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Swedish industrial trading and technology group that acquires and operates niche industrial component/service businesses.
Swedish industrial trading and technology group that acquires and operates niche industrial component/service businesses.
Buys small, profitable niche businesses and leaves them under their own management, so it behaves like a collection of many small companies rather than a single manufacturer; each sells specialist components and services to industrial customers. Growth comes from a steady stream of acquisitions, mostly in Europe, funded by the cash its units generate.
In one line: A Swedish smaller Illinois Tool Works/roll-up acquirer.
Moat: narrow (scale, process know-how). Decentralized acquisition model buying niche market leaders with sticky technical customer relationships.
Headquarters: Stockholm, Sweden · Founded: 1978 · Employees: 9,850
Size Indutrade (INDT.ST) is a Sweden Industrials company (Industrial Machinery) with a market value of $9.94B, the 29th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 267.20 on 6 Nov 2026.
Performance Over six months the shares gained 39.1%, against -20.8% for the median peer and +8.2% for the Sweden market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 5.6% over the last twelve months (peer median +9.1%); the operating margin is 12.2% (peer median 16.1%).
Valuation It trades at 28.6× forward earnings against a peer median of 20.3× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +8 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 1.9 points above its cost of capital (9.7% WACC).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 34.1B | SEK 32.2B | SEK 32.5B | SEK 31.8B | SEK 27.0B |
| Revenue growth | — | -1% | +2% | +18% | — |
| Gross profit | SEK 12.2B | SEK 10.8B | SEK 10.8B | SEK 10.5B | SEK 8.92B |
| EBITDA | SEK 5.99B | SEK 5.50B | SEK 5.57B | SEK 5.63B | SEK 4.73B |
| Net income | SEK 2.81B | SEK 2.56B | SEK 2.75B | SEK 2.87B | SEK 2.68B |
| Free cash flow | SEK 3.84B | SEK 3.49B | SEK 3.65B | SEK 3.97B | SEK 1.86B |
| Capital expenditure | SEK 489M | SEK 544M | SEK 521M | SEK 560M | SEK 547M |
| Total debt | SEK 10.5B | SEK 9.64B | SEK 10.9B | SEK 10.5B | SEK 9.93B |
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 |
|---|---|---|---|---|---|---|
| Indutrade INDT.ST | $9.94B | +39% | +6% | 12% | 28.6× | 18.4% |
| Lifco LIFCO-B.ST | $13.1B | +1% | +7% | 19% | 29.3× | 15.2% |
| Addtech ADDT-B.ST | $8.66B | -2% | +4% | 13% | 30.7× | 19.3% |
| Beijer Ref BEIJ-B.ST | $8.09B | +27% | +4% | 10% | 28.0× | 14.0% |
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 | INDT.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.7% | -8.0% | 4th highest of 21 |
| 6-month return | +39.1% | -20.8% | highest of 21 |
| Distance from 52-week high | -3.8% | -45.1% | highest of 21 |
| Revenue growth (TTM) | +5.6% | +9.1% | 7th lowest of 21 |
| Operating margin | 12.2% | 16.1% | 7th lowest of 21 |
| Forward P/E | 28.6× | 20.3× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 18.4% | 13.9% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +10.9% | +9.0% | 6th highest of 15 |
| Hurdle (Req g minus delivered) | +7.5 pp | +3.3 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | +1.9 pp | +5.0 pp | 8th lowest of 21 |
| EV / EBITDA | 17.8× | 15.1× | 5th most expensive of 13 |
| Net debt / EBITDA | 1.5× | 0.8× | 6th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Indutrade INDT.ST | Sweden | $9.94B | +39% | +6% | 12% | 28.6× | 18.4% | +10.9% |
| Flowserve FLS | United States | $10.2B | +13% | 0% | 14% | 17.8× | 15.0% | +4.9% |
| Huagong Tech 000988.SZ | China | $9.54B | -47% | +16% | 7% | 30.9× | n/a | n/a |
| Ebara 6361.T | Japan | $9.28B | -40% | +9% | 11% | 14.5× | n/a | n/a |
| NIBE Industrier NIBE-B.ST | Sweden | $9.25B | +7% | +2% | 10% | 27.3× | 13.5% | +8.5% |
| Guangdong Dtech Technology 301377.SZ | China | $9.23B | -18% | +119% | 36% | 50.9× | n/a | n/a |
| Pentair PNR | United States | $10.9B | -11% | -4% | 22% | 13.2× | 7.1% | +6.7% |
| Shenzhen Han's CNC Technology 301200.SZ | China | $9.08B | -25% | +98% | 21% | 32.1× | n/a | n/a |
| Graco GGG | United States | $10.9B | -13% | +5% | 27% | 20.0× | 8.1% | +6.3% |
| Daifuku 6383.T | Japan | $10.9B | -33% | +21% | 15% | 18.9× | 14.7% | +8.3% |
| BELIMO BEAN.SW | Switzerland | $11.0B | +1% | +20% | 21% | 37.2× | 12.5% | +11.1% |
| Beijing E-Town Semiconductor Technology 688729.SS | China | $8.94B | -14% | +10% | 12% | 52.3× | n/a | n/a |
| IMI IMI.L | United Kingdom | $8.81B | +3% | +8% | 21% | 19.9× | 14.3% | +4.8% |
| Watts Water Technologies WTS | United States | $11.6B | +17% | +17% | 19% | 24.6× | 15.8% | +10.1% |
| Madison Air Solutions MAIR | United States | $11.6B | -45% | +27% | 17% | 20.6× | 31.9% | +27.3% |
| Lennox International LII | United States | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% | +7.4% |
| Zhejiang Sanhua Intelligent Controls 2050.HK | Hong Kong | $11.9B | -38% | +8% | 15% | 18.4× | 8.7% | +19.9% |
| GlobalWafers 6488.TWO | Taiwan | $8.15B | -23% | -6% | 11% | 21.4× | n/a | n/a |
| Han's Laser Technology Industry 002008.SZ | China | $7.97B | -48% | +59% | 12% | 19.1× | 19.6% | +9.5% |
| Rational Aktiengesellschaft RAA.DE | Germany | $7.95B | -4% | +6% | 27% | 26.1× | 14.8% | +14.2% |
| Wuxi Lead Intelligent Equipment 0470.HK | Hong Kong | $7.95B | -61% | +35% | 10% | 13.3× | 8.2% | +19.0% |