Scanfil Oyj stock closed at €12.0 on Friday, after a choppy week that left the share down 8.1% over seven days and 3.8% over the past month. The price suggests nerves. The fresh Q3 2026 report tells a different story.
Revenue reached €252.2m with net income of €11.6m and earnings per share at €0.18. For an electronics manufacturing services player, that combination of top line scale and steady profitability matters more than a single red day on the screen. The real question now is how this quarter feeds into the multi year growth and valuation picture.
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Q3 2026 Earnings Summary
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Revenue (Q3 2026 vs. Q3 2025): €252.2m vs. €191.3m (up 31.8%)
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Net Income (Q3 2026 vs. Q3 2025): €11.6m vs. €9.2m (up 26.1%)
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Basic EPS (Q3 2026 vs. Q3 2025): €0.18 vs. €0.14 (up 25%)
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Comparable EBITA Margin (Q3 2026 vs. Q3 2025): 7.1% vs. approximately 7.4% (slightly lower, with growth supported by volume and acquisitions)
Ask Charlie what raising Scanfil’s growth target to 15% signals.
Scanfil bullish narrative: regulated growth put to the test
The bullish pitch argues that Scanfil’s push into regulated end markets and bigger contracts should underpin a stronger earnings engine, not just higher volumes.
“The main thing that has to go right is that Scanfil Oyj turns its larger, more leveraged and more global EMS platform into consistently stronger earnings and cash generation while managing working capital and acquisition integration.”
Q3 shows progress on the earnings side, with revenue up 31.8% and EPS at €0.18, helped by acquisitions and solid Americas and Central Europe margins. Cash flow tells a different story. Operating cash flow was €4.1m in Q3 and €10m year to date, while net working capital rose to €254m and net debt to €141m.
Scanfil bearish narrative: cash drag and leverage risk checked
The bear story focuses on whether heavier working capital and debt start to undercut the Scanfil equity case despite higher reported profits.
“If working capital needs remain elevated and cash conversion stays weak, the company could have less flexibility for future investments or shareholder returns, which could limit support for earnings and the share price.”
Latest numbers keep that concern very much alive. Net debt has risen to €141m and leverage sits at 1.5x, comfortably inside management’s 1–2x corridor but sharply higher than a year ago. Net working capital has expanded to €254m with Q3 operating cash flow of €4.1m, and management is openly treating cash conversion as a watch item despite available liquidity above €150m.
