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Swedish maker of heat exchangers, separators and fluid handling equipment for energy, food and marine industries.
Swedish maker of heat exchangers, separators and fluid handling equipment for energy, food and marine industries.
Sells equipment on project-by-project orders, then earns steady revenue from spare parts, replacement plates and servicing across the machines' long working lives. Almost all sales are made outside Sweden, and the business is grouped into energy, food and water, and marine divisions.
In one line: A Swedish Flowserve/Dover hybrid in thermal/fluid handling.
Moat: narrow (process know-how, installed base, customer qualification). Engineering expertise and a large installed equipment base drive recurring service/spare-parts revenue.
Headquarters: Lund, Sweden · Founded: 1883 · Employees: 23,671
Size Alfa Laval (ALFA.ST) is a Sweden Industrials company (Industrial Machinery) with a market value of $22.5B, the 16th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 532.00 on 6 Nov 2026.
Performance Over six months the shares fell 0.5%, against -9.1% for the median peer and +8.2% for the Sweden market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 4.3% over the last twelve months (peer median +8.1%); the operating margin is 17.9% (peer median 18.5%).
Valuation It trades at 24.2× forward earnings against a peer median of 24.1× (11th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.2 points above its cost of capital (7.6% WACC).
Credit Alfa Laval has 2 bonds outstanding ($668M), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 88 bp.
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 71.8B | SEK 69.7B | SEK 67.0B | SEK 63.6B | SEK 52.1B |
| Revenue growth | — | +4% | +5% | +22% | — |
| Gross profit | SEK 26.0B | SEK 24.2B | SEK 22.3B | SEK 20.1B | SEK 16.9B |
| EBITDA | SEK 15.7B | SEK 15.3B | SEK 13.7B | SEK 12.4B | SEK 10.3B |
| Net income | SEK 8.14B | SEK 8.27B | SEK 7.39B | SEK 6.33B | SEK 4.50B |
| Free cash flow | SEK 6.67B | SEK 6.16B | SEK 9.11B | SEK 6.24B | SEK 1.25B |
| Capital expenditure | SEK 3.17B | SEK 2.66B | SEK 3.34B | SEK 2.44B | SEK 1.85B |
| Total debt | SEK 21.0B | SEK 21.0B | SEK 13.3B | SEK 15.9B | SEK 17.7B |
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 |
|---|---|---|---|---|---|---|
| Alfa Laval ALFA.ST | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% |
| Flowserve FLS | $10.2B | +13% | 0% | 14% | 17.8× | 15.0% |
| Flow Traders FLOW.AS | $1.13B | -20% | -4% | 43% | 7.2× | n/a |
| GEA Group Aktiengesellschaft G1A.DE | $12.6B | +25% | +4% | 12% | 21.0× | 5.8% |
| Sulzer SUN.SW | $7.39B | +23% | -3% | 13% | 17.9× | -1.4% |
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 | ALFA.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.1% | -7.0% | 10th highest of 21 |
| 6-month return | -0.5% | -9.1% | 9th highest of 21 |
| Distance from 52-week high | -10.7% | -32.4% | 5th highest of 21 |
| Revenue growth (TTM) | +4.3% | +8.1% | 5th lowest of 21 |
| Operating margin | 17.9% | 18.5% | 10th lowest of 21 |
| Forward P/E | 24.2× | 24.1× | 11th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 7.9% | 16.5% | 2nd least demanding of 19 |
| Growth delivered (Del g) | +10.9% | +9.2% | 8th highest of 19 |
| Hurdle (Req g minus delivered) | -3.0 pp | +7.0 pp | 3rd least demanding of 19 |
| ROIC minus cost of capital | +8.2 pp | +3.7 pp | 7th highest of 20 |
| EV / EBITDA | 14.9× | 17.6× | 5th cheapest of 15 |
| Net debt / EBITDA | 0.9× | 1.0× | 7th least indebted of 16 |
| Bond spread | 88 bp | 75 bp | 2nd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
| SYM SYM | United States | $22.3B | -30% | +20% | 1% | 101.9× | n/a | n/a |
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | China | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% | +20.8% |
| VAT VACN.SW | Switzerland | $19.0B | -11% | -2% | 25% | 48.2× | 25.8% | +9.2% |
| Woodward WWD | United States | $18.7B | -14% | +22% | 16% | 31.0× | 18.9% | +7.4% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| Nordson NDSN | United States | $17.3B | +10% | +7% | 27% | 24.5× | 15.4% | +5.6% |
| IDEX IEX | United States | $16.7B | +5% | +7% | 21% | 23.7× | 14.7% | +8.0% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| Ihi 7013.T | Japan | $15.4B | -20% | +8% | 10% | 12.7× | 16.7% | +8.1% |
| Lincoln Electric LECO | United States | $14.9B | +2% | +11% | 18% | 22.0× | 13.3% | +9.7% |
| ACM Research (Shanghai) 688082.SS | China | $14.6B | +30% | +9% | 15% | 54.1× | n/a | n/a |
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| Lifco LIFCO-B.ST | Sweden | $13.1B | +1% | +7% | 19% | 29.3× | 15.2% | +15.4% |
Alfa Laval has 2 bonds outstanding with $668M face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 3.87%, a spread of 88 bp over government bonds.