TOP 101 - 2026
Estonia's most valuable enterprises
Discover your company’s value
| TOP 2026 | TOP 2025 | Company name | Value 2026 | Value 2025 | Change | Turnover 2025 | EBITDA 2025 | CorpGov Score | Industry |
|---|
| 1 | 1 | EESTI ENERGIA, AS (K) | 3615.00 | 3352.00 | 8% | 1646.9 | 308.3 | 70 |
|
Utility services |
| 3 | 2 | SWEDBANK, AS (K) | 2202.00 | 2363.00 | -7% | 16931.0 | 1728.0 | 70 | Financial services | |
| 2 | 3 | LUMINOR BANK, AS (K) | 2510.00 | 2232.00 | 12% | 15902.0 | 1885.0 | 92 | Financial services | |
| 4 | 4 | INFORTAR, AS (K) | 1897.00 | 1774.00 | 7% | 1837.0 | 232.6 | 89 |
|
Utility services |
| 6 | 5 | SEB PANK, AS (K) | 1367.00 | 1377.00 | -1% | 9500.4 | 1041.2 | 85 | Financial services | |
| 7 | 6 | LHV GROUP, AS (K) | 1102.00 | 1229.00 | -10% | 10233.0 | 767.2 | 89 |
|
Financial services |
| 8 | 7 | RIIGI KINNISVARA, AS | 1097.00 | 1095.00 | 0% | 177.2 | 77.9 | 73 |
|
Real estate operations |
| 13 | 8 | VIRU KEEMIA GRUPP, AS (K) 1 | 818.00 | 958.00 | -15% | 291.2 | 192.4 | 35 |
|
Manufacturing: energy carriers |
| 11 | 9 | TALLINK GRUPP, AS (K) | 866.00 | 957.00 | -9% | 765.3 | 130.1 | 80 |
|
Transport, transit, logistics |
| 9 | 10 | TELIA EESTI, AS | 960.00 | 865.00 | 11% | 363.2 | 136.1 | 50 | IT ja telekommunikatsiooniteenused | |
| 14 | 11 | TKM GRUPP, AS (K) | 702.00 | 685.00 | 3% | 920.0 | 77.0 | 75 |
|
Trade: consumer goods |
| 22 | 12 | BIGBANK, AS (K) | 425.00 | 658.00 | -35% | 3316.7 | 299.4 | 70 |
|
Financial services |
| 12 | 13 | UTILITAS, OÜ (K) | 850.00 | 640.00 | 33% | 223.1 | 96.9 | 63 | Utility services | |
| 10 | 14 | GRAANUL INVEST, AS (K) | 937.00 | 588.00 | 59% | 526.9 | 104.8 | 32 | Manufacturing: energy carriers | |
| 5 | 15 | RIIGIMETSA MAJANDAMISE KESKUS, SA | 1378.00 | 569.00 | 142% | 254.2 | 99.2 | 35 |
|
Extraction of natural resources |
| 20 | 16 | MERKO EHITUS, AS (K) | 504.00 | 554.00 | -9% | 310.9 | 37.5 | 90 |
|
Construction |
| 15 | 17 | BLRT GRUPP, AS (K) | 591.00 | 518.00 | 14% | 488.1 | 67.8 | 36 |
|
Manufacturing: industrial goods |
| 17 | 18 | ELERING, AS | 533.00 | 478.00 | 11% | 300.5 | 56.6 | 74 |
|
Utility services |
| 16 | 19 | BALTIC MARITIME LOGISTICS GROUP, AS (K) | 564.00 | 474.00 | 19% | 366.1 | 81.8 | 13 |
|
Transport, transit, logistics |
| 21 | 20 | TALLINNA SADAM, AS (K) | 481.00 | 458.00 | 5% | 118.7 | 57.7 | 85 |
|
Transport, transit, logistics |
| 18 | 21 | ELISA EESTI, AS | 530.00 | 438.00 | 21% | 223.6 | 77.5 | 44 | IT ja telekommunikatsiooniteenused | |
| 19 | 22 | KAPITEL, AS (K) | 529.00 | 378.00 | 40% | 87.5 | 52.3 | 30 |
|
Real estate operations |
| 25 | 23 | EFTEN REAL ESTATE FUND, AS (K) | 372.00 | 361.00 | 3% | 33.1 | 26.8 | 67 |
|
Real estate operations |
| 24 | 24 | TALLINNA VESI, AS (K) | 394.00 | 347.00 | 14% | 72.5 | 31.0 | 87 |
|
Utility services |
| 30 | 25 | EFTEN REAL ESTATE FUND 4, UÜ (K) | 300.00 | 339.00 | -12% | 26.3 | 22.3 | 43 |
|
Real estate operations |
| 23 | 26 | SUMMUS CAPITAL, OÜ (K) | 403.00 | 336.00 | 20% | 55.5 | 33.5 | 62 |
