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Swedish industrial group making air compressors, vacuum solutions, industrial tools, and power equipment used across manufacturing and energy.
Swedish industrial group making air compressors, vacuum solutions, industrial tools, and power equipment used across manufacturing and energy.
Sells compressors and vacuum pumps, then earns a steadier flow from service, spare parts and consumables on the large installed base. It runs as many autonomous business units and grows partly by buying small niche companies. It spun off its mining equipment arm as Epiroc in 2018, and Investor AB, the Wallenberg family holding company, is the largest shareholder.
In one line: A Swedish Ingersoll Rand / Parker Hannifin hybrid.
Moat: narrow (installed base, switching costs, brand). Large installed base drives high-margin service/aftermarket revenue and repeat equipment purchases.
Headquarters: Nacka, Sweden · Founded: 1873 · Employees: 56,413
Size Atlas Copco (ATCO-A.ST) is a Sweden Industrials company (Industrial Machinery) with a market value of $87.5B, the 2nd largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 184.10 on 6 Nov 2026.
Performance Over six months the shares gained 4.5%, against -2.6% for the median peer and +8.2% for the Sweden market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 2.7% over the last twelve months (peer median +8.5%); the operating margin is 20.2% (peer median 18.0%).
Valuation It trades at 29.7× forward earnings against a peer median of 23.2× (3rd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 11.4 points above its cost of capital (10.0% WACC).
Credit Atlas Copco has 3 bonds outstanding ($1.23B), rated NR by the agencies and trading like AA+ at a weighted spread of 65 bp.
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 176B | SEK 168B | SEK 177B | SEK 173B | SEK 141B |
| Revenue growth | — | -5% | +2% | +22% | — |
| Gross profit | SEK 74.3B | SEK 69.6B | SEK 74.5B | SEK 73.9B | SEK 59.4B |
| EBITDA | SEK 46.0B | SEK 44.7B | SEK 45.7B | SEK 45.4B | SEK 36.3B |
| Net income | SEK 27.7B | SEK 26.4B | SEK 29.8B | SEK 28.0B | SEK 23.5B |
| Free cash flow | SEK 28.5B | SEK 28.2B | SEK 32.7B | SEK 24.1B | SEK 17.6B |
| Capital expenditure | SEK 7.41B | SEK 8.22B | SEK 6.02B | SEK 5.45B | SEK 5.92B |
| Total debt | SEK 37.5B | SEK 34.8B | SEK 34.8B | SEK 32.7B | SEK 36.3B |
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 |
|---|---|---|---|---|---|---|
| Atlas Copco ATCO-A.ST | $87.5B | +4% | +3% | 20% | 29.7× | 17.7% |
| Ingersoll Rand IR | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% |
| Parker Hannifin PH | $116B | +4% | +8% | 22% | 24.4× | 19.0% |
| Ebara 6361.T | $9.28B | -40% | +9% | 11% | 14.5× | n/a |
| ELGI Equipments ELGIEQUIP.NS | $1.87B | -1% | +16% | 13% | 35.0× | 30.6% |
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 | ATCO-A.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.5% | -4.1% | 8th lowest of 21 |
| 6-month return | +4.5% | -2.6% | 4th highest of 20 |
| Distance from 52-week high | -14.0% | -17.7% | 7th highest of 21 |
| Revenue growth (TTM) | +2.7% | +8.5% | 4th lowest of 21 |
| Operating margin | 20.2% | 18.0% | 6th highest of 21 |
| Forward P/E | 29.7× | 23.2× | 3rd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 17.7% | 16.9% | 9th most demanding of 20 |
| Growth delivered (Del g) | +11.0% | +8.4% | 8th highest of 20 |
| Hurdle (Req g minus delivered) | +6.6 pp | +3.5 pp | 9th most demanding of 20 |
| ROIC minus cost of capital | +11.4 pp | +5.3 pp | 7th highest of 21 |
| EV / EBITDA | 18.9× | 17.2× | 6th most expensive of 16 |
| Net debt / EBITDA | 0.3× | 0.8× | 6th least indebted of 17 |
| Bond spread | 65 bp | 74 bp | 3rd tightest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Atlas Copco ATCO-A.ST | Sweden | $87.5B | +4% | +3% | 20% | 29.7× | 17.7% | +11.0% |
| Trane Technologies TT | United States | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% | +11.4% |
| Johnson Controls JCI | United States | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% | +1.6% |
| Honeywell Technologies HON | United States | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% | +2.8% |
| Parker Hannifin PH | United States | $116B | +4% | +8% | 22% | 24.4× | 19.0% | +8.4% |
| NAURA Technology 002371.SZ | China | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% | +45.5% |
| Hitachi 6501.T | Japan | $130B | -7% | +14% | 12% | 20.9× | 9.5% | +3.9% |
| Carrier Global CARR | United States | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% | +4.5% |
| Daikin Industries 6367.T | Japan | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% | +15.0% |
| Yushu Technology 688836.SS | China | $39.8B | n/a | +333% | 19% | n/a | n/a | n/a |
| Schindler SCHN.SW | Switzerland | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% | +0.6% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Siemens SIE.DE | Germany | $225B | -4% | +4% | 13% | 23.4× | 18.3% | +7.4% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
Atlas Copco has 3 bonds outstanding with $1.23B face value. The agencies rate it NR; its bonds trade like AA+. Weighted yield 3.79%, a spread of 65 bp over government bonds.