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Swedish manufacturer of ventilation products, including fans and air-handling units for buildings and industry.
Swedish manufacturer of ventilation products, including fans and air-handling units for buildings and industry.
Sells ventilation equipment to installers and contractors, largely through its own sales companies in many countries, so building activity and renovation drive volumes. Sales are spread across Europe, North America and Asia, and products range from simple fans to complete air-handling units.
In one line: A European ventilation-equipment maker akin to a smaller Lennox International.
Moat: narrow (scale, distribution, brand). Broad European distribution network and product range, in a competitive but fragmented HVAC-equipment market.
Headquarters: Skinnskatteberg, Sweden · Founded: 1974 · Employees: 7,408
Size Systemair (SYSR.ST) is a Sweden Industrials company (Industrial Machinery) with a market value of $1.83B, the 91st largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 86.10 on 6 Nov 2026.
Performance Over six months the shares gained 16.2%, against -12.0% for the median peer and +8.2% for the Sweden market (cap-weighted) — 2nd highest of 19 in its peer set.
Growth Revenue grew 3.3% over the last twelve months (peer median +9.9%); the operating margin is 8.8% (peer median 12.8%).
Valuation It trades at 18.6× forward earnings against a peer median of 20.9× (7th cheapest of 19).
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 +8%, 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 1.7 points above its cost of capital (10.2% WACC).
Next results Next results expected around 10 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 12.7B | SEK 12.5B | SEK 12.3B | SEK 12.3B | SEK 12.1B |
| Revenue growth | — | +2% | 0% | +2% | — |
| Gross profit | SEK 4.66B | SEK 4.37B | SEK 4.24B | SEK 4.01B | SEK 3.90B |
| EBITDA | SEK 1.59B | SEK 1.56B | SEK 1.54B | SEK 1.41B | SEK 1.48B |
| Net income | SEK 796M | SEK 761M | SEK 681M | SEK 646M | SEK 1.04B |
| Free cash flow | n/a | SEK 624M | SEK 724M | SEK 947M | SEK 262M |
| Capital expenditure | n/a | SEK 551M | SEK 464M | SEK 411M | SEK 362M |
| Total debt | SEK 1.52B | SEK 1.29B | SEK 1.29B | SEK 1.46B | SEK 1.84B |
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 |
|---|---|---|---|---|---|---|
| Systemair SYSR.ST | $1.83B | +16% | +3% | 9% | 18.6× | 13.4% |
| Lennox International LII | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% |
| Carrier Global CARR | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% |
| Munters MTRS.ST | $2.40B | -34% | 0% | 9% | 26.2× | 12.4% |
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 | SYSR.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.1% | -7.4% | 6th highest of 21 |
| 6-month return | +16.2% | -12.0% | 2nd highest of 19 |
| Distance from 52-week high | -5.8% | -30.0% | highest of 21 |
| Revenue growth (TTM) | +3.3% | +9.9% | 5th lowest of 21 |
| Operating margin | 8.8% | 12.8% | 10th lowest of 21 |
| Forward P/E | 18.6× | 20.9× | 7th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 13.4% | 17.0% | 7th least demanding of 14 |
| Growth delivered (Del g) | +8.0% | +12.2% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | +5.5 pp | +15.2 pp | 7th least demanding of 14 |
| ROIC minus cost of capital | +1.7 pp | +2.8 pp | 9th lowest of 21 |
| EV / EBITDA | 11.9× | 21.6× | 4th cheapest of 11 |
| Net debt / EBITDA | 0.7× | -0.4× | 4th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Systemair SYSR.ST | Sweden | $1.83B | +16% | +3% | 9% | 18.6× | 13.4% | +8.0% |
| Jiangxi Guoke Defence 688543.SS | China | $1.83B | -7% | +2% | 16% | 42.7× | n/a | n/a |
| Xiangtan Electric Manufacturing 600416.SS | China | $1.83B | -33% | -3% | -2% | 414.0× | n/a | n/a |
| Shenzhen Yinghe Technology 300457.SZ | China | $1.84B | -34% | +27% | 6% | 18.6× | 11.4% | +31.7% |
| Zhejiang Dun'an Artificial Environment 002011.SZ | China | $1.81B | -4% | +8% | 8% | 11.4× | -0.4% | +12.2% |
| Wuxi Rich Intelligent Equipment 301599.SZ | China | $1.87B | -54% | +9% | 13% | n/a | 31.2% | +9.2% |
| INOX India INOXINDIA.NS | India | $1.79B | +20% | +23% | 18% | 47.3× | 37.9% | +21.8% |
| Gorman-Rupp GRC | United States | $1.79B | -12% | +6% | 16% | 21.5× | 11.8% | +14.4% |
| ELGI Equipments ELGIEQUIP.NS | India | $1.87B | -1% | +16% | 13% | 35.0× | 30.6% | +15.5% |
| Beijing OriginWater Technology 300070.SZ | China | $1.78B | -16% | -10% | 5% | 54.1× | 17.0% | -4.1% |
| OSG 6136.T | Japan | $1.88B | -2% | +20% | 18% | 11.4× | 1.7% | +9.0% |
| Shareate Tools 688257.SS | China | $1.78B | -42% | +69% | 25% | 11.4× | n/a | n/a |
| Ta Liang Technology 3167.TW | Taiwan | $1.89B | -9% | +103% | 23% | 19.6× | 31.8% | +15.9% |
| Kennametal KMT | United States | $1.76B | -36% | +32% | 31% | 8.9× | n/a | n/a |
| Excelland Robotics (Wuxi) 3231.HK | Hong Kong | $1.91B | n/a | +19% | -36% | n/a | n/a | n/a |
| Suzhou Secote Precision Electronic 603283.SS | China | $1.92B | -12% | +9% | 20% | 20.2× | n/a | n/a |
| Midera Food Processing MFP | United States | $1.92B | n/a | +11% | 14% | 16.4× | 0.9% | +10.5% |
| LMW LMW.NS | India | $1.93B | +14% | +19% | 4% | 55.9× | n/a | n/a |
| Xizi Clean Energy Equipment Manufacturing 002534.SZ | China | $1.74B | -19% | -2% | 3% | 44.5× | 25.7% | +3.1% |
| Ningbo PIA Automation 688306.SS | China | $1.74B | +3% | +7% | 4% | 190.6× | 35.2% | +8.7% |
| CIMC Enric 3899.HK | Hong Kong | $1.96B | -32% | +6% | 4% | 10.4× | -4.7% | +15.6% |