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Swedish construction company building infrastructure, residential and commercial projects across the Nordic region.
Swedish construction company building infrastructure, residential and commercial projects across the Nordic region.
Wins contracts by tender and books revenue as each project progresses, with most work for public and private clients in the Nordic countries. It also owns quarries and asphalt plants that supply its own road work and are sold to others. Nordstjernan, the Johnson family's holding company, is the largest shareholder.
In one line: A Swedish construction firm like a smaller Skanska.
Moat: none (scale, installed base). Established Nordic construction brand, but the industry has thin margins and cyclical demand.
Headquarters: Solna, Sweden · Founded: 1988 · Employees: 11,154
Size NCC (NCC-A.ST) is a Sweden Industrials company (Engineering & Construction) with a market value of $1.69B, the 96th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 188.00 on 6 Nov 2026.
Performance Over six months the shares fell 3.1%, against -7.2% for the median peer and +8.2% for the Sweden market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 17.0% over the last twelve months (peer median +1.6%); the operating margin is 2.8% (peer median 6.1%).
Valuation It trades at 22.2× forward earnings against a peer median of 15.0× (5th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.5 points above its cost of capital (6.5% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 49.9B | SEK 55.7B | SEK 61.6B | SEK 56.9B | SEK 54.2B |
| Revenue growth | — | -10% | +8% | +5% | — |
| Gross profit | SEK 4.90B | SEK 5.47B | SEK 5.28B | SEK 4.69B | SEK 4.00B |
| EBITDA | SEK 2.58B | SEK 3.24B | SEK 3.33B | SEK 2.75B | SEK 2.25B |
| Net income | -SEK 12.0M | SEK 142M | SEK 1.57B | SEK 1.57B | SEK 1.07B |
| Free cash flow | SEK 2.04B | SEK 1.43B | SEK 4.16B | SEK 205M | -SEK 674M |
| Capital expenditure | SEK 730M | SEK 848M | SEK 766M | SEK 909M | SEK 972M |
| Total debt | SEK 3.76B | SEK 3.88B | SEK 5.08B | SEK 5.29B | SEK 4.30B |
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 |
|---|---|---|---|---|---|---|
| NCC NCC-A.ST | $1.69B | -3% | -17% | 3% | 22.2× | -1.6% |
| Peab PEAB-B.ST | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% |
| Skanska SKA-B.ST | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% |
| Veidekke VEI.OL | $3.13B | +25% | +8% | 5% | 17.1× | -3.5% |
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 | NCC-A.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.6% | -1.8% | 6th highest of 21 |
| 6-month return | -3.1% | -7.2% | 10th highest of 21 |
| Distance from 52-week high | -22.3% | -26.9% | 8th highest of 21 |
| Revenue growth (TTM) | -17.0% | +1.6% | 3rd lowest of 21 |
| Operating margin | 2.8% | 6.1% | 5th lowest of 21 |
| Forward P/E | 22.2× | 15.0× | 5th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | -1.6% | 4.1% | 6th least demanding of 15 |
| Growth delivered (Del g) | +0.7% | +5.0% | 5th lowest of 15 |
| Hurdle (Req g minus delivered) | -2.2 pp | -10.4 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | +3.5 pp | +1.0 pp | 7th highest of 20 |
| EV / EBITDA | 7.5× | 12.8× | 3rd cheapest of 12 |
| Net debt / EBITDA | 1.1× | 0.0× | 4th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NCC NCC-A.ST | Sweden | $1.69B | -3% | -17% | 3% | 22.2× | -1.6% | +0.7% |
| Envision Greenwise 1783.HK | Hong Kong | $1.68B | +38% | +183% | 3% | n/a | n/a | n/a |
| China Aluminum International Engineering 2068.HK | Hong Kong | $1.71B | -39% | -6% | 4% | 13.3× | 11.9% | -0.6% |
| Chudenko 1941.T | Japan | $1.71B | +3% | +9% | 12% | 11.0× | -8.6% | +4.3% |
| Burkhalter BRKN.SW | Switzerland | $1.71B | -27% | -2% | 6% | 21.5× | -1.3% | +19.0% |
| SHO BOND 1414.T | Japan | $1.71B | -6% | -2% | 23% | 16.3× | -7.5% | +2.2% |
| Tasmea TEA.AX | Australia | $1.73B | +49% | +136% | 8% | 18.9× | 4.6% | +59.3% |
| Suzhou Gold Mantis Construction and Decoration 002081.SZ | China | $1.74B | -25% | -8% | 3% | 29.6× | 12.2% | -11.1% |
| Engineers India ENGINERSIN.NS | India | $1.74B | +12% | +6% | 20% | 25.2× | 29.6% | +4.6% |
| Japan Elevator Service 6544.T | Japan | $1.65B | -9% | +17% | 19% | 29.3× | 4.0% | +18.6% |
| Shandong Hi-speed Road&bridge 000498.SZ | China | $1.65B | +20% | -9% | 7% | 4.9× | n/a | n/a |
| Kier KIE.L | United Kingdom | $1.75B | +53% | +7% | 3% | 12.7× | -6.3% | +5.9% |
| Implenia IMPN.SW | Switzerland | $1.61B | +12% | -8% | 2% | 15.0× | 6.0% | -2.7% |
| MIRAIT ONE 1417.T | Japan | $1.60B | -24% | +5% | 6% | 10.4× | -5.7% | +5.4% |
| Guangdong Construction Engineering 002060.SZ | China | $1.79B | -15% | -11% | 3% | 8.0× | n/a | n/a |
| Badger Infrastructure Solutions BDGI.TO | Canada | $1.80B | -10% | +16% | 8% | 19.2× | 21.0% | +15.8% |
| China Next-Gen Commerce and Supply Chain 3928.HK | Hong Kong | $1.81B | +47% | -26% | -17% | n/a | n/a | n/a |
| China CAMC Engineering 002051.SZ | China | $1.58B | -15% | +14% | 5% | 40.3× | n/a | n/a |
| Mega Union Technology 6944.TW | Taiwan | $1.82B | -17% | +60% | 21% | 14.1× | -4.0% | +30.2% |
| Zhejiang Youpon Integrated Ceiling 002718.SZ | China | $1.58B | +12% | -18% | -5% | n/a | n/a | n/a |
| Beijing Enterprises Water 0371.HK | Hong Kong | $1.86B | -48% | -5% | 24% | 9.5× | 4.2% | -1.2% |