olivLaw · European equity research
EQT AB EQT.ST
Sweden · Nasdaq Stockholm · ISIN SE0012853455 · Vertical: Listed companies from Sweden
EQT AB is a global private markets group offering private equity, infrastructure, real estate and private credit strategies to institutional and private wealth investors seeking a complete platform. With a large base of managed capital and the Coller Capital acquisition pending completion, the group is extending into secondaries, which could strengthen its market position.
At the close of 05 Nov 2026, EQT AB (EQT.ST) stock was 311.90 SEK (−2.50% on the day), with beta 1.28, 52-week range 261.90–374.70 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)
- 57.9
- strong (55–70)
- Bollinger (20, 2)
- 278.21 – 321.79
- in the upper half of the band · %B 0.77 · band width 14.5%
- SMA 50 / 200
- 301.26 / 303.04
- mixed trend
- MACD (12, 26, 9)
- 5.09 / 2.45
- 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 | +8.1% | −0.6% | +8.8 pp | — |
| 3 months | −9.2% | −4.2% | −5.0 pp | — |
| 6 months | +0.1% | +4.3% | −4.2 pp | — |
| Year to date | −14.3% | +7.5% | −21.8 pp | — |
| 1 year | −3.3% | +9.9% | −13.2 pp | −8.5% |
| 3 years | +43.6% | +49.8% | −6.2 pp | +12.3% |
| 5 years | −37.6% | +42.8% | −80.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.1 bn | 2.7 bn | 2.6 bn |
| Revenue YoY | unavailable | +25.0% | −0.8% |
| Net income | 167.9 m | 776.3 m | 727.8 m |
| Net income YoY | unavailable | +362.4% | −6.2% |
| Diluted EPS | 0.14 | 0.66 | 0.62 |
| Diluted EPS YoY | unavailable | +362.0% | −5.8% |
| net % | 7.9% | 29.3% | 27.6% |
| Free cash flow | 881.9 m | 446.4 m | 395.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 978.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 7.5 bn EUR
- Total assets
- 11.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 6.83x
- ROE
- 9.3%
- ROA
- 6.4%
- FCF margin
- 15.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.1 bn | 2.7 bn | 2.6 bn | esef· 26 Oct 2026verified |
| Operating income | 312.8 m | 888.0 m | 952.8 m | esef· 26 Oct 2026verified |
| Pre-tax income | 277.4 m | 899.2 m | 895.9 m | esef· 26 Oct 2026verified |
| Income tax | 100.2 m | 122.9 m | 168.0 m | esef· 26 Oct 2026verified |
| Net income | 167.9 m | 776.3 m | 727.8 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.14 | 0.66 | 0.62 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 1.2 bn | 1.2 bn | 1.2 bn | esef· 26 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.1 bn | 1.0 bn | 978.6 m | esef· 26 Oct 2026verified |
| Receivables | 343.7 m | 337.9 m | 295.6 m | esef· 26 Oct 2026verified |
| Current assets | 5.0 bn | 6.0 bn | 6.7 bn | esef· 26 Oct 2026verified |
| Goodwill | 2.1 bn | 2.2 bn | 2.0 bn | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 3.1 bn | 2.9 bn | 2.3 bn | esef· 26 Oct 2026verified |
| Total assets | 10.6 bn | 11.5 bn | 11.4 bn | esef· 26 Oct 2026verified |
| Current liabilities | 731.8 m | 869.3 m | 978.1 m | esef· 26 Oct 2026verified |
| Total liabilities | 3.2 bn | 3.4 bn | 3.9 bn | esef· 26 Oct 2026verified |
| Equity | 7.4 bn | 8.1 bn | 7.5 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 1.2 bn | 1.2 bn | 1.2 bn | esef· 26 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 905.0 m | 463.9 m | 430.3 m | esef· 26 Oct 2026verified |
| Capex | 23.1 m | 17.5 m | 34.7 m | esef· 26 Oct 2026verified |
| Free cash flow | 881.9 m ≈ | 446.4 m ≈ | 395.6 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | 900.0 k | -1.7 m | -33.6 m | esef· 26 Oct 2026verified |
| Financing cash flow | -415.2 m | -573.9 m | -424.9 m | esef· 26 Oct 2026verified |
| Share repurchases | 38.0 m | 117.9 m | 296.0 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
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.59 – 20.88 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E9.59 – 20.88 (Mid 13.15)25 companies used · median multiple 21.3x · quartiles 15.5x – 33.8xAAK.ST, ACAD.ST, AFRY.ST, ALFA.ST, ALIG.ST, ALLEI.ST, ALTRA.ST, APOTEA.ST, AQ.ST, ARPL.ST, ASKER.ST, ATIC.ST, ATRLJ-B.ST, ATT.ST, B3.ST, BHG.ST, BOL.ST, BOOZT.ST, BORG.ST, BRAV.ST, BUFAB.ST, CAMX.ST, CARA.ST, CEVI.ST, COOR.ST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 27.6% | 97 (vs peers) | 38% |
| FCF conversion · Quality | 54.4% | 35 (on a fixed band) | 38% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 6.8x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality66/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
EQT AB (EQT.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.6 bn EUR in 2025; YoY growth -0.8%; net margin 27.6%; ROE 9.3%.
The estimated value range is 9.59–20.88 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 27.6%
- Current ratio: 6.8x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
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 | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for EQT.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
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
EQT AB is a global private markets group offering private equity, infrastructure, real estate and private credit strategies to institutional and private wealth investors seeking a complete platform. With a large base of managed capital and the Coller Capital acquisition pending completion, the group is extending into secondaries, which could strengthen its market position 1.
