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Nordic engineering and architecture consultancy designing infrastructure, buildings and industrial projects.
Nordic engineering and architecture consultancy designing infrastructure, buildings and industrial projects.
Bills clients mainly by the hour or on fixed-price assignments, so profit rests on how fully consultants' time is used and on the rate per hour, with pay the main cost. Public bodies such as transport and water authorities are repeat clients, and growth has come partly from buying smaller consultancies across Europe.
In one line: A Nordic AECOM/Jacobs Engineering.
Moat: narrow (scale, brand, installed base). Largest Nordic engineering consultancy with broad client relationships, but consulting is people-based and competitive.
Headquarters: Stockholm, Sweden · Founded: 1945 · Employees: 21,294
Size Sweco (SWEC-A.ST) is a Sweden Industrials company (Engineering & Construction) with a market value of $5.32B, the 45th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 143.00 on 6 Nov 2026.
Performance Over six months the shares gained 11.7%, against -9.9% for the median peer and +8.2% for the Sweden market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 6.2% over the last twelve months (peer median +12.1%); the operating margin is 10.2% (peer median 8.0%).
Valuation It trades at 20.6× forward earnings against a peer median of 14.8× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.0 points above its cost of capital (7.2% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 33.1B | SEK 31.6B | SEK 30.7B | SEK 28.5B | SEK 24.3B |
| Revenue growth | — | +3% | +8% | +17% | — |
| Gross profit | SEK 3.37B | SEK 3.31B | SEK 3.03B | SEK 2.42B | SEK 2.18B |
| EBITDA | SEK 4.95B | SEK 4.74B | SEK 4.41B | SEK 3.78B | SEK 3.29B |
| Net income | SEK 2.38B | SEK 2.23B | SEK 2.07B | SEK 1.67B | SEK 1.65B |
| Free cash flow | SEK 3.35B | SEK 3.62B | SEK 3.70B | SEK 2.17B | SEK 2.24B |
| Capital expenditure | SEK 431M | SEK 424M | SEK 389M | SEK 370M | SEK 322M |
| Total debt | SEK 7.39B | SEK 6.57B | SEK 6.78B | SEK 6.64B | SEK 4.44B |
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 |
|---|---|---|---|---|---|---|
| Sweco SWEC-A.ST | $5.32B | +12% | +6% | 10% | 20.6× | 5.0% |
| AFRY AFRY.ST | $1.50B | +17% | -4% | 7% | 12.7× | -2.2% |
| WSP Global WSP.TO | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% |
| Jacobs Solutions J | $17.4B | +26% | +20% | 5% | 18.6× | 15.8% |
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 | SWEC-A.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.7% | -0.7% | 2nd highest of 21 |
| 6-month return | +11.7% | -9.9% | 3rd highest of 21 |
| Distance from 52-week high | -14.6% | -26.0% | 7th highest of 21 |
| Revenue growth (TTM) | +6.2% | +12.1% | 6th lowest of 20 |
| Operating margin | 10.2% | 8.0% | 8th highest of 21 |
| Forward P/E | 20.6× | 14.8× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 5.0% | 4.2% | 9th least demanding of 17 |
| Growth delivered (Del g) | +8.7% | +8.1% | 8th highest of 16 |
| Hurdle (Req g minus delivered) | -3.6 pp | -6.8 pp | 7th most demanding of 16 |
| ROIC minus cost of capital | +6.0 pp | +1.6 pp | 6th highest of 18 |
| EV / EBITDA | 11.9× | 10.3× | 6th most expensive of 17 |
| Net debt / EBITDA | 1.4× | 0.5× | 10th most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sweco SWEC-A.ST | Sweden | $5.32B | +12% | +6% | 10% | 20.6× | 5.0% | +8.7% |
| Granite Construction GVA | United States | $5.32B | -15% | +25% | 7% | 16.7× | 10.1% | +7.2% |
| Balfour Beatty BBY.L | United Kingdom | $5.34B | +1% | +12% | 2% | 17.2× | 1.0% | +5.3% |
| Kandenko 1942.T | Japan | $5.26B | -41% | +4% | 12% | 11.2× | -0.9% | +5.9% |
| SOLV Energy MWH | United States | $5.19B | -40% | n/a | 8% | 14.9× | 26.2% | n/a |
| CTF Services 0659.HK | Hong Kong | $5.13B | +2% | +12% | 11% | 13.8× | 1.7% | -0.8% |
| United Integrated Services 2404.TW | Taiwan | $5.11B | -9% | +72% | 18% | 9.7× | -11.4% | +13.0% |
| Kinden 1944.T | Japan | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% | +6.2% |
| VSE VSEC | United States | $4.85B | -10% | +23% | 12% | 22.1× | n/a | n/a |
| Budimex BDX.WA | Poland | $4.82B | +10% | +12% | 9% | 26.5× | 15.7% | +4.1% |
| MAIRE MAIRE.MI | Italy | $4.81B | -12% | +7% | 7% | 14.7× | 2.9% | +22.1% |
| Tutor Perini TPC | United States | $4.73B | +8% | +25% | 4% | 18.8× | 9.6% | +0.8% |
| China State Construction International 3311.HK | Hong Kong | $6.04B | -5% | -14% | 15% | 5.0× | -8.1% | +11.8% |
| Fluor FLR | United States | $6.22B | +7% | -5% | -2% | 14.2× | n/a | n/a |
| Dycom Industries DY | United States | $6.26B | -52% | +38% | 8% | 12.1× | 11.6% | +11.6% |
| INFRONEER 5076.T | Japan | $4.44B | +2% | +44% | 6% | 6.2× | 0.0% | +10.7% |
| IES IESC | United States | $6.38B | +32% | +23% | 12% | 12.6× | 11.2% | +22.9% |
| Central New Energy 1735.HK | Hong Kong | $4.42B | -11% | +76% | 1% | 63.1× | n/a | n/a |
| Arcadis ARCAD.AS | Netherlands | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% | +8.1% |
| Construction Partners ROAD | United States | $4.38B | -45% | +42% | 9% | 26.5× | 12.5% | +29.1% |
| Rail Vikas Nigam RVNL.NS | India | $4.27B | -37% | +5% | 4% | 46.0× | n/a | n/a |