|
Real estate operations |
| 26 | 27 | ERICSSON EESTI, AS | 360.00 | 299.00 | 21% | 416.6 | 19.3 | 72 | Manufacturing: industrial goods | |
| 33 | 28 | ELME MESSER GAAS, AS (K) | 290.00 | 295.00 | -2% | 29.4 | 17.8 | 40 |
|
Manufacturing: energy carriers |
| 31 | 29 | GO GROUP, AS (K) | 295.00 | 290.00 | 2% | 137.4 | 27.0 | 28 |
|
Transport, transit, logistics |
| 40 | 30 | STILTSOFT EUROPE, OÜ | 235.00 | 261.00 | -10% | 25.2 | 21.9 | 14 |
|
IT ja telekommunikatsiooniteenused |
| 29 | 31 | INBANK, AS | 302.00 | 249.00 | 21% | 1.6 | 171.0 | 81 |
|
Financial services |
| 56 | 32 | NORTAL GROUP HOLDING, AS (K) | 184.00 | 235.00 | -22% | 254.2 | 19.4 | 35 |
|
IT ja telekommunikatsiooniteenused |
| 53 | 33 | KASPERWIKI LAEVAOMANIKUD, OÜ (K) | 196.00 | 232.00 | -15% | 684.7 | 18.7 | 14 |
|
Trade: energy carriers |
| 42 | 35 | TIIGI KESKUS, AS (K) | 231.00 | 231.00 | 0% | 347.7 | 32.9 | 16 |
|
Manufacturing: consumer goods |
| 43 | 34 | CIRCLE K EESTI, AS | 227.00 | 231.00 | -2% | 358.3 | 25.9 | 32 | Trade: energy carriers | |
| 48 | 36 | RAMIRENT BALTIC, AS (K) | 214.00 | 227.00 | -6% | 74.2 | 25.4 | 30 | Consumer services | |
| 45 | 37 | EFTEN KINNISVARAFOND II, AS (K) | 225.00 | 226.00 | 0% | 22.9 | 16.1 | 53 |
|
Real estate operations |
| 47 | 38 | ÜLEMISTE CENTER, OÜ | 214.00 | 216.00 | -1% | 18.7 | 17.0 | 25 | Real estate operations | |
| 59 | 39 | MOOTOR GRUPP, AS (K) | 172.00 | 216.00 | -20% | 83.6 | 14.7 | 16 |
|
Transport, transit, logistics |
| 39 | 40 | COOP PANK, AS (K) | 237.00 | 212.00 | 12% | 2703.0 | 234.5 | 80 |
|
Financial services |
| 44 | 41 | IF P&C INSURANCE, AS | 227.00 | 210.00 | 8% | 427.8 | 167.3 | 53 | Financial services | |
| 34 | 42 | MAINOR, AS (K) | 285.00 | 208.00 | 37% | 50.7 | 25.2 | 36 |
|
Real estate operations |
| 35 | 43 | LEMEKS, AS (K) | 282.00 | 199.00 | 42% | 204.7 | 31.3 | 19 |
|
Manufacturing: industrial goods |
| 67 | 44 | AQUA MARINA, AS (K) | 162.00 | 197.00 | -18% | 655.3 | 16.6 | 8 |
|
Trade: energy carriers |
| 28 | 46 | COMBIWOOD GRUPP, OÜ (K) | 302.00 | 187.00 | 62% | 288.0 | 35.7 | 29 |
|
Manufacturing: industrial goods |
| 58 | 47 | SKINEST GRUPP, AS (K) | 176.00 | 187.00 | -6% | 80.2 | 12.1 | 14 |
|
Trade: industrial goods |
| 41 | 48 | GREN TARTU, AS (K) | 231.00 | 186.00 | 24% | 48.7 | 24.1 | 59 | Utility services | |
| 61 | 50 | A. LE COQ, AS | 171.00 | 173.00 | -1% | 103.9 | 19.0 | 34 | Manufacturing: consumer goods | |
| 69 | 49 | SPORTLAND INTERNATIONAL GROUP, AS (K) | 156.00 | 173.00 | -10% | 177.6 | 17.3 | 13 | Trade: consumer goods | |
| 37 | 51 | MAXIMA EESTI, OÜ | 247.00 | 171.00 | 45% | 600.9 | 31.0 | 38 | Trade: consumer goods | |
| 38 | 52 | TAVID, AS (K) | 241.00 | 167.00 | 44% | 1556.2 | 40.1 | 29 |
|
Trade: other |
| 55 | 53 | ERGO INSURANCE, SE | 186.00 | 166.00 | 12% | 420.0 | 135.4 | 58 | Financial services | |
| 62 | 54 | ROCCA AL MARE KAUBANDUSKESKUSE, AS | 171.00 | 165.00 | 4% | 19.6 | 14.1 | 26 | Real estate operations | |