SWOT
Strengths
- Diversified platform across multiple strategies, with broad institutional client relationships and a solid record of public-market exits.
- Proven ability to generate high returns, illustrated by the Galderma investment, which produced capital gains of more than 20 billion USD for funds and co-investors.
- Large managed capital base that enables co-investment in large transactions and supports investor relationships.
Weaknesses
- Performance-related revenues depend on the timing of exits, which can make results more volatile from period to period.
- Integrating a large acquisition such as Coller Capital carries risks around culture, systems and talent retention.
- Reliance on closed-end funds with fixed lifetimes can limit flexibility when sales markets are difficult.
Opportunities
- Expansion into secondaries could diversify the fee profile and reduce dependence on direct transactions.
- Growth of evergreen products for private wealth could add recurring revenues and a broader client base.
- Geographic expansion into Asia and the United States, and thematic strategies, could open new capital sources.
Threats
- Tighter financing conditions or fewer transactions could delay exits and weigh on fee income.
- Intense competition for institutional and private wealth capital could pressure commercial terms.
- Regulatory changes for open-ended funds and retail-oriented products could raise compliance costs.
Risks
- Coller Capital integration riskmedium
If the acquisition integration does not proceed as planned, synergies and growth targets for the secondaries segment could be delayed.
- Volatility of performance-related incomehigh
Carried interest and investment income depend on asset sales, which can be postponed in weak markets.
- Concentration in flagship fundsmedium
Reliance on large flagship funds could amplify the impact of weak performance in a single fund on the group's reputation.
- Regulation of open structuresmedium
Regulatory changes affecting evergreen and ELTIF structures could alter launch conditions and distribution.
- Dilution from share issuancelow
Paying part of the acquisition in new shares could dilute existing shareholders if the transaction completes as described.
Investment thesis
What would need to be true (bull case)
- If the trend toward consolidation among large managers continues, EQT could gain share of institutional and private wealth capital.
- Integrating Coller Capital could add a steadier revenue line less dependent on direct transactions.
- The success of Galderma and other exits could support client confidence and help attract new fundraising.
What would break the thesis
- If transaction volumes stay subdued, performance-related revenues could decline and weigh on profitability in some periods.
- Integrating a large acquisition could absorb management resources and delay strategic goals.
- Competitive pressure from larger global peers could limit growth in certain strategies.
What to watch
- Completion of the Coller Capital acquisition and integration of the secondaries segmentQ3 2026
- Development of inflows into evergreen products for private wealth2026
- Pace of exits and capital gains from flagship fundsnext 10-K
- Development of FAUM and fee-related revenues after secondaries are included2026
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
EQT AB is a Swedish private markets investment group listed on Nasdaq Stockholm in the Large Cap segment. The group manages closed and open-ended funds in private equity, infrastructure, real estate and secondaries, and aims to be the most attractive private markets player at its scale 1. Revenues come from management fees, transaction and advisory fees, performance-related fees, and carried interest and investment income 1.
EQT's clients are mainly institutional investors and, increasingly, private wealth investors through evergreen products. The group reports more than 1 400 active clients, and a significant share of new fund capital comes from existing clients 1.
The Coller Capital acquisition, announced in January 2026, adds a dedicated secondaries segment and is expected to complete in the third quarter of 2026, subject to customary conditions 1.
Segments
Private Capital
The Private Capital segment covers private equity funds in Europe, North America and Asia, including buyout and growth strategies. The flagship EQT IX, X and XI funds have targets above 30 and 40 billion EUR respectively, and EQT XI has a hard cap of 24 billion EUR 1.
Infrastructure
Infrastructure is one of the group's most important strategies, with closed-end funds and open structures such as Active Core Infrastructure. The Kodiak Gas Services investment was fully exited through public-market sales after listing, illustrating the group's ability to create value in public markets 1.
Market context
Institutional capital is increasingly concentrated among large managers that can offer multiple strategies in one partnership. According to the report, about two thirds of EQT clients invested in only one strategy over the last five years, which creates scope to deepen relationships 1.
The private wealth and evergreen market is expanding quickly, with EQT having five active evergreen products at end-2025 and announcing another structure in January 2026. If this trend persists, flows into open structures could become an increasingly important capital source 1.
Trends
- Consolidation of capital toward large managerstailwind
Institutional investors concentrate relationships with a few large managers, which could favour full-platform firms such as EQT.
- Expansion of evergreen productsmixed
Open-ended funds for private wealth broaden the investor base but bring more complex liquidity and regulatory demands.
- Liquidity demand met through secondaries and public salesmixed
Demand for liquidity solutions could support secondaries activity, though a volatile public market could slow exits.
- Deal pace and asset realisationsheadwind
A recovery in deal activity could support transaction fees and exit returns, while delays could weigh on performance-related revenues.
Competitive position
EQT competes with other large private markets firms for institutional and private wealth capital, including similar strategies in buyout, infrastructure and secondaries. As investors favour large managers, EQT's scale advantage could matter, though competition for new fundraising remains intense.
The Coller Capital acquisition could raise EQT's competitiveness in secondaries, where competition is closely tied to specialised expertise and fund scale, areas the group aims to strengthen through integration.
- BlackstoneBX
Global private markets manager with funds in real estate, credit and private equity, competing with EQT for institutional clients.
- KKRKKR
Investment group active in private equity, infrastructure and credit, a direct competitor for large-scale capital.
- Apollo Global ManagementAPO
Alternative investments platform focused on private credit and insurance-linked strategies, competing in the private wealth segment.
- Brookfield Asset Management
Global infrastructure and real estate manager competing with EQT's infrastructure strategies, with worldwide presence.
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 / EQT 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.