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Swedish maker of heat pumps and climate-control/heating equipment for residential and commercial buildings.
Swedish maker of heat pumps and climate-control/heating equipment for residential and commercial buildings.
Sells through installers and heating wholesalers, with demand following new building and boiler-replacement decisions, which in Europe swing with government subsidies and gas prices. Expansion has relied on purchases of many smaller heating and stove businesses, and its Element division sells components to other manufacturers.
In one line: A Swedish Carrier Global/Trane Technologies in heat pumps.
Moat: narrow (brand, distribution, scale). Strong European heat-pump brand portfolio and installer network, though a cyclical, subsidy-sensitive market.
Headquarters: Markaryd, Sweden · Founded: 1952 · Employees: 20,563
Size NIBE Industrier (NIBE-B.ST) is a Sweden Industrials company (Industrial Machinery) with a market value of $9.25B, the 31st largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 44.94 on 6 Nov 2026.
Performance Over six months the shares gained 6.9%, against -16.3% for the median peer and +8.2% for the Sweden market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 2.1% over the last twelve months (peer median +12.2%); the operating margin is 9.8% (peer median 14.3%).
Valuation It trades at 27.3× forward earnings against a peer median of 20.7× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +9%, 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 0.7 points below its cost of capital (7.1% WACC).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 41.6B | SEK 40.8B | SEK 40.5B | SEK 46.6B | SEK 40.1B |
| Revenue growth | — | +1% | -13% | +16% | — |
| Gross profit | SEK 13.4B | SEK 14.4B | SEK 12.5B | SEK 17.4B | SEK 13.8B |
| EBITDA | SEK 6.34B | SEK 6.27B | SEK 3.78B | SEK 8.48B | SEK 6.90B |
| Net income | SEK 2.65B | SEK 2.28B | SEK 1.17B | SEK 4.79B | SEK 4.35B |
| Free cash flow | n/a | SEK 3.72B | SEK 1.83B | -SEK 690M | SEK 630M |
| Capital expenditure | n/a | SEK 1.65B | SEK 2.65B | SEK 3.72B | SEK 2.24B |
| Total debt | SEK 23.3B | SEK 22.2B | SEK 24.3B | SEK 21.0B | SEK 11.1B |
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 |
|---|---|---|---|---|---|---|
| NIBE Industrier NIBE-B.ST | $9.25B | +7% | +2% | 10% | 27.3× | 13.5% |
| Daikin Industries 6367.T | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% |
| Mitsubishi Electric 6503.T | $59.9B | -28% | +12% | 10% | 17.1× | 13.2% |
| Ariston ARIS.MI | $1.20B | -17% | +5% | 6% | 8.8× | 0.1% |
| Carrier Global CARR | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% |
| Trane Technologies TT | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% |
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 | NIBE-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.9% | -10.5% | 7th highest of 21 |
| 6-month return | +6.9% | -16.3% | 4th highest of 21 |
| Distance from 52-week high | -4.4% | -47.2% | 2nd highest of 21 |
| Revenue growth (TTM) | +2.1% | +12.2% | 5th lowest of 21 |
| Operating margin | 9.8% | 14.3% | 4th lowest of 21 |
| Forward P/E | 27.3× | 20.7× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 13.5% | 14.7% | 6th least demanding of 14 |
| Growth delivered (Del g) | +8.5% | +8.3% | 7th highest of 14 |
| Hurdle (Req g minus delivered) | +5.0 pp | +7.5 pp | 6th least demanding of 14 |
| ROIC minus cost of capital | -0.7 pp | +2.2 pp | 9th lowest of 21 |
| EV / EBITDA | 17.1× | 15.3× | 5th most expensive of 12 |
| Net debt / EBITDA | 2.8× | 0.5× | 2nd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Ebara 6361.T | Japan | $9.28B | -40% | +9% | 11% | 14.5× | n/a | n/a |
| Shenzhen Han's CNC Technology 301200.SZ | China | $9.08B | -25% | +98% | 21% | 32.1× | n/a | n/a |
| Huagong Tech 000988.SZ | China | $9.54B | -47% | +16% | 7% | 30.9× | n/a | n/a |
| 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% |
| 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% |
| 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% |
| Pentair PNR | United States | $10.9B | -11% | -4% | 22% | 13.2× | 7.1% | +6.7% |
| Graco GGG | United States | $10.9B | -13% | +5% | 27% | 20.0× | 8.1% | +6.3% |
| Leader Harmonious Drive Systems 688017.SS | China | $7.84B | +27% | +46% | 15% | 283.8× | n/a | n/a |
| 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% |
| Zhejiang Jingsheng Mechanical & Electrical 300316.SZ | China | $7.69B | -13% | -25% | 0% | 74.3× | 39.6% | +24.6% |
| Zoomlion Heavy Industry Science & Technology 1157.HK | Hong Kong | $7.63B | -36% | +23% | 7% | 8.1× | 12.6% | -5.0% |
| Kokusai Electric 6525.T | Japan | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% | -1.5% |