Equity Brief · Industrials2026-10-27
TULAV.HE·Industrials

Tulikivi Corporation

I · AI Analysis

The brief

Tulikivi makes heat-retaining and convection fireplaces, wood-burning and electric sauna heaters, and soapstone interior tiles [Yahoo Finance]. The company sells primarily in Finland, the United States, and across Europe [Yahoo Finance]. Its products combine traditional craftsmanship with natural stone materials, positioning it as a specialty manufacturer in the building products sector [Yahoo Finance].

Tulikivi Corporation is a Finnish manufacturer of heat-retaining fireplaces, sauna heaters, and soapstone interior products, founded in 1893 and employing 154 people [Yahoo Finance]. The company generated EUR 29.6 million in trailing-twelve-month revenue through 30 June 2026, but reported negative operating and net margins of -5.7% and -7.1% respectively [Yahoo Finance]. Its Health Score of 1.8/10 and Altman Z-score of 1.4 signal significant financial distress [Sentinellis calculation].

Tulikivi is unprofitable and showing severe financial stress, with negative margins across all levels and a Health Score of 1.8/10 [Sentinellis calculation].

The brief AI analysisConfidence 4/10

Sentinellis health

Significant risks

1.8/10

7.5+ strong · 4.5–7.5 moderate · under 4.5 weak

Profitability

18% of score3.3/10
Net margin-7.1%· need ≥ 2.5%, the lower third of building & construction in our libraryGross margin+72.4%

Returns on capital

18% of score0.0/10
ROIC-6.3%· need > 10%Return on equity-13.6%· need > 12%

Growth & momentum

12% of score0.0/10
Revenue growth-13.8%· need ≥ 0%, the lower third of building & construction in our libraryOperating margin trend—· no data

Balance sheet

35% of score1.7/10
Current ratio1.0x· need > 1.2xNet debt / EBITDA—· need < 3.0xInterest coverage-2.7x· need > 6.0xDebt / equity0.54

Cash generation

18% of score3.3/10
Free cash flowEUR -116,000· need positiveCash vs reported profitEUR 2.0M vs EUR -2.1M

Value creation

no data
ROIC vs cost of capital—· no data

Sentinellis calculation from the published statements — not a score reported by any data source. Each category is scored on the checks that had data; missing inputs are excluded rather than counted as failures.

Market capitalisation

EUR 30.2M

Revenue (TTM)

EUR 29.6M

Explainers

How we read these numbers

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Revenue contracted 13.8% in the latest quarter versus the same quarter a year earlier, signaling weakening demand or market share losses [Yahoo Finance].

1 of 6 risks in this report

Risks

6

Opportunities

4

Red flags

3

Leadership

6

12 more findings in the full report — free with any account.

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Produced 27 Oct 2026, 10:54 UTC

Figures come from company filings and market data. The Sentinellis health score and the wording attached to it are our interpretation of those figures, not numbers the company reported.

Not investment advice and not a recommendation to buy or sell. Sentinellis holds no positions in the companies it covers, takes no payment from issuers, and has no broker referral arrangements.

How every figure and score is calculated