olivLaw · European equity research
Inwido AB (publ) INWI.ST
Sweden · Nasdaq Stockholm · ISIN SE0006220018 · Vertical: Listed companies from Sweden
Inwido AB is a Nordic manufacturer of windows and doors, with main markets in Scandinavia, Finland, Eastern Europe, the United Kingdom and Ireland, plus an e-commerce channel (JABS Group). The company remained profitable through a weak property market, and demand could recover with EU energy-efficiency requirements for buildings. Net sales in 2023 were 8 970 MSEK and the operational EBITA margin was 11.4 percent.
At the close of 05 Nov 2026, Inwido AB (publ) (INWI.ST) stock was 193.70 SEK (−0.36% on the day), with market capitalisation 11.2 bn SEK, P/E 21.9 on diluted EPS of 8.85 SEK over the last 12 months, dividend yield 2.84%, beta 0.90, 52-week range 135.80–194.40 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)
- 59.1
- strong (55–70)
- Bollinger (20, 2)
- 187.33 – 194.86
- in the upper half of the band · %B 0.85 · band width 3.9%
- SMA 50 / 200
- 185.57 / 163.51
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.35 / 2.36
- 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 | +2.9% | −0.6% | +3.6 pp | — |
| 3 months | +9.8% | −4.2% | +14.0 pp | — |
| 6 months | +33.6% | +4.3% | +29.3 pp | — |
| Year to date | +18.0% | +7.5% | +10.5 pp | — |
| 1 year | +39.4% | +9.9% | +29.4 pp | −8.5% |
| 3 years | +65.7% | +49.8% | +15.9 pp | +12.3% |
| 5 years | +16.0% | +42.8% | −26.8 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 5-quarter history (min 8.1, median 15.2, max 20.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 7.7 bn | 9.5 bn | 9.0 bn | 8.8 bn | 9.0 bn |
| Revenue YoY | unavailable | +23.6% | −6.0% | −1.5% | +1.9% |
| Net income | 712.6 m | 796.4 m | 679.1 m | 538.5 m | 514.2 m |
| Net income YoY | unavailable | +11.8% | −14.7% | −20.7% | −4.5% |
| Diluted EPS | 12.29 | 13.74 | 11.72 | 9.26 | 8.85 |
| Diluted EPS YoY | unavailable | +11.8% | −14.7% | −21.0% | −4.4% |
| net % | 9.2% | 8.3% | 7.6% | 6.1% | 5.7% |
| Free cash flow | 825.8 m | 887.2 m | 879.1 m | 595.3 m | 657.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 642.9 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 5.5 bn SEK
- Total assets
- 10.6 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.02x
- ROE
- 9.2%
- ROA
- 5.0%
- FCF margin
- 7.3%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 7.7 bn | 9.5 bn | 9.0 bn | 8.8 bn | 9.0 bn | esef· 28 Oct 2026verified |
| Cost of revenue | 5.7 bn | 7.2 bn | 6.7 bn | 6.6 bn | 6.7 bn | esef· 28 Oct 2026verified |
| Gross profit | 2.0 bn | 2.3 bn | 2.3 bn | 2.2 bn | 2.3 bn | esef· 28 Oct 2026verified |
| Research & development | 33.2 m | 36.6 m | 37.9 m | 35.7 m | 36.2 m | esef· 28 Oct 2026verified |
| Operating income | 901.9 m | 1.1 bn | 977.8 m | 850.5 m | 832.2 m | esef· 28 Oct 2026verified |
| Interest expense | 45.0 m | 62.5 m | 153.7 m | 161.1 m | 128.5 m | esef· 28 Oct 2026verified |
| Pre-tax income | 885.3 m | 1.0 bn | 893.5 m | 735.5 m | 727.2 m | esef· 28 Oct 2026verified |
| Income tax | 172.4 m | 205.4 m | 190.4 m | 159.1 m | 173.8 m | esef· 28 Oct 2026verified |
| Net income | 712.6 m | 796.4 m | 679.1 m | 538.5 m | 514.2 m | esef· 28 Oct 2026verified |
| Diluted EPS | 12.29 | 13.74 | 11.72 | 9.26 | 8.85 | esef· 28 Oct 2026verified |
| Dividend per share | 4.50 | 6.15 | 6.50 | 6.50 | 5.50 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 1.1 bn | 1.3 bn | 905.4 m | 935.4 m | 642.9 m | esef· 28 Oct 2026verified |
| Inventories | 613.1 m | 783.4 m | 615.4 m | 601.7 m | 629.9 m | esef· 28 Oct 2026verified |
| Current assets | 2.4 bn | 3.0 bn | 2.3 bn | 2.4 bn | 2.2 bn | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 1.3 bn | 1.6 bn | 1.7 bn | 1.9 bn | 2.1 bn | esef· 28 Oct 2026verified |
| Total assets | 8.4 bn | 9.8 bn | 9.7 bn | 10.2 bn | 10.6 bn | esef· 28 Oct 2026verified |
| Accounts payable | — | 1.2 bn | 981.1 m | — | — | esef· 23 Apr 2024verified |
| Current liabilities | 2.0 bn | 2.4 bn | 2.1 bn | 2.2 bn | 2.2 bn | esef· 28 Oct 2026verified |
