olivLaw · European equity research
AQ Group AB AQ.ST
Sweden · Nasdaq Stockholm · ISIN SE0022062196 · Vertical: Listed companies from Sweden
AQ Group is a Swedish maker of inductive components and customised systems for global industrial customers, listed on Nasdaq Stockholm since 2017. In 2025 it expanded capacity through several acquisitions of plants and workshops, and its long-term goal remains a pre-tax margin of at least 8%.
At the close of 03 Nov 2026, AQ Group AB (AQ.ST) stock was 229.00 SEK (−0.09% on the day), with market capitalisation 21.0 bn SEK, P/E 31.0 on diluted EPS of 7.38 SEK over the last 12 months, dividend yield 0.70%, beta 1.11, 52-week range 176.40–251.60 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 46.1
- neutral
- Bollinger (20, 2)
- 223.64 – 246.56
- in the lower half of the band · %B 0.23 · band width 9.7%
- SMA 50 / 200
- 229.86 / 213.18
- mixed trend
- MACD (12, 26, 9)
- -0.11 / 1.11
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.0% | −1.0% | −4.0 pp | — |
| 3 months | +10.5% | −3.9% | +14.4 pp | — |
| 6 months | +7.0% | +7.2% | −0.1 pp | — |
| Year to date | +16.1% | +6.6% | +9.6 pp | — |
| 1 year | +17.6% | +9.1% | +8.5 pp | −9.0% |
| 3 years | +146.2% | +47.9% | +98.3 pp | +8.1% |
| 5 years | +303.9% | +43.3% | +260.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 14.7, median 19.3, max 26.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | 8.6 bn | 9.1 bn |
| Revenue YoY | unavailable | unavailable | +6.0% |
| Net income | 632.0 m | 665.0 m | 676.0 m |
| Net income YoY | unavailable | +5.2% | +1.7% |
| Diluted EPS | 6.89 | 7.25 | 7.38 |
| Diluted EPS YoY | unavailable | +5.2% | +1.8% |
| net % | unavailable | 7.8% | 7.5% |
| Free cash flow | 729.0 m | 1.0 bn | 688.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 992.0 m SEK
- Financial debt
- 6.0 m SEK
- Net debt
- -986.0 m SEK
- Equity
- 4.7 bn SEK
- Total assets
- 6.9 bn SEK
- Debt / equity
- 0.00x
- Current ratio
- 2.63x
- ROE
- 14.9%
- ROA
- 10.0%
- FCF margin
- 7.6%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | 8.6 bn | 9.1 bn | esef· 26 Oct 2026verified |
| Operating income | 792.0 m | 840.0 m | 840.0 m | esef· 26 Oct 2026verified |
| Interest expense | 50.0 m | 41.0 m | 67.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 757.0 m | 824.0 m | 831.0 m | esef· 26 Oct 2026verified |
| Income tax | 121.0 m | 159.0 m | 154.0 m | esef· 26 Oct 2026verified |
| Net income | 632.0 m | 665.0 m | 676.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 6.89 | 7.25 | 7.38 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 91.7 k | 91.7 m | 91.7 m | esef· 26 Oct 2026verified |
| Dividend per share | 0.67 | 1.33 | 1.59 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 426.0 m | 919.0 m | 992.0 m | esef· 26 Oct 2026verified |
| Inventories | 1.5 bn | 1.4 bn | 1.4 bn | esef· 26 Oct 2026verified |
| Current assets | 4.0 bn | 4.4 bn | 4.6 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 1.1 bn | 1.2 bn | 1.2 bn | esef· 26 Oct 2026verified |
| Goodwill | 393.0 m | 447.0 m | 450.0 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | — | 109.0 m | 113.0 m | esef· 26 Oct 2026verified |
| Total assets | 6.0 bn | 6.6 bn | 6.9 bn | esef· 26 Oct 2026verified |
| Long-term debt | 513.0 m | 309.0 m | 6.0 m | esef· 26 Oct 2026verified |
| Current liabilities | 1.6 bn | 1.5 bn | 1.8 bn | esef· 26 Oct 2026verified |
| Total liabilities | 2.2 bn | 2.2 bn | 2.2 bn | esef· 26 Oct 2026verified |
| Equity | 3.8 bn | 4.4 bn | 4.7 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 91.5 m | 91.5 m | 91.6 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 980.0 m | 1.2 bn | 921.0 m | esef· 26 Oct 2026verified |
| Capex | 251.0 m | 185.0 m | 233.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 729.0 m ≈ | 1.0 bn ≈ | 688.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -252.0 m | -265.0 m | -307.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -528.0 m | -448.0 m | -509.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 61.0 m | 122.0 m | 146.0 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 21.0 bn SEK
Key indicators
Coverage and freshness
Score by group
- Quality80
- Returns46
- Balance sheet100
- Valuation36
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Unattractive profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 18.2% | 74 (vs peers) | 17% |
| Net margin · Quality | 7.5% | 69 (vs peers) | 10% |
| FCF conversion · Quality | 101.8% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 12.5x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 31.0x | 32 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.3% | 41 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.7% | 10 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 21.2% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns46/100 · 2/2 factors with a value
- Valuation36/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AQ Group AB (AQ.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 9.1 bn SEK in 2025; YoY growth 6.0%; net margin 7.5%; ROE 14.9%.
