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Swedish maker of measurement, positioning, and industrial software technologies used in manufacturing, construction, and autonomous systems.
Swedish maker of measurement, positioning, and industrial software technologies used in manufacturing, construction, and autonomous systems.
Sells measurement hardware, such as scanners and coordinate-measuring machines, together with software, then adds licence, subscription and service income on top of each installed machine. Much of its range was assembled through a long run of purchases of sensor and software companies. Demand follows factory-building and construction spending, so sales are cyclical.
In one line: A Swedish Trimble / Keysight hybrid.
Moat: narrow (IP / patents, switching costs, installed base). Precision measurement hardware tightly coupled with proprietary software embeds Hexagon in customer workflows.
Headquarters: Stockholm, Sweden · Founded: 1992 · Employees: 23,498
Size Hexagon (HEXA-B.ST) is a Sweden Information Technology company (Electronic Equipment/Instruments) with a market value of $29.4B, the 12th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 107.30 on 6 Nov 2026.
Performance Over six months the shares gained 13.9%, against -24.5% for the median peer and +8.2% for the Sweden market (cap-weighted) — 2nd highest of 18 in its peer set.
Growth Revenue fell 19.6% over the last twelve months (peer median +17.1%); the operating margin is -13.8% (peer median 21.9%).
Valuation It trades at 30.0× forward earnings against a peer median of 23.9× (5th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +0 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 16.5 points below its cost of capital (9.2% WACC).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 49.0B | SEK 60.1B | SEK 61.8B | SEK 62.4B | SEK 55.0B |
| Revenue growth | — | -3% | -1% | +13% | — |
| Gross profit | SEK 31.2B | SEK 38.0B | SEK 39.0B | SEK 38.7B | SEK 31.9B |
| EBITDA | -SEK 1.70B | SEK 18.9B | SEK 21.5B | SEK 22.2B | SEK 21.0B |
| Net income | SEK 11.0B | SEK 6.83B | SEK 11.7B | SEK 9.86B | SEK 10.7B |
| Free cash flow | n/a | SEK 15.1B | SEK 16.8B | SEK 14.2B | SEK 12.5B |
| Capital expenditure | SEK 4.04B | SEK 6.81B | SEK 7.23B | SEK 7.19B | SEK 6.04B |
| Total debt | SEK 27.1B | SEK 44.5B | SEK 43.8B | SEK 45.5B | SEK 43.1B |
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 |
|---|---|---|---|---|---|---|
| Hexagon HEXA-B.ST | $29.4B | +14% | -20% | -14% | 30.0× | 9.1% |
| Trimble TRMB | $12.6B | -11% | +7% | 18% | 13.6× | 15.3% |
| Keysight Technologies KEYS | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% |
| Renishaw RSW.L | $4.61B | -7% | +14% | 16% | 18.5× | 24.8% |
| Dassault Systemes DSY.PA | $39.0B | +32% | 0% | 26% | 19.2× | 8.3% |
| PTC PTC | $21.2B | +33% | +20% | 40% | 21.8× | 10.3% |
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 | HEXA-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.0% | -16.7% | 3rd highest of 19 |
| 6-month return | +13.9% | -24.5% | 2nd highest of 18 |
| Distance from 52-week high | -9.3% | -38.7% | highest of 19 |
| Revenue growth (TTM) | -19.6% | +17.1% | lowest of 18 |
| Operating margin | -13.8% | 21.9% | lowest of 18 |
| Forward P/E | 30.0× | 23.9× | 5th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 9.1% | 21.7% | 3rd least demanding of 16 |
| Growth delivered (Del g) | +8.7% | +12.8% | 6th lowest of 16 |
| Hurdle (Req g minus delivered) | +0.4 pp | +6.0 pp | 6th least demanding of 16 |
| ROIC minus cost of capital | -16.5 pp | +2.8 pp | lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hexagon HEXA-B.ST | Sweden | $29.4B | +14% | -20% | -14% | 30.0× | 9.1% | +8.7% |
| AVIC Chengdu Aircraft 302132.SZ | China | $28.0B | +4% | +3% | 5% | 49.6× | n/a | n/a |
| BOE Technology 000725.SZ | China | $25.3B | +9% | -4% | 2% | 21.4× | -3.9% | +8.6% |
| Qnity Electronics Q | United States | $24.5B | -21% | +18% | 23% | 20.2× | 22.1% | 0.0% |
| Legrand LR.PA | France | $38.0B | -16% | +10% | 21% | 22.0× | 15.6% | +9.2% |
| Hon Precision 7769.TW | Taiwan | $20.0B | -34% | +257% | 48% | 21.3× | 28.2% | +31.0% |
| Keysight Technologies KEYS | United States | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% | +5.0% |
| Lasertec 6920.T | Japan | $18.2B | -25% | -19% | 44% | 28.7× | 28.9% | +26.8% |
| Hangzhou Changchuan Technology 300604.SZ | China | $17.3B | +4% | +53% | 27% | 46.1× | 43.8% | +45.8% |
| Semight Instruments 688808.SS | China | $17.0B | n/a | n/a | n/a | 51.5× | n/a | n/a |
| Halma HLMA.L | United Kingdom | $17.0B | -25% | +15% | 20% | 25.0× | 21.7% | +14.4% |
| Chroma Ate 2360.TW | Taiwan | $15.4B | -46% | +101% | 39% | 18.5× | 19.3% | +12.8% |
| Skyverse Technology 688361.SS | China | $13.8B | +33% | +39% | -12% | 563.2× | n/a | n/a |
| Sieyuan Electric 002028.SZ | China | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% | +23.9% |
| NVMI NVMI | United States | $9.96B | -40% | +16% | 29% | 25.0× | 32.8% | +26.7% |
| ONTO ONTO | United States | $8.50B | -39% | +8% | 20% | 16.9× | 29.4% | +12.6% |
| Keyence 6861.T | Japan | $107B | -2% | +25% | 54% | 28.7× | 21.1% | +16.8% |
| Cognex CGNX | United States | $8.04B | -27% | +17% | 22% | 24.8× | 25.6% | +4.2% |
| China Railway Signal & Communication 688009.SS | China | $7.39B | 0% | +1% | 12% | 14.9× | -6.3% | -2.9% |