olivLaw · European equity research
Sandvik Aktiebolag SAND.ST
Sweden · Nasdaq Stockholm · ISIN SE0000667891 · Vertical: Listed companies from Sweden
Sandvik is an international industrial group making cutting tools, demolition equipment and solutions for mining and manufacturing. In fiscal 2025 it lifted EBITA to 22616 million SEK with an 18.7 percent margin, despite weak infrastructure and factory demand in Europe and North America.
At the close of 04 Nov 2026, Sandvik Aktiebolag (SAND.ST) stock was 362.10 SEK (+0.22% on the day), with market capitalisation 454.2 bn SEK, P/E 30.9 on diluted EPS of 11.70 SEK over the last 12 months, dividend yield 1.59%, beta 1.31, 52-week range 277.10–411.80 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)
- 50.9
- neutral
- Bollinger (20, 2)
- 342.35 – 371.41
- in the upper half of the band · %B 0.68 · band width 8.1%
- SMA 50 / 200
- 369.34 / 372.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.74 / -3.64
- 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 | −0.1% | −1.5% | +1.5 pp | — |
| 3 months | −3.3% | −5.3% | +2.0 pp | — |
| 6 months | −10.4% | +4.7% | −15.1 pp | — |
| Year to date | +20.5% | +6.0% | +14.4 pp | — |
| 1 year | +29.0% | +8.2% | +20.8 pp | −8.3% |
| 3 years | +85.9% | +47.2% | +38.7 pp | +12.8% |
| 5 years | +72.2% | +41.8% | +30.4 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 17.9, median 20.3, max 25.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 126.5 bn | 122.9 bn | 120.7 bn |
| Revenue YoY | unavailable | −2.9% | −1.8% |
| Net income | 15.3 bn | 12.2 bn | 14.7 bn |
| Net income YoY | unavailable | −20.0% | +20.0% |
| Diluted EPS | 12.18 | 9.75 | 11.70 |
| Diluted EPS YoY | unavailable | −20.0% | +20.0% |
| net % | 12.1% | 10.0% | 12.2% |
| Free cash flow | 14.9 bn | 17.0 bn | 16.4 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.0 bn SEK
- Financial debt
- 32.0 bn SEK
- Net debt
- 27.1 bn SEK
- Equity
- 93.2 bn SEK
- Total assets
- 169.9 bn SEK
- Debt / equity
- 0.34x
- Current ratio
- 1.94x
- ROE
- 15.4%
- ROA
- 8.3%
- FCF margin
- 13.6%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 126.5 bn | 122.9 bn | 120.7 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 74.5 bn | 73.7 bn | 71.7 bn | esef· 26 Oct 2026verified |
| Gross profit | 52.0 bn | 49.1 bn | 49.0 bn | esef· 26 Oct 2026verified |
| Research & development | 4.5 bn | 4.8 bn | 4.5 bn | esef· 26 Oct 2026verified |
| Operating income | 22.4 bn | 18.4 bn | 20.8 bn | esef· 26 Oct 2026verified |
| Interest expense | 3.4 bn | 2.8 bn | 2.0 bn | esef· 26 Oct 2026verified |
| Pre-tax income | 19.8 bn | 16.5 bn | 19.5 bn | esef· 26 Oct 2026verified |
| Income tax | 4.5 bn | 4.2 bn | 4.8 bn | esef· 26 Oct 2026verified |
| Net income | 15.3 bn | 12.2 bn | 14.7 bn | esef· 26 Oct 2026verified |
| Diluted EPS | 12.18 | 9.75 | 11.70 | esef· 26 Oct 2026verified |
| Dividend per share | 4.99 | 5.50 | 5.75 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.4 bn | 4.5 bn | 5.0 bn | esef· 26 Oct 2026verified |
| Inventories | 34.3 bn | 34.8 bn | 33.2 bn | esef· 26 Oct 2026verified |
| Current assets | 72.1 bn | 73.5 bn | 69.9 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 22.2 bn | 24.7 bn | 22.3 bn | esef· 26 Oct 2026verified |
| Total assets | 174.2 bn | 184.4 bn | 169.9 bn | esef· 26 Oct 2026verified |
| Long-term debt | 32.8 bn | 36.5 bn | 32.0 bn | esef· 26 Oct 2026verified |
| Current liabilities | 43.9 bn | 41.0 bn | 36.1 bn | esef· 26 Oct 2026verified |
| Total liabilities | 86.5 bn | 87.4 bn | 76.6 bn | esef· 26 Oct 2026verified |
| Equity | 87.7 bn | 97.0 bn | 93.2 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 1.3 bn | 1.3 bn | 1.3 bn | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 18.8 bn | 20.6 bn | 19.2 bn | esef· 26 Oct 2026verified |
| Capex | 3.9 bn | 3.6 bn | 2.8 bn | esef· 26 Oct 2026verified |
| Free cash flow | 14.9 bn ≈ | 17.0 bn ≈ | 16.4 bn ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -8.5 bn | -7.7 bn | -6.4 bn | esef· 26 Oct 2026verified |
| Financing cash flow | -16.2 bn | -13.0 bn | -11.9 bn | esef· 26 Oct 2026verified |
| Dividends paid | 6.3 bn | 6.9 bn | 7.2 bn | esef· 26 Oct 2026verified |
| Share repurchases | 242.0 m | 61.0 m | 6.0 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: 65 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 454.2 bn SEK
Key indicators
Coverage and freshness
Score by group
- Balance sheet98
- Valuation39
- Returns54
- Quality75
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
Neutral profile · Score 65/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.6% | 52 (vs peers) | 17% |
| Net margin · Quality | 12.2% | 89 (vs peers) | 10% |
| FCF conversion · Quality | 111.3% | 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 | 10.5x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.9x | 95 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 30.9x | 35 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.6% | 45 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.6% | 23 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 44.0% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet98/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality75/100 · 3/3 factors with a value
- Returns54/100 · 2/2 factors with a value
- Valuation39/100 · 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
Sandvik Aktiebolag (SAND.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 120.7 bn SEK in 2025; YoY growth -1.8%; net margin 12.2%; ROE 15.5%.
