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Swedish grocery retailer operating Willys discount and Hemkop supermarket chains, plus wholesale distribution.
Swedish grocery retailer operating Willys discount and Hemkop supermarket chains, plus wholesale distribution.
Runs its own central buying and warehousing arm, Dagab, which supplies its Willys and Hemkop chains and wholesale customers, so it earns a retail margin plus a wholesale margin on the same volume. The Axel Johnson group is the controlling shareholder.
In one line: A Swedish Kroger/discount grocer hybrid.
Moat: narrow (scale, distribution, cost advantage). Dense Swedish store network and centralized logistics give a cost edge versus smaller independents.
Headquarters: Stockholm, Sweden · Founded: 2000 · Employees: 15,620
Size Axfood (AXFO.ST) is a Sweden Consumer Staples company (Food Retail) with a market value of $6.26B, the 41st largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 283.80 on 6 Nov 2026.
Performance Over six months the shares gained 3.5%, against +11.1% for the median peer and +8.2% for the Sweden market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 2.4% over the last twelve months (peer median +5.3%); the operating margin is 3.2% (peer median 5.0%).
Valuation It trades at 24.3× forward earnings against a peer median of 18.5× (4th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 90.3B | SEK 89.2B | SEK 84.1B | SEK 81.1B | SEK 73.5B |
| Revenue growth | — | +6% | +4% | +10% | — |
| Gross profit | SEK 13.3B | SEK 11.4B | SEK 10.8B | SEK 10.1B | SEK 8.97B |
| EBITDA | SEK 7.04B | SEK 6.87B | SEK 6.12B | SEK 5.68B | SEK 4.80B |
| Net income | SEK 2.47B | SEK 2.34B | SEK 2.19B | SEK 2.36B | SEK 2.36B |
| Free cash flow | SEK 5.01B | SEK 5.37B | SEK 4.35B | SEK 4.28B | SEK 3.71B |
| Capital expenditure | SEK 1.95B | SEK 1.73B | SEK 1.54B | SEK 1.95B | SEK 2.59B |
| Total debt | SEK 16.3B | SEK 15.4B | SEK 15.3B | SEK 9.76B | SEK 9.25B |
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.
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 | AXFO.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.3% | +5.3% | 5th highest of 21 |
| 6-month return | +3.5% | +11.1% | 9th lowest of 21 |
| Distance from 52-week high | -16.3% | -11.6% | 10th lowest of 21 |
| Revenue growth (TTM) | +2.4% | +5.3% | 8th lowest of 21 |
| Operating margin | 3.2% | 5.0% | 7th lowest of 21 |
| Forward P/E | 24.3× | 18.5× | 4th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 3.2% | 0.6% | 10th most demanding of 20 |
| Growth delivered (Del g) | +10.7% | +6.3% | 7th highest of 20 |
| Hurdle (Req g minus delivered) | -7.5 pp | -5.2 pp | 9th least demanding of 20 |
| ROIC minus cost of capital | +4.5 pp | +3.5 pp | 9th highest of 20 |
| EV / EBITDA | 11.0× | 8.1× | 7th most expensive of 19 |
| Net debt / EBITDA | 2.3× | 1.9× | 8th most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Axfood AXFO.ST | Sweden | $6.26B | +4% | +2% | 3% | 24.3× | 3.2% | +10.7% |
| Albertsons Companies ACI | United States | $6.02B | -20% | +2% | 2% | 7.0× | -3.0% | +3.6% |
| President Chain Store 2912.TW | Taiwan | $6.62B | -6% | +5% | 4% | 17.0× | 3.3% | +6.3% |
| Guming 1364.HK | Hong Kong | $7.08B | -4% | +47% | 25% | 14.8× | -4.1% | +29.4% |
| DFI Retail D01.SI | Singapore | $5.06B | -11% | -3% | 4% | 13.2× | -0.4% | -2.9% |
| Empire EMP-A.TO | Canada | $7.85B | +7% | +2% | 4% | 13.6× | -2.7% | +2.5% |
| Zabka ZAB.WA | Poland | $8.11B | +41% | +14% | 8% | 25.3× | 6.3% | +19.3% |
| Sprouts Farmers Market SFM | United States | $4.53B | -41% | +5% | 7% | 11.3× | -4.0% | +6.4% |
| MIXUE 2097.HK | Hong Kong | $8.80B | -37% | +35% | 20% | 11.5× | -18.5% | +32.1% |
| Kobe Bussan 3038.T | Japan | $4.33B | +15% | +6% | 7% | 21.9× | -4.8% | +10.1% |
| Dino Polska DNP.WA | Poland | $9.36B | +31% | +14% | 6% | 22.2× | 17.9% | +27.1% |
| J Sainsbury SBRY.L | United Kingdom | $10.4B | +16% | -3% | 3% | 14.9× | 7.8% | +3.0% |
| Yonghui Superstores 601933.SS | China | $3.76B | -23% | -16% | -3% | 273.4× | n/a | n/a |
| Ocado OCDO.L | United Kingdom | $3.73B | +77% | -42% | 3% | n/a | 39.1% | -9.9% |
| BBB Foods TBBB | United States | $10.8B | +72% | +52% | 1% | n/a | 49.9% | +37.1% |
| Kesko KESKOA.HE | Finland | $11.3B | +23% | +6% | 5% | 20.6× | 4.8% | +3.2% |
| Distribuidora Internacional de Alimentacion DIA.MC | Spain | $3.15B | +25% | +2% | 3% | 32.6× | 4.9% | -3.6% |
| Uni-president Enterprises 1216.TW | Taiwan | $13.2B | +11% | +1% | 5% | 17.6× | 0.6% | +8.5% |
| Kusuri No Aoki 3549.T | Japan | $2.88B | +26% | +13% | 5% | 21.2× | 4.1% | +13.1% |
| Sheng Siong OV8.SI | Singapore | $2.77B | -22% | +10% | 10% | 21.6× | -1.6% | +2.4% |
| Metro MRU.TO | Canada | $14.6B | +11% | +3% | 6% | 19.4× | -0.7% | +4.1% |