Loading…
World's largest lock and access-control manufacturer, making mechanical and electronic security products for doors and entry systems.
World's largest lock and access-control manufacturer, making mechanical and electronic security products for doors and entry systems.
Sells through locksmiths, installers and distributors as well as directly to large building projects, and has grown mainly by buying smaller lock and door makers over several decades. A lock is fitted once but later upgraded, replaced or serviced, so renovation and upgrade work runs alongside new-build demand, with electronic products taking a rising share.
In one line: A Swedish Allegion, but larger and global.
Moat: wide (brand, scale, distribution). World's largest lock/access-control maker with a vast brand portfolio and global distribution network.
Headquarters: Stockholm, Sweden · Founded: 1994 · Employees: 62,083
Size ASSA ABLOY (ASSA-B.ST) is a Sweden Industrials company (Tools & Hardware) with a market value of $44.8B, the 6th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 394.60 on 6 Nov 2026.
Performance Over six months the shares gained 14.8%, against -9.4% for the median peer and +8.2% for the Sweden market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 0.3% over the last twelve months (peer median +5.7%); the operating margin is 16.6% (peer median 6.3%).
Valuation It trades at 24.4× forward earnings against a peer median of 19.8× (7th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.5 points above its cost of capital (7.7% WACC).
Credit ASSA ABLOY has 9 bonds outstanding ($2.80B), rated A- by the agencies and trading like AA- at a weighted spread of 85 bp.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 154B | SEK 152B | SEK 150B | SEK 141B | SEK 121B |
| Revenue growth | — | +1% | +7% | +16% | — |
| Gross profit | SEK 66.8B | SEK 64.9B | SEK 62.7B | SEK 56.4B | SEK 47.9B |
| EBITDA | SEK 31.9B | SEK 31.2B | SEK 29.9B | SEK 29.5B | SEK 23.3B |
| Net income | SEK 17.0B | SEK 14.7B | SEK 15.6B | SEK 13.6B | SEK 13.3B |
| Free cash flow | SEK 22.1B | SEK 19.0B | SEK 19.1B | SEK 18.9B | SEK 12.6B |
| Capital expenditure | SEK 2.94B | SEK 2.77B | SEK 2.56B | SEK 2.64B | SEK 2.00B |
| Total debt | SEK 66.1B | SEK 65.4B | SEK 73.5B | SEK 65.2B | SEK 33.7B |
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 |
|---|---|---|---|---|---|---|
| ASSA ABLOY ASSA-B.ST | $44.8B | +15% | 0% | 17% | 24.4× | 9.0% |
| Allegion ALLE | $15.6B | +39% | +10% | 22% | 18.7× | 7.6% |
| dormakaba DOKA.SW | $3.47B | +28% | -3% | 13% | 21.2× | -9.3% |
| Spectrum Brands SPB | $1.99B | +6% | +1% | 9% | 17.1× | -2.5% |
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 | ASSA-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.1% | -1.0% | 3rd highest of 21 |
| 6-month return | +14.8% | -9.4% | 5th highest of 21 |
| Distance from 52-week high | -2.3% | -30.4% | highest of 21 |
| Revenue growth (TTM) | +0.3% | +5.7% | 6th lowest of 21 |
| Operating margin | 16.6% | 6.3% | 4th highest of 21 |
| Forward P/E | 24.4× | 19.8× | 7th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 9.0% | 6.8% | 5th most demanding of 16 |
| Growth delivered (Del g) | +11.7% | +8.4% | 4th highest of 16 |
| Hurdle (Req g minus delivered) | -2.7 pp | -0.8 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | +3.5 pp | -0.9 pp | 7th highest of 21 |
| EV / EBITDA | 15.7× | 11.3× | 5th most expensive of 12 |
| Net debt / EBITDA | 2.0× | 1.4× | 5th most indebted of 13 |
| Bond spread | 85 bp | 81 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ASSA ABLOY ASSA-B.ST | Sweden | $44.8B | +15% | 0% | 17% | 24.4× | 9.0% | +11.7% |
| Techtronic Ind 0669.HK | Hong Kong | $33.1B | +14% | +4% | 9% | 22.8× | 8.1% | +9.3% |
| Snap-on SNA | United States | $18.9B | -1% | +3% | 25% | 18.3× | 2.7% | +5.5% |
| Stanley Black & Decker SWK | United States | $17.3B | +43% | 0% | 10% | 18.3× | 6.8% | +3.0% |
| Allegion ALLE | United States | $15.6B | +39% | +10% | 22% | 18.7× | 7.6% | +8.4% |
| Makita 6586.T | Japan | $8.78B | -9% | +9% | 14% | 16.6× | 0.6% | +5.0% |
| Codan CDA.AX | Australia | $6.88B | +41% | +30% | 28% | 36.4× | 26.4% | +14.9% |
| Hangzhou GreatStar Industrial 002444.SZ | China | $5.33B | -13% | +6% | 15% | 13.0× | 5.8% | +11.5% |
| Husqvarna HUSQ-A.ST | Sweden | $1.94B | -24% | -6% | 6% | 13.5× | -2.0% | +2.1% |
| Fiskars Oyj Abp FSKRS.HE | Finland | $1.20B | 0% | 0% | 7% | 20.9× | 8.1% | +0.4% |
| Finework (Hu Nan) New Energy Technology 301232.SZ | China | $1.17B | -52% | +11% | 2% | n/a | n/a | n/a |
| Hengerda New Materials (Fujian) 300946.SZ | China | $1.12B | -34% | +14% | 6% | 31.9× | 55.3% | +11.8% |
| Shenzhen Lihexing 301013.SZ | China | $855M | -3% | +8% | -22% | 43.5× | n/a | n/a |
| Einhell Germany AG Pref EIN.DE | Germany | $801M | -12% | 0% | 10% | 9.6× | -6.8% | +9.8% |
| Zhejiang FORE Intelligent Technology 301368.SZ | China | $796M | -24% | +10% | -11% | n/a | n/a | n/a |
| Xianheng International Science&Technology 605056.SS | China | $773M | -50% | +18% | 6% | 17.7× | 6.6% | +18.1% |
| Guangdong Kinlong Hardware Products 002791.SZ | China | $741M | -24% | -20% | -8% | 279.4× | 16.9% | -3.8% |
| Bergman & Beving BERG-B.ST | Sweden | $704M | -9% | +1% | 9% | 24.9× | 5.0% | +2.9% |
| Keystone Electrical (Zhejiang) 301448.SZ | China | $578M | +19% | +5% | 1% | n/a | n/a | n/a |
| Wangli Security & Surveillance Product 605268.SS | China | $576M | -33% | -2% | 4% | 33.5× | 13.7% | +8.9% |
| Guangxi Oriental Intelligent Manufacturing Technology 002175.SZ | China | $439M | -9% | +22% | -9% | n/a | n/a | n/a |
ASSA ABLOY has 9 bonds outstanding with $2.80B face value. The agencies rate it A-; its bonds trade like AA-. Weighted yield 3.91%, a spread of 85 bp over government bonds.