olivLaw · European equity research
Troax Group AB (publ) TROAX.ST
Sweden · Nasdaq Stockholm · ISIN SE0012729366 · Vertical: Listed companies from Sweden
Troax Group makes safety solutions for machines and industrial areas, including steel panels, doors and barrier systems that keep people away from hazardous zones. In fiscal 2025 revenue fell from the prior year and operating profit dropped sharply, so the company's ability to recover amid uncertain industrial demand is worth tracking. Revenue was 262.4 MEUR.
At the close of 05 Nov 2026, Troax Group AB (publ) (TROAX.ST) stock was 151.00 SEK (−0.40% on the day), with beta 0.86, 52-week range 91.90–158.20 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)
- 54.9
- neutral
- Bollinger (20, 2)
- 141.45 – 154.85
- in the upper half of the band · %B 0.71 · band width 9.0%
- SMA 50 / 200
- 150.30 / 123.04
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.11 / -0.55
- 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 | −0.9% | −0.6% | −0.3 pp | — |
| 3 months | +1.5% | −4.2% | +5.6 pp | — |
| 6 months | +40.1% | +4.3% | +35.7 pp | — |
| Year to date | +1.3% | +7.5% | −6.2 pp | — |
| 1 year | +4.9% | +9.9% | −5.1 pp | −8.5% |
| 3 years | −19.2% | +49.8% | −69.0 pp | +12.3% |
| 5 years | −61.8% | +42.8% | −104.6 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 | 264.3 m | 278.5 m | 262.4 m |
| Revenue YoY | unavailable | +5.4% | −5.8% |
| Net income | 35.7 m | 31.3 m | 13.5 m |
| Net income YoY | unavailable | −12.4% | −57.0% |
| Diluted EPS | 0.60 | 0.52 | 0.22 |
| Diluted EPS YoY | unavailable | −13.3% | −57.7% |
| net % | 13.5% | 11.2% | 5.1% |
| Free cash flow | 42.6 m | 31.8 m | 23.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 39.7 m EUR
- Financial debt
- 138.8 m EUR
- Net debt
- 99.1 m EUR
- Equity
- 177.4 m EUR
- Total assets
- 399.0 m EUR
- Debt / equity
- 0.78x
- Current ratio
- 2.79x
- ROE
- 7.5%
- ROA
- 3.7%
- FCF margin
- 9.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 264.3 m | 278.5 m | 262.4 m | esef· 26 Oct 2026verified |
| Cost of revenue | 164.2 m | 175.5 m | 167.9 m | esef· 26 Oct 2026verified |
| Gross profit | 100.1 m | 103.0 m | 94.5 m | esef· 26 Oct 2026verified |
| Operating income | 49.9 m | 45.0 m | 22.7 m | esef· 26 Oct 2026verified |
| Interest expense | 2.4 m | 4.3 m | 5.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 47.4 m | 40.7 m | 17.9 m | esef· 26 Oct 2026verified |
| Income tax | 11.7 m | 9.5 m | 4.4 m | esef· 26 Oct 2026verified |
| Net income | 35.7 m | 31.3 m | 13.5 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.60 | 0.52 | 0.22 | esef· 26 Oct 2026verified |
| Dividend per share | 0.32 | 0.34 | 0.33 | esef· 26 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 33.2 m | 29.5 m | 39.7 m | esef· 26 Oct 2026verified |
| Inventories | 30.8 m | 29.4 m | 27.3 m | esef· 26 Oct 2026verified |
| Current assets | 119.9 m | 117.8 m | 141.9 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 69.3 m | 70.8 m | 77.5 m | esef· 26 Oct 2026verified |
| Total assets | 327.4 m | 329.7 m | 399.0 m | esef· 26 Oct 2026verified |
| Long-term debt | 82.2 m | 75.6 m | 138.8 m | esef· 26 Oct 2026verified |
| Current liabilities | 51.2 m | 49.1 m | 50.8 m | esef· 26 Oct 2026verified |
| Total liabilities | 155.1 m | 149.6 m | 221.6 m | esef· 26 Oct 2026verified |
| Equity | 172.3 m | 180.1 m | 177.4 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 59.5 m | 60.2 m | 61.2 m | esef· 26 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 55.0 m | 42.5 m | 34.5 m | esef· 26 Oct 2026verified |
| Capex | 12.4 m | 10.7 m | 11.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 42.6 m ≈ | 31.8 m ≈ | 23.6 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -45.1 m | -16.2 m | -41.1 m | esef· 26 Oct 2026verified |
| Financing cash flow | -14.3 m | -29.9 m | 16.7 m | esef· 26 Oct 2026verified |
| Dividends paid | 19.2 m | 20.3 m | 20.3 m | esef· 26 Oct 2026verified |
| Share repurchases | 0 | 2.0 m | 0 | 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: 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
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
38% · 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: 3.41 – 7.43 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 · input data missing
- Peers: P/E3.41 – 7.43 (Mid 4.68)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)4.52 – 6.17 (Mid 5.22)
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: score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.8% | 30 (vs peers) | 28% |
| Net margin · Quality | 5.1% | 56 (vs peers) | 17% |
| FCF conversion · Quality | 175.2% | 100 (on a fixed band) | 17% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.5x | 46 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 11% |
| 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 | 86.3% | 48 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet68/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality56/100 · 3/3 factors with a value
- Returns· partial48/100 · 1/2 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
Troax Group AB (publ) (TROAX.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 262.4 m EUR in 2025; YoY growth -5.8%; net margin 5.1%; ROE 7.5%.
