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Nordic mining and smelting company producing copper, zinc, lead, gold and silver from its own mines and smelters.
Nordic mining and smelting company producing copper, zinc, lead, gold and silver from its own mines and smelters.
Sells concentrates and refined metals at London Metal Exchange prices, and also earns fees for smelting other miners' concentrate, so earnings follow metal prices and smelting fees. Its mines and smelters sit in the Nordics and Ireland.
In one line: A Nordic Freeport-McMoRan/Southern Copper.
Moat: narrow (scale, installed base). Integrated Nordic mine-to-smelter base metal operations, though a price-taker in global commodity markets.
Headquarters: Stockholm, Sweden · Founded: 1931 · Employees: 8,154
Size Boliden (BOL.ST) is a Sweden Materials company (Other Metals/Minerals) with a market value of $14.6B, the 22nd largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 503.40 on 6 Nov 2026.
Performance Over six months the shares fell 3.6%, against -27.2% for the median peer and +8.2% for the Sweden market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 23.0% over the last twelve months (peer median +27.6%); the operating margin is 16.3% (peer median 15.1%).
Valuation It trades at 11.3× forward earnings against a peer median of 12.7× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.3 points above its cost of capital (8.8% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 112B | SEK 93.5B | SEK 89.2B | SEK 78.6B | SEK 86.4B |
| Revenue growth | — | +5% | +14% | -9% | — |
| Gross profit | SEK 21.8B | SEK 15.5B | SEK 12.6B | SEK 10.6B | SEK 18.0B |
| EBITDA | SEK 28.2B | SEK 22.6B | SEK 17.4B | SEK 14.1B | SEK 22.0B |
| Net income | SEK 14.3B | SEK 9.40B | SEK 10.0B | SEK 6.07B | SEK 12.4B |
| Free cash flow | SEK 3.80B | SEK 5.24B | SEK 2.69B | -SEK 3.24B | SEK 6.43B |
| Capital expenditure | SEK 15.7B | SEK 15.5B | SEK 15.0B | SEK 15.5B | SEK 10.0B |
| Total debt | SEK 23.6B | SEK 23.8B | SEK 16.5B | SEK 14.6B | SEK 11.2B |
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 |
|---|---|---|---|---|---|---|
| Boliden BOL.ST | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% |
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
| KGHM Polska Miedz KGH.WA | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | n/a |
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 | BOL.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.5% | -15.3% | 3rd highest of 21 |
| 6-month return | -3.6% | -27.2% | 4th highest of 21 |
| Distance from 52-week high | -30.8% | -43.8% | 5th highest of 21 |
| Revenue growth (TTM) | +23.0% | +27.6% | 10th lowest of 21 |
| Operating margin | 16.3% | 15.1% | 10th highest of 21 |
| Forward P/E | 11.3× | 12.7× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 0.6% | 15.2% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +10.7% | +13.9% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | -10.0 pp | +1.4 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | +5.3 pp | +2.0 pp | 7th highest of 21 |
| EV / EBITDA | 5.7× | 10.3× | 4th cheapest of 14 |
| Net debt / EBITDA | 0.6× | 0.9× | 8th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Boliden BOL.ST | Sweden | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% | +10.7% |
| JX Advanced Metals 5016.T | Japan | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% | -18.6% |
| Korea Zinc 010130.KS | South Korea | $14.4B | -39% | +53% | 8% | 16.2× | n/a | n/a |
| Jiangxi Copper 0358.HK | Hong Kong | $14.3B | -36% | +22% | 4% | 4.7× | n/a | n/a |
| KGHM Polska Miedz KGH.WA | Poland | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% | +9.2% |
| Carpenter Technology CRS | United States | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% | +16.2% |
| South32 S32.AX | Australia | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% | +3.2% |
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
| China National Uranium 001280.SZ | China | $17.9B | -29% | +15% | 14% | 47.7× | n/a | n/a |
| Lundin Mining LUN.TO | Canada | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% | +13.9% |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| First Quantum Minerals FM.TO | Canada | $19.5B | -1% | +28% | 23% | 15.2× | n/a | n/a |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |
| Hindalco Industries HINDALCO.NS | India | $22.7B | -9% | +20% | 11% | 8.6× | n/a | n/a |
| Hudbay Minerals HBM.TO | Canada | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% | +15.8% |
| Zhejiang Huayou Cobalt 603799.SS | China | $9.30B | -50% | +38% | 12% | 9.3× | n/a | n/a |
| ATI ATI | United States | $23.9B | +11% | +9% | 18% | 28.0× | 20.6% | +9.0% |
| Lynas Rare Earths LYC.AX | Australia | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% | +14.9% |
| Xiamen Tungsten 600549.SS | China | $8.55B | -37% | +67% | 10% | 13.2× | n/a | n/a |