| 57 | 55 | KAAMOS HOLDING, OÜ (K) | 177.00 | 156.00 | 13% | 68.9 | 17.1 | 51 |
|
Real estate operations |
| 50 | 56 | ADOLE INVEST, AS (K) | 204.00 | 153.00 | 34% | 419.0 | 22.7 | 11 | Trade: consumer goods | |
| 74 | 57 | CAPFIELD, OÜ (K) | 149.00 | 153.00 | -3% | 19.8 | 11.9 | 15 | Real estate operations | |
| 72 | 58 | SYNLAB EESTI, OÜ | 150.00 | 152.00 | -1% | 43.9 | 15.2 | 30 | Consumer services | |
| 60 | 60 | MAAG GRUPP, AS (K) | 171.00 | 151.00 | 14% | 483.4 | 24.1 | 23 |
|
Manufacturing: consumer goods |
| 78 | 59 | RIMI EESTI FOOD, AS | 145.00 | 151.00 | -4% | 485.0 | 12.3 | 52 | Trade: consumer goods | |
| 84 | 61 | DATASHIFT, OÜ (K) 3 | 132.00 | 148.00 | -11% | 22.9 | 15.6 | 14 |
|
IT ja telekommunikatsiooniteenused |
| 81 | 62 | EKE, AS (K) | 139.00 | 145.00 | -4% | 21.3 | 11.5 | 7 |
|
Real estate operations |
| 79 | 63 | OG ELEKTRA, AS | 144.00 | 144.00 | 0% | 288.2 | 14.7 | 28 |
|
Trade: consumer goods |
| 52 | 64 | TALLINNA LENNUJAAM, AS (K) | 198.00 | 143.00 | 39% | 73.2 | 26.8 | 76 |
|
Transport, transit, logistics |
| 94 | 65 | MULTIMODALHD EESTI, OÜ | 108.00 | 141.00 | -23% | 17.1 | 11.1 | 21 | Trade: energy carriers | |
| 71 | 66 | KAWE, AS (K) | 154.00 | 139.00 | 10% | 22.9 | 12.9 | 25 | Real estate operations | |
| 68 | 68 | ALARMO KAPITAL, OÜ (K) | 159.00 | 135.00 | 18% | 0.6 | 104.8 | 10 |
|
Financial services |
| 75 | 67 | AKTIVA FINANTS, OÜ (K) | 148.00 | 135.00 | 9% | 48.5 | 20.8 | 19 |
|
Consumer services |
| 70 | 70 | GLAMOX, AS | 155.00 | 129.00 | 20% | 66.4 | 13.2 | 62 | Manufacturing: industrial goods | |
| 80 | 69 | KONESKO, AS | 144.00 | 129.00 | 12% | 96.9 | 6.7 | 25 | Manufacturing: industrial goods | |
| 65 | 71 | PANAMIR, OÜ | 164.00 | 128.00 | 28% | 175.3 | 23.8 | 15 |
|
Trade: consumer goods |
| 92 | 72 | HELMES, AS (K) | 112.00 | 127.00 | -12% | 65.9 | 12.7 | 28 |
|
IT ja telekommunikatsiooniteenused |
| 46 | 74 | LEAB EESTI, OÜ | 221.00 | 125.00 | 76% | 169.1 | 25.2 | 30 | Manufacturing: industrial goods | |
| 77 | 73 | TELE2 EESTI, AS | 146.00 | 125.00 | 17% | 88.4 | 22.7 | 35 | IT ja telekommunikatsiooniteenused | |
| 93 | 75 | ESTIKO GRUPP, AS (K) | 110.00 | 125.00 | -12% | 154.9 | 20.6 | 21 |
|
Real estate operations |
| 96 | 76 | GREN EESTI, AS | 106.00 | 123.00 | -14% | 13.4 | 8.8 | 62 | Utility services | |
| 83 | 79 | HARJU ELEKTER, AS (K) | 134.00 | 116.00 | 15% | 174.0 | 16.4 | 71 |
|
Manufacturing: industrial goods |
| 76 | 82 | ABB, AS | 147.00 | 115.00 | 28% | 98.0 | 8.6 | 57 | Manufacturing: industrial goods | |
| 88 | 81 | ESRAVEN, AS (K) | 117.00 | 115.00 | 2% | 47.8 | 18.4 | 9 |
|
Real estate operations |
| 73 | 85 | VEHO BALTICS, OÜ | 149.00 | 114.00 | 31% | 419.3 | 15.5 | 34 | Trade: consumer goods | |
| 101 | 84 | OB HOLDING 1, OÜ | 102.00 | 114.00 | -10% | 32.0 | 11.8 | 14 | Consumer services | |
| 87 | 87 | ASTRI, AS (K) | 118.00 | 111.00 | 6% | 33.1 | 13.0 | 30 |
|
Real estate operations |
| 85 | 88 | MY FITNESS, AS (K) | 130.00 | 110.00 | 18% | 71.6 | 18.3 | 21 |
