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Swedish maker of mining and rock excavation equipment (drills, loaders) and aftermarket parts/services, spun off from Atlas Copco.
Swedish maker of mining and rock excavation equipment (drills, loaders) and aftermarket parts/services, spun off from Atlas Copco.
Sells drill rigs, loaders and trucks to miners and then supplies the drill bits, spare parts and service those machines use, and the aftermarket brings in well over half of revenue. Investor AB, the Wallenberg family's holding company, is the largest shareholder.
In one line: A Swedish Caterpillar (underground mining) hybrid.
Moat: narrow (installed base, process know-how, customer qualification). Large installed equipment base drives high-margin, recurring aftermarket parts and service revenue.
Headquarters: Stockholm, Sweden · Founded: 2018 · Employees: 18,854
Size Epiroc (EPI-A.ST) is a Sweden Industrials company (Trucks/Construction/Farm Machinery) with a market value of $28.6B, the 14th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 243.40 on 6 Nov 2026.
Performance Over six months the shares fell 10.0%, against -7.3% for the median peer and +8.2% for the Sweden market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 1.2% over the last twelve months (peer median +12.9%); the operating margin is 19.1% (peer median 13.1%).
Valuation It trades at 29.3× forward earnings against a peer median of 14.0× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +5 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 7.2 points above its cost of capital (9.1% WACC).
Credit Epiroc has 1 bond outstanding ($557M), rated BBB+ by the agencies and trading like A- at a weighted spread of 92 bp.
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 63.9B | SEK 62.0B | SEK 63.6B | SEK 60.3B | SEK 49.7B |
| Revenue growth | — | -3% | +5% | +21% | — |
| Gross profit | SEK 22.9B | SEK 21.4B | SEK 21.4B | SEK 21.8B | SEK 18.1B |
| EBITDA | SEK 15.4B | SEK 15.6B | SEK 15.3B | SEK 15.8B | SEK 13.1B |
| Net income | SEK 9.30B | SEK 8.60B | SEK 8.73B | SEK 9.43B | SEK 8.40B |
| Free cash flow | SEK 6.37B | SEK 8.99B | SEK 8.97B | SEK 5.58B | SEK 4.60B |
| Capital expenditure | SEK 2.85B | SEK 2.91B | SEK 2.73B | SEK 2.78B | SEK 1.89B |
| Total debt | SEK 19.0B | SEK 21.0B | SEK 22.0B | SEK 14.0B | SEK 10.9B |
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 |
|---|---|---|---|---|---|---|
| Epiroc EPI-A.ST | $28.6B | -10% | +1% | 19% | 29.3× | 16.5% |
| Sandvik SAND.ST | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
| Komatsu 6301.T | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% |
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 | EPI-A.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.9% | -5.8% | 11th highest of 21 |
| 6-month return | -10.0% | -7.3% | 11th highest of 21 |
| Distance from 52-week high | -14.4% | -21.2% | 4th highest of 21 |
| Revenue growth (TTM) | +1.2% | +12.9% | 5th lowest of 21 |
| Operating margin | 19.1% | 13.1% | 4th highest of 21 |
| Forward P/E | 29.3× | 14.0× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 16.5% | 6.3% | 3rd most demanding of 19 |
| Growth delivered (Del g) | +11.4% | +8.6% | 7th highest of 19 |
| Hurdle (Req g minus delivered) | +5.0 pp | -2.3 pp | 6th most demanding of 19 |
| ROIC minus cost of capital | +7.2 pp | +4.0 pp | 8th highest of 21 |
| EV / EBITDA | 18.9× | 11.4× | 2nd most expensive of 13 |
| Net debt / EBITDA | 0.8× | 1.5× | 4th least indebted of 13 |
| Bond spread | 92 bp | 76 bp | 2nd widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Epiroc EPI-A.ST | Sweden | $28.6B | -10% | +1% | 19% | 29.3× | 16.5% | +11.4% |
| CRRC 601766.SS | China | $27.0B | +10% | +2% | 6% | 13.0× | -6.4% | +3.8% |
| Komatsu 6301.T | Japan | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% | +13.6% |
| Sany Heavy Industry 600031.SS | China | $24.6B | -4% | +18% | 11% | 17.4× | -2.6% | -2.2% |
| Doosan Enerbility 034020.KS | South Korea | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% | +13.2% |
| China CSSC 600150.SS | China | $39.7B | -16% | +80% | 8% | 13.3× | -7.8% | +22.4% |
| Hd Hyundai Heavy Industries 329180.KS | South Korea | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% | +16.2% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Sandvik SAND.ST | Sweden | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% | +6.9% |
| Wabtec WAB | United States | $47.6B | +7% | +13% | 18% | 23.8× | 17.0% | +8.1% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Metso METSO.HE | Finland | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% | +9.6% |
| Paccar PCAR | United States | $53.7B | -11% | -1% | 11% | 15.4× | 11.2% | +8.7% |
| CNH Industrial CNH | United States | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% | -7.0% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | Singapore | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% | +11.8% |
| XCMG Construction Machinery 000425.SZ | China | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% | +6.4% |
| Volvo VOLV-A.ST | Sweden | $65.2B | -1% | -3% | 12% | 14.7× | 5.4% | +7.2% |
| Hdksoe 009540.KS | South Korea | $12.5B | -48% | +23% | 23% | 4.4× | n/a | n/a |
| Sinotruk Hong Kong 3808.HK | Hong Kong | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% | +1.5% |
| Ashok Leyland ASHOKLEY.NS | India | $10.7B | +1% | +16% | 17% | 24.8× | n/a | n/a |
| Hanwha Ocean 042660.KS | South Korea | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% | +13.2% |
Epiroc has 1 bond outstanding with $557M face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 3.92%, a spread of 92 bp over government bonds.