The estimated value range is 3.97–6.80 EUR per share (median of 2 methods, agreement: high); 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 (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
- FCF conversion: 175.2%
- Current ratio: 2.8x
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): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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 TROAX.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
Troax Group makes safety solutions for machines and industrial areas, including steel panels, doors and barrier systems that keep people away from hazardous zones. In fiscal 2025 revenue fell from the prior year and operating profit dropped sharply, so the company's ability to recover amid uncertain industrial demand is worth tracking 1. Revenue was 262.4 MEUR 1.
SWOT
Strengths
- Leading position in its main markets, as the company itself states in the annual report.
- A broad customer base across industry, logistics, retail and property management.
- Production spread across several regions, which can support deliveries to different markets.
Weaknesses
- Profitability fell sharply in fiscal 2025 compared with the prior year.
- Bank debt is significant and limits resources available for investment and dividends.
- Exposure to steel prices and transport costs can affect margins.
Opportunities
- Greater factory automation can generate demand for machine protection.
- More recyclable products and circular economy rules may open new commercial opportunities.
- Safety requirements in Europe and North America can support sales of certified systems.
Threats
- Fragmented competition and alternative technologies could pressure prices and market share.
- An economic slowdown could reduce investment by industrial customers.
- Currency movements and production interruptions could affect results.
Risks
- Macroeconomic riskshigh
Industrial and logistics customers are affected by economic conditions, which can reduce demand for the company's solutions.
- Raw material pricesmedium
Steel, wire and paint could become more expensive, and such companies cannot always pass increases fully on to customers.
- Indebtednesshigh
Bank debt can limit cash flow available for investment and dividends if results weaken.
- Production interruptionmedium
Fire, natural disasters or serious damage at the four main plants could interrupt production and distribution.
- Product liabilitylow
Defective products may lead to damage claims, recalls or remediation costs.
Investment thesis
What would need to be true (bull case)
- A leading position and a broad customer base could help the company recover if industrial demand improves.
- Automation and machine safety regulation could create sustained demand for the company's products.
- If raw material costs stabilise, margins could gradually return to earlier levels.
What would break the thesis
- The drop in results in fiscal 2025 could signal a structural weakening of margins rather than a temporary cycle.
- The debt level may restrict financial flexibility if demand remains weak.
- Fragmented competition and alternative technologies could pressure prices in the coming years.
What to watch
- Revenue and operating profit trend in the quarterly reportQ1 2026
- Debt level and ability to repay from operating cash flow2026
- Whether the proposed dividend of 0.24 EUR per share is approved by the general meeting2026
- New sustainability report and emission trends from steel purchasingnext annual report
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
Troax Group AB (publ) is a Swedish company that develops and manufactures safety solutions for machines and industrial processes, including mesh or sheet steel panels, posts, doors and locking systems. The products physically separate people from moving or hazardous machine parts while allowing safe operation and maintenance 1. End customers include OEMs, integrators of automated production lines, logistics companies, retailers and property owners 1. The company is governed by a board of directors, and its largest shareholder is Investment AB Latour, with 30.1 percent of shares at 31 December 2025 1.
Operations run from production units in Hillerstorp and Värnamo (Sweden), Bulciago (Italy), Chicago (USA) and Shanghai (China) 1. The company is mainly financed by bank loans, and its debt is significant relative to equity 1. Troax does not publish forecasts, but it bases its planning on a positive view of growth in its underlying market 1.
For fiscal 2025 Troax published its first sustainability report under CSRD and ESRS, identifying greenhouse gas emissions from steel purchasing, transport and manufacturing, as well as resource use and the circular economy, as material topics 1.
Segments
Machine and industrial area safety
The main product line includes steel panels, posts, doors and locking systems that separate people from moving machine parts. The systems are designed to the EU machinery directive and to ANSI/RIA standards in the USA and CSA standards in Canada 1.
Storage and safety perimeter solutions
This covers modular solutions for delimiting work areas, storage and logistics and retail spaces, used by customers in industry, logistics and property management 1.
Market context
The report describes Troax's markets as fragmented and marked by intense competition. Customer demand depends on general economic conditions in their markets, and macroeconomic changes can show up in order volumes 1.
The company reports in EUR but is exposed mainly to SEK against EUR, so currency movements can affect consolidated results. Steel and paint prices can also influence production costs 1.
Trends
- Industrial demand and automation investmentmixed
Demand for machine safety systems depends on investment by industrial customers and on automation of production lines. A period of lower investment could slow sales, while growing automation could support demand 1.
- Machine safety regulationtailwind
European and North American machine safety requirements support the need for physical protection, which can create demand for the company's products 1.
- Raw material and transport costsheadwind
Steel, wire and coating paint are important raw materials, and higher prices or transport costs could reduce margins 1.
- Sustainability requirements and circular economymixed
The CSRD and ESRS rules and circular economy requirements may add reporting costs, but also create opportunities for more recyclable products 1.
Competitive position
The report describes its markets as fragmented and highly competitive. Alternatives include simpler mesh and wire solutions and motion sensors that detect people near machines. The company says it holds a strong position in its main markets but notes that a leading position carries risk in itself 1.
Competition may also come from new products or production technologies that the company does not yet know about. If Troax fails to compete effectively, its market position could weaken 1.
- Mesh and machine guarding producers
The report generically refers to simpler mesh and wire alternatives without naming competing firms.
- Presence and safety sensor suppliers
Motion sensors that detect people near machinery are cited as an alternative to protective panels.
- Producers of new machine protection technologies
The report warns that unknown products or production technologies may emerge, without naming them.
- Regional perimeter and storage solution suppliers
The fragmented market suggests many local players, though the report does not identify them.
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 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Troax Group AB (publ) · 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.