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Swedish manufacturer of paperboard and packaging materials used in cartons, bags and other paper-based packaging.
Swedish manufacturer of paperboard and packaging materials used in cartons, bags and other paper-based packaging.
Sells paperboard and kraft paper by the tonne to packaging converters and consumer-goods companies, so earnings turn on volumes, selling prices and the cost of wood, energy and chemicals. Its mills in Sweden, Finland and the US cost a lot to run, so keeping them full matters.
In one line: A packaging-paper producer like a smaller Packaging Corporation of America.
Moat: none (scale). Commodity paperboard producer facing cyclical pricing and capital-intensive mill operations.
Headquarters: Solna, Sweden · Founded: 1883 · Employees: 5,626
Size Billerud (BILL.ST) is a Sweden Materials company (Pulp & Paper) with a market value of $2.24B, the 79th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 88.20 on 6 Nov 2026.
Performance Over six months the shares gained 35.0%, against -7.7% for the median peer and +8.2% for the Sweden market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue fell 9.0% over the last twelve months (peer median +1.6%); the operating margin is -0.6% (peer median 2.9%).
Valuation It trades at 70.1× forward earnings against a peer median of 15.4× (most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +14 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 5.9 points below its cost of capital (5.4% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 38.9B | SEK 40.5B | SEK 43.4B | SEK 41.6B | SEK 42.7B |
| Revenue growth | — | -7% | +4% | -3% | — |
| Gross profit | -SEK 234M | SEK 1.05B | SEK 2.09B | SEK 823M | SEK 5.41B |
| EBITDA | SEK 2.61B | SEK 3.92B | SEK 5.02B | SEK 3.60B | SEK 7.89B |
| Net income | SEK 233M | SEK 711M | SEK 1.75B | SEK 484M | SEK 4.59B |
| Free cash flow | SEK 338M | SEK 672M | SEK 661M | SEK 130M | SEK 3.51B |
| Capital expenditure | SEK 2.34B | SEK 2.66B | SEK 2.44B | SEK 3.18B | SEK 3.33B |
| Total debt | SEK 7.41B | SEK 7.39B | SEK 7.97B | SEK 7.58B | SEK 5.43B |
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 |
|---|---|---|---|---|---|---|
| Billerud BILL.ST | $2.24B | +35% | -9% | -1% | 70.1× | 24.9% |
| Packaging Corporation of America PKG | $22.2B | +12% | +12% | 13% | 17.8× | 4.3% |
| Stora Enso STEAV.HE | $8.58B | 0% | -1% | -4% | 18.4× | n/a |
| Smurfit Westrock SW | $23.1B | +7% | +1% | 5% | 15.1× | 13.5% |
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 | BILL.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.1% | -4.6% | 4th highest of 21 |
| 6-month return | +35.0% | -7.7% | highest of 21 |
| Distance from 52-week high | -10.2% | -29.9% | highest of 21 |
| Revenue growth (TTM) | -9.0% | +1.6% | 4th lowest of 21 |
| Operating margin | -0.6% | 2.9% | 5th lowest of 21 |
| Forward P/E | 70.1× | 15.4× | most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 24.9% | 3.6% | most demanding of 13 |
| Growth delivered (Del g) | +11.2% | +3.2% | highest of 13 |
| Hurdle (Req g minus delivered) | +13.7 pp | +0.3 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | -5.9 pp | -2.5 pp | 4th lowest of 21 |
| EV / EBITDA | 10.7× | 10.4× | 5th cheapest of 9 |
| Net debt / EBITDA | 2.3× | 4.2× | 2nd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Billerud BILL.ST | Sweden | $2.24B | +35% | -9% | -1% | 70.1× | 24.9% | +11.2% |
| Rengo 3941.T | Japan | $2.29B | +18% | +4% | 4% | 11.0× | n/a | n/a |
| Xianhe 603733.SS | China | $1.94B | -28% | +9% | 10% | 10.9× | n/a | n/a |
| Lee & Man Paper Manufacturing 2314.HK | Hong Kong | $1.77B | -4% | +14% | 9% | 5.5× | 1.0% | +0.6% |
| Sylvamo SLVM | United States | $1.57B | -4% | -7% | 6% | 9.6× | n/a | n/a |
| Zhongmin Energy 600163.SS | China | $1.49B | -15% | +18% | 49% | 15.5× | -9.8% | +5.0% |
| C&S Paper 002511.SZ | China | $1.44B | -8% | +2% | 7% | 21.7× | -2.1% | +2.3% |
| YFY 1907.TW | Taiwan | $1.40B | +18% | -2% | 0% | 23.1× | 7.1% | +0.1% |
| Metsa Board METSA.HE | Finland | $1.22B | -17% | -11% | -4% | n/a | 16.7% | -1.2% |
| Holmen HOLM-A.ST | Sweden | $4.73B | -1% | -5% | 9% | 22.2× | 7.7% | +6.2% |
| Daio Paper 3880.T | Japan | $1.03B | +3% | +1% | 4% | 15.6× | 3.7% | +3.4% |
| Yueyang Forest & Paper 600963.SS | China | $1.02B | -14% | -10% | -5% | 19.9× | n/a | n/a |
| Shanying International 600567.SS | China | $962M | -27% | +1% | -7% | n/a | -11.8% | +2.9% |
| Fujian Qingshan Paper Industry 600103.SS | China | $930M | -35% | +5% | 2% | n/a | 14.6% | -0.5% |
| Nippon Paper Industries 3863.T | Japan | $899M | -6% | +2% | 2% | 11.8× | 15.4% | +3.4% |
| Wuzhou Special Paper 605007.SS | China | $882M | -22% | +17% | 5% | 12.1× | n/a | n/a |
| Japan Pulp and Paper 8032.T | Japan | $877M | +9% | +10% | 2% | 15.3× | 3.5% | +5.6% |
| Shandong Bohui Paper Industry 600966.SS | China | $841M | -33% | -2% | 2% | 38.0× | -0.6% | +6.5% |
| Sichuan Jinshi Technology 002951.SZ | China | $840M | -7% | -52% | -102% | n/a | n/a | n/a |
| Shandong Sunpaper 002078.SZ | China | $6.02B | -4% | +9% | 11% | 10.4× | n/a | n/a |
| Hokuetsu 3865.T | Japan | $816M | -9% | -5% | 2% | 17.2× | n/a | n/a |