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Swedish engineering and design consultancy serving energy, infrastructure and industrial clients across Europe.
Swedish engineering and design consultancy serving energy, infrastructure and industrial clients across Europe.
Earns by billing clients for engineers' hours, so utilisation (the share of working hours that can be billed) and hourly rates drive results, with some fixed-price projects adding risk. Public infrastructure and utilities are steadier clients than industrial companies. AFRY was formed in 2019 by combining AF and Poyry.
In one line: A European engineering consultancy like a smaller Jacobs Engineering.
Moat: narrow (scale, process know-how, brand). Deep expertise in energy (including nuclear) engineering is a differentiator, though consulting is people-based and competitive.
Headquarters: Stockholm, Sweden · Founded: 1895 · Employees: 17,898
Size AFRY (AFRY.ST) is a Sweden Industrials company (Miscellaneous Commercial Services) with a market value of $1.50B, the 104th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 129.70 on 6 Nov 2026.
Performance Over six months the shares gained 16.9%, against -7.7% for the median peer and +8.2% for the Sweden market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 3.5% over the last twelve months (peer median +4.5%); the operating margin is 7.3% (peer median 10.6%).
Valuation It trades at 12.7× forward earnings against a peer median of 19.4× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points above its cost of capital (6.8% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 25.3B | SEK 25.8B | SEK 27.2B | SEK 27.0B | SEK 23.6B |
| Revenue growth | — | -5% | +1% | +15% | — |
| Gross profit | SEK 1.81B | SEK 1.70B | SEK 1.90B | SEK 1.77B | SEK 1.56B |
| EBITDA | SEK 2.64B | SEK 2.54B | SEK 2.81B | SEK 2.72B | SEK 2.42B |
| Net income | SEK 858M | SEK 800M | SEK 1.23B | SEK 1.10B | SEK 974M |
| Free cash flow | SEK 2.08B | SEK 2.14B | SEK 1.89B | SEK 1.65B | SEK 930M |
| Capital expenditure | SEK 75.0M | SEK 94.0M | SEK 133M | SEK 176M | SEK 151M |
| Total debt | SEK 7.07B | SEK 6.61B | SEK 7.25B | SEK 7.86B | SEK 7.79B |
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 |
|---|---|---|---|---|---|---|
| AFRY AFRY.ST | $1.50B | +17% | -4% | 7% | 12.7× | -2.2% |
| Sweco SWEC-A.ST | $5.32B | +12% | +6% | 10% | 20.6× | 5.0% |
| Jacobs Solutions J | $17.4B | +26% | +20% | 5% | 18.6× | 15.8% |
| WSP Global WSP.TO | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% |
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 | AFRY.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +26.2% | -8.2% | 3rd highest of 21 |
| 6-month return | +16.9% | -7.7% | 2nd highest of 21 |
| Distance from 52-week high | -20.7% | -36.5% | 5th highest of 21 |
| Revenue growth (TTM) | -3.5% | +4.5% | 5th lowest of 21 |
| Operating margin | 7.3% | 10.6% | 7th lowest of 21 |
| Forward P/E | 12.7× | 19.4× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -2.2% | 12.1% | 4th least demanding of 17 |
| Growth delivered (Del g) | +6.3% | +11.1% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | -8.5 pp | -3.6 pp | 7th least demanding of 17 |
| ROIC minus cost of capital | +0.7 pp | -0.6 pp | 10th highest of 19 |
| EV / EBITDA | 7.9× | 9.7× | 3rd cheapest of 9 |
| Net debt / EBITDA | 2.3× | 1.2× | 2nd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AFRY AFRY.ST | Sweden | $1.50B | +17% | -4% | 7% | 12.7× | -2.2% | +6.3% |
| Foxtron Vehicle Technologies 2258.TW | Taiwan | $1.50B | +1% | -50% | -132% | n/a | n/a | n/a |
| Clarivate CLVT | United States | $1.50B | -16% | -9% | 8% | 3.8× | 13.4% | +14.4% |
| Shanghai Foreign Service 600662.SS | China | $1.49B | -14% | +1% | 2% | 13.8× | -20.6% | +1.9% |
| Shenzhen Ampron Technology 301413.SZ | China | $1.48B | -7% | +11% | 2% | 423.6× | n/a | n/a |
| Moltiply MOL.MI | Italy | $1.53B | +6% | +32% | 15% | 14.6× | 10.8% | +21.0% |
| Taiwan Secom 9917.TW | Taiwan | $1.47B | -8% | +3% | 16% | 14.2× | -2.3% | +6.7% |
| Yangzhou Tinfulong 603406.SS | China | $1.53B | -25% | -4% | 12% | n/a | 7.5% | +10.6% |
| Shanghai Medicilon 688202.SS | China | $1.47B | +18% | +42% | -2% | 91.8× | n/a | n/a |
| Suzhou Recodeal Interconnect System 688800.SS | China | $1.47B | -55% | +5% | 9% | 28.7× | 26.1% | +38.9% |
| AEM AWX.SI | Singapore | $1.55B | -18% | +15% | 11% | 23.4× | 15.4% | -5.1% |
| Offcn Education Technology 002607.SZ | China | $1.56B | -36% | -2% | 13% | 38.8× | 17.7% | -27.6% |
| MEITEC 9744.T | Japan | $1.57B | +3% | +2% | 14% | 18.7× | -4.6% | +7.3% |
| ICF International ICFI | United States | $1.43B | +14% | -8% | 8% | 10.8× | -2.2% | +4.4% |
| Derichebourg DBG.PA | France | $1.42B | -24% | -3% | 5% | 8.9× | 6.8% | +6.3% |
| China National Electric Apparatus Research Institute 688128.SS | China | $1.42B | -12% | +8% | 11% | 15.5× | 4.0% | +13.5% |
| eClerx Services ECLERX.NS | India | $1.59B | 0% | +22% | 20% | 19.4× | 17.2% | +21.4% |
| Siglent Technologies 688112.SS | China | $1.41B | -5% | +30% | 24% | 46.2× | 31.3% | +22.0% |
| Concord Biotech CONCORDBIO.NS | India | $1.40B | +2% | +4% | 28% | 38.2× | 47.1% | +11.6% |
| PharmaBlock Sciences (Nanjing) 300725.SZ | China | $1.61B | +16% | +11% | 11% | 44.6× | 27.8% | +14.1% |
| Wintech Nano (Suzhou) 688757.SS | China | $1.39B | -18% | +23% | 7% | n/a | n/a | n/a |