olivLaw · European equity research
Axfood AB AXFO.ST
Sweden · Nasdaq Stockholm · ISIN SE0006993770 · Vertical: Listed companies from Sweden
At the close of 06 Nov 2026, Axfood AB (AXFO.ST) stock was 283.80 SEK (−0.63% on the day), with market capitalisation 61.2 bn SEK, P/E 26.3 on diluted EPS of 10.79 SEK over the last 12 months, dividend yield 3.16%, beta 0.09, 52-week range 227.50–338.00 SEK.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.0
- strong (55–70)
- Bollinger (20, 2)
- 257.60 – 290.07
- in the upper half of the band · %B 0.81 · band width 11.9%
- SMA 50 / 200
- 259.53 / 277.66
- mixed trend
- MACD (12, 26, 9)
- 7.17 / 6.59
- MACD above 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 | +10.1% | −0.6% | +10.8 pp | — |
| 3 months | +18.5% | −4.2% | +22.7 pp | — |
| 6 months | +2.2% | +4.3% | −2.1 pp | — |
| Year to date | −2.2% | +7.5% | −9.7 pp | — |
| 1 year | +6.9% | +9.9% | −3.1 pp | −6.8% |
| 3 years | +13.3% | +49.8% | −36.6 pp | +12.1% |
| 5 years | +31.3% | +42.8% | −11.5 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 67 percentile of its own 3-quarter history (min 23.1, median 25.1, max 26.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 2.4 bn | 2.2 bn | 2.3 bn |
| Net income YoY | unavailable | −7.0% | +6.7% |
| Diluted EPS | 10.87 | 10.11 | 10.79 |
| Diluted EPS YoY | unavailable | −7.0% | +6.7% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 4.3 bn | 4.4 bn | 5.4 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn SEK
- Financial debt
- 0 SEK
- Net debt
- -1.1 bn SEK
- Equity
- 7.8 bn SEK
- Total assets
- 36.9 bn SEK
- Debt / equity
- 0.00x
- Current ratio
- 0.71x
- ROE
- 30.7%
- ROA
- 6.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 69.8 bn | 71.8 bn | 76.0 bn | esef· 26 Oct 2026verified |
| Gross profit | 11.3 bn | 12.2 bn | 13.1 bn | esef· 26 Oct 2026verified |
| Operating income | 3.4 bn | 3.3 bn | 3.6 bn | esef· 26 Oct 2026verified |
| Interest expense | 384.0 m | 456.0 m | 579.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 3.0 bn | 2.9 bn | 3.0 bn | esef· 26 Oct 2026verified |
| Net income | 2.4 bn | 2.2 bn | 2.3 bn | esef· 26 Oct 2026verified |
| Diluted EPS | 10.87 | 10.11 | 10.79 | esef· 26 Oct 2026verified |
| Dividend per share | 8.15 | 8.50 | 8.98 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 688.0 m | 735.0 m | 1.1 bn | esef· 26 Oct 2026verified |
| Receivables | 3.9 bn | 3.2 bn | 3.5 bn | esef· 26 Oct 2026verified |
| Current assets | 8.9 bn | 8.8 bn | 9.9 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 6.0 bn | 6.5 bn | 6.7 bn | esef· 26 Oct 2026verified |
| Goodwill | 3.6 bn | 4.8 bn | 4.8 bn | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.5 bn | 2.4 bn | 2.4 bn | esef· 26 Oct 2026verified |
| Total assets | 30.0 bn | 35.4 bn | 36.9 bn | esef· 26 Oct 2026verified |
| Short-term debt | 519.0 m | 2.0 m | 0 | esef· 26 Oct 2026verified |
| Current liabilities | 13.7 bn | 13.2 bn | 13.9 bn | esef· 26 Oct 2026verified |
| Equity | 7.2 bn | 7.4 bn | 7.8 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 215.8 m | 215.7 m | 215.8 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.8 bn | 5.5 bn | 6.8 bn | esef· 26 Oct 2026verified |
| Capex | 1.5 bn | 1.1 bn | 1.4 bn | esef· 26 Oct 2026verified |
| Free cash flow | 4.3 bn ≈ | 4.4 bn ≈ | 5.4 bn ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -2.2 bn | -3.2 bn | -1.8 bn | esef· 26 Oct 2026verified |
| Financing cash flow | -3.5 bn | -2.2 bn | -4.6 bn | esef· 26 Oct 2026verified |
| Dividends paid | 1.8 bn | 1.8 bn | 1.9 bn | esef· 26 Oct 2026verified |
| Share repurchases | 59.0 m | 66.0 m | 25.0 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 weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 61.2 bn SEK
Key indicators
Coverage and freshness
Score by group
56% · Insufficient data
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
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 44.8% | 100 (vs peers) | 19% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 229.7% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.2x | 72 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 26.3x | 46 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.8% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 3.2% | 46 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 36.1% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet43/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality100/100 · 2/3 factors with a value
- Returns67/100 · 2/2 factors with a value
- Valuation70/100 · 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
Axfood AB (AXFO.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 32.1%.