| Total liabilities | 3.8 bn | 4.5 bn | 4.3 bn | 4.5 bn | 5.1 bn | esef· 28 Oct 2026verified |
| Equity | 4.6 bn | 5.3 bn | 5.3 bn | 5.6 bn | 5.5 bn | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 58.0 m | 58.0 m | 57.9 m | 58.0 m | 58.0 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 1.0 bn | 1.1 bn | 1.2 bn | 938.1 m | 908.3 m | esef· 28 Oct 2026verified |
| Capex | 188.3 m | 183.7 m | 274.1 m | 342.8 m | 250.6 m | esef· 28 Oct 2026verified |
| Free cash flow | 825.8 m ≈ | 887.2 m ≈ | 879.1 m ≈ | 595.3 m ≈ | 657.7 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -255.4 m | -426.8 m | -773.6 m | -397.6 m | -1.2 bn | esef· 28 Oct 2026verified |
| Financing cash flow | -839.0 m | -461.2 m | -776.5 m | -540.2 m | 17.9 m | esef· 28 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: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 11.2 bn SEK
Key indicators
Coverage and freshness
Score by group
58% · 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: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.7% | 56 (vs peers) | 11% |
| FCF conversion · Quality | 127.9% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -1.9% | 0 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | -13.6% | 0 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.5x | 77 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 21.9x | 50 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.9% | 73 (on a fixed band) | 14% |
| 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 sheet53/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation60/100 · 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
Inwido AB (publ) (INWI.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 9.0 bn SEK in 2025; YoY growth 1.9%; net margin 5.7%; ROE 9.2%.
The estimated value range is 95.65–182.83 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 123.95 SEK, the price of 193.70 SEK leaves a potential of -36.0% (value / price − 1) and a margin of safety of -56.3% (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: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 127.9%
- Interest coverage: 6.5x
- FCF yield: 5.9%
What contradicts it
- Revenue CAGR 3Y: -1.9%
- EPS CAGR 3Y: -13.6%
- Current ratio: 1.0x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, 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% |
| INWI.STInwido AB (publ) | 11.2 bn | 21.9 | 9.2% | 5.7% | +1.9% | +34% / +49% |
| 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% |
1- and 3-year price returns: for INWI.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 | 107.33 Total return -42% · Per year -42% | 190.37 Total return 1% · Per year 1% | 287.61 Total return 52% · Per year 52% |
| 3 years | 91.12 Total return -47% · Per year -19% | 183.06 Total return 3% · Per year 1% | 305.49 Total return 68% · Per year 19% |
| 5 years | 77.35 Total return -51% · Per year -13% | 176.03 Total return 4% · Per year 1% | 324.47 Total return 85% · Per year 13% |
- Exit P/E± 45.76
- Net margin± 32.04
- Annual revenue growth± 28.03
- Annual dilution± 2.69
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
Inwido AB is a Nordic manufacturer of windows and doors, with main markets in Scandinavia, Finland, Eastern Europe, the United Kingdom and Ireland, plus an e-commerce channel (JABS Group). The company remained profitable through a weak property market, and demand could recover with EU energy-efficiency requirements for buildings. Net sales in 2023 were 8 970 MSEK and the operational EBITA margin was 11.4 percent 1.
SWOT
Strengths
- Stable operational margin across varied demand cycles and leading positions in core markets.
- Decentralised structure that lets units react quickly to demand changes.
- High share of consumer customers, less cyclical than new construction.
Weaknesses
- Net sales fell in 2023, and strong seasonality requires workforce adjustments.
- Dependence on new-build markets in Sweden and Finland, which contracted sharply.
- Materials, installation and freight make up almost half of costs.
