olivLaw · European equity research
FLSmidth & Co. A/S FLS.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010234467 · Vertical: Listed companies from Denmark
FLSmidth supplies equipment, services and solutions to the mining industry, with an important share of its activity in service and in pumps, cyclones and valves. The company is in the final year of its CORE'26 strategy and holds an order backlog of DKK 11515m at the end of the first half of 2026, in a context where investment in new mining projects remains low.
At the close of 05 Nov 2026, FLSmidth & Co. A/S (FLS.CO) stock was 559.00 DKK (−2.19% on the day), with P/E 45.4 on diluted EPS of 12.30 DKK over the last 12 months, beta 1.26, 52-week range 389.60–611.00 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.4
- weak (30–45)
- Bollinger (20, 2)
- 554.39 – 607.86
- in the lower half of the band · %B 0.09 · band width 9.2%
- SMA 50 / 200
- 575.60 / 527.46
- mixed trend
- MACD (12, 26, 9)
- 1.86 / 3.81
- 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 | −2.1% | +0.4% | −2.5 pp | — |
| 3 months | +9.4% | −3.3% | +12.7 pp | — |
| 6 months | +20.2% | +4.0% | +16.2 pp | — |
| Year to date | +25.6% | +8.1% | +17.5 pp | — |
| 1 year | +18.9% | +10.7% | +8.2 pp | −7.7% |
| 3 years | +110.2% | +50.1% | +60.1 pp | −0.6% |
| 5 years | +127.7% | +43.6% | +84.1 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 1-quarter history (min 36.2, median 36.2, max 36.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 14.6 bn |
| Revenue YoY | unavailable |
| Net income | 0 |
| Net income YoY | unavailable |
| Diluted EPS | 12.30 |
| Diluted EPS YoY | unavailable |
| net % | 0.0% |
| Free cash flow | 604.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 594.0 m DKK
- Financial debt
- 2.3 bn DKK
- Net debt
- 1.7 bn DKK
- Equity
- 9.5 bn DKK
- Total assets
- 22.1 bn DKK
- Debt / equity
- 0.24x
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 0.0%
- FCF margin
- 4.1%
Financial statements (source on every figure)
Revenue and net income (DKK)
Income statement · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 14.6 bn | esef· 02 Jun 2026verified |
| Cost of revenue | 9.5 bn | esef· 02 Jun 2026verified |
| Gross profit | 5.1 bn | esef· 02 Jun 2026verified |
| Operating income | 2.1 bn | esef· 02 Jun 2026verified |
| Interest expense | 1.1 bn | esef· 02 Jun 2026verified |
| Pre-tax income | 2.0 bn | esef· 02 Jun 2026verified |
| Income tax | 1.3 bn | esef· 02 Jun 2026verified |
| Net income | 0 | esef· 02 Jun 2026verified |
| Diluted EPS | 12.30 | esef· 02 Jun 2026verified |
Balance sheet · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 594.0 m | esef· 02 Jun 2026verified |
| Inventories | 3.4 bn | esef· 02 Jun 2026verified |
| Current assets | 10.5 bn | esef· 02 Jun 2026verified |
| Property, plant & equipment, net | 2.3 bn | esef· 02 Jun 2026verified |
| Goodwill | 6.3 bn | esef· 02 Jun 2026verified |
| Total assets | 22.1 bn | esef· 02 Jun 2026verified |
| Short-term debt | 113.0 m | esef· 02 Jun 2026verified |
| Long-term debt | 2.2 bn | esef· 02 Jun 2026verified |
| Total liabilities | 12.6 bn | esef· 02 Jun 2026verified |
| Equity | 9.5 bn | esef· 02 Jun 2026verified |
Cash flow · DKK
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | 996.0 m | esef· 02 Jun 2026verified |
| Capex | 392.0 m | esef· 02 Jun 2026verified |
| Free cash flow | 604.0 m ≈ | esef· 02 Jun 2026derived |
| Investing cash flow | -517.0 m | esef· 02 Jun 2026verified |
| Financing cash flow | -899.0 m | esef· 02 Jun 2026verified |
| Dividends paid | 458.0 m | esef· 02 Jun 2026verified |
| Share repurchases | 1.0 bn | esef· 02 Jun 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: 5 of at least 6
- score weight coverage: 37.5% 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
Key indicators
Coverage and freshness
Score by group
38% · 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: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.5% | 89 (vs peers) | 28% |
| Net margin · Quality | 0.0% | 32 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.9x | 6 (on a fixed band) | 17% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 45.4x | 27 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 75.8% | 63 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial6/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality67/100 · 2/3 factors with a value
- Returns· partial63/100 · 1/2 factors with a value
- Valuation· partial27/100 · 1/3 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
FLSMIDTH & CO. A/S (FLS.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 14.6 bn DKK in 2025; net margin 0.0%; ROE 0.0%.
The estimated value range is 113.32–180.74 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 160.86 DKK, the price of 559.00 DKK leaves a potential of -71.2% (value / price − 1) and a margin of safety of -247.5% (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 (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.5%
What contradicts it
- Interest coverage: 1.9x
- P/E (TTM): 45.4x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Denmark · 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 | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for FLS.CO 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
FLSmidth supplies equipment, services and solutions to the mining industry, with an important share of its activity in service and in pumps, cyclones and valves. The company is in the final year of its CORE'26 strategy and holds an order backlog of DKK 11515m at the end of the first half of 2026, in a context where investment in new mining projects remains low.
SWOT
Strengths
- A solid service portfolio, with organic order growth in the second quarter of 2026 and high margins in the Service segment 1.
