30, 2026

Merus Power Oyj Financials Overview

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	54.07	54.07	40.48	32.62	17.36	15.26
Revenue Growth	-2.61%	33.56%	24.12%	87.85%	13.78%	100.11%
Gross Profit	17.54	17.54	11.74	9.94	7.74	5.17
Operating Income	0.32	0.32	-2.06	-0.51	0.11	0.33
Net Income	-1.12	-1.12	-2.65	-0.8	-0.11	-0.99
Earnings Per Share	-0.14	-0.14	-0.35	-0.10	-0.01	-0.15
EPS Growth	-	-	-	-	-	-

Revenue by Geography

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Finland	36.22	36.22	28.7	18.18	1.39	1.35
Europe	8.44	8.44	2.71	1.16	4.57	8.84
Other Countries	9.99	9.99	4.42	9.7	10.25	4.58
Total	54.65	54.65	35.83	29.03	16.2	14.77

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	5.04	5.04	2.97	2.62	5.29	10.08
Total Debt	7.91	7.91	1.8	4.02	3.84	2.91
Net Cash (Debt)	-2.87	-2.87	1.17	-1.4	1.44	7.17
Net Cash Growth	-	-	-	-	-79.86%	-
Net Cash Per Share	-0.36	-0.36	0.15	-0.18	0.19	1.10

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	-3.03	-3.03	4.98	0.04	-4.97	-2.18
Capital Expenditures	-3	-3	-2.51	-2.89	-0.76	-0.56
Free Cash Flow	-6.03	-6.03	2.47	-2.85	-5.72	-2.74
Free Cash Flow Growth	-	-	-	-	-	-

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	32.43%	32.43%	29.01%	30.48%	44.57%	33.85%
Operating Margin	0.59%	0.59%	-5.08%	-1.56%	0.61%	2.18%
Pretax Margin	-2.06%	-2.06%	-6.55%	-2.44%	-0.62%	-6.52%
Profit Margin	-2.06%	-2.06%	-6.55%	-2.44%	-0.62%	-6.52%
FCF Margin	-11.16%	-11.16%	6.11%	-8.72%	-32.97%	-17.94%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul '26 Jul 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Forward PE	232.50	97.11	45.58	45.58	47.26	292.40
P/FCF Ratio	-	-	11.51	-	-	-
PS Ratio	0.68	0.66	0.70	0.95	1.82	4.25