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Swedish contract manufacturer of electronics and electromechanical components for industrial and medtech customers.
Swedish contract manufacturer of electronics and electromechanical components for industrial and medtech customers.
In one line: A smaller Nordic contract electronics manufacturer like a mini Jabil.
Moat: narrow (customer qualification, process know-how). Long-term supply contracts with qualified processes, but contract manufacturing is a low-margin, competitive business.
Headquarters: Vasteras, Sweden · Founded: 1994 · Employees: 7,827
Size AQ Group AB (AQ.ST) is a Sweden Industrials company (Electrical Products) with a market value of $2.04B, the 83rd largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 217.60 on 6 Nov 2026.
Performance Over six months the shares fell 5.0%, against -21.1% for the median peer and +8.2% for the Sweden market (cap-weighted) — 3rd highest of 19 in its peer set.
Growth Revenue grew 10.7% over the last twelve months (peer median +4.1%); the operating margin is 9.1% (peer median 10.2%).
Valuation It trades at 24.7× forward earnings against a peer median of 16.7× (5th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.3 points above its cost of capital (8.2% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 9.82B | SEK 9.07B | SEK 8.55B | SEK 8.97B | SEK 7.05B |
| Revenue growth | — | +6% | -5% | +27% | — |
| Gross profit | SEK 895M | SEK 804M | SEK 785M | SEK 741M | SEK 395M |
| EBITDA | SEK 1.25B | SEK 1.18B | SEK 1.13B | SEK 1.07B | SEK 705M |
| Net income | SEK 754M | SEK 676M | SEK 665M | SEK 632M | SEK 410M |
| Free cash flow | SEK 506M | SEK 688M | SEK 1.01B | SEK 731M | -SEK 77.0M |
| Capital expenditure | SEK 254M | SEK 241M | SEK 188M | SEK 254M | SEK 289M |
| Total debt | SEK 436M | SEK 566M | SEK 635M | SEK 717M | SEK 1.04B |
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 |
|---|---|---|---|---|---|---|
| AQ Group AB AQ.ST | $2.04B | -5% | +11% | 9% | 24.7× | 12.4% |
| Jabil JBL | $24.6B | -33% | +21% | 5% | 13.5× | 8.3% |
| Note NOTE.ST | $445M | -12% | +9% | 9% | 15.3× | 0.0% |
| Kitron KIT.OL | $2.02B | -20% | +54% | 10% | 22.0× | -0.6% |
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 | AQ.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.8% | -11.1% | 7th highest of 21 |
| 6-month return | -5.0% | -21.1% | 3rd highest of 19 |
| Distance from 52-week high | -15.7% | -43.4% | highest of 21 |
| Revenue growth (TTM) | +10.7% | +4.1% | 9th highest of 21 |
| Operating margin | 9.1% | 10.2% | 10th lowest of 21 |
| Forward P/E | 24.7× | 16.7× | 5th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 12.4% | 5.1% | 4th most demanding of 10 |
| Growth delivered (Del g) | +13.5% | +8.1% | 2nd highest of 10 |
| Hurdle (Req g minus delivered) | -1.0 pp | -2.2 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | +6.3 pp | +2.1 pp | 6th highest of 20 |
| EV / EBITDA | 15.7× | 7.6× | 2nd most expensive of 9 |
| Net debt / EBITDA | -0.4× | -0.5× | 5th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AQ Group AB AQ.ST | Sweden | $2.04B | -5% | +11% | 9% | 24.7× | 12.4% | +13.5% |
| Zhejiang E-P Equipment 603194.SS | China | $2.04B | -3% | +17% | 13% | 14.8× | n/a | n/a |
| Dajin Heavy Industry 1081.HK | Hong Kong | $2.03B | n/a | +2% | 19% | 10.6× | n/a | n/a |
| Titan Wind Energy (Suzhou) 002531.SZ | China | $2.05B | -37% | -1% | 5% | 29.4× | n/a | n/a |
| Ligent Technologies 9856.HK | Hong Kong | $2.07B | n/a | +33% | 12% | n/a | n/a | n/a |
| Chung-Hsin Electric & Machinery Manufacturing 1513.TW | Taiwan | $2.07B | -10% | +4% | 19% | 14.7× | -2.2% | +12.3% |
| Minmetals New Energy Materials (Hunan) 688779.SS | China | $2.00B | -36% | +146% | 5% | 23.8× | n/a | n/a |
| Xian Sinofuse Electric 301031.SZ | China | $1.99B | -16% | +56% | 21% | 22.1× | n/a | n/a |
| Signify LIGHT.AS | Netherlands | $2.09B | -26% | -8% | 7% | 8.5× | -12.5% | -2.4% |
| SMA Solar Technology S92.DE | Germany | $1.99B | -21% | +4% | -7% | 16.7× | -4.2% | +8.1% |
| Voltronic Power Technology 6409.TW | Taiwan | $2.10B | +1% | -13% | 20% | 21.5× | 6.2% | +8.5% |
| Chengdu Jiachi Electronic Technology 688708.SS | China | $2.11B | -33% | -7% | 26% | n/a | n/a | n/a |
| Jinlongyu 002882.SZ | China | $1.97B | -21% | -1% | 3% | n/a | n/a | n/a |
| TD Power Systems TDPOWERSYS.NS | India | $1.96B | -7% | +54% | 17% | 47.1× | 40.6% | +25.6% |
| Meidensha 6508.T | Japan | $1.96B | -20% | +12% | 10% | 11.0× | 5.1% | +7.1% |
| Jiangxi Special Electric Motor 002176.SZ | China | $1.96B | -52% | -13% | -13% | n/a | 48.7% | +1.2% |
| NuScale Power SMR | United States | $2.18B | -60% | -81% | -6,854% | n/a | n/a | n/a |
| Simplo Technology 6121.TWO | Taiwan | $1.90B | -6% | +3% | 11% | 9.6× | -20.1% | -0.8% |
| Jiangsu Cnano Technology 688116.SS | China | $1.90B | -19% | +8% | 19% | 32.6× | n/a | n/a |
| Jiangsu Leili Motor 300660.SZ | China | $1.90B | -33% | +16% | 5% | 70.5× | 29.1% | +11.6% |
| Rept Battero Energy 0666.HK | Hong Kong | $2.19B | -57% | +56% | 6% | 10.0× | n/a | n/a |