- A consistent order backlog that covers a substantial part of expected revenue for the rest of the year 1.
- A formal commitment to decarbonisation, with SBTi-validated targets that can support its position with customers 1.
Weaknesses
- The Products segment has declining revenue and a smaller order backlog than last year, and its margin remains weak 1.
- Dependence on large investment projects makes Products revenue sensitive to customer delays 1.
- Safety and women-manager indicators remained behind their year-end targets, according to the report 1.
Opportunities
- If copper and gold projects reach sanctioning, orders for Products could recover in the second half of the year or in 2027 1.
- Demand for modernisation and efficiency solutions could grow if customers seek lower operating costs 1.
- Decarbonisation targets may open lifecycle service opportunities for installed equipment 1.
Risks
- Delayed mining investmenthigh
If customers keep postponing large projects, orders for Products could remain low and the organic growth guidance could be hard to reach.
- Delivery of guidancemedium
Reaching the organic growth range requires new orders in all business lines, and the report states that this is not yet secured.
- Currency exposuremedium
Changes between the Danish krone and the main invoicing currencies could alter reported revenue and margins.
- Workplace safetymedium
Recordable accident rates remained above the year-end target, which can create operational and reputational risks.
- Metal price volatilityhigh
Declines in copper or gold prices could reduce mining investor appetite and delay new projects.
Investment thesis
What would need to be true (bull case)
- The Service segment shows solid organic growth and good margins, providing a stable base of recurring revenue.
- The order backlog and the copper project pipeline could quickly turn deferred demand into new orders.
- SBTi-validated decarbonisation commitments can strengthen the company's position with sustainability-minded customers.
What would break the thesis
- The Products segment is declining and shows no clear signs of recovery yet, and its guidance is negative.
- If mining investment stays low, the growth expected for 2026 could be difficult to achieve.
- Safety and diversity indicators have fallen behind their targets, which may raise questions about execution.
What to watch
- Development of Products order intake and sanctioning of copper projectsH2 2026
- Delivery of the organic revenue growth guidance of 0% to 4%2026
- Costs related to the ERP platform upgradenext 10-K
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
According to the interim report for the first half of 2026, FLSmidth operates in three business lines: Service, Products and PC&V (pumps, cyclones and valves). Revenue for the first half of 2026 was DKK 7223m, and in fiscal 2025 it was DKK 14612m 1. The company ended the first half of 2026 with an order backlog of DKK 11515m 1.
In 2026 the company updated its financial guidance: organic revenue growth is expected between 0% and 4%, and the Adjusted EBITA margin between 16.0% and 16.5% 1. The guidance is largely supported by the order backlog, but according to the report reaching the range also requires new orders in all business lines.
The report also covers decarbonisation and safety initiatives, including new SBTi-validated targets that foresee an 80% reduction of scope 1 and 2 emissions by 2030 against an updated 2019 baseline 1. These targets matter to mining customers that monitor the environmental performance of their suppliers.
Segments
Service
The Service segment recorded order intake of DKK 2409m and revenue of DKK 2324m in the second quarter of 2026 1. The adjusted EBITA margin was 20.5% in that quarter 1. The report indicates that demand for solutions that raise productivity remains solid.
Products
The Products segment remains under pressure: revenue for the first half of 2026 was DKK 1359m, and the order backlog stood at DKK 4731m at the end of the second quarter 1. The company expects organic revenue growth in this segment in a range of -15% to -5% for 2026 1.
PC&V
The PC&V segment (pumps, cyclones and valves) is expected to grow organically between 5% and 8% in 2026, supported by active market conditions 1. The company links the stability of its margins to this segment, alongside Service.
Market context
The mining equipment market is dominated by maintenance and optimisation investment rather than new expansion projects, which limits large equipment orders in the near term 1. High copper and gold prices support the project pipeline, and several copper projects could reach sanctioning in late 2026 or in 2027 1.
Demand varies by region: the African copperbelt and Central Asia remained active, while Western and Central Europe was weaker, and the Middle East and Southern Europe supported growth 1. The report notes that some customers have delayed approval of larger investment programmes 1.
Trends
- High metal pricestailwind
High copper and gold prices stimulate project and modernisation investment, and customers look for solutions that reduce operating costs 1. If prices hold, demand for new projects could increase in the second half of the year.
- Restrained capital expenditureheadwind
Many mining companies have delayed large capex programmes, which postpones orders for new equipment in the Products segment 1.
- Focus on productivity and efficiencytailwind
Customers prioritise solutions that improve productivity and reduce costs, which supports demand for services, spare parts and upgrades 1.
- Decarbonisation and energy transitionmixed
Copper demand driven by electrification and the energy transition could support long-term investment, and decarbonisation targets are becoming a factor in supplier choice 1.
Competitive position
The report does not explicitly describe competitors, but the company operates in the mining equipment and services industry, where suppliers compete on technology, service and lifecycle cost. In Service, the focus on consumables, spare parts and upgrades is a point of differentiation 1.
In the Products segment the company has reduced its portfolio and focused its offering on more profitable products, which could change its position against competitors in the coming period 1.
- European and Asian mining equipment suppliers
The report does not name competitors; only the active regional markets are mentioned.
- Mining service providers
Competition on services and spare parts is not detailed in the source analysed.
- Industrial pump and valve manufacturers
Relevant to the PC&V segment; no names are given in the report.
- Mineral processing technology providers
Competition on technology and decarbonisation solutions; no details in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202602 Jun 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / FLSmidth & Co. A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.