The estimated value range is 104.84–148.98 SEK per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 123.31 SEK, the price of 362.10 SEK leaves a potential of -65.9% (value / price − 1) and a margin of safety of -193.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 65/100, methodological classification: neutral 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
- Net margin: 12.2%
- FCF conversion: 111.3%
- Interest coverage: 10.5x
- Current ratio: 1.9x
- Payout ratio (FCF): 44.0%
What contradicts it
- Shareholder yield (distributions): 1.6%
- The price is above the estimated value range
- The valuation methods diverge
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 | |
|---|---|---|---|---|---|---|
| SAND.STSandvik Aktiebolag | 454.2 bn | 30.9 | 15.5% | 12.2% | −1.8% | +27% / +75% |
| ALFA.STAlfa Laval AB | 224.5 bn | 27.1 | 19.4% | 11.9% | +4.1% | +22% / +39% |
| BOL.STBoliden Ab | 144.0 bn | 15.3 | 13.3% | 10.1% | +4.8% | +13% / +83% |
| CAST.STCastellum Aktiebolag | 66.3 bn | 70.7 | 1.2% | 9.8% | −2.6% | +26% / +5% |
| AAK.STAak Ab (publ) | 46.7 bn | 13.7 | 17.2% | 7.5% | +2.2% | −32% / −15% |
| CAMX.STCamurus AB | 39.4 bn | 54.2 | 19.5% | 32.5% | +21.3% | +8% / +44% |
| BRAV.STBravida Holding AB | 31.1 bn | 25.3 | 13.7% | 4.4% | −4.9% | +90% / +131% |
| ASKER.STAsker Healthcare Group AB | 29.5 bn | 60.0 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 23.1 bn | 34.4 | 4.1% | 3.6% | −5.4% | +12% / +22% |
| BURE.STBure Equity AB | 22.8 bn | — | -21.0% | — | unavailable | +21% / +21% |
| AQ.STAQ Group AB | 20.0 bn | 29.6 | 14.9% | 7.5% | +6.0% | +15% / +122% |
| ALTRA.STAltra Fastigheter AB | 17.9 bn | 33.0 | 3.0% | 15.1% | −2.2% | +6% / +16% |
| ATT.STAttendo AB (publ) | 17.1 bn | 21.1 | 15.1% | 4.3% | +0.1% | +36% / +230% |
| AFRY.STAfry Ab | 14.8 bn | 18.5 | 6.2% | 3.1% | −5.2% | −17% / +3% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.9 bn | 16.8 | 2.9% | 23.9% | −2.0% | −34% / −45% |
| ALIG.STAlimak Group AB (publ) | 12.8 bn | 21.3 | 8.2% | 8.8% | −3.2% | −17% / +51% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.4 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| BOOZT.STBoozt AB | 10.3 bn | 36.8 | 10.4% | 3.6% | +0.5% | +53% / +40% |
| APOTEA.STApotea AB (publ) | 9.9 bn | 43.5 | 31.3% | 3.2% | +10.1% | +7% / unavailable |
| BUFAB.STBufab AB (publ) | 5.1 bn | 9.3 | 15.1% | 6.9% | −7.4% | +38% / +112% |
| CEVI.STCellaVision AB | 4.8 bn | 31.1 | 18.0% | 20.2% | +4.9% | +21% / +13% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.4 | 13.0% | 2.2% | +16.7% | +2% / +26% |
| ACTI.STActive Biotech AB (publ) | 4.6 bn | — | -84.5% | — | unavailable | −37% / −79% |
| BHG.STBHG Group AB | 4.5 bn | 30.7 | 2.5% | 1.4% | +6.2% | −20% / +110% |
| CARA.STCarasent AB (publ) | 1.8 bn | 52.5 | 4.1% | 10.1% | +24.9% | −7% / +90% |
1- and 3-year price returns: for SAND.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 | 200.68 Total return -43% · Per year -43% | 355.93 Total return -0% · Per year -0% | 537.69 Total return 50% · Per year 50% |
| 3 years | 170.92 Total return -50% · Per year -20% | 343.31 Total return -1% · Per year -0% | 572.78 Total return 64% · Per year 18% |
| 5 years | 145.57 Total return -55% · Per year -15% | 331.14 Total return -1% · Per year -0% | 610.16 Total return 79% · Per year 12% |
- Exit P/E± 85.83
- Net margin± 60.08
- Annual revenue growth± 52.48
- Annual dilution± 5.05
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
Sandvik is an international industrial group making cutting tools, demolition equipment and solutions for mining and manufacturing. In fiscal 2025 it lifted EBITA to 22616 million SEK with an 18.7 percent margin, despite weak infrastructure and factory demand in Europe and North America.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Currency exposurehigh
Exchange rate movements sharply reduced results in 2025, and foreign currency transactions remain a source of volatility 1.