|
Consumer services |
| 90 | 92 | EESTI POST, AS (K) | 113.00 | 102.00 | 11% | 122.4 | 17.3 | 79 |
|
Transport, transit, logistics |
| 97 | 93 | KAARSILLA KINNISVARA, OÜ | 106.00 | 102.00 | 3% | 97.0 | 8.4 | 20 |
|
Real estate operations |
| 66 | 95 | WISA PLYWOOD, OÜ 2 | 163.00 | 98.00 | 67% | 79.9 | 17.3 | 26 | Manufacturing: industrial goods | |
| 27 | - | MAINOR ÜLEMISTE, AS (K) | 332.00 | - | - | 43.9 | 24.6 | 58 |
|
Real estate operations |
| 32 | - | PAWATECH, OÜ | 291.00 | - | - | 100.6 | 57.9 | 12 | Consumer services | |
| 36 | - | LTH-BAAS, AS | 271.00 | - | - | 171.5 | 52.6 | 7 |
|
Manufacturing: industrial goods |
| 49 | - | RABATTI, OÜ (K) | 211.00 | - | - | 50.9 | 19.8 | 6 |
|
Manufacturing: industrial goods |
| 51 | - | MARAL INVEST, OÜ | 204.00 | - | - | 209.1 | 29.6 | 8 |
|
Manufacturing: consumer goods |
| 54 | - | MOBIRE GROUP, OÜ | 195.00 | - | - | 51.4 | 26.2 | 34 |
|
Consumer services |
| 63 | - | CONNECTO VARAD, OÜ (K) | 165.00 | - | - | 146.0 | 20.7 | 12 |
|
Construction |
| 64 | - | SPRIBE, OÜ | 164.00 | - | - | 42.2 | 4.1 | 17 | IT ja telekommunikatsiooniteenused | |
| 82 | - | CREDITSTAR GROUP, AS (K) | 134.00 | - | - | 545.2 | 85.1 | 29 |
|
Financial services |
| 86 | - | RAADIKU ARENDUS, OÜ | 126.00 | - | - | 14.2 | 9.9 | 8 |
|
Real estate operations |
| 89 | - | FALBER, OÜ | 114.00 | - | - | 154.7 | 13.5 | 17 |
|
Manufacturing: consumer goods |
| 91 | - | ORIEN TRADE, OÜ | 112.00 | - | - | 117.9 | 13.3 | 25 |
|
Trade: consumer goods |
| 95 | - | VIRU KESKUS, AS | 107.00 | - | - | 28.4 | 7.5 | 13 |
|
Real estate operations |
| 98 | - | RUNIKON RETAIL, OÜ | 105.00 | - | - | 177.0 | 9.5 | 26 | Trade: consumer goods | |
| 99 | - | GPV ESTONIA, AS | 105.00 | - | - | 49.2 | 10.1 | 46 | Manufacturing: industrial goods | |
| 100 | - | KOHILA VINEER, OÜ | 104.00 | - | - | 48.3 | 17.8 | 33 | Manufacturing: industrial goods |
The value of companies listed in TOP 101 2026 is based on company’s 2023-2025 financial reports and the valuation is determined using the comparable trading multiples method. Publicly traded companies' valuation is based on the share price and balance sheet snapshot on June 30th, 2026.
K Behind the company name indicates that a consolidated report has been used.
* TOP 101 presents enterprise value, except for banks, other credit institutions and insurance companies for which the respective column presents equity value.
** For banks, other credit institutions and insurance companies, the column "Turnover 2025" presents book value of total assets as at the end of 2025.
*** For banks, other credit institutions and insurance companies, the column "EBITDA 2025" presents book value of shareholders' equity as at the end of 2025.
1 The value of VIRU KEEMIA GRUPP, AS reflects the combined values of Viru Keemia Grupp and Kirde Investeeringud, treating them as a single entity.
2 Company has changed its name. Formerly UPM-Kymmene Otepää OÜ
3 Company has changed its name. Formerly ITM TRADE OÜ