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Swedish construction and project development group, building infrastructure, commercial and residential projects globally.
Swedish construction and project development group, building infrastructure, commercial and residential projects globally.
Builds under contracts, mostly won by bidding or negotiated with public and corporate clients, and books revenue as work progresses. A separate development arm buys land, builds offices and homes, and sells them on, so profit from that side comes in lumps. Its main markets are the Nordics, the US and the UK.
In one line: A Swedish Turner Construction/AECOM hybrid.
Moat: narrow (scale, process know-how). Large project execution track record across the Nordics, US and UK, in a low-margin, competitive industry.
Headquarters: Stockholm, Sweden · Founded: 1887 · Employees: 25,865
Size Skanska (SKA-B.ST) is a Sweden Industrials company (Engineering & Construction) with a market value of $12.1B, the 26th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 288.50 on 6 Nov 2026.
Performance Over six months the shares gained 16.5%, against -17.6% for the median peer and +8.2% for the Sweden market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 5.7% over the last twelve months (peer median +4.6%); the operating margin is 3.9% (peer median 6.6%).
Valuation It trades at 17.1× forward earnings against a peer median of 14.0× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +2%, 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 1.0 points above its cost of capital (7.8% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 174B | SEK 177B | SEK 176B | SEK 167B | SEK 163B |
| Revenue growth | — | 0% | +6% | +2% | — |
| Gross profit | SEK 15.5B | SEK 14.5B | SEK 14.2B | SEK 13.2B | SEK 16.4B |
| EBITDA | SEK 11.7B | SEK 9.06B | SEK 8.47B | SEK 6.95B | SEK 10.3B |
| Net income | SEK 6.63B | SEK 5.70B | SEK 5.55B | SEK 5.00B | SEK 8.26B |
| Free cash flow | n/a | SEK 4.75B | SEK 6.90B | SEK 1.30B | -SEK 1.13B |
| Capital expenditure | n/a | SEK 3.17B | SEK 2.68B | SEK 2.60B | SEK 2.26B |
| Total debt | SEK 15.5B | SEK 15.9B | SEK 19.2B | SEK 17.8B | SEK 14.7B |
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 |
|---|---|---|---|---|---|---|
| Skanska SKA-B.ST | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
| Bouygues EN.PA | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% |
| NCC NCC-A.ST | $1.69B | -3% | -17% | 3% | 22.2× | -1.6% |
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 | SKA-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.7% | -0.8% | 5th highest of 21 |
| 6-month return | +16.5% | -17.6% | 3rd highest of 21 |
| Distance from 52-week high | -0.8% | -30.9% | highest of 21 |
| Revenue growth (TTM) | -5.7% | +4.6% | 2nd lowest of 21 |
| Operating margin | 3.9% | 6.6% | 4th lowest of 21 |
| Forward P/E | 17.1× | 14.0× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 8.3% | 5.4% | 4th most demanding of 15 |
| Growth delivered (Del g) | +2.0% | +11.9% | lowest of 15 |
| Hurdle (Req g minus delivered) | +6.4 pp | -7.8 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | +1.0 pp | +2.2 pp | 9th lowest of 20 |
| EV / EBITDA | 10.1× | 11.9× | 6th cheapest of 15 |
| Net debt / EBITDA | -0.1× | 2.5× | least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 8.4× | n/a | n/a |
| China Communications Construction 1800.HK | Hong Kong | $12.8B | -26% | -5% | 4% | 3.1× | n/a | n/a |
| China Railway Construction 1186.HK | Hong Kong | $11.4B | -22% | -5% | 4% | 3.2× | n/a | n/a |
| Sichuan Road & Bridge 600039.SS | China | $11.4B | +8% | +8% | 10% | 9.7× | -5.0% | +12.3% |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| China Railway 0390.HK | Hong Kong | $15.0B | -19% | -4% | 4% | 3.6× | n/a | n/a |
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| SamsungE&A 028050.KS | South Korea | $8.73B | +14% | +19% | 11% | 13.6× | -2.1% | +6.1% |
| Aecom ACM | United States | $8.59B | -17% | -4% | 5% | 11.0× | 7.3% | +4.0% |
| Stantec STN.TO | Canada | $8.42B | -16% | +10% | 10% | 16.0× | 3.9% | +11.5% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| JSW Infrastructure JSWINFRA.NS | India | $8.33B | +20% | +17% | 36% | 46.8× | n/a | n/a |