- Weak industrial demandhigh
Subdued industrial production in Europe and North America could limit orders for tools and equipment.
- Pension obligationsmedium
Defined benefit pensions are exposed to interest rates, inflation and longevity, which could increase liabilities 1.
- Tariffsmedium
Tariff measures led to price surcharges, which could reduce volumes if customers choose other suppliers.
- Litigation and guaranteeslow
The group has customer guarantees and ongoing processes, though management considers they will not materially affect operations 1.
Investment thesis
What would need to be true (bull case)
- Operating margin rose in 2025 and net debt fell, which gives financial flexibility if demand recovers 1.
- Strong demand in aerospace, defence and manufacturing software could support growth in higher-value segments.
- The 2025 digital acquisitions could strengthen the offer and lift recurring revenue if integration succeeds 1.
What would break the thesis
- Manufacturing in Europe and North America remains weak, and orders could be delayed if production does not recover.
- Currency swings and tariffs could erode results, as seen in 2025 1.
- High tungsten prices rest on temporary supply limits, which could fade and reduce revenue in that segment.
What to watch
- Development of industrial demand in Europe and North America2026
- Effect of tariffs on prices and volumes2026
- Integration of CAM and metrology software acquisitions2026
- Trend in EBITA margin and currency effectsQ1 2026
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
Sandvik is a Swedish industrial group that develops and sells cutting tools, materials and systems for metal machining, mining and construction equipment, and manufacturing software. According to the 2025 annual report 1, EBITA reached 22616 million SEK and the margin rose to 18.7 percent despite negative currency effects. R&D investment was 4542 million SEK in 2025 1, reflecting a focus on materials, processes, electrification and digital solutions.
Operations are organised into several business areas, each responsible for its own R&D. In 2025 the group bought several US, Italian and Danish CAM and metrology software businesses and sold the Cimquest additive operations and its stake in Eimco Elecon 1. These moves aim to strengthen the digital offer alongside traditional hardware.
The financial position remained solid: net debt fell to 26515 million SEK at end-2025 and the net debt to EBITDA ratio reached 0.9 1. The equity ratio rose to 55 percent 1, and Standard & Poor's long-term rating is BBB+ with a stable outlook 1.
Segments
Cutting tools and manufacturing software
Demand for cutting tools was strong in aerospace and smaller areas such as defence, while factory demand in Europe and North America stayed weak. Manufacturing software showed good momentum, supported by recent CAM reseller acquisitions 1.
Market context
Trends
- Weak manufacturing demand in Europe and North Americaheadwind
Subdued industrial production limited tool demand in Europe and North America, while Asia was better 1. If production stabilises, demand could recover.
- Robust aerospace and defence demandtailwind
Demand for cutting tools in aerospace was strong, and smaller segments such as defence supported sales 1.
- High tungsten pricestailwind
Supply constraints lifted demand and prices for tungsten powder, supporting orders and revenue 1.
- Currency effects and tariffsmixed
Currency swings sharply reduced profit, and tariffs led to price surcharges across all areas, which could affect volumes if customers cut orders 1.
Competitive position
Sandvik competes mainly with other makers of cutting tools and machining solutions, as well as with mining and construction equipment companies. The supplied sources do not explicitly name competitors, so the list below reflects only the business categories described in the report.
Its competitive position rests on a portfolio of more than 7502 active patents 1, the integration of CAM software and recent digital acquisitions. Competitive pressure could rise if other players accelerate software offerings, especially while industrial demand stays subdued 1.
- Cutting tool manufacturers
Direct competitors in cutting tools and machining solutions; not named in the source.
- CAM and metrology software providers
Competitors in manufacturing software, where Sandvik made several acquisitions in 2025.
- Demolition equipment manufacturers
Competitors in demolition and recycling, where Sandvik expanded its offer through acquisitions.
- Mining equipment suppliers
Competitors in equipment and materials for the extractive industry.
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
- Annual report 202308 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sandvik Aktiebolag · 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.