The estimated value range is 103.70–181.87 SEK per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 130.30 SEK, the price of 229.00 SEK leaves a potential of -43.1% (value / price − 1) and a margin of safety of -75.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 18.2%
- FCF conversion: 101.8%
- Interest coverage: 12.5x
- Current ratio: 2.6x
- Payout ratio (FCF): 21.2%
What contradicts it
- Shareholder yield (distributions): 0.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 224.6 bn | 27.2 | 19.4% | 11.9% | +4.1% | +22% / +39% |
| BOL.STBoliden Ab | 140.5 bn | 14.9 | 13.3% | 10.1% | +4.8% | +10% / +78% |
| CAST.STCastellum Aktiebolag | 65.4 bn | 69.7 | 1.2% | 9.8% | −2.6% | +24% / +4% |
| AAK.STAak Ab (publ) | 45.3 bn | 13.3 | 17.2% | 7.5% | +2.2% | −34% / −18% |
| CAMX.STCamurus AB | 40.1 bn | 55.3 | 19.5% | 32.5% | +21.3% | +10% / +47% |
| BRAV.STBravida Holding AB | 32.0 bn | 26.0 | 13.7% | 4.4% | −4.9% | +95% / +137% |
| ASKER.STAsker Healthcare Group AB | 27.0 bn | 54.8 | 9.8% | 2.9% | +11.7% | −25% / unavailable |
| ALLEI.STAlleima AB | 22.9 bn | 34.1 | 4.1% | 3.6% | −5.4% | +11% / +20% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +20% |
| AQ.STAQ Group AB | 21.0 bn | 31.0 | 14.9% | 7.5% | +6.0% | +21% / +132% |
| ALTRA.STAltra Fastigheter AB | 17.6 bn | 32.6 | 3.0% | 15.1% | −2.2% | +4% / +15% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.8 | 15.1% | 4.3% | +0.1% | +34% / +225% |
| AFRY.STAfry Ab | 14.7 bn | 18.3 | 6.2% | 3.1% | −5.2% | −18% / +2% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.4 bn | 16.3 | 2.9% | 23.9% | −2.0% | −36% / −47% |
| ALIG.STAlimak Group AB (publ) | 12.8 bn | 21.4 | 8.2% | 8.8% | −3.2% | −17% / +51% |
| ACAD.STAcadeMedia AB | 12.5 bn | 15.3 | 12.7% | 4.3% | +9.7% | +21% / +136% |
| APOTEA.STApotea AB (publ) | 9.8 bn | 42.8 | 31.3% | 3.2% | +10.1% | +5% / unavailable |
| BOOZT.STBoozt AB | 9.6 bn | 34.1 | 10.4% | 3.6% | +0.5% | +42% / +29% |
| ACTI.STActive Biotech AB (publ) | 5.1 bn | — | -84.5% | — | unavailable | −30% / −76% |
| BUFAB.STBufab AB (publ) | 5.1 bn | 9.3 | 15.1% | 6.9% | −7.4% | +38% / +113% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.3 | 13.0% | 2.2% | +16.7% | +2% / +25% |
| CEVI.STCellaVision AB | 4.6 bn | 29.8 | 18.0% | 20.2% | +4.9% | +16% / +8% |
| BHG.STBHG Group AB | 4.4 bn | 30.5 | 2.5% | 1.4% | +6.2% | −20% / +109% |
| CARA.STCarasent AB (publ) | 1.9 bn | 53.4 | 4.1% | 10.1% | +24.9% | −5% / +93% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +11% / −54% |
1- and 3-year price returns: for AQ.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 137.46 Total return -39% · Per year -39% | 242.84 Total return 7% · Per year 7% | 365.54 Total return 61% · Per year 61% |
| 3 years | 137.58 Total return -38% · Per year -15% | 273.08 Total return 22% · Per year 7% | 450.74 Total return 100% · Per year 26% |
| 5 years | 137.70 Total return -37% · Per year -9% | 307.09 Total return 38% · Per year 7% | 555.80 Total return 148% · Per year 20% |
- Exit P/E± 68.27
- Net margin± 47.79
- Annual revenue growth± 38.66
- Annual dilution± 4.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AQ Group is a Swedish maker of inductive components and customised systems for global industrial customers, listed on Nasdaq Stockholm since 2017. In 2025 it expanded capacity through several acquisitions of plants and workshops, and its long-term goal remains a pre-tax margin of at least 8%.
SWOT
Strengths
- Long experience manufacturing for demanding industrial customers and a culture of reliability stated explicitly in its values.
- Industrial presence in several European countries after recent acquisitions, giving flexibility and access to customers.
- Stable shareholder base with founders still active, supporting continuity of strategy.
