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Swedish producer of specialty vegetable oils and fats used as ingredients in food, chocolate, cosmetics and infant nutrition.
Swedish producer of specialty vegetable oils and fats used as ingredients in food, chocolate, cosmetics and infant nutrition.
Buys oils such as palm, shea and rapeseed and sells them as processed blends developed with customers; raw-material price moves are mostly passed on, so what it keeps is the processing and development margin per tonne rather than the oil price. Many chocolate-fat blends are based on shea nuts sourced from West Africa.
In one line: A specialty-ingredients oils company like a smaller Bunge/ADM specialty division.
Moat: narrow (process know-how, customer qualification, scale). Custom-formulated fat blends are embedded in customers' recipes, creating switching costs despite commodity oil inputs.
Headquarters: Malmo, Sweden · Founded: 1889
Size Aak (AAK.ST) is a Sweden Consumer Staples company (Food: Specialty/Candy) with a market value of $4.88B, the 46th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 182.60 on 6 Nov 2026.
Performance Over six months the shares fell 30.3%, against +8.8% for the median peer and +8.2% for the Sweden market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 0.6% over the last twelve months (peer median +8.2%); the operating margin is 9.7% (peer median 9.9%).
Valuation It trades at 13.6× forward earnings against a peer median of 17.6× (5th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.7 points above its cost of capital (5.6% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 46.0B | SEK 46.0B | SEK 45.1B | SEK 46.0B | SEK 50.4B |
| Revenue growth | — | +2% | -2% | -9% | — |
| Gross profit | SEK 4.45B | SEK 4.46B | SEK 4.78B | SEK 3.90B | SEK 2.59B |
| EBITDA | SEK 5.30B | SEK 5.29B | SEK 5.64B | SEK 4.76B | SEK 3.40B |
| Net income | SEK 3.55B | SEK 3.43B | SEK 3.54B | SEK 2.95B | SEK 1.77B |
| Free cash flow | SEK 2.87B | -SEK 401M | SEK 1.15B | SEK 4.11B | -SEK 1.29B |
| Capital expenditure | SEK 1.39B | SEK 1.30B | SEK 1.25B | SEK 1.25B | SEK 1.23B |
| Total debt | SEK 5.26B | SEK 4.95B | SEK 3.58B | SEK 4.50B | SEK 7.26B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Aak AAK.ST | $4.88B | -30% | -1% | 10% | 13.6× | -6.0% |
| Bunge Global BG | $19.0B | -20% | +55% | 4% | 9.2× | n/a |
| Archer Daniels Midland ADM | $33.3B | -9% | +1% | 3% | 12.0× | 8.0% |
| Wilmar International F34.SI | $14.5B | -19% | +6% | 3% | 10.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AAK.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.6% | +8.0% | 4th lowest of 21 |
| 6-month return | -30.3% | +8.8% | lowest of 21 |
| Distance from 52-week high | -34.2% | -15.1% | 2nd lowest of 21 |
| Revenue growth (TTM) | -0.6% | +8.2% | 3rd lowest of 21 |
| Operating margin | 9.7% | 9.9% | 11th highest of 21 |
| Forward P/E | 13.6× | 17.6× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -6.0% | 4.0% | 3rd least demanding of 17 |
| Growth delivered (Del g) | +10.5% | +9.3% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | -16.5 pp | -8.6 pp | 3rd least demanding of 17 |
| ROIC minus cost of capital | +8.7 pp | +2.3 pp | 5th highest of 21 |
| EV / EBITDA | 9.7× | 9.8× | 9th cheapest of 18 |
| Net debt / EBITDA | 0.6× | 1.1× | 7th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aak AAK.ST | Sweden | $4.88B | -30% | -1% | 10% | 13.6× | -6.0% | +10.5% |
| Angel Yeast 600298.SS | China | $4.97B | +2% | +15% | 11% | 19.1× | 4.1% | +13.4% |
| Sensient Technologies SXT | United States | $5.07B | +1% | +10% | 15% | 25.0× | n/a | n/a |
| Yamazaki Baking 2212.T | Japan | $5.08B | +21% | +5% | 5% | 18.0× | -3.3% | +5.3% |
| Balchem BCPC | United States | $5.54B | +8% | +9% | 22% | 30.9× | 14.5% | +8.1% |
| Nissin Foods 2897.T | Japan | $5.73B | +9% | +5% | 6% | 17.9× | n/a | n/a |
| Ingredion INGR | United States | $5.78B | -15% | -1% | 12% | 9.7× | -7.8% | +3.8% |
| Anjoy Foods 2648.HK | Hong Kong | $3.83B | -20% | +24% | 12% | 11.6× | -2.9% | +17.5% |
| Post POST | United States | $3.65B | -19% | +6% | 10% | 11.8× | -2.1% | +7.4% |
| Vita Coco COCO | United States | $3.56B | -13% | +26% | 20% | 30.2× | 8.4% | +14.4% |
| Toyo Suisan Kaisha 2875.T | Japan | $6.74B | -4% | +7% | 17% | 14.5× | -5.0% | +9.5% |
| Ashland ASH | United States | $3.51B | +39% | +2% | 7% | 18.0× | 12.3% | -2.5% |
| Jinan Shengquan Group Share 605589.SS | China | $3.46B | -30% | +12% | 8% | 19.7× | n/a | n/a |
| Campbell's CPB | United States | $6.90B | +11% | -5% | 11% | 13.7× | -3.6% | +2.8% |
| Orion 271560.KS | South Korea | $3.45B | -18% | +11% | 17% | 9.9× | -17.1% | +8.4% |
| Tate & Lyle TATE.L | United Kingdom | $3.34B | +53% | +16% | 9% | 15.2× | 10.8% | +10.6% |
| Meiji 2269.T | Japan | $7.35B | +14% | +4% | 8% | 17.2× | n/a | n/a |
| Greencore GNC.L | United Kingdom | $3.23B | +31% | +26% | 6% | 14.3× | 22.4% | +9.0% |
| Greggs GRG.L | United Kingdom | $3.20B | +42% | +7% | 9% | 18.1× | 10.5% | +21.5% |
| Lamb Weston LW | United States | $7.61B | +31% | +3% | 10% | 16.6× | 4.0% | +12.5% |
| Freshpet FRPT | United States | $3.09B | +21% | +12% | 9% | 34.9× | 28.5% | +28.2% |