Opportunities
- Consolidation of the United Kingdom and Irish markets, where failures create acquisition opportunities.
- Extending the showroom model of e-commerce to larger markets.
- EU renovation and energy-efficiency rules could increase demand for new products.
Threats
- A prolonged period of high interest rates could delay the recovery of new construction.
- New products from competitors or entry by firms from adjacent fields.
- Wars and inflation affect the economy and input costs for materials.
Risks
- Volatile demandhigh
Demand in new-build markets has varied sharply, which could reduce volumes and margins if the market does not recover.
- Refinancing and interest-rate riskmedium
Interest-rate exposure is managed centrally, but financing costs could rise if rates stay high.
- Acquisitions and integrationmedium
Integration of acquisitions could take longer than planned or deliver smaller synergies, with possible goodwill impairment.
- Product developmentmedium
Lack of competitive new products, especially on energy performance, could weigh on sales.
- Currency translationlow
Exposure to translation differences when subsidiary balance sheets are converted could affect equity, and the company does not hedge this risk.
Investment thesis
What would need to be true (bull case)
- If construction demand recovers, pent-up demand could support sales, and stable margins could lift earnings.
- EU energy-efficiency rules could generate steady demand for efficient windows and doors.
- Acquisitions in the United Kingdom and Ireland could expand market share and profitability.
What would break the thesis
- If interest rates stay high, new construction could stay weak for longer, hurting sales.
- Net sales fell in 2023, and competitive pressure could weigh on prices.
- Acquisitions could lead to impairments if integration does not go as planned.
What to watch
- Trend in net sales and operational EBITA marginQ1 2025
- New-build order intake in Sweden and Finland2025
- Integration of Sidey Group and expected synergies2025
- Progress toward the 2030 net sales targetnext 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
Inwido produces and distributes windows and doors for residential and commercial buildings, organised in 34 business units across 12 countries 1. The decentralised structure lets local management react quickly to demand changes. In 2023 net sales fell 6 percent to 8 970 MSEK, while the operational EBITA margin held at 11.4 percent 1. The company targets net sales of 20 billion SEK by 2030 and a return on operating capital above 15 percent 1.
Segments
Scandinavia
The largest segment, with external net sales of 4 331 MSEK in 2023. The largest unit, Elitfönster, accounts for about a fifth of group sales, and in Finland Pihla Group holds the strongest position 1.
Eastern and Western Europe
The Östeuropa (945 MSEK) and Västeuropa (1 334 MSEK) segments include units in Poland and the United Kingdom, where the company became the number two player after acquiring Sidey Group 1. In Ireland, Carlson leads in wood and wood-aluminium windows 1.
e-Commerce (JABS Group)
The e-commerce division, with 193 MSEK in net sales in 2023, sells windows and doors for twelve brands in nine countries, with eight showrooms. The concept was launched in the Netherlands in 2023 1.
Market context
The window and door market is marked by strong seasonality, peaking from spring through autumn. According to the annual report, buildings account for 40 percent of EU energy use, and 75 percent of buildings have low energy efficiency 1. New-build demand in Sweden and Finland contracted sharply in 2023, while the consumer market was steadier and less cyclical 1.
Trends
- EU energy-efficiency requirementstailwind
More ambitious EU targets for buildings and renovation could create demand for energy-efficient windows and doors if member states adopt concrete support.
- Weak new-build cycleheadwind
Inflation, high interest rates and wars in Europe and the Middle East slowed new construction and orders, which hit sales in 2023 1.
- Easing interest ratesmixed
Management considers that rates could have peaked and may fall in 2024, which would support property demand if confirmed 1.
- Market consolidationtailwind
In the United Kingdom and Ireland, the failure of some large players creates room for acquisitions; the Sidey Group purchase strengthened the company's position 1.
Competitive position
Inwido operates in relatively consolidated markets where it is a leader or top player in several countries. The sources available do not name competitors; the entries below are only referred to by category 1.
Competitive risk includes rivals launching successful new products and companies from adjacent fields entering the window and door sector, which could hurt sales or require large development investment 1.
- Local competitors in Nordic and British markets
The source does not name competitors; only consolidated players in those markets are mentioned.
- Insolvent players in the United Kingdom
Failures in autumn 2023 are mentioned without names.
- Online rivals
The source mentions competition in the online channel without naming companies.
- Firms from adjacent fields
Companies that could enter Inwido's markets, not identified in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202323 Apr 2024
- Annual report 202209 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Inwido AB (publ) · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.