The estimated value range is 128.07–237.20 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 177.33 SEK, the price of 283.80 SEK leaves a potential of -37.5% (value / price − 1) and a margin of safety of -60.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 44.8%
- FCF conversion: 229.7%
- Interest coverage: 6.2x
- FCF yield: 8.8%
- Payout ratio (FCF): 36.1%
What contradicts it
- Current ratio: 0.7x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 219.9 bn | 26.6 | 19.4% | 11.9% | +4.1% | +19% / +36% |
| BOL.STBoliden Ab | 141.8 bn | 15.1 | 13.3% | 10.1% | +4.8% | +11% / +80% |
| CAST.STCastellum Aktiebolag | 66.4 bn | 70.8 | 1.2% | 9.8% | −2.6% | +26% / +6% |
| AAK.STAak Ab (publ) | 47.4 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 43.3 bn | 59.6 | 19.5% | 32.5% | +21.3% | +18% / +58% |
| ASKER.STAsker Healthcare Group AB | 30.0 bn | 60.9 | 9.8% | 2.9% | +11.7% | −17% / unavailable |
| BRAV.STBravida Holding AB | 29.3 bn | 23.8 | 13.7% | 4.4% | −4.9% | +79% / +118% |
| ALLEI.STAlleima AB | 22.7 bn | 33.9 | 4.1% | 3.6% | −5.4% | +11% / +20% |
| BURE.STBure Equity AB | 22.5 bn | — | -21.0% | — | unavailable | +19% / +19% |
| AQ.STAQ Group AB | 19.9 bn | 29.5 | 14.9% | 7.5% | +6.0% | +15% / +121% |
| ATT.STAttendo AB (publ) | 19.5 bn | 24.1 | 15.1% | 4.3% | +0.1% | +55% / +276% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| AFRY.STAfry Ab | 14.7 bn | 18.3 | 6.2% | 3.1% | −5.2% | −18% / +2% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.9 bn | 16.9 | 2.9% | 23.9% | −2.0% | −34% / −45% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.2 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.6 bn | 15.3 | 12.7% | 4.3% | +9.7% | +21% / +136% |
| APOTEA.STApotea AB (publ) | 10.8 bn | 47.4 | 31.3% | 3.2% | +10.1% | +16% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +57% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.0 | 15.1% | 6.9% | −7.4% | +34% / +107% |
| CEVI.STCellaVision AB | 4.7 bn | 31.0 | 18.0% | 20.2% | +4.9% | +21% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.1 | 13.0% | 2.2% | +16.7% | +1% / +24% |
| ACTI.STActive Biotech AB (publ) | 4.5 bn | — | -84.5% | — | unavailable | −38% / −79% |
| BHG.STBHG Group AB | 4.4 bn | 30.4 | 2.5% | 1.4% | +6.2% | −20% / +108% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.2 | 4.1% | 10.1% | +24.9% | −9% / +86% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +15% / −52% |
1- and 3-year price returns: for AXFO.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
Scenarios are not available. input data missing
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
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
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.