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Supplies processing equipment, plants and services to the global cement and mining industries.
Supplies processing equipment, plants and services to the global cement and mining industries.
Sells large plants and equipment under contracts booked as orders, then earns more over the years from spare parts and servicing for the installed machines. It has been narrowing its focus toward mining and reducing its cement exposure. Mining customers' investment budgets drive new equipment orders.
Moat: narrow (installed base, switching costs, process know-how). Large installed equipment base drives high-margin, recurring aftermarket parts and service revenue.
Headquarters: Copenhagen, Denmark · Founded: 1882 · Employees: 5,494
Size FLSmidth & Co. A/S (FLS.CO) is a Denmark Materials company (Construction Materials) with a market value of $4.88B, the 23rd largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 558.00 on 6 Nov 2026.
Performance Over six months the shares gained 22.3%, against -9.4% for the median peer and +8.8% for the Denmark market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue fell 20.3% over the last twelve months (peer median +1.4%); the operating margin is 13.4% (peer median 11.6%).
Valuation It trades at 13.9× forward earnings against a peer median of 13.7× (9th 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 -2%, 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 6.4 points above its cost of capital (5.8% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 14.7B | DKK 14.6B | DKK 15.7B | DKK 24.1B | DKK 21.8B |
| Revenue growth | — | -7% | -35% | +10% | — |
| Gross profit | DKK 4.71B | DKK 4.66B | DKK 4.65B | DKK 5.74B | DKK 4.56B |
| EBITDA | DKK 2.54B | DKK 2.23B | DKK 1.73B | DKK 1.43B | DKK 1.14B |
| Net income | DKK 1.54B | DKK 175M | DKK 990M | DKK 497M | DKK 370M |
| Free cash flow | DKK 249M | DKK 604M | DKK 256M | DKK 456M | DKK 880M |
| Capital expenditure | DKK 351M | DKK 585M | DKK 698M | DKK 499M | DKK 333M |
| Total debt | DKK 2.84B | DKK 2.57B | DKK 1.77B | DKK 1.92B | DKK 2.87B |
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 |
|---|---|---|---|---|---|---|
| FLSmidth & Co. A/S FLS.CO | $4.88B | +22% | -20% | 13% | 13.9× | 2.8% |
| Metso METSO.HE | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% |
| Sandvik SAND.ST | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% |
| Weir WEIR.L | $8.18B | -3% | +6% | 18% | 18.1× | 19.3% |
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 | FLS.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.1% | +7.5% | 8th lowest of 21 |
| 6-month return | +22.3% | -9.4% | highest of 20 |
| Distance from 52-week high | -9.9% | -23.4% | 4th highest of 21 |
| Revenue growth (TTM) | -20.3% | +1.4% | lowest of 21 |
| Operating margin | 13.4% | 11.6% | 8th highest of 21 |
| Forward P/E | 13.9× | 13.7× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 2.8% | 4.9% | 8th least demanding of 18 |
| Growth delivered (Del g) | -2.3% | +6.9% | 3rd lowest of 18 |
| Hurdle (Req g minus delivered) | +5.1 pp | -3.6 pp | 5th most demanding of 18 |
| ROIC minus cost of capital | +6.4 pp | -1.3 pp | 4th highest of 21 |
| EV / EBITDA | 13.6× | 8.4× | 5th most expensive of 15 |
| Net debt / EBITDA | 0.9× | 2.0× | 5th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| FLSmidth & Co. A/S FLS.CO | Denmark | $4.88B | +22% | -20% | 13% | 13.9× | 2.8% | -2.3% |
| Beijing New Building Materials (Group) 000786.SZ | China | $4.41B | -33% | -3% | 10% | 11.4× | -2.3% | +8.4% |
| Eagle Materials EXP | United States | $5.71B | -12% | +2% | 22% | 16.1× | 9.7% | +7.3% |
| Asia Cement 1102.TW | Taiwan | $3.92B | +5% | -10% | 10% | 11.0× | 5.6% | -1.9% |
| TCC 1101.TW | Taiwan | $6.09B | +11% | -6% | 8% | 29.2× | 9.1% | +7.2% |
| ROCKWOOL A/S ROCK-A.CO | Denmark | $6.72B | +11% | -1% | 13% | 16.2× | -4.8% | +8.3% |
| Tianshan Material 000877.SZ | China | $3.47B | -30% | -17% | -13% | n/a | 5.6% | -14.5% |
| Huaxin Building Materials 6655.HK | Hong Kong | $6.91B | +9% | +22% | 18% | 8.1× | -7.8% | +3.0% |
| United States Lime & Minerals USLM | United States | $3.39B | +7% | +4% | 41% | 19.6× | 5.1% | +18.3% |
| Vicat VCT.PA | France | $3.29B | +6% | +5% | 11% | 10.2× | 0.2% | +6.6% |
| Knife River KNF | United States | $3.20B | -38% | +11% | 9% | 23.1× | n/a | n/a |
| Taiheiyo Cement 5233.T | Japan | $3.03B | +19% | +1% | 8% | 7.7× | 0.8% | +0.8% |
| Buzzi BZU.MI | Italy | $8.04B | -9% | +2% | 18% | 9.3× | 2.8% | +7.0% |
| China National Building Material 3323.HK | Hong Kong | $2.76B | -51% | 0% | 2% | 25.2× | 25.1% | -7.7% |
| FangDa Carbon New Material 600516.SS | China | $2.74B | -20% | +17% | -4% | 226.5× | n/a | n/a |
| Cementir CEM.MI | Italy | $2.70B | +5% | -2% | 13% | 12.8× | 4.3% | +6.0% |
| Cementos Molins CMO.MC | Spain | $2.70B | n/a | +14% | 12% | 13.6× | 8.9% | +12.5% |
| Imerys NK.PA | France | $2.41B | +11% | -2% | 6% | 15.4× | 7.4% | -2.3% |
| Titan America TTAM | United States | $2.08B | -32% | +5% | 15% | 10.5× | 1.0% | +6.9% |
| YOUNGY 002192.SZ | China | $2.03B | -52% | +315% | 60% | n/a | 4.9% | +16.8% |
| Sichuan Hexie Shuangma 000935.SZ | China | $1.98B | -35% | -14% | 15% | 13.8× | n/a | n/a |