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Swedish private equity and infrastructure investment firm managing buyout, growth, infrastructure and real estate funds.
Swedish private equity and infrastructure investment firm managing buyout, growth, infrastructure and real estate funds.
Earns steady management fees on capital investors commit to its funds, plus carried interest, a share of profit paid after investments are sold, which makes earnings lumpy. Founded in 1994 with Sweden's Investor AB, still a large shareholder, it expanded in Asia by buying Baring Private Equity Asia and added property manager Exeter, both in 2022.
In one line: A Swedish Blackstone/KKR.
Moat: narrow (brand, scale, track record). Strong Nordic/European fundraising brand and track record support access to large institutional capital.
Headquarters: Stockholm, Sweden · Founded: 1994 · Employees: 1,863
Size Eqt (EQT.ST) is a Sweden Financials company (Investment Managers) with a market value of $39.2B, the 8th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 306.90 on 6 Nov 2026.
Performance Over six months the shares gained 0.9%, against +6.1% for the median peer and +8.2% for the Sweden market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 18.2% over the last twelve months (peer median +10.5%); the operating margin is 59.1% (peer median 25.5%).
Valuation It trades at 22.6× forward earnings against a peer median of 11.4× (3rd most expensive of 21).
Credit Eqt has 6 bonds outstanding ($3.66B), rated A- by the agencies and trading like BBB- at a weighted spread of 138 bp.
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 24.9B | SEK 25.3B | SEK 30.3B | SEK 24.4B | SEK 15.9B |
| Revenue growth | — | -17% | +25% | +54% | — |
| Gross profit | SEK 19.2B | SEK 19.4B | SEK 24.3B | SEK 18.4B | SEK 12.9B |
| EBITDA | SEK 19.4B | SEK 16.4B | SEK 17.8B | SEK 13.4B | SEK 6.16B |
| Net income | SEK 11.4B | SEK 8.06B | SEK 8.88B | SEK 1.93B | SEK 1.87B |
| Free cash flow | SEK 13.2B | SEK 4.06B | SEK 5.10B | SEK 9.85B | SEK 5.49B |
| Capital expenditure | SEK 554M | SEK 674M | SEK 528M | SEK 399M | SEK 408M |
| Total debt | n/a | SEK 28.6B | SEK 25.4B | SEK 23.9B | SEK 23.9B |
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 |
|---|---|---|---|---|---|---|
| Eqt EQT.ST | $39.2B | +1% | -18% | 59% | 22.6× | n/a |
| Blackstone BX | $149B | -3% | +9% | 57% | 18.1× | n/a |
| KKR & KKR | $86.6B | -6% | +32% | 23% | 11.4× | n/a |
| CVC Capital Partners CVC.AS | $16.9B | +10% | +14% | 57% | 18.1× | n/a |
| Apollo Global Management APO | $68.9B | -12% | +11% | 11% | 11.5× | 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 | EQT.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.2% | +2.7% | 5th highest of 21 |
| 6-month return | +0.9% | +6.1% | 8th lowest of 21 |
| Distance from 52-week high | -19.9% | -14.5% | 10th lowest of 21 |
| Revenue growth (TTM) | -18.2% | +10.5% | lowest of 21 |
| Operating margin | 59.1% | 25.5% | 3rd highest of 21 |
| Forward P/E | 22.6× | 11.4× | 3rd most expensive of 21 |
| Bond spread | 138 bp | 97 bp | 3rd widest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Eqt EQT.ST | Sweden | $39.2B | +1% | -18% | 59% | 22.6× | n/a | n/a |
| Guotai Haitong Securities 2611.HK | Hong Kong | $39.8B | -6% | +38% | 69% | 6.0× | n/a | n/a |
| Ameriprise Financial AMP | United States | $43.5B | +8% | +9% | 28% | 10.0× | n/a | n/a |
| Northern Trust NTRS | United States | $31.3B | +8% | +7% | 24% | 13.7× | n/a | n/a |
| Raymond James Financial RJF | United States | $31.3B | +6% | +10% | 21% | 11.4× | n/a | n/a |
| Ares Management ARES | United States | $30.0B | +7% | +7% | 27% | 20.5× | n/a | n/a |
| Nomura 8604.T | Japan | $26.5B | +15% | +12% | 12% | 9.0× | n/a | n/a |
| Principal Financial PFG | United States | $23.6B | +10% | +5% | 15% | 11.3× | n/a | n/a |
| CSC Financial 6066.HK | Hong Kong | $23.5B | -15% | +3% | 49% | 5.5× | n/a | n/a |
| T. Rowe Price TROW | United States | $23.1B | +4% | +7% | 36% | 10.8× | n/a | n/a |
| Apollo Global Management APO | United States | $68.9B | -12% | +11% | 11% | 11.5× | n/a | n/a |
| Amundi AMUN.PA | France | $21.7B | +9% | +1% | 23% | 11.9× | n/a | n/a |
| Partners PGHN.SW | Switzerland | $21.3B | -24% | +9% | 56% | 16.7× | n/a | n/a |
| Pershing Square PS | United States | $20.6B | +24% | +67% | 37% | 84.9× | n/a | n/a |
| China Merchants Securities 6099.HK | Hong Kong | $20.2B | -10% | +98% | 34% | 4.5× | n/a | n/a |
| TPG TPG | United States | $17.9B | +4% | +21% | 17% | 13.8× | n/a | n/a |
| KKR & KKR | United States | $86.6B | -6% | +32% | 23% | 11.4× | n/a | n/a |
| Brookfield Asset Management BAM | United States | $86.7B | +6% | +120% | 62% | 26.6× | n/a | n/a |
| Franklin Resources BEN | United States | $17.1B | +10% | +8% | 15% | 10.6× | n/a | n/a |
| CVC Capital Partners CVC.AS | Netherlands | $16.9B | +10% | +14% | 57% | 18.1× | n/a | n/a |
| Blue Owl Capital OWL | United States | $15.4B | -7% | +11% | 17% | 10.4× | n/a | n/a |
Eqt has 6 bonds outstanding with $3.66B face value. The agencies rate it A-; its bonds trade like BBB-. Weighted yield 6.12%, a spread of 138 bp over government bonds.