Weaknesses
- Dependence on a few large shareholders and departures from governance standards for the nomination committee.
- Exposure to raw material prices, which can reduce margins if they cannot be passed on to customers.
- Integrating several acquisitions in a short period may demand management resources and common systems.
Opportunities
- Demand from electric rail and renewable energy could increase volumes for inductive components.
- Acquisitions in Germany and the Czech Republic may open access to new heavy-industry customers.
- Growing engineering and prototyping services could raise value added per customer.
Threats
- Rising copper and aluminium costs could compress margins if no pass-through mechanisms exist.
- Lower industrial investment by customers could reduce orders.
- Lower-cost Asian competition may press prices on standard components.
Risks
- Raw material costshigh
Rising copper and aluminium prices could affect margins if they cannot be passed on to customers.
- Acquisition integrationmedium
Integrating new plants and workshops could delay synergies if systems and reporting are not aligned.
- Shareholder concentrationmedium
Influence of large shareholders may limit the minority perspective in governance decisions.
- Dependence on industrial sectorsmedium
Lower investment in energy, transport or machinery could reduce order volumes.
- Sustainability requirementslow
Tighter regulation could raise compliance and investment costs for energy and materials.
Investment thesis
What would need to be true (bull case)
- If the 2025 acquisition integration proves effective, the company could convert expanded customer access and technology into organic growth and better margins.
- Exposure to electric energy and transport could bring long-term repeat orders, supporting revenue stability.
- Engineering and industrialisation services could raise value added and strengthen customer relationships.
What would break the thesis
- If copper and aluminium prices stay high and cannot be passed on, margins could remain below the stated profitability target.
- Shareholder concentration and governance departures could raise questions for minority investors.
- Dependence on industrial investment could make revenue sensitive to the economic cycles of customer sectors.
What to watch
- Contribution of the acquired Czech and German plants to volumes and margins2026
- Trend in copper and aluminium costs and the degree of pass-through to customersQ1 2026
- Progress of 2025 acquisition integration and reported synergies2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
AQ Group designs and manufactures components and systems for demanding industrial customers, including power transmission, electric rail vehicles, construction machinery and medical technology. The company adds value through design consulting, prototype industrialisation, purchasing and logistics and series production in its own plants. Its core values, such as 'Customer focus' and 'Cost efficiency', guide these long-term customer relationships.
Strategy aims to become the global leader in customised inductive components for demanding industrial customers. The 2025 acquisitions added plants in the Czech Republic and Germany, an engineering office in Germany and a prototype workshop in Sweden, strengthening customer access and technology. The company treats integrating these acquisitions as a priority, including aligning values and reporting.
Governance combines a concentrated shareholder base with a majority-independent board. Two founder shareholders together hold about 34% of shares, and the nomination committee includes representatives of the largest shareholders. The company notes that this composition departs from the Swedish Code of Corporate Governance because two board members depend on the large shareholders.
Segments
Inductive components and industrial systems
The core segment supplies inductive components and subassemblies to customers in energy, rail and heavy machinery. The 2025 acquisitions in the Czech Republic and Germany increased production capacity in this area.
Engineering, prototyping and industrialisation
Engineering, prototyping and industrialisation activities support customers in the product development phase. The Sandflo Forma prototype workshop in Trollhättan, acquired in November 2025, extends this offering.
Market context
The company operates in business-to-business markets with industrial customers in Europe and other regions, where demand depends on investment in energy, transport and machinery. The document does not quantify the size of the global market for customised inductive components, so assessing competitive position remains limited to the available information.
Use cases cited in the report, such as power transmission, electric rail traction and wind turbines, point to links with the energy transition. On the other hand, the company mentions rising copper and aluminium costs, which could affect margins if they cannot be passed on to customers.
Trends
- Energy transition and transport electrificationtailwind
Demand for power transmission and electric trains supports the company's inductive products. If investment in these sectors stays high, the portfolio could benefit.
- Nearshoring of productionmixed
The nearshoring trend mentioned in the report may create opportunities for the company's European plants, but it requires capacity and coordination across units.
- Raw material costsheadwind
Higher prices for copper and aluminium affect input costs. The company also notes cost pressure in indirect purchasing areas such as IT and wages.
- Sustainability requirementsmixed
Stricter rules on energy and materials could raise compliance costs but may favour suppliers able to demonstrate environmental performance.
Competitive position
The annual report does not explicitly name direct competitors. The company bases its differentiation on reliability, delivery precision and its ability to add value through engineering and industrialisation.
In customised components, competition likely comes from European and Asian manufacturers with comparable capacity, but a detailed analysis of them cannot be supported by the available sources.
- European inductive component manufacturers
The report does not name competitors; this group represents general competition in the customised component market.
- Industrial engineering and prototyping providers
Possible competition for development and industrialisation services, not precisely identified in the sources.
- Low-cost Asian manufacturers
The company mentions production in lower-cost countries as a competitiveness tool but does not describe specific competitors.
- Integrated power transmission suppliers
They may compete for complete system projects for energy customers.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / AQ Group AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.