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Swedish manufacturer of climate-control systems, including industrial dehumidifiers and data-center cooling equipment.
Swedish manufacturer of climate-control systems, including industrial dehumidifiers and data-center cooling equipment.
Sells climate-control equipment mostly through large project orders, from data-centre developers and industrial plants, with service and spare parts giving recurring income afterwards. Data centres have become an increasingly large part of its customer base, and orders there arrive in big, uneven batches.
In one line: A climate-control equipment maker like a smaller Munters-equivalent to Vertiv (data center.
Moat: narrow (process know-how, installed base). Specialized engineering for humidity/cooling control creates customer stickiness, though it competes with larger HVAC players.
Headquarters: Kista, Sweden · Founded: 1955 · Employees: 4,990
Size Munters (MTRS.ST) is a Sweden Industrials company (Industrial Machinery) with a market value of $2.40B, the 69th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 128.95 on 6 Nov 2026.
Performance Over six months the shares fell 34.3%, against -20.6% for the median peer and +8.2% for the Sweden market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 0.2% over the last twelve months (peer median +12.2%); the operating margin is 8.6% (peer median 7.9%).
Valuation It trades at 26.2× forward earnings against a peer median of 23.4× (7th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points above its cost of capital (7.3% WACC).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 15.5B | SEK 14.7B | SEK 13.6B | SEK 13.9B | SEK 10.4B |
| Revenue growth | — | +8% | -2% | +34% | — |
| Gross profit | SEK 4.43B | SEK 4.22B | SEK 4.48B | SEK 4.19B | SEK 2.83B |
| EBITDA | SEK 2.12B | SEK 2.36B | SEK 2.52B | SEK 2.19B | SEK 1.30B |
| Net income | SEK 530M | SEK 550M | SEK 907M | SEK 784M | SEK 577M |
| Free cash flow | SEK 693M | SEK 988M | SEK 1.62B | SEK 743M | SEK 550M |
| Capital expenditure | SEK 930M | SEK 858M | SEK 1.04B | SEK 670M | SEK 539M |
| Total debt | SEK 8.52B | SEK 7.92B | SEK 7.60B | SEK 5.85B | SEK 4.50B |
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 |
|---|---|---|---|---|---|---|
| Munters MTRS.ST | $2.40B | -34% | 0% | 9% | 26.2× | 12.4% |
| Vertiv VRT | $70.4B | -46% | +35% | 21% | 20.0× | 25.4% |
| Systemair SYSR.ST | $1.83B | +16% | +3% | 9% | 18.6× | 13.4% |
| Carrier Global CARR | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% |
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 | MTRS.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.9% | -10.1% | 5th highest of 21 |
| 6-month return | -34.3% | -20.6% | 7th lowest of 21 |
| Distance from 52-week high | -39.3% | -46.2% | 9th highest of 21 |
| Revenue growth (TTM) | -0.2% | +12.2% | 5th lowest of 21 |
| Operating margin | 8.6% | 7.9% | 8th highest of 21 |
| Forward P/E | 26.2× | 23.4× | 7th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 12.4% | 16.5% | 4th least demanding of 13 |
| Growth delivered (Del g) | +16.0% | +8.5% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | -3.5 pp | +5.6 pp | 2nd least demanding of 13 |
| ROIC minus cost of capital | +0.9 pp | -1.2 pp | 8th highest of 21 |
| EV / EBITDA | 14.5× | 16.9× | 7th cheapest of 13 |
| Net debt / EBITDA | 3.4× | -0.1× | 2nd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Munters MTRS.ST | Sweden | $2.40B | -34% | 0% | 9% | 26.2× | 12.4% | +16.0% |
| Doosan Robotics 454910.KS | South Korea | $2.41B | -54% | +97% | -91% | n/a | n/a | n/a |
| Japan Steel Works 5631.T | Japan | $2.41B | -46% | -1% | 10% | 17.0× | n/a | n/a |
| Wonik IPS 240810.KS | South Korea | $2.39B | -43% | +9% | 8% | 14.7× | 29.4% | -3.6% |
| Amber Enterprises India AMBER.NS | India | $2.39B | -28% | +15% | 5% | 59.6× | n/a | n/a |
| Yantai Eddie Precision Machinery 603638.SS | China | $2.38B | -22% | +35% | 16% | 28.8× | 15.1% | +7.3% |
| Timken India TIMKEN.NS | India | $2.43B | -12% | +19% | 16% | 46.1× | 36.2% | +19.8% |
| ROBOTIS 108490.KS | South Korea | $2.37B | -30% | +52% | -16% | n/a | n/a | n/a |
| Organo 6368.T | Japan | $2.36B | -14% | +10% | 19% | 12.1× | 12.8% | +12.0% |
| Chengdu Xuguang Electronics 600353.SS | China | $2.32B | +8% | +13% | 7% | 64.5× | 53.1% | +12.8% |
| Chervon 2285.HK | Hong Kong | $2.32B | +103% | -6% | 8% | 15.7× | 12.1% | +6.4% |
| Guangdong Dongfang Precision Science & Technology 002611.SZ | China | $2.50B | -19% | -16% | 8% | 20.2× | 17.8% | +12.4% |
| Zhuhai Bojay Electronics 002975.SZ | China | $2.32B | -13% | +71% | 18% | 41.2× | 34.2% | +6.0% |
| All Ring Tech 6187.TWO | Taiwan | $2.52B | -36% | +1% | 29% | 25.0× | 26.4% | +28.9% |
| Dmg Mori 6141.T | Japan | $2.53B | -13% | +20% | 4% | 23.5× | 12.9% | +9.4% |
| Kalmar KALMAR.HE | Finland | $2.27B | -7% | +7% | 12% | 13.6× | -4.8% | -3.6% |
| China Baoan 000009.SZ | China | $2.56B | -23% | +26% | 7% | n/a | n/a | n/a |
| CECO Environmental CECO | United States | $2.56B | -47% | +38% | 6% | 16.5× | n/a | n/a |
| Jungheinrich AG Pref JUN3.DE | Germany | $2.58B | -12% | +2% | 5% | 10.3× | -0.4% | +7.6% |
| Harmonic Drive Systems 6324.T | Japan | $2.60B | -18% | +12% | 7% | 62.4× | n/a | n/a |
| Wuxi Autowell Technology 688516.SS | China | $2.22B | -42% | -14% | 8% | 23.4× | n/a | n/a |