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Swedish maker of mining/rock excavation equipment, metal-cutting tools and advanced materials for industry.
Swedish maker of mining/rock excavation equipment, metal-cutting tools and advanced materials for industry.
Sells equipment and then earns recurring income on parts, wear tools and service for machines in the field; metal-cutting tools are consumables sold mainly through distributors to manufacturers. Mining equipment orders swing with miners' capital budgets. It spun off its stainless steel and special alloys business as Alleima in 2022.
In one line: A Swedish Caterpillar (mining)/Kennametal hybrid.
Moat: narrow (process know-how, installed base, customer qualification). Engineering expertise and a large installed equipment base drive recurring tooling/service revenue.
Headquarters: Stockholm, Sweden · Founded: 1862 · Employees: 41,801
Size Sandvik (SAND.ST) is a Sweden Industrials company (Trucks/Construction/Farm Machinery) with a market value of $45.8B, the 5th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 357.40 on 6 Nov 2026.
Performance Over six months the shares fell 0.7%, against -10.0% for the median peer and +8.2% for the Sweden market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 14.3% over the last twelve months (peer median +9.0%); the operating margin is 20.1% (peer median 13.0%).
Valuation It trades at 21.0× forward earnings against a peer median of 14.7× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +6 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 4.5 points above its cost of capital (10.2% WACC).
Credit Sandvik has 3 bonds outstanding ($1.67B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 76 bp.
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 138B | SEK 121B | SEK 123B | SEK 127B | SEK 112B |
| Revenue growth | — | -2% | -3% | +13% | — |
| Gross profit | SEK 55.5B | SEK 47.3B | SEK 48.6B | SEK 49.5B | SEK 43.0B |
| EBITDA | SEK 35.5B | SEK 28.2B | SEK 27.6B | SEK 30.3B | SEK 25.1B |
| Net income | SEK 19.1B | SEK 14.7B | SEK 12.2B | SEK 15.3B | SEK 15.7B |
| Free cash flow | SEK 18.6B | SEK 16.1B | SEK 16.7B | SEK 14.5B | SEK 6.58B |
| Capital expenditure | SEK 4.81B | SEK 4.80B | SEK 6.25B | SEK 6.26B | SEK 5.45B |
| Total debt | SEK 43.7B | SEK 37.1B | SEK 42.8B | SEK 45.1B | SEK 52.1B |
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 |
|---|---|---|---|---|---|---|
| Sandvik SAND.ST | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% |
| Epiroc EPI-A.ST | $28.6B | -10% | +1% | 19% | 29.3× | 16.5% |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
| Kennametal KMT | $1.76B | -36% | +32% | 31% | 8.9× | n/a |
| Komatsu 6301.T | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% |
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 | SAND.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.4% | -5.9% | 6th highest of 20 |
| 6-month return | -0.7% | -10.0% | 8th highest of 20 |
| Distance from 52-week high | -13.5% | -20.4% | 4th highest of 20 |
| Revenue growth (TTM) | +14.3% | +9.0% | 7th highest of 20 |
| Operating margin | 20.1% | 13.0% | 3rd highest of 20 |
| Forward P/E | 21.0× | 14.7× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 13.3% | 7.3% | 6th most demanding of 19 |
| Growth delivered (Del g) | +6.9% | +8.6% | 7th lowest of 19 |
| Hurdle (Req g minus delivered) | +6.4 pp | -1.6 pp | 5th most demanding of 19 |
| ROIC minus cost of capital | +4.5 pp | +2.8 pp | 9th highest of 20 |
| EV / EBITDA | 13.7× | 12.7× | 6th most expensive of 13 |
| Net debt / EBITDA | 1.1× | 1.5× | 5th least indebted of 13 |
| Bond spread | 76 bp | 77 bp | 5th tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sandvik SAND.ST | Sweden | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% | +6.9% |
| Wabtec WAB | United States | $47.6B | +7% | +13% | 18% | 23.8× | 17.0% | +8.1% |
| China CSSC 600150.SS | China | $39.7B | -16% | +80% | 8% | 13.3× | -7.8% | +22.4% |
| Paccar PCAR | United States | $53.7B | -11% | -1% | 11% | 15.4× | 11.2% | +8.7% |
| Komatsu 6301.T | Japan | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% | +13.6% |
| Volvo VOLV-A.ST | Sweden | $65.2B | -1% | -3% | 12% | 14.7× | 5.4% | +7.2% |
| Epiroc EPI-A.ST | Sweden | $28.6B | -10% | +1% | 19% | 29.3× | 16.5% | +11.4% |
| CRRC 601766.SS | China | $27.0B | +10% | +2% | 6% | 13.0× | -6.4% | +3.8% |
| Sany Heavy Industry 600031.SS | China | $24.6B | -4% | +18% | 11% | 17.4× | -2.6% | -2.2% |
| Doosan Enerbility 034020.KS | South Korea | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% | +13.2% |
| Hd Hyundai Heavy Industries 329180.KS | South Korea | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% | +16.2% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Metso METSO.HE | Finland | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% | +9.6% |
| CNH Industrial CNH | United States | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% | -7.0% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | Singapore | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% | +11.8% |
| XCMG Construction Machinery 000425.SZ | China | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% | +6.4% |
| Hdksoe 009540.KS | South Korea | $12.5B | -48% | +23% | 23% | 4.4× | n/a | n/a |
| Sinotruk Hong Kong 3808.HK | Hong Kong | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% | +1.5% |
| Deere & DE | United States | $181B | +17% | +8% | 20% | 32.0× | 16.2% | +5.1% |
Sandvik has 3 bonds outstanding with $1.67B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 3.72%, a spread of 76 bp over government bonds.