The focus of the selection on industrial goods highlights the potential of the Finnish economy
The firms, listed at the end of this note, with significant market cap on the Helsinki exchange (€2.5bn to €9 bn), but little OTC trading activity, are also mostly industrials
Poor OTC exposure of Finnish firms is a lost opportunity for U.S. investors taking a long view, and of course for these high-quality companies themselves
Recent (August '25) McKinsey research provides background
- While Finnish population of about 5.6 million people makes it the 118th largest country in the world, its GDP per capita ranks it 21st
- It has produced leading companies in everything from advanced industries to telecommunications and pulp and paper
- A small number of large corporations typically drive a significant share of productivity growth in economies and, in turn, economic growth....Yet not a single large-cap company in Finland met the global growth average between 2013 and 2023.
Capital allocations are often directed toward dividends, share buybacks, and paying off debt, with Finnish large-cap companies allocating a smaller share of revenue to R&D, capital expenditure, and M&A compared with their international peers
- Today, on average, Finnish large caps have stronger balance sheets than the global average, which can be seen as a position of strength when turning the focus back on profitable growth.
- While Finland’s overall R&D spending appears comparable with global peers, it is heavily concentrated: Nokia accounts for approximately 70 percent of the private R&D investment of large Finnish companies
- Finnish companies invest 1.2 percent of revenue in capital expenditures, compared with a global benchmark of 1.9 percent
McKinsey researchers conclude that the opportunities are real ... but need to be seized:
Renewing Finnish growth is possible, but the country’s large companies must play a significant role by setting more ambitious targets, increasing investment in future growth, and strengthening capabilities in innovation, international expansion, and leadership
Not included because of very poor U.S. trading activity, resulting in untrustworthy performance and volatility computations:
OTC listed Finnish companies, mostly industrials (with a few exceptions such as €9.5 billion Elisa in telecom services or €2.5bn Mandatum in financial services)
Elisa -
Stora Enso -
Konecranes -
Valmet -
Hiab -
Huhamäki -
Kemira -
Mandatum -
The Sweden - Large Cap U.S. listings may also be of interest to the U.S. investor